基金公司应用“侧袋账户”结算机制探讨

"Side Pocket" Account Settlement Mechanism Application for Fund Companies

"侧袋账户"是国外对冲基金和共同基金在基金管理过程中采用的一种特殊估值、结算技术,旨在更好地评估流动性不足资产的价值,公平地对待不同时期持有人的利益。目前,国内部分基金公司的专户业务已有类似的实践,且采用只开放退出(赎回)业务、关闭参与(申购)业务的方式进行。由于目前"侧袋账户"结算机制在国内刚开始应用,我们认为尽快建立一套行业性的管理规范至为重要。另外,从实践的角度出发,本文提出了完善专户产品应用"侧袋账户"结算的建议,并对公募基金实施"侧袋账户"结算进行了初步探讨。

A ＂Side Pocket＂ is a structural accounting tool used by managers overseas when managing hedge funds and mutual funds. It is designed to better assess the value of illiquid assets and more fairly treat their interest of holders in different periods. Now, this tool has been adopted by some Chinese fund companies on their portfolios, only open exit allowed and no participation permitted though. As it is just the beginning of ＂Side Pocket＂ in China, we believe it is necessary to establish a set of industry- specific management practices as soon as possible. From the practical perspective, this article puts forward the suggestion of improving ＂Side Pocket＂ implementation on the specialized client managed accounts and the tentative discussion of the ＂Side Pockets＂ usage on mutual funds.