Issue 120 September 2018 Lite

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FLAGSHIP EDITION

Issue 120

C HINA’S WEALTH A ND ASSET M ANAGEMENT I NDUSTRY E NTER S A NEW ERA 中国财富与资产管理业 走进新时代 League Tables: China’s Top 10 Private Banks by AUM & Client Count P 2 2 中国十大私 人银 行排行榜: 资产管理 规模和客户数目

INSIDE Reforms put banks’ investment advisory skills in the spotlight

BOC to seize once-in-a-century opportunity for change

CMB: AI cannot displace the human bond

Citic mulls ways to play up group investment advantages

中行

招行

中信布局凸显集团投资优势

银行需抓住变革的千载良机

人工智能无法替代人类纽带

银行投资顾问能力成焦点 P8

P28

P31

P36

2 asian private banker

ISSUE 120

CEO Andrew Shale Editor Sebastian Enberg Editorial Richard Otsuki Benjamin Yang Charlene Cong Tin Tin Sze Alice So Rebecca Isjwara Tiffany Hopkins Gigi Lam Managing Director Paris Shepherd Research Stratos Pourzitakis Lisa Cheng Shunta Kamba Business Development Sonia Lam Sam Chan Olaide Ogungbesan Joanne Tse Charis Tse

Digital Tristan Watkins Alice Wong Sanya Amin Marketing Yasna Mostofi Vivian Chong Evy Cheung Jacqueline Kwok Events Koye Sun Aleck Kwok Finance & Operations Karman Wu Martina Ngai Sandy Lau Yuki Chan Xenia So Calvin Lam Director Europe Madhuri Chatterjee (Actaea Consultants) Interns Kathleen Magramo (Editorial) Joshua Tam (Research) Alan Lee (Business Development) Production DG3

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If there is any conflict or discrepancy between the English version of the content and its Chinese translation, the English version prevails. If any part of the Chinese translation is unclear, reference should be made to the English version.

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本刊中文部分内容是由英文原文翻译而来，所以如有任何语 言上的差别，一切以英文原文为准。如对本刊的中文部分有 任何疑问，烦请参考英文版本。

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ISSN NO. 2076-5320

CO NT E N TS 目录 6

Letter from the Editor 编者的话

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Echo Chamber 声音

Industry 行业

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China's WMP reforms put banks' investment advisory skills in the spotlight 中国理财产品面临改革，银行投资顾问能力 成焦点

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What China’s banks most want to know: how to build a NAV-based product shelf 中国的银行最想了解的是：怎样建立起净值 型的产品库

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Uncertainty about AM subsidiaries hangs over Chinese banks’ WM future 资产管理子公司的不确定性令中国银行业的 财富管理业务前途未卜

egulations R 法规

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China's wealth and asset management embarks on a new era 中国财富与资产管理业走进新时代

I ndustry 行业

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China 2017 AUM & Client Count League Tables 2017年中国私人银行排行榜: 资产管理规模和 客户数目

eader Interviews L 领袖专访

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BOC PB: Bank needs to seize once-in-a-century opportunity for change 中行私人银行：银行需抓住变革的千载良机

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CMB PB: AI cannot displace the human bond 招商银行私人银行：人工智能无法替代人类 纽带

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Citic PB mulls ways to play up group investment advantages under market reset 中信银行私人银行布局凸显集团投资优势

China Cross-Border 离岸业务 60

Noah’s Vancouver, Melbourne outposts “set to make strong contributions” in 2018 results 诺亚新设温哥华、墨尔本分公司将“强势助 力”集团2018年业绩

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Mason mulling over HK, SG for Raiffeisen expansion in Asia 茂宸考虑通过香港及新加坡发展Raiffeisen的 亚洲业务

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Legend receives regulators’ blessings to take over Luxembourg’s oldest private bank 联想控股获批入主卢森堡最老牌私人银行

BoCom PB eyes major push into family trust business ahead of China’s estate tax rollout 房产税出台前夕，交行私行大力推进家庭信 托业务 Zheshang Bank: Latest AM rules to provide Chinese banks with more in-house product opportunities 浙商银行: 资管新规将为中国的银行业带来更 多内部产品机遇 Bank of Shanghai forges new path in China trust, philanthropy market 上海银行在中国慈善信托市场开辟新道路

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Noah boosts discretionary capabilities as more Chinese clients eye MFO setup 中国客户着眼多家族办公室设立，诺亚顺势 提升委托业务能力

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Jupai vows to reach number one spot by 2020 钜派誓言在2020年前坐上头把交椅

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CreditEase banks on FOF growth ahead of possible 2020 IPO 宜信财富拟2020年上市，看好母基金业务增长

Research 研究 70

The Role of Singapore as an Offshore Wealth Hub 新加坡作为离岸财富中心的地位

People Moves 人事变动 72

Movers & Shakers 活跃人物

asian private banker 5

LETTER FROM THE EDITOR 者的

T

his year marks the 40th anniversary of China’s market opening and reform. 2018 will also go down in history as a turning point for China’s private banking and wealth management industry, which after having experienced its first decade of exponential growth since its founding in 2007, is now set to witness a complete reset of its market under new asset management rules published by regulators.

The issues leaders of this industry have to address are immediate, profound, and multi-dimensional, and all will come with lasting longterm consequences that will inform the future of the market landscape and competition, spanning across the realignments of business strategies, product relationships, research capability, technology deployment, service considerations, as well as the relationships with regulators as regulated entities and methods of compliance.

In a series of exclusive interviews with China’s crop of leading private bankers and wealth managers in this issue, business leaders across the aisles told us in unison they recognise the need to change, with most planning significantly more budget towards upskilling their relationship management teams, as well as developing their capability in asset allocation and investment advisory.

As we revisited and analysed the key events leading to the drastic transformations by law taking place on the supply side of the market, however, it is essential to remember wealth accumulation in the China market remains superlative relative to global peers (see our latest China AUM league table). This is while the first generation of titans who built the nation’s industries are on the eve of being succeeded by their next.

Asian Private Banker is of the belief that client demand for more robust advice and wealth solutions could only increase after the shakeup as, more than ever, the period of turbulence calls the best efforts from advisors who can deliver meaningful and value-added advice, and see clients through this market.

Too often in the recent past, a plethora of ‘me too’ advisors had plagued the industry, existing through the combination of regulatory loopholes, false innovations and misrepresentation to clients, thus offering little value-added services for the broader wealth management industry.

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018年是中国市场改革开放40周年。今年也将成为中国私 人银行与财富管理业发展的转折点。私人银行业务自2007 年在国内首推以來，十年来经历指数级增长。在监管机构 发布的资管新规带动下，将实现市场全新布局。 行业领袖必须解决的问题是迫切的、深远的和多维的。而这些改 变的背后都会产生持久和长期的影响，奠定未来市场格局和行业 竞争条件。其中，业者需要重新调整战略、产品关系、研究能 力、科技布局、服务模式，以及重新考虑作为受监管机构以后与 监管机构的关系，和合规模式。 在本期杂志一系列的独家专访中，国内私人银行和财富管理业的 领袖一致表示，他们认识到改变的必要。大部分机构计划今年将 投入更多资源提升客户经理团队，以及打造他们在资产配置和投 研方面的服务能力。 然而，当我们回头探讨和分析行业供应方近年在改革前后的关键 事件的同时，我们不应该忘记中国市场的财富增长相对于全球同 业而言仍然是最高的（请参阅我们最新梳理的行业资产排名）。 这也是中国第一代企业家正为下一代后人作传承安排而铺路的前 夕。 《亚洲私人银行家》相信，在变革的背后，往后客户对财富解决 方案和建议的需求只会增加，而不会减少的。这是因为在动荡时 期，相比以往任何一个时候，客户更需要一批有能力的投资顾 问，为他们提供有深度和有价值建议，引领他们走过这个市场。 在近年，过多跟风的而有名无实的理财顾问在行业出现，利用了 过去的监管漏洞，虚假创新和对客户的虚假陈述，为整体财富管 理行业进行减值，成为了一个一直困扰着整个行业的问题。 中国理财行业现在正在回归其根源。未来市场将会分辨出真正 的、有能力的和负责任的从业者。 他们将会是能够在中国独特市场环境下运作，推动行业真正变 革，引领客户前进，同时建立行业新标杆、新标准的从业者。

That industry is now returning to its roots. In time, the market will tell the genuine, the able, and the responsible apart from the rest.

These will be the practitioners who can deliver best practice services under China’s unique circumstances and market environment, and could all the while drive genuine change in the industry and guide clients forward.

Sebastian Enberg Editor | 编辑 Asian Private Banker

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ech o 声 音 c h am b e r The family trusts and discretionary management business are just starting in China. The foundation is still fragile. BOC Private Banking has to work hard and live up to these solemn words — to be truly worthy of the names and discharge our duties without shame. It is only through an open architecture partnership and product selection platform that we can ensure the efficiency of the different rungs of the business. 中国大陆的家族信托与全权委托业务刚刚起步 基础仍 然薄弱 中国银行私人银行要做的就是通过笃定不移的 艰苦努力 让“家族信托”和“全权委托”这两个厚重的字 眼真正做到实至名归 当之无愧 只有搭建开放式的机构 合作平台和产品遴选平台 才能最大程度保证业务开展 各个环节的专业高效 Liu Min, general manager, wealth management and private banking department, Bank of China 中国银行 财富管理与私人银行业务总经理刘敏

Banks not only have more robust product supplies, but, more importantly, we have the consumption data and better clarity on clients’ income and expenses. This provides a foundation for wealth management and asset allocation services. 银行不仅有丰富的产品链条 更重要的是银行账户对客 户的消费记录 收支状况等有较清晰的呈现 为财富管理 和资产配置服务奠定了基础 Wang Jing, general manager, private banking department, China Merchants Bank 招行私人银行部总经理王菁

Everyone is talking about family trusts, but the key criteria to determine whether you can do it is a question whether people would actually hand you assets, and let you charge the management and performance fees. 大家都在讨论家族信托 但决定这一业务是否可行的关 键 是客户是否愿意将资产委托于你 并愿意承担其中的 管理和绩效费用 Kenny Lam, group president, Noah Holdings 诺亚控股集团 总裁林国沣

关于

亚洲私人银行家

领先国际的私人财富管理信息 数据和人脉网络 机构 亚洲私人银行家 是一家亚洲地区出品 环盖区内高端财富管理业 发展的信息和顾问服务企业 一直以来 我们的出品保持极高的独立 性和报道水准 在行业中极具权威 各期杂志均备受行业关注和 期待

我们的业务范围 数据内容 亚洲私人银行家 出品的数据是区内私人银行和财富管理行业中 最具权威的重要信息來源 并倍受主流财经媒体和高净值人群信赖 能够让客户更高效和正确地掌握私人财富管理业的最新发展 • 各大国际金融媒体均曾经引用本公司数据内容 其中用户包括彭 博社 金融时报 华尔街日报和路透社在内等机构 • 本公司的数据对众多顶尖的国际咨询公司都具有高度的参考价 值 其中 曾经引用本公司数据的机构包括 贝恩 波士顿咨询集 团 麦肯锡和普华永道等公司 亚洲私人银行家 的精彩的内容也吸引了一批全球性的读者群 而 他们的背景来自于 • 私人银行 • 财富管理企业 • 独立资产管理机构 • 家族办公室 • 超高净值和高净值客户

CEO专访和交流 我们定期邀请私人银行和财富管理行业中最具份量的CEO接受我们 的专访和活动交流

策略与咨询 利用 亚洲私人银行家 独一无二的行业知识 数据和人脉网络 我 们也定期的为私人银行和财富管理机构的高管提供咨询意见与建议 帮助他们打造世界级的财富管理机构

活动与人脉网络 Fund of funds has been our priority from the beginning.

