专户理财的出现与基金公司利益输送的可能性研究

Research on the Advent of Managed Accoount & the Propability of Tunneling of Mutual Funds

专户理财的出现已成为业界关注的焦点,其中投资者最为担忧的是基金管理公司利用公募基金为专户理财进行的利益输送。从公募基金与专户理财的区别入手,结合现有关于利益输送的研究成果,认为如果防范措施不到位,利益输送行为是很可能出现的。

The advent of managed account has been the focus of fund industry attention, however, the probability of mutual funds company using public mutual funds to subsidize the managed account becomes the investors anxiety. This paper compares the difference between the pubulic funds and managed account, combining the present literature on tunneling and draw the conclusion that if there are not proper measures, the probability of tunneling is very high.