摘 要
本文主要讨论在目前市场环境下如何构建一个具有核心竞争力的
投研团队，并如何给这个团队提供有足够承载能力的投研平台。论文
首先从基金公司盈亏平衡点和近年银行理财业务发展趋势等角度分析
了基金公司目前面临的外围竞争环境，并从人才流动性、人力成本支
出、公募基金业绩持续性和违规现象等方面分析了基金公司面临的内
部发展困境。

其次，文章在剖析公募基金优劣势的基础上，从制度设想、相关
业务定位、公募基金研究业务管理创新、投资管理业务创新和专户业
务创新等方面论述了打造具有核心竞争力投研平台的构想。

就公募基金的三块主要业务的定位而言，本文认为，研究应该以
宏观策略为主线；公募资产管理业务应该自上而下进行投资、减少业
绩波动；专户业务应该从客户独特的需求出发、提供“量身定做”的
服务。另外，本文从人员设置、人员选拔、考核、产品与投资匹配、
专户业务开展等方面探讨了基金公司研究和投资管理业务的创新。

关键词：公募基金，制度设想，投资管理，业务创新
ABSTRACT
This essay mainly discusses how to build an investment research team
with core competitiveness, and how to establish a reasonable mechanism to
help this team's member to play their role for the mutual fund company in
the current market environment. Firstly,we analyze the periphery of the
competitive environment of the fund company, such as the mutual fund
company’s breakeven point and the business bank’s wealth management
development trends; and also study the company's internal predicament
from three aspects: Brain drain, human resource costs, performance
persistence and irregularities.
Secondary ， on the basis of analysis of the advantages and
disadvantages for the mutual fund company, we study how to build a
investment and research platform with the core competitiveness from
system construction, positioning of the relevant business, research
management innovation, and private wealth management innovation.
Onthe terms of three main businesses, we believe that the macro-strategy
study should be the main line of research, asset management business's
way should be a top-down approach, and private asset management
business should meet the customer's unique needs.In addition, this essay
study the innovation way on research and investment management
business from staffing, Personnel selection, Assessment, the matching of
products and investment and the private asset managementbusiness
development.
KEY WORDS: mutual funds, system construction, investment
management, business innovation