Such strategies should make up 80% of all mid to long-term portfolios – if not 100%. This is the most important. We have always been very clear that it should make up the bulk of a client’s portfolio. 母基金从一开始就是我们的重点 这一策略应该占到所 有中期到长期投资组合至80%的比例 甚至100% 这点 最为重要 我们一直很清楚地认识到母基金应占客户投 资组合的绝大部分 Tang Ning, founder and chief executive, CreditEase 宜信 创始人兼CEO唐宁

我们定期举办各形式的峰会和领袖论坛 让私人银行业界的领袖和财 富管理经理共聚一堂 探讨行业内最重要的议题 在我们广博的人脉 网路中 领袖级的人物不乏全球性私人银行CEO和顶层的领导 以及 各大家族办公室和超高净值客户

奖项 亚洲私人银行家 的奖项是行业内最享负盛名的 旨在表扬私人银 行和服务机构的杰出服务与表现 在我们每年举办的奖项类别中 我 们颁发的奖项表彰在私人银行 资产管理及基金公司 结构性产品供 应商和金融科技公司中 服务杰出的机构及从业者

INDUSTRY 行业

China's WMP reforms put banks' investment advisory skills in the spotlight 中国理财产品面临改革 能力成焦点

C

hinese regulators’ new rules requiring banks to convert their shadow loans-based wealth management product (WMP) inventory into one with mark-to-market assets and reportable net asset values are putting banks’ investment management capabilities in the spotlight.

To convert product inventory, banks need to break the guarantees they promised customers and deliver products with fluctuating net asset value. These are to be housed in independent asset management subsidiaries which must be set up by the end of 2020 if they are to hang onto the business away from the capital support and comfort of their mainstream banking system.

The changes would put their wares directly into open competition against products provided by fund management companies. Meanwhile, the breaking of the guarantees will shake up banks’ credibility in investors’ eyes, redirecting business towards those banks that clients deem more professional during the process.

In a series of exclusive interviews with China’s crop of leading private bankers conducted by Asian Private Banker, business leaders across the wealth industry responded in unison, saying they recognise the need to change their business models, with significantly more budget going towards upskilling their relationship management teams, as well as developing their capability in asset allocation and investment advisory.

Bank of Communication’s Xu Meng, general manager, private banking centre wealth consulting, said the more open distribution platform could mean greater product choices for investors, compared to the current business model that obliges banks’ relationship management teams to sell wealth management products only when they are manufactured in-house.

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银行投资顾问

资

管新规落地后 银行必须把过去基于影子贷款的理财产 品转型为净值型产品 并且确保投资资产的净值以市值计 价 而这些改变将会令银行的投资管理能力成为焦点

在产品转型的过程中 银行需打破过去曾经向客户提供刚性兑付 的承诺 并推出浮动净值型理财产品 如果银行希望继续经营理 财产品业务 他们必须在2020年年底前开设独立的资产管理子公 司 而这些产品将会脱离银行母体原来可以提供的的资本支持和 销售资源 这些变化意味着银行理财产品在未来将与基金管理公司的产品在 市场上进行直接的公开竞争 与此同时 打破刚兑也会动摇银行在 投资人眼中的公信力 从而促使理财业务流向客户认定为更专业 的银行 亚洲私人银行家 在中国私人银行业内标杆企业进行的一系列 专访中 业界领袖一致表示 改变业务模式势在必行 银行要大幅 增加用于提升客户经理团队技能的投资 并提高自身的资产配置 与投资咨询能力 中国交通银行私人银行业务中心财富顾问部总经理徐萌表示 在 现有的业务模式下 银行客户经理团队只能销售银行内部推出的 理财产品 而新规出台后银行的销售平台将变为更为开放 意味着 投资人在未来能够享受更丰富的产品选择 中国银行财富管理与私人银行部总经理刘敏认为新规为银行业带 来了“百年一遇”的转型良机 而中国银行在产品平台上会采用开 放式架构 重点投放资源引进人工智能投顾技术 开发量化市场 监控和定制化的投资建议系统

At Bank of China, Liu Min, general manager in charge of wealth management and private banking, hailed the reset offered by the regulations as a “once in a century” opportunity for the bank to transform, adding that his bank will go open architecture in the selection of products and will prioritise investments into quantitative systems that are augmented by artificial intelligence for market surveillance and the generation of investment advice.

China Merchants Bank’s general manager for private banking, Wang Jing, went a step further, discussing a plan to install a research team between the bank’s mid- and back-office which will be responsible for crunching data — buy-sell information that would be relayed to her regional relationship management teams across the country who would make real-time adjustments to clients’ investment strategies.

The overarching hope of the industry is that a new crop of relationship managers and investment advisors will emerge out of the process, and at the same time, with the removal of the guarantee punch bowl which had previously distorted investment incentives, a new breed of rational investors will too rise out of the changes.

The changes call for a new breed of relationship manager and investment advisor who can tell clients why they should invest — a higher duty beyond the present transactional relationship, where they are only required to quote yields and prices for products that are deemed equivalent to bank deposits.

On paper, banks have been given an extra 18 months breathing space — the original deadline set by regulators was 1 July next year — and now have until the end of 2020 to make the necessary transitions.

However, the pressure on the industry to manage this steep learning curve is immediate. More business leaders have expressed mixed sentiments and uncertainty over the market reset.

To build professional advisory expertise for the securities market — let alone investment management capabilities out of a new breed of independent asset management subsidiaries — would necessitate a capital-intensive strategy for banks to commit to the headcount and structures in an area of business that is both new and untested for the vast majority of the industry.

The decision towards making these investments has come at a time when most are witnessing plummeting fee revenues previously brought in by WMPs. Beyond the confidence expressed by the top rung of the bulge bracket banks, more mid-tier lenders say their top management is still very much locking horns over deciding the best strategies for their banks.

On the surface, the banking sector may comfort themselves with the towering dominance they enjoy over the rest of the financial industry in having built an RMB 29 trillion business out of a total market size estimated by the central bank to be worth over RMB 100 trillion.

Outside the select crowd, it may be the small- to mid-sized lenders across the country that will bear the brunt of the reform process — especially those who may not have the budgets for top-end AI, capital to commit to employing the top investment advisory talent, nor the necessary licences to pursue a wealth management product strategy going forward.

招商银行私人银行部总经理王菁则更进一步提到银行在中后台之 间将会设立研究团队的计划 团队将负责处理数据 更新的数据 从总行达到各区域的客户经理手上后 客户经理可以根据实时数 据为客户进行投资策略调整 对私人银行行业而言 最大的希望就是在此过程中能培养出一批 新的客户经理与投资顾问 同时 随着此前扭曲投资动机的刚性 兑付被打破 一批理性的投资人也能应运而生 行业变革需要一批新的客户经理与投资顾问 他们被赋予了更大 的责任 要能告诉客户为什么要投资 而不再是纯粹需要为一批被 视为等同于银行存款的产品报价 与客户保持一种交易关系 监管部门给予银行的过渡期延长18个月 将过渡期截止时间由原 定的2019年7月1日延长至2020年底 银行可以在此期间内进行必 要的转型 不过 行业亟需立刻适应这条陡峭的学习曲线 更多的业界领袖对 此次市场重置表达出复杂的态度与不确定性 除了要培养出一批新兴独立资管子公司的投资管理能力外 要建 立起针对证券市场的专业咨询团队 银行需要投入大量资本招聘 员工 同时在一个对于行业内绝大多数机构都十分陌生且未经考 验的新业务领域建立业务架构 银行在要为这些投资的决定做出定案的同时 业内大多数银行正 在面临着理财产品费用收入萎缩的现实 尽管部分大型银行高层表示对业务前景充满信心 但更多中型的 银行透露他们管理层对于最佳发展战略依然举棋未定 表面上 银行还可以凭借自身在金融业中的绝对主导地位聊以慰 藉 毕竟在人民银行估值为100万亿人民币的资管市场规模中 银 行的业务量高达29万亿人民币 但在顶级银行之外 改革过程中的冲击更可能要由全国各地的中 小型银行来承担 对于既没有开发顶级人工智能技术的预算 也没 有雇佣优秀投资咨询人才的资金 更没有规划未来理财产品战略 的必要牌照的机构来说 冲击将尤其之大

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R E G U L AT I O N S 法规

What China’s banks most want to know: how to build a NAV-based product shelf 中国的银行最想了解的是 净值型的产品库

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anks across China are searching for the answer to a question they all have in common: how to convert their present inventory of wealth management products (WMPs) and build a new shelf that comes with net asset values, as required by regulators.

Officially, the deadline for full compliance is the end of 2020. But before that date, banks have to show progress in compressing volume growth in the old products — which, on an industry-wide basis, they have — and delivering new ones.

The product discussion has occupied the front and centre of table conversations Asian Private Banker has had with Shanghai-based bankers.

According to Gu Shu, president of ICBC, the largest issuer by outstanding volume has been researching ways it can ‘standardise’ its RMB 3 trillion worth of WMPs and reduce the layers of embedded structures within its inventory.

At China Merchants Bank, the nation’s second-largest with a WMP balance of RMB 2.17 trillion, Wang Liang, board secretary and executive vice president in charge of spearheading the bank’s transitional strategy for WMPs, said he thought his bank could focus more on vanilla securities tradeable on secondary markets — such as bonds, equities, and funds — going forward.

