资产管理人的分散投资义务:法理基础及裁判逻辑

Diversified Investment Obligations of Asset Managers:Jurisprudential Basis and Judgment Logic

资产管理人是否负有分散投资义务及相应的司法裁量标准为何,是我国资管行业风险防控和风险处置中亟待明晰的问题。现代投资组合理论在我国的适用性程度相对较低,我国并不适宜直接移植美国《统一谨慎投资人法》上的分散投资规则,而需要审慎借鉴。在监管规则上可以将集合资金信托、私募基金、证券期货经营机构私募资管产品在分散投资义务上的规则予以统一。在合同约定的投资范围宽泛而管理人实际投资类型却较为单一的情形下,裁判者需知悉资管行业的最佳实践不应等同于司法裁量标准,而更多尊重资产管理人的自主决策权。对于适用整体判断规则还是单独判断规则问题,在目前阶段我国可以根据个案情形将二者结合起来。

Whether asset managers have the obligation to diversify investment and what are the corresponding judicial standards are urgent issues in risk control and risk disposal in China’s asset management industry.The applicability of modern portfolio theory in China is relatively low.It is not suitable for China to directly transplant diversified investment rules from Uniform Prudent Investor Act of the United States.Transplantation requires prudence.In terms of regulatory rules,this paper suggests unifying diversified investment obligations of collective fund trusts,private funds and securities and futures operating institutions’private asset management products.In situations where investment scope stipulated in the contract is broad but the actual investment type of the asset management product is relatively single,judges need to be aware that best practices in the asset management industry should not be equated with judicial standards and they need to more respect the independent decision-making power of asset managers.In terms of judgment rule,at present we can combine overall judgment rule and individual judgment rule based on the specific case.