摘 要
中国的基金管理公司，经过了 14 年的发展，公募基金规模达到了
2 万亿并且维持在这个水平。公募基金规模无法增长，基金公司如何
拓展特定客户资产管理业务，创造新的增长点？
本文列举了银行、保险公司、证券公司、民营资产管理机构在资产
管理欧亿·体育（中国）有限公司的业务现状，通过比较，找出了基金公司特定客户资产管理
业务所拥有的产品灵活、投资范围广、税收优惠等竞争的优势。

通过对中国高端客户的研究分析，一方面确认客户市场潜力很大，
另一方面把握客户稳健地保值增值的需求。

在此基础上，通过对公募基金相对收益投资目标的论证，得出特定
客户资产管理业务必须以绝对收益作为投资目标，并给出了产品方向
上的建议。包括固定收益业务、通道业务、对冲业务、蓝海业务。

通过对海外对冲基金的分析比较，进一步确认了基金公司特定客户
资产管理业务发展潜力很大，将会是资产管理欧亿·体育（中国）有限公司一支举足轻重的力
量。

关键词：特定客户资产管理，基金专户，绝对收益
ABSTRACT
After 14 years’ development, public offering fund of Chinese fund companies
arrives and maintains at the level of 2 trillion RMB. However, how to extend the
asset management business for specific clients and create the new point of growth
without the increase of the fund scale becomes a new problem for the fund
companies.
We hope to find the advantages of the fund companies in the asset management
business for specific clients over elasticity of products, wide ranges of investment and
incentives in taxes after comparisons with the current business situations in asset
management of banks, insurance companies, security companies and institutions of
private asset management listed in this thesis.
After the research and analysis about the high-value Chinese clients, we
affirmed the great potentiality of the market, and the essentiality to seize the clients’
great need of increasing the value of their assets steadily.
Based on these foundations, we offer some advices on the products, including
the fixed-income business, the refinancing business, hedging business and the blue
ocean business, after reaching the conclusion that the absolute return should be the
investment goal in the asset management business for specific clients through the
demonstrations over the relative gains being as the investment goal of the public
offering funds.
We further confirmed the great potentiality of the development of asset
management business for specific clients in fund companies, that it will hold an
exceedingly important position in asset management industry in the future, through
the comparisons and analysis with global hedge funds.
KEY WORDS: specific clients asset management, specific account of fund companies,
absolute return