There have been plenty of uncomfortable places to be in the markets this week. But Asian fund managers have probably had it worst.

本周，有很多市场领域让人感觉不舒服。但亚洲基金管理公司或许是感觉最不舒服的。

Major Asian stock markets are down for the year, shrinking assets already invested and disincentivising further inflows. The Chinese stock market is down 40 per cent since its peak in June. No surprise, then, that Asian investment funds have suffered big outflows in recent weeks.

今年亚洲主要股市纷纷下跌，这导致已投资资产缩水，且阻碍了进一步的资金流入。自6月达到峰值水平以来，中国股市已下跌40%。因此亚洲投资基金最近几周遭遇大规模资金流出也就毫不意外了。

But even before the recent market turmoil, the asset management industry had not benefited significantly from the sort of Asian growth that other sectors have enjoyed. Of $11tn-$12tn in institutional assets in Asia, only $2tn is allocated to third parties to manage — although this number is growing — according to Greenwich Associates, a consultancy. The proportion of externally managed assets has expanded so far this year.

然而，即便在最近的市场动荡之前，资产管理行业也没有从其他领域所享受的亚洲增长中大规模受益。根据咨询机构Greenwich Associates的数据，在11万亿至12万亿美元的亚洲机构资产中，只有2万亿美元配置给第三方管理。不过这个数字正在上升，今年迄今，由外部管理的资产比例有所上升。

If western markets offer a road map, there should be more to come. US institutional assets are of similar total value to those of Asia, yet a far higher proportion — around 80 per cent — is externally managed. That is a big opportunity for the industry to address, even if (and perhaps especially if) stock markets remain choppy. Asset management in Asia is also likely to get a boost from China’s mutual fund recognition scheme with Hong Kong.

如果西方市场的发展提供了路线图的话，那么亚洲未来由第三方管理的资产会更多。美国的机构资产总规模与亚洲相当，然而由外部管理的资产比例要高得多（80%左右）。这是该行业需要抓住的一个巨大商机，尽管股市仍起伏不定（也许股市起伏不定恰恰凸显出了这一商机）。此外，亚洲资产管理业也可能会从中国内地与香港的基金互认机制中获得提振。

This arrangement allows funds to be approved for sale in both markets, subject to a quota of about $50bn in each jurisdiction. There is no shortage of funds queueing up for recognition: Hong Kong’s Securities and Futures Commission says that total assets of $50bn in Hong Kong and over six times that in China may be eligible.

这种安排使得基金能在这两个市场获准发售，两地投资额度分别为500亿美元左右。排队争取互认资格的基金并不少：香港证监会(Securities and Futures Commission)表示，香港有500亿美元资产可能符合条件，中国内地可能符合条件的资产的规模是香港的6倍多。

Not that any of this makes the current markets any easier to bear for the asset managers. Falling stock markets do not exactly encourage new investment. But over the long term there is still scope for the industry’s bigger players — and niche specialists — to find growth in Asia.

这些都不会让资产管理公司更容易应付目前的市场。股市下跌不会鼓励新投资。但长期来看，该行业规模较大的参与者以及细分专业机构仍有在亚洲实现增长的空间。