不應曲解香港基金分銷模式

In Hong Kong, retail banks dominate mutual fund distribution, due to the structure of financial services and buyer preferences. Banks are considered safe and trusted custodians of savings with a strong physical presence; well-recognised and established brands operating under reliable regulatory oversight.

在香港，由於金融服務架構以及購買者的偏好，零售銀行主導着共同基金的分銷。銀行被認爲是擁有強大實體網絡的、安全可靠的儲蓄託管機構，而且根基深厚、得到廣泛認可，其運營受到可信的監管。

Elsewhere in Asia, banks are less dominant but also important for international managers looking to establish a presence in the region’s fast-growing mutual fund industry. Money managers must convince gatekeepers at retail banks to provide shelf space and distribution support.

在亞洲其他地區，銀行的主導地位沒那麼強，但對尋求在亞洲迅速增長的共同基金業建立業務的國際基金管理公司來說，銀行也不容忽視。資產管理公司必須說服零售銀行的“看門人”爲自己提供“貨架空間”及分銷支持。

Both come at a price, however.

然而，這兩樣都是要收費的。

Since the global financial crisis and the fall in interest rates around the world, banks in Asia have been pivotal in providing access to funds paying high regular dividends when compared with the ever-falling deposit rates offered. These funds have proved highly popular.

自全球金融危機爆發、世界各地利率下滑以來，亞洲銀行業在爲購買定期派發高額股息的基金提供渠道方面一直髮揮着關鍵作用（這裏的“高”是相對不斷下滑的存款利率而言）。事實證明，這類基金非常受歡迎。

Last year, amid concerns over rising interest rates in the US and tighter monetary conditions, investors began to broaden their asset allocation and move money into multi-asset and equity-invested funds. Deposit rates have stayed low, encouraging diversification of savings away from bank accounts into a range of mutual fund strategies.

去年，在擔心美國利率上升、銀根收緊的情況下，投資者開始擴大資產配置範圍，將資金投入多資產類別基金及投資股票的基金。存款利率維持低位，推動存款從銀行賬戶分流至奉行各種策略的共同基金。

The role banks have played in the development of the mutual fund industry has been significant, and particularly so during this period of so-called financial repression.

銀行在共同基金業發展中扮演的角色是重要的，特別是在這個所謂的“金融抑制”時期。

This concentration of mutual fund sales through a limited number of sales channels has been highlighted in a recent report issued by the Hong Kong Securities and Futures Commission. The lack of competition in fund distribution in Hong Kong is cited as a possible explanation of why fund fees have not been subject to competitive pressure and why the territory has not followed a global trend towards index funds, exchange traded funds and other low-cost investment products.

香港證監會(SFC)最近發表的一份報告，強調了共同基金銷售渠道有限、分銷鏈集中的問題。報告認爲，香港的基金分銷缺乏競爭，是基金費用不受競爭壓力影響和香港個人投資者未跟隨全球潮流轉向指數基金、交易所交易基金(ETF)及其他低成本投資產品的可能原因。

The report explains that diversified distribution chains tend to lead to greater fee competition and more investor choice. Compared with other markets, the fund distribution chain in Hong Kong is concentrated and deficient in privately owned online platforms and exchange platforms that create competition, according to the report.

報告解釋道，多元化的分銷鏈往往會增加基金收費方面的競爭，亦給予投資者更多選擇。報告稱，相較全球其他地區的市場，香港的基金分銷鏈集中，可帶來更多競爭的私營網上平臺及交易所平臺不足。

Without bank distribution, funds would be far less popular in Hong Kong and other markets in Asia. Underemphasising the role of retail banks in mobilising private savings and focusing on fee competition risks oversimplifying a critical link within the financial services value chain in Hong Kong and Asia.

如果沒有銀行分銷，基金在香港及亞洲其他市場的人氣將遠不如現在高。不充分重視零售銀行在調動私人儲蓄上的作用、而把關注焦點放在費用競爭上，可能會把香港和亞洲金融服務價值鏈中的關鍵一環過度簡單化。

Comparing fees between mutual funds sold through banks and cheaper alternatives such as ETFs or those available on privately owned platforms in markets outside Asia draws attention to important differences in the structure of financial services in different parts of the world.

比較一下通過銀行出售的共同基金與其他成本更低產品（比如ETF或那些可在亞洲以外市場的私有平臺上購買的產品）的費用，可突顯出全球不同地區在金融服務架構上的重大差別。

In Hong Kong there are lower-cost alternatives that have been available for many years. The Mandatory Provident Fund was established more than 10 years ago as a community-wide compulsory retirement savings system. Typically funds available on this platform are lower in cost when compared with more generally available funds that have similar investment strategies sold through banks. However, the advocacy for voluntary contribution to these lower-cost funds has been disappointing.

在香港，成本更低的替代產品已存在多年。作爲全社會普及的強制性退休儲蓄制度，強制性公積金(Mandatory Provident Fund)於10多年前建立。與通過銀行銷售的投資策略相仿、更普遍可獲得的基金相比，該平臺上提供的基金通常費用更低。然而，倡導大家向這些費用更低的基金自願供款的工作一直令人失望。

In Taiwan, where banks account for only 30 per cent of funds sold, the fees charged for offshore funds are the same as in Hong Kong. This suggests that it will take more than the diversification of distribution channels to cause investors to seek lower-fee products.

在臺灣，購買離岸基金的費用與香港相同，銀行分銷佔基金銷售的比例僅爲30%。這說明，要讓投資者去尋找費用更低的產品，需要的將不僅僅是分銷渠道的多元化。

In mainland China the retail savings market is developing at pace and very differently. In Hong Kong almost 80 per cent of funds are sold through bank channels, compared with 42 per cent in mainland China. In 2014 the successful offering of a money-market fund on an electronic platform caused the Hong Kong fund industry to take notice. The fund raised more than $80bn, demonstrating that physical presence, at least in China, was not a prerequisite in retail financial services.

在中國內地，零售儲蓄市場正在逐步發展，而且與香港完全不同。在香港，幾乎80%的基金都通過銀行渠道銷售，相比之下中國內地爲42%。2014年，一支貨幣市場基金在一個電子平臺上成功發售，引起了香港基金業的注意。該基金融資逾800億美元，這證明實體網絡並非零售金融服務的先決條件，至少在中國內地不是。

Outside China, and in the absence of greater fee transparency and disclosure in Asian markets, it is hard to see how established distribution and buying patterns will change. Advocating low-cost products and alternative distribution venues is unlikely to move the needle.

由於亞洲市場缺少更大程度的費用透明與信息披露，因此很難看出在中國內地以外現有的分銷和購買模式會如何改變。倡導低成本產品和其他分銷渠道，不太可能讓局面發生顯著改觀。