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了解投资银行从业人员——证券销售员Securities

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Introduction to Investment Bank Positions

Securities Salesperson

They constitute the largest number of professionals within the investment banking industry. This is the phenomenon in most of the major financial centers in the world. The securities sales professionals at institutional stock-broking firms manage extraordinary complex relationships between two organizations. There are two main types of securities salesperson: 1) Institutional sales, mostly employed by major investment bank at their institutional sales division, servicing major fund management firms .2) Individual sales, employed by retail stock-broking firms serving active retail clients or high net-worth individuals.

在投资银行领域,证券销售员(经纪员)占投资银行从业人员的绝大多数,全球各大金融中心均是如此。证券销售员主要分两类:1)机构证券销售员,主要受雇于各大投资银行的机构销售部(institutional sales division),为主要的资金管理公司和其他种类的机构服务。他们需要处理雇主机构与机构投资者之间复杂的关系。2)个人证券销售员,主要受雇于证券经纪公司的零售部(retail stock-broking firm),为活跃的散户投资者或者高端的私人客户(high net-worth)服务。

The services provided by securities salespersons include the provision of timely information such as investment research, the upcoming underwriting calendar as well as interpretation of material corporate developments. While some might argue that given the advent of technology and electronic delivery, the role of securities salesperson has been marginalized. China Securities Regulatory Commission (CSRC), working with other authorities, including the People’s bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE), promulgated the Qualified Foreign Institutional Investors scheme (QFII), Which had been in force from December 1, 2002. Four categories of foreign institutions, namely Fund management company, Securities company, Insurance company and Commercial Bank have to meet stringent criteria before they may apply to be QFII. Approved QFIIs are allowed to invest in securities (excluding B shares), treasuries, convertible bonds and corporate bonds listed in China’s stock exchanges and other financial instruments as approved by CSRC.

证券销售人员提供的服务包括提供及时的投资信息,例如投资研究分析、即将进行首次公开发行的公司信息,以及对与客户拥有股票的公司的相关重大事件进行分析和提供咨询。但是也有人担心,随着科技和电子技术的日渐普及,证券销售员的重要性正在日益边缘化。中国证监会(CSRC)与其他权威机构,如中国人民银行(PBOC)和国家外汇管理局(SAFE),合作公布的合格境外机构投资者制度(QFII)已于2002年12月1日起正式实施,这实际上意味着四种外资金融机构,即基金管理公司、证券公司、保险公司和商业银行可以进入中国金融市场,但在申请QFII资格之前要通过颇高的审核标准。取得QFII资格的外国投资者可以直接投资中国的上市股票(不包括B股)、国债、可转换债券、公司债券和经中国证监会批准的其他金融工具。

Prior to the QFII scheme, foreign institutional investors have been focusing on the H shares, Red chips and B shares markets for a China play. Institutional salespersons primarily service their clients out from Hong Kong. As part of their value added services, many of them (institutional salespeople) are organizing field trips, taking clients to visit company management and view production facilities of B shares and H shares companies in China. It may take a while for QFIIs to seriously consider investing in the A shares market given the high valuation and quality of the respective companies, but it is clear that global securities firms would need to hire and develop more professionals who have the knowledge and skill-set to engage the China market.

QFII制度实行之前,境外机构投资者一直将重点放在中国香港的H股、红筹股和B股市场。机构证券销售员主要为在香港设立办事处的机构投资者服务。作为增值服务的一部分,许多机构证券者需要组织证券销售员实地考察,带领客户考察中国B股和H股公司的管理水平和生产设备等。由于不同A股的公司的价格高低和质量差异很大,QFII对中国的A股市场的投资都会小心谨慎,因此需要花更多的时间。勿庸置疑,国际证券公司需要雇用和培养更多熟知中国市场且有实践经验的专业人才。

Furthermore, in a marketplace like China’s capital market, where information barriers exist and efficiency is much to be desired, the role of securities salespeople will be crucial in adding value to the fund managers’ investment process. The key is how to be efficient, differentiated and have the ability to “pool” resources for your clients.

此外,由于中国资本市场的信息尚未完全透明化,市场远未达到完全有效。因此,证券销售员在基金经理投资过程中所提供的增值服务是至关重要的。关键在于如何有效率地、有差异性地、有能力地运用雇主机构资源为客户服务。

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