China-trust-sector-next-chapter-201002.pdf

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1、China’sTrustSector:ThenextchapterFINANCIALSERVICESFINANCIALSERVICESChina’sTrustSector:Thenextchapter1Contents2—WelcomingremarksbyKPMGandReuters3—Whatisatrustcompany?9—Casestudy:MorganStanley11—Casestudy:CITICTrust12—Trustfundproducts14—Casestudy:ChinaCred

2、itTrust20—Casestudy:Macquarie21—Cooperationbetweenbanksandtrustcompanies23—Casestudy:RBS24—Opportunitiesfortrustcompanies34—Conclusion36—Appendix1:Shareholderintrustcompanies38—Appendix2:TrustCompanySummaryFinancials40—ContactusAcknowledgmentsThisreportwa

3、swrittenprincipallybyJasonBedford,Manager,FinancialServices,KPMGChina.WewouldalsoliketothankReutersfortheirvaluableassistanceandindustryexecutiveswhosogenerouslycontributedtheirtime,knowledge,andinsightstothisreport.Foranyquestionsaboutthecontentofthisrep

4、ort,pleasefeelfreetocontactJasonBedfordat+86(10)85085851orjason.bedford@kpmg.com.cnFormoreinformationaboutKPMGChina’sthoughtleadershipprogramme,pleasecontactMichaelHurleat+85228267292ormichael.hurle@kpmg.com.hk©2010KPMG,aHongKongpartnershipandamemberfirmo

5、ftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved.2China’sTrustSector:ThenextchapterWelcomingremarksbyKPMGandReutersWelcometooursecondreportonthetrustsectorinChina.Followi

6、ngthereformsundertakenbytheChinaBankingRegulatoryCommission(CBRC)in2007,thenatureanddirectionfortrustcompanieshasgraduallytakenshapeandsetthestageforthetrustsectortobecomeamuchmoresignificantplayerinChina’sboomingwealthmanagementsectorandstillnascentstruc

7、turedfinancialproductsmarket.China’sregulatorshavedemonstratedthattheyareopentoinnovativeideasandnewfinancialproductsandhavegiventrustcompaniesthetoolstheyneedSimonGleavetosucceedandtobecometheenginesforfinancialinnovation.However,thePartnerinChargesignif

8、icantdifferencesthatexistamongtrustcompaniesbecauseofvariationsinFinancialServicesthelicensestheyholdhavemadetrustcompaniesoneoftheleastunderstoodKPMGChinafinancialinstitutionsinthemainlandfinancialservicessector.Ma