If the swathe of conference calls that take place on the 7pm train connecting Beijing with Shanghai is an accurate reflection of the 10

怎样建立起

中

国各地的银行都正在试图回答一个共有的问题 怎样改 造现有的理财产品库 并且按照监管要求 建立一个净值 型的新货架

官方过度期的截止日期定于2020年底 但在那之前 银行必须要 缩减旧产品的增长数量 总体来说 银行业整体在转型过程中确实 已有所进展 同时也在推出新产品 亚洲私人银行家 近期与上海的银行家们讨论交流的重点和核 心都与产品密切相关 发行量最大的中国工商银行行长谷澍表示 工行正在研究如何将 其达3万亿人民币的理财产品走向“标准化” 并且减少现有产品 内部结构的分层 中国招商银行的发行量位列第二 持有价值2.17万亿元的理财产 品 负责牵头该行业务转型的执行副行长兼董事会秘书王良表示 他认为招行未来应更加关注二级市场上可公开交易的标准资产 例如债券 股票和基金 或许每晚7点在京沪铁路线上大量的电话会议能准确反映出这个 行业的繁忙现状 无论是从事传统基金或是另类投资业务的全球 基金企业 他们的高级主管 法务顾问或是远在纽约的大老板都急 切地想要知道这个问题的答案 并为打进银行的分销渠道铺路 目前 在监管机构出台详细的规定之前 银行还并不清楚应如何 处理现有的理财产品库存 中国银行保险监督管理委员会主席郭 树清表示将跟进 现在的真空状态对于外部产品供应商而言是罕

INDUSTRY 行业

industry’s present preoccupation, senior honchos at global fund houses — both of the long-only and alternative variety — their legal advisors, and their bosses back in New York would very much like to know how to answer this question and crack into banks’ distribution channels.

For now, where bankers do not yet have answers on how to handle their own WMP inventories before the detailed rulings from regulators are released (Guo Shuqing, the chairman of the China Banking and Insurance Regulatory Commission, said they are to follow), the current vacuum presents external product suppliers with a rare opportunity to encourage bankers to look towards a third-party distribution platform model as a long-term strategy and partnership model.

Historically, trust and securities brokerages have been their main pillars of support. But with current regulations favouring publicly traded mutual funds, the discussions may just offer a glimmer of hope for the sector — to the short-term detriment of private funds.

Although some admit WMPs will still take precedence, more private bankers in the industry now say they would welcome an open architecture model.

Amidst the ongoing restructurings at banks such as China Industrial Bank — one of the industry’s more aggressive players in WMPs — third-party product revenue is talked up as a new income pillar, with more in the industry looking towards the template offered by CMB, one of the first banks in the industry to pursue distribution, as a key income strategy.

That said, the narrative expressed at the foot soldier-level can be conflicted.

The product ideas that the structurers representing the more aggressive lenders through WMPs have shared with Asian Private Banker are still very much yield-driven and project finance-related; only now they may come with their own standalone P&L, while checking the boxes for the necessary matching duration between investor funding and the projects and net asset value calculations the new regulations require.

Meanwhile, with the cleansing of money market products in the entities regulated by the China Securities Regulatory Commission, industry discussions have also surrounded the possibility of greater competitive advantages in selective money market offerings packaged by banks, which are so far unaffected by the restrictions on same-day redemptions.

“The new asset management rules and the soon-to-be-published wealth management business regulations will benefit the expansion of institutional investment teams and the optimisation in the allocation of the investment capital,” said CBIRC’s chairman Guo. “Clients, too, are accepting the changes as reality,” said Xu Meng, general manager, private banking centre wealth consulting at Bank of Communications, regarding the changing makeup of the product shelves at banks.

见的机遇 为未来银行打造第三方分销平台作为长期战略和合作 伙伴模式铺路 此前 信托及券商一直是他们的主要支柱 但随着法规更有利于公 募基金发展 这些讨论可能为该领域带来新机——却对私募基金 在短期内构成威胁 虽然业内部分领导认为理财产品仍然是以后业务重点 但更多的 私人银行同时表示他们将会欢迎开放架构的代销模式 以银行业中发行理财产品较为积极的兴业银行为代表 大部分银 行都在进行改组 更多业内银行将以招行视作模板 计划将第三 方产品销售费用并入为以后新的主要收入支柱 招行是业内第一 批建立起代理第三方产品作为营收策略的银行之一 尽管如此 目前前线人员描述的计划却可能有些分歧 部分在银行资管部任职的人员向 亚洲私人银行家 透露的产品 计划仍然是以收益驱动且与项目融资相关 不同的是 这些产品现 在可能会有独立的损益计算 而投资资金和项目投资期限必须匹 配 同时资产净值按新规要求计算 与此同时 随着中国证监会对所监管机构的货币市场产品进行整 顿 更多的银行认为银行体系下的货币市场产品目前尚未受到同 日赎回限制影响 而日后可能更具竞争优势 中国银保监会的郭主席表示 “资管新规以及即将发布的理财规 则将有利于机构投资团队的建立及投资资本的优化配置 ” 谈及银行产品转营 交通银行私人银行业务中心财富顾问部总经 理徐萌说 “客户也在逐渐接受了改变这一现实 ” 银行都清楚了解他们需要从A点走到B点 而现在他们只需要找到 方法落地实行

Banks already know they need to get from point A to B — now they just need to figure out how.

11

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INDUSTRY 行业

Uncertainty about AM subsidiaries hangs over Chinese banks’ WM future 资产管理子公司的不确定性令中国银行业 的财富管理业务前途未卜

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lack of regulatory detail and licence coverage for asset management subsidiaries the People’s Bank of China has asked mainland banks to set up by the end of 2020 to take over their wealth management products (WMP) businesses is creating significant uncertainty over the future of banks’ strategies for the wealth management business.

Some four months have passed since the central bank, together with regulators in charge of securities, banking, and foreign exchange, published the demanding requirements for asset management, resetting China’s RMB 100 trillion asset management market and putting banks on notice over the future of their WMP businesses.

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国人民银行要求银行在2020年年底前成立资产管理子公 司以接管各行的理财产品业务 但由于监管细节以及业 务许可范围不明 银行未来的财富管理业务战略笼罩着 不确定性 自央行联同证券 银行和外汇监管机构公布走向严监管的资管新 规后 四个月已过 而新规也为国内达100万亿人民币的资管市场 整顿秩序 以及银行财富管理业务的未来提出警示 这一决定关系到银行体系下达29万亿的人民币理财产品 以及他 们在财富管理业务和产品设计未来的定位

At stake are banks’ RMB 29 trillion outstanding WMP balance and the continuity of their wealth management proposition and product offering going forward.

然而 除明确禁止刚兑承诺以及资金池混杂客户资金等问题以 外 在如何解决现有大量以影子贷款为主要基础“的“非标”资产 这问题上 银行并没有明确指引

However, aside from the promise of guarantees and the practice of commingling funds and assets which are explicitly banned, banks do not have guidance on how to address their existing massive inventory of ‘non-standard’ and largely shadow loans-based assets.

区分标准和“非标”资产的界限究竟如何定义 在各银行价值万 亿以上的大量资产中 未来究竟有多少资产可以延续下去成为问 号

Where will the line be drawn between the consideration of standard versus ‘non-standard’ assets? And how much of their tows — each valued at the trillion-plus level — could be rolled over going forward?

Also, what will the valuation rules for portfolios that must be liquidated look like? How should defaults apply? What would be the point of valuation and severance for the banks to hand over the portfolios to the new corp of supposedly independent entities? What will the rules be on related-party trading going forward?

If money does not focus the mind, bigger question marks that need to be addressed hang in the air. Of the most important, banks have not been given details on the type and permitted business scope of asset management subsidiaries, nor do they have clarity on the rules of engagement for wealth management activities going forward.

Amidst the bravura of the total market reset offered by regulators’ new asset management rules, Xu Meng, Bank of Communications’ general manager for private banking centre wealth consulting, told Asian Private Banker that WMPs will still have a key role to play, and that she believes they will still make up 60-70% of clients’ portfolios going forward.

同时 对必须进行清盘的资产组合将有怎样的估值准则 违约应 如何适用 若银行将组合移交到理论上是独立法人的新公司 交 易应该在什么估值点进行分割 未来对关联交易的法则又是什 么 如果潜在损失没有引起市场关注 那么亟待解决的更大问题仍悬 而未决 首要问题就是银行并未收到关于资产管理子公司准入业 务范围的详细信息 也没有对未来如何营运财富管理业务的清晰 要求 在资管新规大力整顿资管市场的大背景下 交通银行私人银行业 务中心财富顾问部总经理徐萌向 亚洲私人银行家 表示 理财产 品在未来客户的投资组合中仍然会担任重要角色 占据组合配置 60到70%的地位 浙商银行私人银行业务主管 中国银行业协会私人银行委员会成 员李伟庆对于业务前景也是比较乐观的 随着更多监管细则出台 他认为银行实际上可能会收回在产品链中更大的控制权 而过去 银行是要向信托和证券公司支付费用才能够为产品打包的 如果这一想法可以实现 理论上未来的银行资管子公司可以与家 13

INDUSTRY 行业

Joining Xu at the more optimistic end of the spectrum, Li Weiqing, head of private banking at China Zheshang Bank and a member of the Private Banking Committee of China Banking Association, believes that in the more detailed directives to come, banks may actually be able to take back greater control in their product functions. These will be products they previously had to pay fees to trust and securities companies to help structure.

If the idea could be taken forward, it could in theory gel well in some form with the family trust theme — a more high-end offering than the box-standard WMP offerings — that the vast majority of the private banking industry has expressed an interest in pushing forward from this year on.

Before crucial details come to light, eight banks in the industry have taken the plunge, committed to the capital outlay, and answered the regulators’ call to set up the subsidiary companies.

China Merchants Bank took the lead in announcing its plans during this March’s earnings seasons, succinctly detailing how the new structures could spur the Chinese industry’s developments forward towards alignment with international standards.

As issuers, joint stock banks have been the most aggressive bunch, so perhaps it was no surprise that CMB was closely followed by its peers — Huaxia Bank, China Everbright Bank and Ping An Bank.

More state-owned banks are sitting on the sidelines, except for Bank of Communications — it said its Bocom Asset Management will be backed

by RMB 8 billion of capital. This is while the three city commercial banks swiftly put up their hands: Bank of Beijing, Bank of Ningbo and Bank of Nanjing.

Xie Guowang, deputy general manager responsible for the asset management centre at China Construction Bank, openly shared the ideological struggle at CCB. He said his bank is concerned about finding the volume to sustain business for a new-fledged entity, coming to the conclusion that the setup “is not the point” while the bank possesses the full-range of licences — including businesses with duplicating asset management functions.

