【文章內(nèi)容簡(jiǎn)介】 cially in Japan and Australia, have had access to hedge funds for years either through their banks or directly through managers.)　　Are welltodo but not wealthy Asians ready to evaluate hedge funds properly? Unlike managers of traditional funds that make longterm investment decisions and stick by them, hedgefund managers have the flexibility to adjust their portfolio to take advantage of new opportunities or discrepancies among markets or assets. It is precisely that flexibility that makes the fund manager the single biggest risk in investing in hedge funds.　　It also makes investing in hedge funds as risky at times as investing in a single stock, which may make a hedge fund a poor substitute for the riskaverse investment in a mutual fund.　　39。Being able to analyze the quality of a single hedge fund is a highly plex and timeconsuming process that a novice investor is not equipped to perform,39。 says Nicholas Chalmers, associate director of the Alternative Investment Group at Schroder Investment Management. Schroder has pending applications in Hong Kong for retail funds of hedge funds and singlestrategy funds.　　When it es to choosing products, most advisers remend funds of hedge funds over singlestrategy funds. Funds of hedge funds usually invest in between 30 to 50 hedge funds and exposure to the underlying portfolios is usually equally weighted. 39。Investing in funds of hedge funds offers diversification, which reduces the risk of losing your money,39。 says Malik Sarwar, Singaporebased regional director for investment at CitiGold, the consumer banking arm of Citibank NA.　　For investors brave enough to go with a single fund, one adviser remends sticking with 39。long/short equity39。 strategy. According to Stewart Aldcroft, managing director at Investec Asset Management Asia, longshort is the most popular among investors because it is the easiest to understand: the fund either buys stocks, or else sells them short. In ashort sale, an investor borrows securities and hopes to make a profit by buying an equal number of shares later at a lower price to replace the borrowed securities.譯文： 　　在亞洲﹐對(duì)沖基金正在悄悄進(jìn)入投資主流﹐對(duì)股市連年下挫感到厭倦的散戶(hù)投資者正越來(lái)越被對(duì)沖基金展現(xiàn)的前景所吸引﹐這一前景便是投資資金的年終水平將超越年初。共同基金的表現(xiàn)雖然可能強(qiáng)于股市基準(zhǔn)指數(shù)﹐但如果這種相對(duì)強(qiáng)勢(shì)僅僅意味著跌幅較小時(shí)﹐又有什么意思呢﹖共同基金從未真正在亞洲獲得流行﹐但零售對(duì)沖基金風(fēng)行一時(shí)仍有可能﹐因?yàn)榇祟?lèi)基金有可能實(shí)現(xiàn)全球最佳的回報(bào)率﹐盡管它們也為投資者帶來(lái)了一種全新的高風(fēng)險(xiǎn)?！　∪绻f(shuō)對(duì)沖基金公司垂涎亞洲市場(chǎng)﹐其原因也不難看出。據(jù)行業(yè)估算數(shù)字﹐2001年﹐全球?qū)_基金的資產(chǎn)從1990年的450億美元飆升至6,000億美元。但亞洲投資者在這些資產(chǎn)中僅占300億美元左右?！　∮捎诠墒谢貓?bào)率非常糟糕﹐我們看到（投資者）對(duì)對(duì)沖基金的興趣越來(lái)越大。投資者再也不想看到基金表現(xiàn)雖然強(qiáng)于大盤(pán)﹐但依然虧損的情況﹐HT Capital Management Tong說(shuō)。HT是一家小型對(duì)沖基金公司﹐管理著2,500萬(wàn)美元的投資組合。　　對(duì)于零售對(duì)沖基金投資者來(lái)說(shuō)﹐香港是最新的市場(chǎng)。本周晚些時(shí)候﹐香港監(jiān)管機(jī)構(gòu)將宣布已獲準(zhǔn)向非機(jī)構(gòu)投資者銷(xiāo)售的對(duì)沖基金的數(shù)量。　　新加坡將在年底前公布零售對(duì)沖基金指導(dǎo)修正案﹐其中對(duì)沖基金的基金最低投資額將降至2萬(wàn)新元（）﹐單一策略基金的最低投資額將降至10萬(wàn)新元。亞太地區(qū)（特別是日本和澳大利亞）的富有投資者﹐可通過(guò)銀行或直接通過(guò)基金經(jīng)理﹐投資對(duì)沖基金已有多年?！　⌒】档桓挥械膩喼奕耸欠褚涯芮‘?dāng)?shù)卦u(píng)估對(duì)沖基金﹖與傳統(tǒng)基金經(jīng)理制定長(zhǎng)期投資決策并進(jìn)而貫徹的做法不同﹐對(duì)沖基金經(jīng)理要有靈活性﹐能夠?qū)ν顿Y組合作出調(diào)整﹐以利用各種機(jī)會(huì)以及不同市場(chǎng)或資產(chǎn)之間的價(jià)差。也正是這種靈活性﹐使得基金經(jīng)理成了投資對(duì)沖基金時(shí)唯一的﹑也是最大的風(fēng)險(xiǎn)?！　