非共募资产(基金)管理研究（上证研）

71232341.ASSETMANAGEMENT12345671-11-11997309.611FinancialMarkets,Institutions&Instrumentspp1.2351999offshore22.11212236331234567(为了行文方便，如无特别说明，以下文中所说的资产管理均指非公募的资产管理。)2.212373-123-12119701571998MERRILLLYNCHMSDW98501020004450370%2323823496979841020802430193021902580459723%18%21%18%31%24%17%30%1-33.497MERCURY2393.11MERRILLLYNCHMERCURYASSETMANAGEMENTLIMITED5150199933045220048321999356282170MSTMST4-11550136031253452403.21HSBCASSETMANAGEMENT66019996302/1CLIENTINVESTMENTSERVICESMANAGERSCISMs24-11.(100%)2.(70%/30%)3.(30%/70%)4.5/(100%)4-12413.31FLEMINGINVESTMENTMANAGEMENTGROUP11304019521701020304-21404102375%/25%50%/50%20%/80%100%2424-23.41PRINCIPALINSURANCECOMPANY401K6430003002823199812317136234567896401K7243VanguardCitigroupDeutchesbankPictetFSBCFidelity4.5-14.15-181244819409102123154.21=——91024524.3LPMsVARValueatrisk1111VAR2461(2),345.5.11150-2001000247299142485.2170249232505.319961150~2001221355%58%312515099320013525140%4AMG5.4199115%22521435.53123142538%~10%5.610~202546.6.11193319341939194019401970194019402255319969186.21105000301010-2562-194019393193990194041970SIPC2576.3151101525821631625945%5%7.7.117171996199760%~70%2606GDP20%7.226110005007.3WTO---112345767122623421234512347.4115%5%2263110%210%7.5112310%2264187.6118265237.7190%90%19219861926620%35%20%31199420%199620%20%238.2678.11126820012199710005010021001002698.212702713272121.232734AAB52742759.2769699277L-KTheEconomicOrganizationofaFinancialSystem.ByNeave,Edwin.TheGlobalAssetIndustry:CompetitiveStructureandPerformance.ByIngoWalterTheInvestmentManagementIndustryintheUnitedStates.ByEpstein,Neil,andBruceR,Brewington.TrendsinEuropeanAssetManagement.ByDavisInternationalBankingConsultants.278