Hence, beyond the most immediate benefit in having the new independent entities as ring-fencing protection from credit risks presented by the WMPs, neither the businesses’ futures in the sense of their ‘identities’, nor the offerings, are clear.

Crucial questions concerning the long-term viability of the new entities in open market competition must be addressed.

At the heart of the debate, they reach into the level of their compatibility on the individual banks’ ecosystem with their other affiliated companies in order for the banks’ management to deliver a coherent narrative to justify their strategies and the capitals the new companies are sure to take up going forward.

14

族信托业务融合 打造比一般理财产品更加高端的服务 绝大多 数私人银行也表示有兴趣在今年起动家族信托业务的发展 而在关键细节出台之前 行业中有八家银行就已经决定响应监管 机构要求 出资设立子公司业务 招商银行率先在3月财务季报中宣布这一计划 明确地阐述了新架 构将如何促进中国银行业未来的发展 与国际标准接轨 作为产品发行方 股份制银行一直是最为激进的 所以包括华夏银 行 中国光大银行和平安银行等的同行纷纷效仿招行也并非在意 料之外 而其他包括北京银行 宁波银行和南京银行等城商行也迅速举手 响应 在大型银行列中 除了交行表示会出资80亿人民币成立交 银资产管理有限公司以外 更多银行还在观望事态发展 中国建设银行资产管理业务中心副总经理谢国旺公开讲述了建行 在思路上经历的挣扎 他表示 当建行已经拥有具备资产管理功 能的全牌照业务 团队比较关注新公司能否找到足够的增长点以 支持以后业务发展 最终觉得设立子公司并不是重点 设立全新的独立实体主要是为了理财产品进行风险隔离 但除这 一直接效益以外 这些子公司未来的身份和产品定位都还并不清 晰 新子公司体系未来在公开市场竞争中的长期生存能力是必须解决 的关键问题 这些讨论的核心 关系到这些新公司未来在各银行的生态体系下 将如何与其他业务兼容 银行管理层也必须为以后全盘资管战略 作出的妥善规划 以确保为成立这些新业务日后所需要耗用的资 本的合理性

CEO访谈 接受 亚洲私人银行家 采访的全球CEO 地区CEO和私人财富管理业内的重量级人物包括

Anshu Kapoor Edelweiss全球财富 管理部主管

博林 (Bahren Shaari) 新加坡银行CEO

华伯乐 (Claude Haberer) 百达银行财富管理亚 太区行政总裁

崔同跃 恒天财富总裁

Didier von Daeniken 渣打私人银行及财富 管理部环球主管

许健洲 (Edmund Koh) 瑞银财富管理亚太 区主管

Fabrizio Campelli 德银全球财富管理 部主管

范思高 (Francesco de Ferrari) 瑞信亚太区私人银行部 主管兼东南亚地区CEO

司徒瀚 (Helman Sitohang) 瑞信亚太区CEO

黎万亨 (Dr. Henri Leimer) LGT亚洲总裁

李光荣 (Jimmy Lee) 瑞士宝盛亚太区总裁

Joe Stadler 瑞银超高净值业务全 球负责人

Karan Bhagat IIFL Wealth Management联合 创始人 执行董事兼 CEO

施许怡敏 (Kathryn Shih) 瑞银亚太区行政总裁

孔庆龙博士 民生银行私人银行部 总经理

刘敏 中国银行财富管理及 私人银行部总经理

严乐居 (Lok Yim) 德银亚太区财富管 理主管

Michael Blake 瑞联亞洲私人銀行 CEO

龙基利 (Michel Longhini) 瑞联私人银行CEO

王楹芳 (Ong Yeng Fang) 大华银行董事总经理 兼私人银行服务主管

Pierre Masclet Indosuez Wealth Management亚洲区 CEO兼新加坡分行 总经理

Pierre Vrielinck 法国巴黎银行亚太区 财富管理CEO

李硕培 (Ronald Lee) 高盛私人财富管理亚 太区主管

陈淑珊 (Tan Su Shan) 星展银行零售银行部兼 财富管理部主管

唐宁 宜信公司创始 人 CEO

徐亦钊 (Vincent Chui) 摩根士丹利亚洲财富 管理行政总裁

Vincent Lecomte 法国巴黎财富管理银 行联席总裁

Vincent Magnenat 瑞士隆奥银行亚洲区 行政总裁

王菁 招商银行私人银行部 总经理

汪静波 诺亚控股始创人 董事 局主席兼CEO

2013

INDUSTRY 行业

CHINA'S WEALTH AND ASSET MANAGEMENT EMBARKS ON A NEW ERA

中国财富与资产管理 业走进新时代

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hina’s 100 trillion yuan asset and wealth management market is under complete reset, as financial regulators significantly stepped up regulations across the board to remove opportunities for regulatory arbitrage in 2017. The new rules were formally codified in a new set of asset management regulations this year for full compliance by end-2020.

The repercussions are set to implicate all kinds of players involved in Chinese wealth and asset management, regardless of whether they have been doing it with explicit licences or ‘innovatively’ through channels that had previously fallen through the regulatory cracks. There will be forced exits aplenty, while some players eye the present moment as the perfect opportunity to seize market shares.

In war, Napoleon once said: “Gentlemen, make haste, for God created the world in seven days.” Here, China showed it could attempt a new turn in history in nine days or less.

As the nation's regulators wind down the first chapter of the market’s history characterised by undirected and often lawless growth, Asian Private Banker revisits the landmark moments that shaped, defined then redefined China’s wealth management market.

16

随

着金融监管机构在2 017年大力 加强全面监管 遏制监管套利 中国100万亿元的资产及财富管 理市场正经历着彻头彻尾的重置 新规于 今年正式修 订为一 套 全 新的资产管理 法 规 并将于2020年底全面施行 无论 是 对于 手 持明确 牌照的机构 还 是 对于之前通过不受监管的渠道开展“创新 型”业务的公司 这些改变都将影响到中 国财富及资产管理市场的各类参与者 有 一部分会被强制清退 而另有些人却将 它视为扩大市场份额的良机 拿破仑曾在战争中说过 “ 各位 快 点抓 紧吧 上帝 创造世界才用了7天 ”但 在中国 历史性的转 变 可能都用不了9天 国家监管机构缓缓拉 下财 富管 理市场历 史上混乱 无序 野 蛮发展的第一章大 幕 亚 洲 私 人银 行家 想要借此机 会回顾那些塑造 定 义 再定 义中国 财富管理市场的里 程碑

INDUSTRY 行业

20 June 2013 | An expansion, then a cash crunch 2013年06月20日|扩张过后的流动 性紧缺

27 March 2013 | ‘Notice number 8’: the beginning of the end for ‘non-standard’ investments

2017 29 March 2017 | New rules killing off channels for regulatory arbitrage between the banking and trust industry

2013年.03月.27日|“8号文” 终止“非标”投资的开始

2017年03月29日|新规封锁了银行 和信托行业监管套利的渠道

27 March 2013 | ‘Notice number 8’: the beginning of the end for ‘non-standard’ investments 2013年.03月.27日|“8号文” 终止“非标”投资的开始 In one of its earliest attempts to express its displeasure and rein in banks’ off-balance shadow lending through wealth management products, China’s banking regulator published its now (in)famous ‘Notice number 8’ the same year, with which it introduced the term ‘non-standard assets’ to the market’s vocabulary.

Broadly speaking, ‘standard’ instruments mean assets that are readily traded on the stock exchanges of Shanghai and Shenzhen, as well as the China Interbank Market. Then, by the CBRC’s definition, ‘non-standard’ assets refer to just about everything else that is traded in China but outside these venues — assets the regulator struggled to define but knew banks had used to funnel their off-balance sheet lending to local governments and corporates.

But not all ‘non-standard’ assets by the regulator’s definition are truly non-standard. These include not only riskier, thinly traded and illiquid credit instruments, but also a swathe of instruments that had long existed in China’s fixed income market, where high turnovers, liquid trades and market prices can be readily available.

In one fell swoop, commercial papers, trust loans, entrusted loans, acceptance bills, banks’ letters of credit, account receivables, repurchase agreements, and credit assets — both those traded privately and on other public venues — all became ‘non-standard’ assets or ‘the undesirables’ in the banking regulator’s parlance. Banks largely ignored the draft and continued unhampered until 2017. 中国银行业监管机构发布了其广为人知的“8号问”规 定 对银行通过理财产品进行表外影子借贷表达不满 并加以遏制 这是监管者的一次早期尝试 将“非标准 资产”这一定义第一次带入了大众的视野 广义上来说 “标准”金融工具是指在上交所 深交所 和中国银行同业市场进行交易的资产 那么根据中国 银监会的定义 “非标”资产基本就是指在中国进行交 易的不在上述范围内的资产 监管机构难以为这类资 产精确定义 但也了解银行透过这些渠道为地方政府 和企业提供表外贷款

但并非所有监管机构定义下的“非标”资产都完全是 非标的 其中不仅包括风险较高 交易量较少且流动性 不足的信贷工具 还包含大量在中国固收市场中长期 存在的高换手率 高流动性和有市场定价的产品 一夕之间 任何私下和公开交易的商业票据 信托贷 款 委托贷款 承兑汇票 银行信用证 应收账款 回 购协议和信贷资产全都变成了“非标”资产或银行监 管机构口中不受欢迎的资产 直到2017年前 银行大多 忽略该草案

20 June 2013 | An expansion, then a cash crunch 2013年06月20日|扩张过后的流动 性紧缺 Having engineered an economic boom followed by massive credit expansion in the years following its stimulus package after the 2008 Global Financial Crisis, China’s central bank made a forceful attempt to get commercial banks to put credit expansions in check by turning off its taps for market operations on 19 June. The result sent the Shanghai interbank overnight lending rate (SHIBOR) soaring from its normal 3% level to 30% on 20 June, with 2013 being forever remembered as China’s liquidity crisis year.

Repo rates stayed at and above the 20% level well into 2014, as the central bank intended the move as a means to control credit flows into the economy by clamping down on banks’ balance sheets. But where banks could not lend with their balance sheets, more turned to the murky world of shadow finance instead, a previously underground phenomenon that emerged in the Chinese financial market in 2011.

Others quickly joined in. From regulated players to the de facto unlicensed internet companies with their new-fangled peer-to-peer or online money market fund offerings, all forms of off-balance sheet financing arrangements connecting private capital to local governments and corporates emerged as ‘wealth management products’ in the market. These have little to do with managing wealth in reality.

