In Hong Kong, retail banks dominate mutual fund distribution, due to the structure of financial services and buyer preferences. Banks are considered safe and trusted custodians of savings with a strong physical presence; well-recognised and established brands operating under reliable regulatory oversight.
在香港，由于金融服务架构以及购买者的偏好，零售银行主导着共同基金的分销。银行被认为是拥有强大实体网络的、安全可靠的储蓄托管机构，而且根基深厚、得到广泛认可，其运营受到可信的监管。

Elsewhere in Asia, banks are less dominant but also important for international managers looking to establish a presence in the region’s fast-growing mutual fund industry. Money managers must convince gatekeepers at retail banks to provide shelf space and distribution support.
在亚洲其他地区，银行的主导地位没那么强，但对寻求在亚洲迅速增长的共同基金业建立业务的国际基金管理公司来说，银行也不容忽视。资产管理公司必须说服零售银行的“看门人”为自己提供“货架空间”及分销支持。
Both come at a price, however.
然而，这两样都是要收费的。
Since the global financial crisis and the fall in interest rates around the world, banks in Asia have been pivotal in providing access to funds paying high regular dividends when compared with the ever-falling deposit rates offered. These funds have proved highly popular.
自全球金融危机爆发、世界各地利率下滑以来，亚洲银行业在为购买定期派发高额股息的基金提供渠道方面一直发挥着关键作用（这里的“高”是相对不断下滑的存款利率而言）。事实证明，这类基金非常受欢迎。
Last year, amid concerns over rising interest rates in the US and tighter monetary conditions, investors began to broaden their asset allocation and move money into multi-asset and equity-invested funds. Deposit rates have stayed low, encouraging diversification of savings away from bank accounts into a range of mutual fund strategies.
去年，在担心美国利率上升、银根收紧的情况下，投资者开始扩大资产配置范围，将资金投入多资产类别基金及投资股票的基金。存款利率维持低位，推动存款从银行账户分流至奉行各种策略的共同基金。
The role banks have played in the development of the mutual fund industry has been significant, and particularly so during this period of so-called financial repression.
银行在共同基金业发展中扮演的角色是重要的，特别是在这个所谓的“金融抑制”时期。
This concentration of mutual fund sales through a limited number of sales channels has been highlighted in a recent report issued by the Hong Kong Securities and Futures Commission. The lack of competition in fund distribution in Hong Kong is cited as a possible explanation of why fund fees have not been subject to competitive pressure and why the territory has not followed a global trend towards index funds, exchange traded funds and other low-cost investment products.
香港证监会(SFC)最近发表的一份报告，强调了共同基金销售渠道有限、分销链集中的问题。报告认为，香港的基金分销缺乏竞争，是基金费用不受竞争压力影响和香港个人投资者未跟随全球潮流转向指数基金、交易所交易基金(ETF)及其他低成本投资产品的可能原因。
The report explains that diversified distribution chains tend to lead to greater fee competition and more investor choice. Compared with other markets, the fund distribution chain in Hong Kong is concentrated and deficient in privately owned online platforms and exchange platforms that create competition, according to the report.
报告解释道，多元化的分销链往往会增加基金收费方面的竞争，亦给予投资者更多选择。报告称，相较全球其他地区的市场，香港的基金分销链集中，可带来更多竞争的私营网上平台及交易所平台不足。
Without bank distribution, funds would be far less popular in Hong Kong and other markets in Asia. Underemphasising the role of retail banks in mobilising private savings and focusing on fee competition risks oversimplifying a critical link within the financial services value chain in Hong Kong and Asia.
如果没有银行分销，基金在香港及亚洲其他市场的人气将远不如现在高。不充分重视零售银行在调动私人储蓄上的作用、而把关注焦点放在费用竞争上，可能会把香港和亚洲金融服务价值链中的关键一环过度简单化。
Comparing fees between mutual funds sold through banks and cheaper alternatives such as ETFs or those available on privately owned platforms in markets outside Asia draws attention to important differences in the structure of financial services in different parts of the world.
比较一下通过银行出售的共同基金与其他成本更低产品（比如ETF或那些可在亚洲以外市场的私有平台上购买的产品）的费用，可突显出全球不同地区在金融服务架构上的重大差别。
In Hong Kong there are lower-cost alternatives that have been available for many years. The Mandatory Provident Fund was established more than 10 years ago as a community-wide compulsory retirement savings system. Typically funds available on this platform are lower in cost when compared with more generally available funds that have similar investment strategies sold through banks. However, the advocacy for voluntary contribution to these lower-cost funds has been disappointing.
在香港，成本更低的替代产品已存在多年。作为全社会普及的强制性退休储蓄制度，强制性公积金(Mandatory Provident Fund)于10多年前建立。与通过银行销售的投资策略相仿、更普遍可获得的基金相比，该平台上提供的基金通常费用更低。然而，倡导大家向这些费用更低的基金自愿供款的工作一直令人失望。
In Taiwan, where banks account for only 30 per cent of funds sold, the fees charged for offshore funds are the same as in Hong Kong. This suggests that it will take more than the diversification of distribution channels to cause investors to seek lower-fee products.
在台湾，购买离岸基金的费用与香港相同，银行分销占基金销售的比例仅为30%。这说明，要让投资者去寻找费用更低的产品，需要的将不仅仅是分销渠道的多元化。
In mainland China the retail savings market is developing at pace and very differently. In Hong Kong almost 80 per cent of funds are sold through bank channels, compared with 42 per cent in mainland China. In 2014 the successful offering of a money-market fund on an electronic platform caused the Hong Kong fund industry to take notice. The fund raised more than $80bn, demonstrating that physical presence, at least in China, was not a prerequisite in retail financial services.
在中国内地，零售储蓄市场正在逐步发展，而且与香港完全不同。在香港，几乎80%的基金都通过银行渠道销售，相比之下中国内地为42%。2014年，一支货币市场基金在一个电子平台上成功发售，引起了香港基金业的注意。该基金融资逾800亿美元，这证明实体网络并非零售金融服务的先决条件，至少在中国内地不是。
Outside China, and in the absence of greater fee transparency and disclosure in Asian markets, it is hard to see how established distribution and buying patterns will change. Advocating low-cost products and alternative distribution venues is unlikely to move the needle.
由于亚洲市场缺少更大程度的费用透明与信息披露，因此很难看出在中国内地以外现有的分销和购买模式会如何改变。倡导低成本产品和其他分销渠道，不太可能让局面发生显著改观。