Commercial Connotation of Asset Management - Part 3

Accordingly, the traditional separate regulation has shifted to functional regulation, and the "big securities law" or capital market law / financial service law is booming. The traditional business and asset management business of financial institutions are subject to banking / securities companies / insurance supervision and asset management supervision respectively.

At the micro level, all links of the asset management process have been reshaped: on the capital side, institutional investors such as insurance funds, pensions and enterprise annuities have replaced individual investors as the main principals; The traditional fund sales link is divided into customer-centered investment advisers, and the wealth management or financial planning function which helps investors allocate assets is gradually separated from the traditional investment management function; On the product side, in addition to the traditional public securities investment funds, private securities investment funds or hedge funds, as well as PE, VC, REITS and other alternative investment funds are becoming more and more popular. Accordingly, after the 2008 financial crisis, managers of hedge funds, PE funds and other private alternative funds have gradually been included in the regulatory territory.