2008年全球金融危机爆发后 中国的一揽子刺激计划 出台 随后几年 中国通过大规模信贷扩张驱动了又一 次经济腾飞 中国央行在6月19日通过停止向市场注水 强制要求商业银行控制信贷扩张 导致6月2 0日上海 同业隔夜拆 借 利 率 S H I B O R 从往常的 3 % 飙 升到 3 0 % 2 013年也因此成为令中国难忘的流动性危机 之年

到2014年 央行通过对银行的资产负债表施压 控制 信贷流入经济 回购利率持续保持在20%以上 但由 于无法通过资产负债表贷出款 大量银行转向影子金 融发展 影子金融在2011年以前 是中国金融市场出 现的一种地下现象 从受监管的市场参与者 到实际上未经许可的互联网 企业及其新型P2P产品或线上货币基金产品 各式各 样的表外融资产品将私有资本与地方政府和企业联系 起来 以“理财产品”的形式出现在市场上 但这些产 品实质上与财富管理相去甚远

29 March 2017 | New rules killing off channels for regulatory arbitrage between the banking and trust industry 2017年03月29日|新规封锁了银行 和信托行业监管套利的渠道 Having seen both its supposedly market-based measure and explicit warnings tank, the banking regulator shifted its focus to the trust industry where players had freely lent their products as special purpose vehicles (or ‘channels’) for the banking industry to package assets in order to make the offbalance sheet loans. There was little actual trust business done since the appearance of WMPs, as trust companies found the ‘passage fee’ they could charge for white-washing the assets lucrative. But with the rules, regulators painted them out of the racket, along with brokerages and fund managers who had joined the ride. It was the regulator’s most critical signal that it supports the central bank’s leadership to unify regulations for investment products and clean up the financial markets. 银行监管机构在发布基于市场措施并发出明确警告后 又将焦点转移到信托行业 信托业参与者此前可以自由 地将其产品作为特殊目的“渠道”借给银行 便于他们 打包资产进行表外贷款 自理财产品出现以来 真正的 信托业务变得很少 正是因为信托公司发现他们可以为 洗白资产而收取大量的“通行费” 但随着新规的推行 监管机构将他们和参与其中的券商及基金管理公司通 通拉下马 这是监管机构发出的关键信号 标志着它支 持央行对投资产品统一监管和对金融市场进行清理

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INDUSTRY 行业

3 May 2017 | From regulatory silos to joint enforcement

6 July 2017 | The cleansing of internet trading

2017年05月03日|从监管孤岛到 联合执法

2017年07月06日|净化互联网交易

6 April 2017 | The four “should nots”

1 July 2017 | China sets up a professional investor regime

2017年04月06日|四个“不应该”

2017年07月01日|中国设立专业投 资者制度

17 November 2017 | The end of guaranteed returns in banking wealth management products 2017年11.17日|银行刚兑型理 财产品的终结

6 April 2017 | The four “should nots” 2017年04月06日|四个“不应该” The banking regulator released a set of regulations restricting banks from ‘inappropriate’ kinds of innovation, inappropriate trading, remuneration, and fees, which was when it finally tore down the industry’s pretence for what they have meant by ‘innovation’ in recent years. The rules served to further crack down on banks using their wealth management product structures as fronts to funnel investments into the interbank market and square off bad debt from their balance sheets. 银 监会发布了一系列法规 限制银 行“不恰当”的创 新 不正当交易 酬劳和费用 最终撕碎了银行业近年 来“创新”背后的面目 法规进一步打击了银行假借其 理财产品结构 将投资引入银行同业市场并保持资产 负债表不反映坏账的行为

3 May 2017 | From regulatory silos to joint enforcement 2017年05月03日|从监管孤岛到联 合执法 Six government agencies — including the Ministry of Finance, the National Development and Reform Commission, the Ministry of Justice, the People’s Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission — jointly published new regulations on local governments’ debt financing activities, signalling the end of the regulatory silos in which they had operated. The documents took aim at the end user of the funds raised through the wealth management channels over the years, by making it known they are looking at the leverages taken on by local government and their platform companies.

The regulations also shape how local governments may work with financial markets in Public-Private Partnership (PPP) projects. They provide a legal means for investors to get exposure to the yields offered by the infrastructure investment projects, while also ‘regularising’ government guarantees and profit participation — the root causes that triggered worries about the liquidity risks behind the wealth management products and shadow finance. 包括财政部 国家发改委 司法部 中国人民银行 银 监会和证监会在内的六大政府机构联合发布了针对地

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方政府债务融资活动的新规 这标志着监管孤岛时代 的终结 文件将矛头对准了多年来从资管产品渠道筹 集到资金的终端用户 告知他们监管部门正密切关注 地方政府和其融资平台公司采用的杠杆行为 法规同时规定了地方政府如何在公私合作 PPP 项目 中与金融市场合作 它为投资人提供了参与基础设施 投资项目收益的合法手段 同时将政府担保和利润分 配“正规化” 解决了这一引发对理财产品和影子银行 流动性风险担忧的根源问题

1 July 2017 | China sets up a professional investor regime 2017年07月01日|中国设立专业投 资者制度 The China Securities Regulatory Commission set up a new professional investor regime in the market, asking product distributors to categorise investors in five classes by risk tolerance and restrict their access by their level of sophistication. The rules concern all financial institutions in China under the various regulatory agencies’ direct control and also include institutions that fall outside it, such as subsidiary companies owned by brokerage companies, and private fund managers that service HNW investors.

To receive access to the full spectrum of investment products, an investor should have no less than RMB 5 million in liquid assets or an average annual income no less than RMB 500,000; and at least two years of direct investment experience or equivalent professional experience, or a qualification for working in the financial markets. 证监会在市场上设立全新的专业投资者制度 要求产 品销售方按风险承受能力将投资人划分为五类 并按 成熟度限制他们可以投资的项目 规定涉及中国不同 监管机构直接控制下的所有金融机构 同时包括此范 围外的机构 例如券商旗下的子公司以及为高净值客 户服务的私募基金经理 如果投资者希望能向所有项目投资 则他需要持有不 少于500万人民币的流动资产 或平均年收入不低于50 万人民币 并且需要有至少两年的直接投资经验或同 等专业经验 或持有在金融市场工作的资质

6 July 2017 | The cleansing of internet trading 2017年07月06日|净化互联网交易 On 6 July 2017, a cross-agency working group responsible for online finance risks released an eviction notice to internet trading platforms. Through reinstating existing regulations on requirements expected of the operation of trading venues, the note said some internet platforms had flagrantly violated existing rules, stating that unlisted equity assets traded in exchanges are capped to a maximum of 200 investors.

Aimed at the heart of the business models of online investment platforms, the notice also said assets should not be split, structured and standardised into publicly traded products. The rules were aimed at stemming liquidity and disclosure issues that are prevalent with online offerings.

The rules halved the online wealth management market after publication and are forcing market shares previously taken by internet players back into the formal banking and financial systems.

2017年7月6日 负责网络金融风险的跨机构工作小组 发布针对互联网交易平台的驱逐令 通过重申对交易 平台运营要求的现有法规 指出部分互联网平台公然 违反现行对非上市资产交易投资人最多不得超过200 位的规定 通知瞄准网上投资平台商业模式的核心 表示资产不 得进行分割 结构 化 和 标 准化调 整 成为公 开交易产 品 规定旨在遏制网上产品普遍存在的流动性和信息 披露问题 规定发布后 网上财富管理产品市场规模 削减一半 同时迫使之前互联网平台手里的市场份额 回归到正规的银行和金融系统

17 November 2017 | The end of guaranteed returns in banking wealth management products 2017年11.17日|银行刚兑型理财产 品的终结 In a joint effort drafted by the securities, banking, insurance and forex watchdog, the People’s Bank of China issued its new deal for asset management on 17 November 2017, marking the end of ‘risk-free’ wealth management products in banks and what industry players deem an end to the ‘barbaric’ era of Chinese banks’ wealth management practices.

I N D banks USTRY 28 April 2018 | PBOC asks 行业 to set up AM subsidiaries to take over WMP portfolios by end-2020

2018

2018年04月28日|中国人民银行要求银 行设立资产管理子公司 在2020年底前 接管理财产品业务

26 March 2018 | CMB sets up asset management subsidiary to ring-fence WMP risks 2018年03月26日|招商银行设立资产管 理子公司抵御理财产品的风险

The rules ban outright guaranteed returns from the industry and restrict lenders from turning the products into offbalance sheet liquidity pools which they could tap to make shadow loans. In one fell swoop, lenders could no longer roll over short duration wealth management products into long-dated assets to arbitrage spreads, a significant source of revenue in recent years. The move returns the wealth management offerings to their investment focus. 在证券 银行 保险和外汇监管机构的共同努力下 中国 人民银行于2017年11月17日发布了全新的资产管理规 则 标志着银行“无风险”理财产品的结束和市场参与 者眼中的中国银行财富管理业务“野蛮”时代的终结 规定禁止行业承诺回报 并限制银行将产品转变为便 于进行影子贷款的表外流动资金池 银行无法再将短 期理财产品转为长期资产而套利息差 此举堵截了银 近年来的一大收入来源 也将理财产品的核心回归到 投资本位

26 March 2018 | CMB sets up asset management subsidiary to ring-fence WMP risks 2018年03月26日|招商银行设立资 产管理子公司抵御理财产品的风险 Either it had anticipated the shape of the regulations then to come, or perhaps its plan was so well thought out that the central bank adopted it. China Merchants Bank, the Chinese banking industry’s second-largest issuer of wealth management products by product balance, told investors it was setting up an asset management subsidiary which would take over all risks and responsibilities for the bank’s RMB 2.3 trillion worth of outstanding wealth management products.

Wang Liang, board secretary and executive vice president of CMB, told investors the move is a response to the central bank-led announcement in November, as the bank’s board had been concerned about the ways it could maintain growth in its wealth management-related activities going forward. The subsidiary will be a standalone operation and will independently bear the risks as well as the management and operation responsibilities for the bank’s wealth management product business going forward.

More Chinese lenders have said they are to follow, including China Minsheng Bank, Bank of Communications, Bank of Beijing, Huaxia Bank, China Everbright Bank, Shanghai

Pudong Development Bank, Bank of Nanjing, Bank of Ningbo, and China Guangfa Bank.

But not everyone is a fan of the idea. Xie Guowang, the deputy general manager responsible for the asset management centre at China Construction Bank, said since the release of the new rules, everyone in the market has been asking the bank whether it too would set up a new independent asset management subsidiary, but he felt the asset management market is already quite specialised.

