| Summary: | 碩士 === 國立臺北大學 === 企業管理學系碩士在職專班 === 93 === Taiwan’s asset management services industry faces momentous change as a result of the Securities Investment Trust and Consulting Law, which took effect on November 1, 2004. Previously, different sectors of the financial services industry were subject to different government agencies and each sector had a separate set of regulations. For example, one government agency regulated banks under a banking law while the investment trust and investment consulting sector was regulated by another government agency and law. Now, there is one super government agency for the whole financial services industry with regulations according to product rather than sector. The challenge for investment trust (mutual funds management) companies is to seize the opportunities of this new operating environment while overcoming its concomitant threats. This will require a management strategy that devises an organizational policy for the best application of strategic resources in critical areas to establish industry competitiveness and assure the achievement of company goals.
The research of five forces analysis on the investment trust industry came up with the following results: 1) The competitive level within the industry was high. After passage of the Securities Investment Trust and Consulting Law, which allows financial services companies to cross over into businesses previously restricted to specific sectors of the financial industry, the direct competitive threat has increased and nature of the competition has changed as other financial companies such as banks have become competitors. 2) Latent or potential competitive threat was moderate. 3). The threat of substitute products was high. 4) The threat of buyer bargaining power on prices increased. 5) The threat of supplier bargaining power on prices strengthened.
Based on the five forces analysis of the competitive situation, interviews with industry leaders and research in relevant documents, key success factors for domestic investment trust business are as follows: 1) Company (organization) reputation, brand image and recognition. 2) Superior product performance and product mix. 3) Sales channel advantage.
The situation is different for domestic investment trust enterprises in the international asset management field. They come up short in almost every area such as capital, asset management sophistication and product innovation. As a result, they must strengthen their core competencies and competitive advantages to succeed in the increasingly open and fiercely competitive domestic financial environment. The following suggestions on operational strategy are made: 1) Taking advantage of the new law’s lifting of restrictions on investment tools and new products, domestic investment trust enterprises should strengthen trading operations and product design capabilities to improve product performance. 2) They should expand into serving as sales agents for foreign funds, which would boost total product offering and help meet the needs of customers for complete financial planning. It would also increase the benefits of greater economies of scale, strengthen foreign investment abilities and make possible the development of foreign markets. 3) These companies should enhance the level of cooperation and development of sales channels. 4) They should utilize appropriate core competencies in developing market differentiation in terms of products and customers.
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