∮袝r(shí)﹐這也使投資對(duì)沖基金與投資單一一只股票一樣充滿(mǎn)風(fēng)險(xiǎn)。因此﹐如果共同基金將對(duì)沖基金作為其避險(xiǎn)投資的替代選擇﹐可能會(huì)很糟糕?！　》治鰡我粚?duì)沖基金的質(zhì)量是一個(gè)非常復(fù)雜和耗時(shí)的過(guò)程﹐絕非新投資者所能勝任﹐寶源投資管理公司(Schroder Investment Management)旗下另類(lèi)投資部門(mén)的副主管尼古拉斯．查爾墨斯(Nicholas Chalmers)說(shuō)。在香港﹐寶源投資管理公司正在申請(qǐng)對(duì)沖基金的零售基金以及單一策略基金?！　≌劶巴顿Y選擇﹐大部分顧問(wèn)認(rèn)為﹐對(duì)沖基金的基金優(yōu)于單一策略基金。對(duì)沖基金的基金通常投資于30至50只對(duì)沖基金﹐相關(guān)投資組合的風(fēng)險(xiǎn)通常比較均衡。投資對(duì)沖基金的基金可提供多元化選擇﹐降低損失風(fēng)險(xiǎn)﹐CitiGold駐新加坡的地區(qū)投資主管馬利克．薩沃爾(Malik Sarwar)說(shuō)。CitiGold是花旗銀行(Citibank NA)的消費(fèi)者銀行部門(mén)。　　對(duì)有足夠膽量投資于單一基金的投資者來(lái)說(shuō)﹐一位顧問(wèn)建議﹐堅(jiān)持多頭/空頭股票策略。據(jù)Investec Asset Management Asia的董事總經(jīng)理史蒂沃特．阿爾德克羅夫特(Stewart Aldcroft)說(shuō)﹐多頭/空頭策略是最受投資者歡迎的策略﹐因?yàn)樗钜子诶斫猢s基金或是買(mǎi)進(jìn)股票﹐或是賣(mài)空股票。在賣(mài)空交易中﹐投資者借入證券﹐并期望將來(lái)以較低的價(jià)格買(mǎi)入同等數(shù)量的股票﹐藉此歸還原先所借的證券并獲得投資收益。中國(guó)銀行（香港）擴(kuò)大人民幣業(yè)務(wù)BOC expands RMB service in Hong Kong　　Bank of China (Hong Kong) Limited (BOCHK) Monday expanded Renminbi (RMB) services in Hong Kong, allowing designated merchants to open RMB accounts and raising maximum limit for locals to exchange and remit the currency.　　Merchants of various business, including retailing, catering, acmodation, transportation, munication, medical services and education, now can open deposit RMB accounts in RMB and exchange their RMB to HK dollars.　　In addition to the enlarged service to businessmen, the bank on Monday also uplifted the limit for personal RMB cash exchange and remittance.　　Hong Kong people now can exchange 20,000 yuan per person per transaction, up from the previous 6,000 yuan, and they can remit 80,000 yuan per person per day, up from the former limit of 50,000.　　The new RMB service in Hong Kong proved the bank39。s determination to further enlarge its RMB business, Deputy Chief Executive of BOCHK David Lam told reporters at a brief ceremony on Monday.　　In view of the anticipated further expansion of RMB business and increasing customer needs, BOCHK is mitted to providing Hong Kong people with the most professional, prehensive and quality RMB services by exploring more diverse and innovative products, he said.　　The bank has reported growing business in Hong Kong over the past two years. The number of ATMs that can provide RMB cash withdrawal has increased from 83 in 2003 to this year39。s 242 in Hong Kong.　　Meanwhile, transactions for RMB cash via ATMs in Hong Kong has increased by 170 percent from May 2004 to October 2005, according to data provided by the bank.　　BOCHK first launched its personal RMB service in Hong Kong on February in 2004.外資銀行人民幣業(yè)務(wù)開(kāi)放提前Foreign banks get to move in early　　China granted foreign banks more freedom to conduct the crucial local currency business yesterday, moving ahead of its marketopening schedule as required by World Trade Organization (WTO) mitments.　　Starting yesterday, foreign banks like HSBC have been able to offer renminbi business to Chinese and foreign businesses and foreign individuals in seven more cities.　　Shantou and Ningbo were opened up in accordance with the nation39。s WTO mitments, while Harbin, Changchun, Lanzhou, Yinchuan and Nanning, which were not on the schedule, were also opened, bringing the total number of cities to 25.　　Meanwhile, the China Banking Regulatory Commission (CBRC) announced a re