28 April 2018 | PBOC asks banks to set up AM subsidiaries to take over WMP portfolios by end-2020 2018年04月28日|中国人民银行 要求银行设立资产管理子公司 在 2020年底前接管理财产品业务

“After our internal discussions, we have agreed that the company setup is not the point. CCB is, more or less, a fully licensed bank. From mutual funds, trusts, insurance and financial leasing, to overseas investment banks and pensions, we have them all … The question has instead led us to rethink what role a major state-owned bank should play in this new era for asset management.”

Formalising its November 2017 edict to reshape the overall wealth and asset management market in China, the People’s Bank of China asked Mainland banks to set up independent asset management subsidiaries to take over their wealth management product businesses by the end of 2020, as part of a detailed ruling formalising the ban on shadow banking products and the removal of opportunities for regulatory arbitrages in the nation’s financial industries.

作为中国银行业发行理财产品余额第二大的发行方 招商银行要么不是预见到了未来的新规内容 就是其 计划颇为完善引得央行借鉴 招行向投资者宣布银行 计划建立资管子公司 接管行内价值达2.3万亿人民币 理财产品的所有风险和责任

The new rules of engagement for the wealth management market are designed to be harsh and are set to shake up banks’ previously cushy asset and wealth management businesses in the years to come, as they will force banks to rewrite their entire game plan.

招行董事会秘书兼执行副总裁王良对投资表示 自央 行在11月牵头所发出的公告后 银行董事会对一直关 注未来如何保持财富管理相关业务增长的问题 子公 司将独立运作 且独自承担招行理财产品业务未来的 风险和产品管理的运营责任

The central bank extended its transition period by a year and a half to give banks and other financial institutions time to adjust to the new rules and rid themselves of incompliant products. It has given banks until the end of 2020 to adapt their strategies and make the necessary changes to their offerings.

包括中国民生银行 交通银行 北京银行 华夏银行 中 国光大银行 上海浦东发展银行 南京银行 宁波银行和 中国广发银行在内的很多银行都纷纷表示将效仿此举

Banks, like other financial institutions, have been told to report their progress and the timelines of their adjustment plans as they go along. The central bank also reiterated that unless non-bank institutions and internet companies possess the licences to run and distribute investment products, there would be consequences for non-licensed institutions that continue their activities.

但这一想法也并非人人看好 中国建设银行资产管理 中心副总经理谢国旺表示 自新规发布以来 很多市场 上的业者都在问建行会否成立新的独立资管子公司 但他认为资管市场已经相当专业化 “经过内部讨论 我们认为设立子公司并非重点 建行 基本持有全部牌照 从公募基金 信托 保险和融资租 赁业务 到海外投资银行和养老金业务 我们一个不 缺... ... 这个问题反而促使我们重新思考一家大型国有 银行在资产管理的新时代应该扮演何种角色 ”

Some economists warn the rules may endanger China and steer it towards another financial crisis. 中国人民银行为2 017年11月发布的指导意见正式颁 令 禁止影子银行产品和金融业监管套利行为 重塑 中国财富及资产管理业整体市场 并要求银行设立独 立资管子公司 在2020年底前接管其理财产品业务 针对财富管理市场的新规要求严厉 旨在于未来几年 内重整银 行之前轻松获益的资产管理及 财富管理业 务 迫使银行业重写整盘战略

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INDUSTRY 行业

20 July 2018 | China banking regulator seeks to remove uncertainty with follow-up WMP rules 2018年07月20日 | 通过理财新规细则出 台 银监会力图消除市场不确定性

28 June 2018 | CMB announces plan to excise RMB 800b of WMP AUM in drastic surgery to meet new regulations 2018年06月28日|招行计划削减8000 亿元理财产品的资产管理规模以符合新 规要求

央行将过渡期延长18个月 给银行和其他金融机构更 多的时间适应新规并摒弃不合规的产品 银行可以利 用到2020年底前的时间调整战略 并对产品做出必要 的改变 与其他金融机构一样 银行需要及时汇报其调整计划 的进展和时间线 央行同时重申 除非非银行机构和 互联网公司持有运营和销售投资产品的牌照 否则非 许可机构继续经营现有业务则将需要承担严重后果 部分经济学家发出警告 认为新规可能会导致中国陷 入新一场金融危机

28 June 2018 | CMB announces plan to excise RMB 800b of WMP AUM in drastic surgery to meet new regulations 2018年06月28日|招行计划削减 8000亿元理财产品的资产管理规 模以符合新规要求 In yet another move that both shocked markets and put it ahead of others in the banking industry, CMB told investors it would also excise some RMB 800 billion of assets under management from its wealth management product business, according to Wang Liang, who is in charge of the bank’s business transition plan in response to regulators’ new rules.

The excision represents 35% of CMB’s existing WMP AUM of RMB 2.3 trillion and will bring down the bank’s total WMP AUM level to RMB 1.5 trillion after the surgery. The bank stands to lose some 30% of its asset managementrelated revenues as it would also recall the loans it has extended to corporate borrowers through these structures ahead of their agreed loan maturities, while it brings back some RMB 600 billion of structured deposits and guaranteed WMPs onto its balance sheet.

Wang told the bank’s shareholders: “The new asset management regulations will bring about a comprehensive, profound and long-term impact on banks’ asset management businesses.”

In an oblique reference to the development, Tao Ling, deputy director of the Financial Stability Bureau at the People’s Bank of China, said at a conference in July that regulators

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do not want banks to be rash in their transition plans, and it would provide guidance to players as appropriate. 招行的另一举措不仅震惊了市场 而且走在了行业的 前端 负责业务转型的王良向投资人表示 为了满足新 规要求 招行计划削减理财产品业务中约8000亿的资 产管理规模 这一举动牵扯招行现有2.3万亿人民币理财产品资产 管理余额的35% 并会将总量降至1.5万亿元人民币 由于招行将在贷款协议到期前召回通过这些结构向企 业借款人提供的贷款 银行也将失去约30%的资产管 理业务相关收入 同时这将约6000亿元的结构性存款 和刚兑型理财产品收回资产负债表内 王良向招行股东表示 “资管新规将对银行的资产管 理业务产生全面 深远且长期的影响 ” 而在对未来发展的表态中 中国人民银行金融稳定局 副局长陶玲在7月份的一次会议中隐晦地表示 监管机 构并不希望银行匆忙地实施过渡计划 并且央行将对 市场参与者提供适当的指导

20 July 2018 | China banking regulator seeks to remove uncertainty with follow-up WMP rules 2018年07月20日 | 通过理财新规 细则出台 银监会力图消除市场不 确定性 China’s banking regulator published follow-up guidelines on banks’ wealth management activities after market close on 20 July, in a move it said is aimed at removing uncertainty and providing stability to the market while spurring banks’ transitions, to mixed market reception.

Amongst the issues bankers have been most concerned about, the document provides new details on the investment restrictions regarding ‘non-standard’ fixed income products, methodologies for wealth management product (WMP) valuations, and the transition arrangement between the new products and the old products that are being phased out of the market.

However, in a follow-up statement, a CBIRC spokesman said the exact definitions of what constitutes permissible non-standard instruments are still subject to determination

by the People’s Bank of China and the associated regulatory agencies. The crucial missing details will likely continue to put a pause on bankers’ product disposal plans and their forward strategies.

In the text, the CBIRC said banks must now cap the maximum allocations to ‘non-standard’ fixed income — or non-publicly traded credit instruments banks have used for off-balance sheet lending — at 35% of any given product’s net asset value, or 4% of a bank’s total assets.

Similar to banks’ on-balance sheet lending requirements, maximum exposure to any given counterparty or related businesses through the WMPs should now be capped at 10% of a bank’s net capital balance.

The document did not spell out whether the 10% ceiling would apply to a bank’s related businesses in related party trading. The spokesman explained the CBIRC is still drafting the regulations for the management of the independent wealth management subsidiaries — businesses banks are expected to set up by end-2020.

7月20日收市后 中国银监会针对银行理财业务发布部 分资管新规实施细则 称该举措旨在消除市场不确定 性 确保市场平稳运行 同时促进银行转型 而市场对 此反应不一 就银行家们最为关切的问题 文件进一步明确了“非标 准化”固收类产品的投资限制 提供了理财产品的临时 估值方法 并说明了新旧产品之间的过渡安排 不过 银保监会的新闻发言人在后续声明中表示 合规 非标金融工具的详细界定还要由中国人民银行与各相 关监管机构决定 而未经公布细节的可能会继续延缓 银行的对产品转营的计划 与未来的发展战略 银保监会要求银行投资非标准化固收产品的余额不得 超过理财产品净值的35%或银行总资产的4% 与银行表内贷款的要求相似 通过理财产品投资于单 一机构及其关联企业的金额不得超过银行资本净额的 10% 这10%的上限是否适用于银行在关联方交易中的相关 业务 文件并未予以说明 发言人解释说 针对商业银 行须在2020年底前建立的独立资管子公司 银保监会 还在草拟相关管理条例

Asian Private Banker looks forward to hosting you at one of our functions this year

7th Year

FUNDS SELECTION NEXUS The premier product gatekeeper function in Asia.

2nd Year

DISCRETIONARY DIALOGUE The most important thought-leadership conversation between and within the key discretionary leaders and gatekeepers at the private banks.

Singapore

4th Year

CHIEF OPERATING OFFICERS LEADERS CONVERSATION Peer networking and experience sharing between COOs, CTOs and CDOs around their respective private bank’s technology and innovation agendas.

25 Oct

Shanghai

1st Year

CHINA GLOBAL WEALTH LEADERS SUMMIT New era in sustainable & responsible wealth creation & management.

6 Nov

Hong Kong

3rd Year

8 Nov

Singapore

IAM LEADERS CONVERSATION The founders, CEOs, CIOs, PMs and key leadership of Asia’s largest IAMs gather to examine the industry’s development, innovative products and future expansion plans.

27 Nov

Hong Kong

2nd Year

29 Nov

Singapore

HIGH CONVICTION: 2019 INVESTMENT IDEAS AND THEMES The most senior gathering of Asia-based fund selectors, CIOs, product gatekeepers from global and regional private banks in Asia, alongside established IAMs and family offices, examining 2019 investment ideas and product strategy.

16 Jan 2019

Hong Kong

2nd Year

CHINA INTERNATIONAL PRIVATE BANKING & WEALTH MANAGEMENT LEADERS - PRIVATE DIALOGUE The C-suite leadership of China-linked wealth managers and private banks convene for a leaders conversation to examine and debate the future of off-shore wealth management for Chinese clients.

