As the majority of trading volume in the Taiwanese stock market is created by retail investors, the Taiwanese government has been aiming to promote professionalism by channelling the money from retail investors into the hands of professional asset managers. The Executive Yuan passed the third reading of the Amended Draft of the Securities & Exchange Law on the 30th June 2000 (Article 18-3, the Securities & Exchange Law) and the Securities & Futures Bureau approved on 5th January 2001 that investment & trust and investment consulting companies may offer services in the discretionary investment business. The discretionary investment business in, in nature, similar with the set-up of mutual funds; however, the discretionary investment business offers bespoke characteristics and specifications catering to specific requests of individual investors. The customization in the scope of investment and underlying targets is made possible to satisfy differing needs of individual clients. As institutional investors are sophisticated in mapping out investment strategies and dedicated in their fundamental analysis of macroeconomic and political situations, industry trends and financial reports of listed companies, they are able to better allocate assets and select the stocks. At first, this research reviews all the relevant literature and looks into the details of the legal framework governing the discretionary investment business. This paper argues that the originally well-intentioned regulations in fact, at least to some degree, hamper the development of the discretionary investment business. Then this research paper examines the characteristics, basic structure and the legal framework of the discretionary investment business, probes into the Taiwanese asset management market and uses Grand Cathay Securities Investment Trust as a case study, as an attempt to shed light to the future development of the discretionary investment business in Taiwan. In this case study, the author investigates the strategies employed by Grand Cathay Securities Investment Trust against the backdrop of the business environment and the market competition by deploying scenarios analysis, SWOT analysis and the Porter¡¦s competitiveness framework (cost leadership vs. product differentiations). The scope of the strategic considerations covers 4P, i.e. price, product, place and promotion. Finally, this research concludes that there are two competitive strategies in this market, i.e. cost leadership and product differentiations and summarize the operational, marketing and operational implications of these two strategies.

自民國89年7月19日總統頒布修正證券交易法第18條之3，正式給予投信投顧業者從事全權委託業務一個正式的法源依據。之後，主管機關於民國89年10月9日配合證券投資信託及顧問法的施行，將全權委託業務的法源依據自「證券交易法」改訂於「證券投資信託及顧問法」，這在資產管理業務上具有相當重大的意義。截至民國99年3月止，國內全權委託契約數(含委任關係及信託關係)達1,161件、有效契約總額達新台幣6,602億元整，對我國資產管理業務及證券市場未來的成長及影響具有重大的意義。 本研究從經營全權委託的產業現況及運作流程，以分析全權委託之經營概況，並以法規規範為出發點，探討經營全權委託業務資格條件、從事全權委託業務之經理人及業務人員應具備資格條件及管理規則、全權委託投資業務有關委任投資金額限制相關規定、業務人員禁止行為、應有報告或通知義務等議題，為本文之研究架構。另外，為使雙方簽訂契約有效執行，本研究同時討論從事全委業務投資(委任)人和全權委託業者簽定全權委託契約時之應注意事項、全委契約管理費用收取及全權委託業務之建議。 除既定法規及契約約定外，本研究將以投資(委任)人對全權委託業者的選任標準及應注意事項、委任投資(委任)人可能面臨之風險，如投資與風險偏好及風險承受力、投資績效表現、代理問題、業界常見全權委託業務之缺失樣態等進行探討。歸納結論，(1)基金公司應執行風險控管以保障委任人權益，定期績效檢核與客觀的績效評比機制、投資風險控管機制、避免越權交易的發生、交易資訊控管、利益衝突防範、有效的投資決策流程，同時(2)投資人交易之申報與控管及專責部門的建立以處理全委投資行政業務等，以建全全權委託投資業務的執行。