三天前，月刊君听说在专注于报道亚太买方市场的领先行业媒体AsianInvestor上刊登了宜信财富的两篇专业文章，就兴冲冲地跑去看了看。
结果没想到，完整观看媒体对自己公司的报道，竟然被要求注册并订阅！
订阅也就罢了，月刊君也不是没有钱，不过竟然需要2000+美元，真是是可忍孰不可忍……
这么受欢迎的宜信财富
要不要找个扫码请专家帮忙介绍一下？
所以，到底是什么文章竟然这么值钱？
最终，月刊君千辛万苦地托人拿到了这两篇文章，就跟大家第一时间分享一下。（PS:由于时间太短，我们就先把文章大意和英文全文给大家看看，至于中文翻译后续再补吧。）
在第一篇“CreditEase's Hou outlines allocation outlook”一文中，宜信财富理财产品总经理侯琳介绍了宜信财富2018年对各类别资产配置权重的建议，以及如何利用母基金帮助客户超配另类资产。在鼓励客户超配另类资产的过程中，宜信财富践行“三步走”战略，结合客户的投资认知、风险承受水平，设置不同投资金额门槛，帮助客户稳妥的实现从母基金到单一基金、再到单一项目投资的过渡，在每个阶段都伴随宜信财富优中选优的海内外合作伙伴。
CreditEase's Hou outlines allocation outlook
The head of wealth management products at Beijing-basedCreditEase discusses portfolio recommendations for 2018 and how the companybuilds relationships with clients.
by Christina Wang Read more at: http://www.asianinvestor.net/article/crediteases-hou-outlines-allocation-outlook/444041
Beijing-based CreditEase, a peer-to-peer (P2P) lendingplatform and wealth management platform, has been busy building its roster ofmutual fund, trust and insurance products and expanding its overseas business.
In an exclusive interview, CreditEase’s head of wealthmanagement products, Hou Lin, explained its evolving investment relationshipwith clients and outlined its asset allocation outlook for 2018.
CreditEase focuses on offering high-net-worth individuals(HNWIs) ways to invest into alternative investments. More than half of thealmost Rmb100 billion ($15 billion) it had in new assets under management in2017 was invested into funds of funds (FoFs) of venture capital (VC), privateequity (PE), real estate and hedge funds.
“Overall, we recommend that clients shift more to equityinvestments from fixed income, and to make more allocations into FoFs andalternative asset classes,” Hou told AsianInvestor.
The wealth manager’s asset allocation suggestions forthis year is to put about 30% in fixed income, 20% to 30% in VC/PE, 20% inhedge funds and capital markets, 20% in real estate, 5% to 10% in long-terminsurance products, and 5% in overseas private credit.
CreditEase’s FoFs invest in three main categories –PE/VC, real estate and capital markets – with a series of flagship FoFsdenominated in renminbi and US dollar respectively, under each category.
“We would normally have a maximum of 10 FoFs active atthe same time, which is quite simple for clients to choose from,” added Hou.
The investment horizon for VC/PE and real estate FoFs is10 to 12 years, while for property-income and capital market FoFs it istypically three years, she said.
ENGAGING INVESTORS
Hou also explained the three-step investment engagementprocess it employs when dealing with investors: At the first level, it offersrecommendations to clients to invest into FoFs, with an investment threshold ofabout Rmb2 million to Rmb3 million, she said.
“Later, we provide single private funds from managersthat we have consistent partnerships with, believe are very stable in [termsof] performance and have long track records. The threshold of investment for asingle fund would be higher at Rmb3 million or Rmb5 million."
She said the wealth manager is quite selective aboutsingle funds: “There are not many in number but they have very consistentprovisions.”
CreditEase’s fund partners include overseas managers suchas Tishman Speyer, Wellington, Oaktree Capital, and domestic managers such asIDG and China Growth Capital.
Finally, after investing in FoFs and single funds, someHNW clients are willing and can afford to invest in specific projects directlywith the asset manager, which can bring a higher return with higher risk. “Forexample, we have partnerships with IDG, Tishman Speyer and others for all threeof the above steps,” said Hou.
In addition, CreditEase is eyeing new areas ofinvestments, Hou said: “We would like to try putting small initial amounts intosome niche alternative investments, such as infrastructure and catastropheinsurance."
在第二篇“How CreditEase chooses fund managers”一文中，侯琳介绍了宜信财富对合作伙伴的严谨筛选过程。以私募股权母基金为例，宜信财富会重点关注基金管理团队的人员组成、团队稳定性和创始团队背景，以及基金的专注领域、投资策略，并从被投企业、其他LP等第三方信源进行多维度尽调。宜信财富团队深厚的母基金管理经验和直接投资经验，确保其能从浩如烟海的基金管理人中筛选出各资产类别内最优秀的团队，并依据不同资产类别的特点进行有效的投后管理。
How CreditEase chooses fund managers
With $15 billion under management, the Chinese group'swealth management arm employs a rigorous screening process to pick managers,with a focus on alternative investments.
by Christina Wang
Read more at: http://www.asianinvestor.net/article/how-creditease-chooses-fund-managers/444024
Beijing-based CreditEase’s screening process for fundmanagers is so rigorous that the approval rate is only around 2%, its head ofwealth management products told AsianInvestor during a discussion aboutthe group's selection process.
Hou Lin said Chinese peer-to-peer lender's wealthmanagement platform had partnered with more than 200 fund houses, of whichabout 60% were domestic and 40% overseas. CreditEase focuses on offeringhigh-net-worth individuals ways to invest into alternative investments.
“There are many parameters in manager selection. Withventure capital or private equity fund of funds, the emphasis is on thecomposition of the manager’s team, including its stability and the backgroundof its founder and partners," she noted.
“We identify the focus area of their investments and howthey conduct investments. We also talk to related third parties, such as theirinvested companies, to understand how they make judgments of investableprojects, as well as their past limited partners [LPs, or other investors intoa fund].”
Most of the wealth management firm’s fund-of-fund (FoF)leaders have FoF management backgrounds or direct investment experience, sothey know many of the managers already, added Hou.
Over half of the almost Rmb100 billion ($15 billion)CreditEase had in new assets under management as of end-2017 is invested intoFoFs of venture capital (VC), private equity (PE), real estate and hedge funds.
"There are a large number of capital market managersmore than 10,000 in mainland China alone], so it’s a big project to identifythe good ones,” Hou added.
CreditEase first identifies a capital market strategy andscreens the relevant managers by their investment durations, individualmanagers' experience and the funds’ past performance to come up with a list.That is followed by detailed due diligence on the fund managers, includingtheir risk management.
"VC/PE and real estate FoFs have long investmenthorizons, so we won’t replace managers much. But for capital market FoFs, wereview managers at least once a month or even daily if the market is in avolatile period," Hou added.
Starting out as a peer-to-peer lending platform in 2006,CreditEase gained licences to sell mutual funds, trust and insurance productsin mainland China in 2012.
It added an asset management licence in Hong Kong in2013, and has since established operations in Singapore, New York, WashingtonDC, Silicon Valley and Israel.
月刊君注：AsianInvestor 于2000年在香港创立，是亚太地区报道资产管理行业首屈一指的专业媒体，主要关注领域包括此地区内的另类投资、养老金、风控、共同基金、机构投资趋势、行业监管等，读者多为上述领域内从业人士。
风险提示：投资有风险，选择需谨慎。本文仅作为知识分享，不构成任何投资建议，对内容的准确与完整不做承诺与保障。过往表现不代表未来业绩，投资可能带来本金损失；任何人据此做出投资决策，风险自担。
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