资产管理是指资产管理人根据资产管理合同约定的方式、条件、要求及限制，对客户资产进行经营运作，为客户提供证券、基金及其他金融产品的投资管理服务的行为。资产管理一般主要有三种：
AFSL Application .
Operators of both registered and non-registered funds are required to gain Australian Financial Service License (AFSL) to legally manage funds. AFSL’s authorized business scope also stipulates the operation mode and investment project of funds. Therefore, if the operator wants to apply for the corresponding business scope, several key factors of funds must be firstly decided.
(1) Are you a trustee?
1.If yes, you need to apply for the following business scope: ‘deal in financial product by :issuing, applying for acquiring, varying or disposing of a financial product of interest in managed investment scheme excluding IDPS’
2.If not, you need to outsource your trustee to a third party. And in this way, the above business scope content is not requited.
(2) What kind of assets do you want to invest in?
1. You need to decide the investment asset class of managed funds and clearly identify which type of financial products that the investment products belong to.
2. When you decide on the type of investment products, you need to apply for the relevant business scopes, so that the operator has the right to suggest, purchase, change and sell the corresponding financial products (such as securities, government bonds, derivatives, foreign exchange, general insurance and deposit products, and the most important managed funds) The corresponding business scope is as follows: （‘advice’and‘dealing to acquire，vary or dispose’）
(3) Will you buy insurance for your assets?
1. You need to apply for the relevant business scope, so that the operator has the right to suggest and trade insurance financial products. The corresponding business scope is as follows: ‘Provide advice and dealing services in insurance’
(4) Are you the custodian of the managed funds assets?
1. If not, you can outsource as well. The corresponding business scope is as follows: ‘provide the following custodial or depository service: operate custodial or depository service other than IDPS to wholesale clients or retail clients’
(5) Is your client wholesale or retail?
1. Wholesale clients refer to customers who invest more than 500,000 Australian dollars in a one-time investment, while those who invest less than 500,000 Australian dollars are regarded as retail clients.
2. If you need to sell to a retail client, the requirements will be more complicated. And you have to register your managed fund, instead the wholesale client does not have this requirement.
(6) Do you need to register your fund?
1. Operating a registered fund requires an additional AFSL business scope. And a responsible manager needs to be arranged.
2. Usually, the business scope includes the name of the registered fund and the assets type of the fund investment.
3. Select the responsible manager from the Responsibility Entity. The responsible manager needs relevant skills and experience. In summary, the responsible manager requires the following conditions:
（a） Work for a company that holds AFSL in Australia for at least 3 years in the past 5 years, or at least 5 years in the past 8 years.
（b）Have a relevant bachelor’s degree or above (like business, science, economics).
（c）Hold the relevant RG146 certificate (only applicable to retail AFSL).
（d）Two referees who can prove relevant work experience
（e）Not act as a responsible manager, shareholder or director in other companies holding AFSL.
（f）No criminal and bankruptcy records.
(7) Drafting relevant supporting documents
The AFSL application materials submitted to ASIC are called “supporting documents." The supporting documents are divided into two categories. The specific documents of ‘core certification’ and ‘extra certification’ are as follows:
Core certification: business content, relevant responsibility experience certificate, professional form from organization, financial report, details of specific investment project, information of external asset management party and custody contract, compliance program.
Extra certification: development plan of a responsible manager, compliance contract, outsourcing contract, conflict of interest statement, plan of representative supervisor, supervision and training, human resources statement, IT technical statement, arbitration system statement, risk management system statement, repayment ability statement, fund operation ability statement, fund nature statement, product sales channel report, managed fund details, draft information memorandum, trust deed.
This application mainly introduces about the compliance information and the application method of the Australian Managed Fund. However, the guidance is only a general recommendation and does not consider the personal situation. Therefore, please do not rely on this guidance to apply for a license. The company is not responsible for the loss caused by improper operation of the applicant.
Financial advisory for enterprise .
01. Listed IPO
With the credit crunch in China’s banks and the increasing difficulty of domestic IPO, the financing difficulty of private enterprises has become increasingly prominent. At the same time, China-Australia free trade agreement has accelerated the trade between Chinese and Australian companies. Listing in Australia has become cumulatively favoured by Chinese companies and this is also an effective way to improve their brands. In general, listing in Australia is short time-consuming, lower-cost, and lower listing capital and compliance threshold. Listing on the main board usually takes 9 months to finish, and some can be completed in just 6 months, which is faster than listing in Mainland China and Hong Kong. After half of a year, you can finance. In addition, the listing cost of IPO in Australia is only about half of that in the United States. Take 200 million yuan as an example. The most expensive cost is in America, which accounts for 15% to 20% of the total financing amount, that is, 30 million to 40 million yuan. The cost is only 8% to 15% of financing capital in Australia.
02. Venture Capital
Australia’s private placement and venture capital industry is an industry that is not too large in scale, but the global professional investment institutions are deeply involved in and there are many successful cases around. Compared with other investment markets in Australia, according to data statistics of AVCAL, the total amount of two markets is 16.2 billion Australian dollars which is invested in over 550 companies. The vast majority of these companies are concentrated in the state of New South Wales, Victoria and Queensland on the east coast of Australia.
Financial Licensing and Funds .
(1) According to relevant regulations of the Australian Corporations Law, the Australian Securities and Investments Commission (ASIC) supervises and manages the Managed Investment Scheme (MIS). ASIC requires fund operators to hold AFSL. Investment managers providing advice, execution and portfolio services to funds and custodians of fund assets also need to hold AFSL.
(2) Most of the Australian managed funds are managed in the form of trust, while trustees manage assets for the members of the managed funds.
(3) The fund management party may choose to register or not to register funds. Registered Funds have additional management requirements.
♦Retail funds must be registered.
♦Registered funds must be designated to a responsible entity for operating funds.
♦Registered funds are governed by the laws of Chapter 5C of Corporations Act 2001.
♦The responsible entity must be an Australian registered company holding AFSL, and the license needs to be authorized to operate funds. When you acquire AFSL, each operating registered managed fund must be registered in ASIC.
♦Each registered fund must be established with fund charters and compliance programs, and be appointed with a compliance program auditor. In some cases, the operator of a registered managed fund may require an external compliance committee.
(4) Non-registered funds
♦Non-registered managed funds can only be sold to wholesale clients.
♦The operators of non-registered funds need to hold AFSL.
♦Non-registered managed funds are governed by the Law of Chapter 7 of Corporations Act 2001.
(5) Funds can also be listed on the Australian Securities Exchange (ASX) in the form of a listed investment company (LIC) or a listed investment trust (LIT). LIC does not regularly sell or repurchase shares when an investor joins or leaves the fund. LIT can change the number of issuing trust units in the form of open-end funds.