18 Sep

Hong Kong

20 Sep

Singapore

9 Oct

Singapore

11 Oct

Hong Kong

10 Oct

INDUSTRY 行业

CHINA 2017 AU M & C LI E NT COU NT LEAGU E TA BL E S 2 0 1 7年 中国私人银行排行榜: 资 产 管理规模和客户数目

22

INDUSTRY 行业

China Top 10 private banks: AUM 中国十大私人银行排行榜 Rank 排名

Bank 银行

1

China Merchants Bank (CMB) Private Banking

资产管理规模

% Share of Top 10 AUM 占十大私行市场 佔有率

2017 AUM (RMB billion) 2017年资产管理 十亿人民币

2016 AUM (RMB billion) 2016年资产管理 十亿人民币

2016-2017 YoY change 2016-17年 同比增长率

2013-2017 CAGR 2013至2017年 年均复合增长率

23.0%

1,905.3

1659.5

14.8%

35.1%

16.2%

1,340.0

1208.4

10.9%

25.4%

14.5%

1,200.0

1001.7

20.0%

20.5%

12.4%

1,028.6

818.4

25.7%

19.5%

11.3%

940.2

786.3

19.6%

24.1%

5.7%

475.5

466.5

1.9%

19.4%

4.9%

402.5

321.2

25.3%

47.3%

4.4%

367.1

346.8

5.9%

27.3%

4.1%

341.2

224.9

51.7%

45.9%

3.9%

324.0

290.7

11.5%

14.0%

8,324.4

7,124.4

16.8%

25.2%

招商银行私人银行

2

Industrial and Commercial Bank of China (ICBC) Private Banking 工银亚洲私人银行

3

4

Bank of China (BOC) Private Banking 中国银行私人银行

Agricultural Bank of China (ABC) Private Banking 中国农业银行私人银行

5

China Construction Bank (CCB) Private Banking 中国建设银行私人银行

6

Bank of Communications (BOCOM) Private Banking 交通银行私人银行

7

China CITIC Bank (CITIC) Private Banking 中信银行私人银行

8

Shanghai Pudong Development Bank (SPD Bank) Private Banking 上海浦东发展银行私人银行

9

10

Ping An Bank (PAB) Private Banking 平安银行私人银行

Industrial Bank (CIB) Private Banking 兴业银行私人银行

Top 10 十大私行银行

Type 类别

Joint-stock 股份制商业银行

National 大型商业银行

National 大型商业银行

National 大型商业银行

National 大型商业银行

National 大型商业银行

Joint-stock 股份制商业银行

Joint-stock 股份制商业银行

Joint-stock 股份制商业银行

Joint-stock 股份制商业银行

Source: Figures based on published bank data and bank disclosures; some percentages may not add up to 100% due to rounding 来源 各行公布数据及披露资料 四舍五入 某些百分比可能不等于100

The Trillion yuan Club 万亿元会 Members of the Trillion yuan Club manage 入围“万亿元会”的私人银行占 十大私行总资产管理规模的

元

66% of the Top 10's total AUM

2017 AUM (RMB trillion) 2017年资产管理 万亿人民币

2018 AUM (RMB trillion) 2016年资产管理 万亿人民币

CMB Private Banking 招商银行私人银行

1.9

1.7

ICBC Private Banking 工银亚洲私人银行

1.3

1.2

BOC Private Banking 中国银行私人银行

1.2

1

ABC Private Banking *NEW* 中国农业银行私人银行 新

1.0

0.8

Bank 银行

23

INDUSTRY 行业

Top 10 total AUM

Top 10 YoY AUM growth

十大私人银行总资产规模

RMB

8,324

billion (十亿)

25.2%

2013-2017 CAGR

十大私行同比增长率

2013至2017年 年均复合增长率

16.8%

in 2017

2016 - 2017

18.1%

元

2015 - 2016

Top 10 market comparison 各市场十大私行比较 Asia (USD billion) 亚洲 2017 2016 2015 3y CAGR of Top 10

十亿美金 1578.7 1233.8 1157 16.8%

十大私行三年均复合增长率

China (USD billion) 中国 2017 2016 2015 3y CAGR of Top 10

十亿美金 1279.5 1025.9 928.4 17.4%

188,000^

200,000

+13.9% +21.3%

+21.4%

+30.3%

+18.1%

100,000

4,405

3,387

50,000

2,600

0 2013

2014

2015

Year * Defined as Chinese with RMB 10 million and above in investable assets * 指持有过一千万人民币可投资资产 ^ Estimates ^ 估计 Source: Bain & Company 2017 China Private Wealth Report 来源

150,000

6,030 +36.9%

+30.1%

0 2012

24

+16.8% 7,124

+16.7%

+15.7%

2,500

8,324

136,000

百万人民币

资产管理规模

十亿人民币

7,500

贝恩公司 2017年 中国私人财富报告

中国高净值财富

AUM ( RMB billion)

165,000

2016

2017

HNW* wealth in China (RMB billion)

10,000

83,000

中美即期汇率以该年年末计算

Average minimum account threshold

十大私行资产管理规模

5,000

Note: Year-end 31 Dec spot rates used for CNYUSD conversion. 注

AUM of the Top 10

96,000

十亿美金 132.5 89.8 63 45.0%

十大私行三年均复合增长率

十大私行三年均复合增长率

112,000

India (USD billion) 印度 2017 2016 2015 3y CAGR of Top 10

私行平均入门槛

RMB

7.6

million 百万

INDUSTRY 行业

China Top 10 private banks: Client count 中国十大私人银行排行榜 Rank

% Share of the Top 10 client count

排名

Bank 银行

1

Agricultural Bank of China (ABC) Private Banking

客户数目 2013-2017 CAGR

2017 Avg. Min. Asset Req. AUM per client (RMB million) (RMB million)

2017 Client count

2016 Client count

2016-2017 YoY change

2017年 客户数目

2016年 客户数目

2016-17年 同比增长率

2013至2017年 年均复合 增长率

平均客户资产结余 百万人民币

19.4%

106,000

70,000

51.4%

23.9%

18.3%

100,000

95,400

4.8%

13.8%

75,500

70,100

12.4%

67,670

12.3%

Launch Year

入门槛 百万人民币

营业年份

9.7

8

2010

13.6%

12.0

8

2007

7.7%

24.6%

17.7

8

2008

58,721

15.2%

31.1%

13.9

10

2008

67,417

59,560

13.2%

27.5%

28.3

10

2007

6.8%

37,219

35,043

6.2%

16.7%

12.8

6

2008

5.1%

28,000

21,600

29.6%

25.0%

14.4

6

2007

4.3%

23,500

16,900

39.1%

39.4%

14.5

6

2013

4.2%

23,062

20,339

13.4%

20.2%

14.0

6

2011

3.3%

18,100

19,739

-8.3%

20.5%

20.3

8

2011

546,468

467,402

16.9%

22.6%

15.8

占十大私行 市场佔有率

中国农业银行私人银行

2

3

Bank of China (BOC) Private Banking 中国银行私人银行

Industrial and Commercial Bank of China (ICBC) Private Banking 工银亚洲私人银行

4

China Construction Bank (CCB) Private Banking 中国建设银行私人银行

5

China Merchants Bank (CMB) Private Banking 招商银行私人银行

6

Bank of Communications (BOCOM) Private Banking 交通银行私人银行

7

China CITIC Bank (CITIC) Private Banking 中信银行私人银行

8

9

10

Ping An Bank (PAB) Private Banking 平安银行私人银行

Industrial Bank (CIB) Private Banking 兴业银行私人银行

Shanghai Pudong Development Bank (SPD Bank) Private Banking 上海浦东发展银行私人银行

Top 10 十大私行银行

Source: Figures based on published bank data and bank disclosures; some percentages may not add up to 100% due to rounding 来源 各行公布数据和披露资料 四舍五入 某些百分比可能不等于100

Average client account value (RMB million) 平均私人银行客户账户价值

AUM per client (RMB million) 平均客户资产余额 (百万人民币)

百万人民币 2,000

16.3

CMB (28)

16.0

15.8

15.5

15.8 15.6 15.5 15.4

15.3

15.0

1,500 ICBC (18) BOC (12)

1,000

CCB (14)

500 SPDB (20)

PAB (15)

CITIC (14)

ABC (10)

BOCOM (13)

CIB (14)

0 20,000

14.9 14.8

Private bank AUM (RMB billion) 私人银行资产管理规模 十亿人民币

16.2

2012

2013

2014

2015

2016

2017

40,000

60,000

80,000

100,000

Number of clients 客户数目

25

2018 marks the 40th anniversary of China’s market opening and reform.

The year will also go down in history as a turning point for China’s private banking and wealth management industry, which after having experienced a decade of exponential growth since its founding in 2007, is now set to witness a complete reset of its market under new asset management rules published by regulators.

At this critical juncture and during the momentous year of 2018, Asian Private Banker has chosen to launch our inaugural China Wealth Awards.

In doing so, we believe practitioners who have delivered best practice services under China’s unique circumstances and market environment, and could all the while drive genuine change in the industry and guide clients forward under the present environment, deserves the recognition.

2018年是中国市场改革开放40周年 今年也将成为中国私人银行与财富管理业发 展的转折点 中国私人银行业务自2007年首次推出后 十年来经历指数级增长 在监管机构发布的资管新规下 将实现市场全新布局 在2018年这一关键节点 亚洲私人银行家 杂志决定 将首次颁发“中国财富奖” 以此表彰在中国独有的 市场环境下 服务杰出的机构及从业者 并对他们 在当下环境中持续带动行业真正变革 引领客户前进 所做的努力 给予肯定

Submissions open 开始接受提名

September 17, 2018 2018年9月17日

Submissions close 提名截止

November 9, 2018 2018年11月9日

Winner annoucements 对外公布获奖名单 Awards ceremony 颁奖典礼

Starting February 18, 2019 2019年2月18日 Late March, 2019 2019年3月下旬

CONTACT 联系方式: awards@asianprivatebanker.com | +852 2529 4178

BOC PB: Bank needs to seize once-in-a-century opportunity for change 中行私人银行: 银行需抓住变革的千载良机

B

ank of China Private Banking is eyeing the current reset offered

by Chinese regulators’ new rules for the asset management market as a “once in a century” opportunity that it and the broader Chinese private banking industry should seize.

The private bank — the nation’s first, founded in 2007, and now the industry’s third-largest with some RMB 1.2 trillion of assets under management as at the end of last year — is revamping its business model with new strategies for every rung of its setup, from client services and product selection, to risk management, fintech plans and its offshore business plan.

