10年前，欧洲在中国的投资通常通过任命的国外管理人进行联系。
A decade ago, European investment in China was routinely linked to the appointment of a foreign general manager.
现在，一批非银行机构投资人——从资产管理人到对冲基金——则持有这个市场的绝大部分债务。
Now a range of non-bank institutional investors-from asset managers to hedge funds-hold most of the debt.
这篇报告的主要观点是多数投资人并不是直接购买股票，而是将钱交给共同基金管理人管理。
The paper’s main insight is that most investors do not buy stocks directly, but give their money to fund managers.
Blankfein先生提高声调争辩说，具有多重角色，承销商、财务顾问、坐市商，投资人，如果公司小心地管理潜在的风险，是可以具有竞争优势的。
Mr Blankfein rose to the top arguing that wearing lots of hats-underwriter, adviser, marketmaker, investor-could be a competitive advantage if the firm managed its potential conflicts carefully.
由于指数是所有投资人的平均回报(收取费用前)，有些管理人能够超过指数回报，而有些则不能。
Because the index represents the average return of all investors before costs, some managers will beat the index while others will underperform.
客户都认为自己选了最好的共同基金管理人；价值投资人在尽量避免定价过高的股票；那些增长型基金管理人在尽其职责。
The clients thought they were picking the best fund managers; the value investors were avoiding overpriced stocks; the growth managers were doing what they were paid to do.
银行被要求募集一定数额的资金，高层管理人员追踪市场信号，向银行建议那些投资人需要的收益和到期日。
Banks are asked to raise a sum of money; the lead managers take the market's temperature and advise about the yield and maturity investors want.
一些投资者表示，马多夫在担任受托资产保管人的情况下并没有任命外部管理人，因为他所经营的是一家经纪商，而非一只正式的对冲基金。
Mr Madoff acted as custodian of assets that were placed with him and had no external administrator because he ran a brokerage, rather than a formal hedge fund, several investors say.
盖夫纳还说，投资者须记住行政管理人并不为他们工作，而是受雇于对冲基金。
He adds that investors need to remember that administrators aren't working for them. They're hired by the hedge funds.
需要强调的是，最重要的并不是你管理多少钱，而是你投了多少钱，给投资人带来了多大的收益。
But size is not the most relevant factor in the private equity business. It's how much money you invest, and actually what the returns are for the investors.
从投资方的角度来看，管理账户的另一个好处是投资人可以很轻易的将资金抽离。
A further advantage of managed accounts, from the investors' point of view, is that it is easy for them to withdraw their money.
一些关注此案的律师说，虽然这两人所管理基金的投资者如果感到自己被误导可以起诉他们，但提起刑事诉讼就有点过头了。
Some lawyers who observed the case have said that the funds' investors could sue the men if they felt misled, but that the criminal case was a stretch.
最抢手的对冲基金经理其权利也在日益增长。这也意味着这些人可以在投资人撤回他们的资金前延长首次锁定和提前通知基金管理人的期限。
The growing power of the most popular hedge-fund managers means some are extending the initial lock-up and notice periods before investors can withdraw their money.
现在整个项目已经失去控制，公司管理者与其投资人之间的误会和互不信任出现鸿沟。
Now the project has all gone horribly wrong and huge gulfs of misunderstanding and mistrust have opened up between the company and its benefactor.
现在整个项目已经失去控制，公司管理者与其投资人之间的误会和互不信任出现鸿沟。
Now the project has all gone horribly wrong and huge gulfs of misunderstanding and mistrust have opened up between the company and its benefactor.
直到20世纪的后半期，投资者才开始使用指数作为判断职业基金管理人表现优劣的基准。
It was not until the second half of the 20th century that investors started to use indices as a benchmark to see how professional fund managers were performing.
机构投资人的抱怨给了管理者更多的理由来干涉。
Grumbles by institutional investors give regulators more excuse to get involved.
能忍受如此高昂的费用也可能表明投资者能够事先就认出表现出众的基金管理人。
That such fees endure might suggest investors can identify outperforming fund managers in advance.
投资人拿出的钱，将被交给一个负责为再生能源的开发提供资金的信托公司管理。
The money raised would be placed in a trust dedicated to financing renewable energy development.
投资者拿回自己的钱(通过清算优先权)，创始人(管理层)一无所有。
Investors get their money back (through Liquidation Preference), and the founders (management team) get nothing.
近日《福布斯》(Forbes)的一篇报道谈到，身陷一起对冲基金骗局的投资者们声称被全球最大的对冲基金行政管理人Citco所伤。
Forbes recently ran a story about investors caught up in a hedge fund fraud who claim they were burned by Citco, the world's largest hedge fund administrator.
这种虚增的价值数据提交给基金行政管理人Citco后进入了投资者月报。
The artificially inflated value was given to Citco, the fund's administrator; Citco used the data in monthly statements to investors.
苏格兰皇家银行和巴克莱投资银行成为此次发售新债券的承销商，劳埃德银行企业市场机构(LloydsTSB Corporate Markets)和汇丰银行成为发售债券的联合簿记管理人。
Royal Bank of Scotland Group Plc and Barclays Capital are managing the new bond issue and Lloyds TSB Corporate Markets and HSBC Holdings Plc are joint bookrunners.
本文作者马特·哈里斯（Matt Harris）是VillageVentures的联合创始人和公司董事合伙人。 Village Ventures是一家初期风险投资公司，旗下管理着1.75亿美元的资金。
Matt Harris is co-founder and Managing General Partner of Village Ventures, an early stage venture capital firm with over $175M under management.
这篇报告的主要观点是多数投资人并不是直接购买股票，而是将钱交给共同基金管理人管理。
The paper's main insight is that most investors do not buy stocks directly, but give their money to fund managers.
基金管理人要发挥机构投资者的买方优势和专业化价值，切实维护投资者利益。
Fund managers should use the institutional investors' buyer advantage and professional value to earnestly safeguard the interests of investors.
基金管理人要发挥机构投资者的买方优势和专业化价值，切实维护投资者利益。
Fund managers should use the institutional investors' buyer advantage and professional value to earnestly safeguard the interests of investors.
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