Speaking to Asian Private Banker in an exclusive interview, Liu Min, general manager in charge of the bank’s wealth management and private banking business, said his team would stay “open-minded” as the bank seeks to build an open architecture platform that will be both institutional and pluralistic.

“Ten years ago, Bank of China founded the private banking market, building China’s first private bank. Ten years on, we need to follow the trends and change with the times. But more so, we should stick to our principles and not forget our initial intentions. Bank of China Private Banking must seize this once-in-a-century opportunity to transform,” Liu said.

“How we can forge a new path for private banking developments that is Chinese? How can we find a place for Chinese private banks amidst the global private banking industry? This is a proposition for the long-term and requires practical actions in its interpretation.”

Beginning with its service model, BOC PB is resetting key performance indicators in the assessment of relationship management teams in order to upskill its front office.

“Through improving the selection, qualifications and mechanisms for key performance assessments, the bank will raise the professional service standard and asset allocation capability to meet HNW clients’ pluralistic needs across the borders of geography and industries,” Liu added. “After the implementation of the new asset management rules, the asset management services have a clear orientation in that they need to serve the real economy — with a stress on risk mitigation. There is now a more healthy environment for asset management businesses. This will test financial institutions’ investment management and asset allocation capabilities.”

Armed with new capabilities, stemming from the digitisation of its market surveillance and generation of investment proposal functions, as

28

Liu Min, general manager, wealth management and private banking department, Bank of China 中国银行财富管理与私人银行业务总经理刘敏

资

管新规落地后 中国国内资管市场正在面临一次彻底的 洗牌性的改变 中国银行私人银行认为银行应该抓住变 革带来的千载良机

中国银行于2007年成立了中国首家私人银行 截至去年年底 其 私人银行部以1.2万亿元人民币的资产管理额位居业内第三 从客 户服务 产品选择 到风险控制 金融科技计划以及离岸业务计 划 中行私人银行通过在各个层面实施的全新战略正在为其运作 模式升值 在接受 亚洲私人银行 的独家专访时 负责中国银行财富管理与 私人银行业务的总经理刘敏表示 中行团队将会保持开放心态 以 打造多元化的机构产品平台 刘敏说 “十年前中国银行敏锐地发掘了私人银行市场 让中国大 陆开始有了私人银行 十年后的今天我们要顺势而为 应时而变 更应坚守本源 不忘初心 中国银行私人银行必须抓住这个百年 不遇的转型契机 ” “如何在新形势下走出一条具有中国特质的私人银行发展道路 如何在世界私人银行业中找准中国私人银行的位置 这是一个长 久的命题 需要实际行动去诠释 ” 中行私人银行从服务模式着手 重新定位客户经理团队的绩效考 核机制 以此提升前台业务水平

LEADER INTERVIEWS 领袖专访 well as a concurrent deepened push for family trusts and discretionary management services, Liu said the bank is aiming to introduce more open competition in its product selection functions.

“通过完善客户经理准入 资格认证和绩效考核机制 提升队伍专 业化服务水平和资产配置能力 满足高净值客户跨区域 跨领域 多元化的服务需求 ”刘敏补充道

The retooling of its service delivery comes as more industry peers say they too are making a push for the family trusts business this year, about which Liu said banks have to remember that they are responsible for clients in the end.

“资管新规落地后 资管要服务实体经济的导向明确 防范化解金 融风险的基调彰显 资管业务有了更加健康的外部制度环境 金融 机构的投资管理能力和资产配置面临考验 ”

“Family trusts and discretionary management cannot be understood as simple sales of products — it should not be spun into a marketing idea.

At the heart of the service is the delivery on the promise and meeting the commitments. BOC, since introducing these business lines, has always been very clear-headed about them.”

刘敏表示 中国银行将通过市场监管数字化 大数据定量化投资 建议功能的设立 以及家庭信托及全权委托服务的同步深入来充 实自身能力 并希望借此在其产品遴选功能中引入更加公开的竞 争

“The family trusts and discretionary management business are just starting in China. The foundation is still fragile. BOC Private Banking has to work hard and live up to these solemn words — to be truly worthy of the names and discharge our duties without shame. It is only through an open architecture partnership and product selection platform that we can ensure the efficiency of the different rungs of the business,” he said.

From BOC’s end, in the execution of the services, the bank is shaking up its asset allocation model and will build a risk management system for its product inventory that has a modelling capability using big data quantitative analysis. The deepened level of control starts from the selection of the investment institutions to product analysis, sales control, and continues into post-sales risk management as well as client management.

Meanwhile, in the packaging of the product, the bank has so far successfully rolled out trusts that could embed financial assets, insurance, and equities holdings and delivery structures intended for philanthropic purposes. In one of the more unique breakthroughs for the industry, it has been able to offer dual structures that could incorporate both onshore and offshore assets — an area that it will seek to expand going forward.

The achievement has come as the bank sets itself a new level of service standards in the international delivery of its private banking services.

“Globalisation has exacerbated the complexity of the linkages in the wealth market. Just as the demand from HNW clients for more crossborder diversification has become increasingly strong, it pushes us to take the next step in strengthening our overseas private banking strategy and standardise our service offering globally.”

Further to the global private banking service network it has set up in Hong Kong, Macau, Singapore, London and Luxembourg, Liu said BOC aims to go a step further by making the bank the preferred manager for clients’ offshore capital, too.

“In the next step, the bank will accelerate the pace of innovation of overseas private banking products, strengthen our global asset allocation capabilities for clients, so to attract the overseas funds of private banking clients, support the internationalisation of the RMB and make Bank of China the preferred private bank for clients,” he said.

“It takes a hundred years to lay out the foundation of a new business.

We need new skills to break out further to consolidate the cores,” Liu continued. “The wealth management needs of Chinese residents have quietly changed. As more and more clients seek professional wealth management services and diverse asset allocation options, there is a rare historic opportunity that is awaiting China’s private banking industry.”

在中国银行正着手提升服务能力的同时 越来越多业内同行表示 今年将会发展家庭信托业务 而对此 刘敏强调银行应谨记最终 要对客户负责 “家族信托和全权委托不能被理解成单纯的卖产品 更不能异化 为简单的搞营销 守然诺 重托付是其本源 对此中国银行自率先 引进这两项业务以来就一直有着非常清醒的认识 ” 他说 “中国大陆的家族信托与全权委托业务刚刚起步 基础仍然 薄弱 中国银行私人银行要做的就是通过笃定不移的艰苦努力 让“家族信托”和“全权委托”这两个厚重的字眼真正做到实至名 归 当之无愧 只有搭建开放式的机构合作平台和产品遴选平台 才能最大程度保证业务开展各个环节的专业高效 ” 在开展服务时 中行也在打造资产配置模式 并将为其产品库存打 造具有大数据量化分析建模能力的风险控制系统 从投资机构遴选 到产品分析 销售控制 再到售后风险控制及客 户管理 处处体现出管控程度的深入 同时 在产品打包方面 中行成功推出的信托产品可内嵌金融资 产 保险 股权 以及用于慈善的信托架构 通过独有的行业突破 中行可提供囊括在岸与离岸资产的双重结 构 务求未来将在国际化领域取得更多发展 中行能够取得这一项成果 离不开银行对国际私人银行服务制定 的更高标准 “全球化浪潮加剧了财富市场联结的复杂性 高净值人群跨境多 元化配置的需求愈发强烈 这就需要我们进一步加强海外私人银 行渠道布局 统一全球私人银行客户服务标准 ” 刘敏表示 除了在香港 澳门 新加坡 伦敦与卢森堡设立全球私 人银行服务网络 中行还计划更进一步 成为客户离岸资金管理的 首选 他说 “下一步 我行将加快海外私人银行产品创新 加强客户全 球资产配置能力 吸引海外私行客户资金 支持人民币国际化发 展 让中国银行成为客户首选的私人银行 ” 刘敏继续说道 ”立业应需百年计 固本守正方出奇 中国居民的 财富管理需求悄然生变 越来越多的客户需要更加专业的财富管 理服务和更加多元的资产配置选择 在这种宏观背景下 中国私人 银行业迎来了难得的历史机遇 ” 29

CHINA GLOBAL WEALTH LEADERS SUMMIT 领袖 Join the key leaders driving the new era of China’s wealth industry at the most important private banking, wealth management and family office event in the People’s Republic of China. 诚邀 与多位的业界领导一同参与于中国举办的私人银行 财富管理及家族办公室中最具代表性的峰会 共同探讨中国财富新时代

25 October 2018 | Shanghai 2018年10月25日 | 上海 For more information, go to 欲了解更多资讯

请到

www.apb.events/joincgs

RSVP to Koye Sun koye.s@asianprivatebanker.com / +852 2529 0617

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CMB PB: AI cannot displace the human bond 招商银行私人银行 人工智能无法替代人类纽带

T

he bank that has vowed to turn itself into a fintech company is cautioning that the application of artificial intelligence (AI) cannot displace human bonds.

Instead of relying on robotic solutions as a silver bullet that will serve as the answer to all, China Merchants Bank suggests that the banking industry should sharpen its focus on making efficiency gains when investing in financial technology.

Speaking to Asian Private Banker in a wide-ranging interview, Wang Jing, the general manager responsible for the private banking department at China Merchants Bank (CMB) — China’s largest private bank — cautioned that case is especially so in the private banking business where HNW clients will still expect high-touch services.

"Private banking clients put great weight on communications with relationship managers. This is a gradual process of building trust. It puts the stress on the relationship managers on understanding clients’ emotions; it is not a wholly logical process. It is also something that cannot be performed by robots.”

作

为一家誓要转型为金融科技公司的银行 中国招商银行 却告诫人们— —人工智能 AI 的应用无法替代人与人 之间的纽带

招行认为银行在投入金融科技时应该更注重效率提升 而非将机 器人视为解决所有问题的万灵药 由于高净值客户对高度个人化服务仍有所要求 所以这一问题在私 人银行业务中尤为明显 作为目前中国规模最大的私人银行 招行 私人银行部总经理王菁在接受 亚洲私人银行家 专访时说道 王菁说 “AI无法完全取代客户经理及投资顾问 私人银行业务注 重客户经理与客户的沟通 这是一个循序渐进逐渐取得信任的过 程 更强调客户经理在沟通过程中对情绪的把握和对客户的了解 并非完全逻辑性的 也是机器无法做到的 ” 招行在大力推进技术升级 计划将每年营业收入的1%投入科技升 级预算 以便从现有工作流程中挤出更多效率收益 并实现直接推 送能力 为客户提供数据

私人银行业务注重客户经理与客户 的沟通 这是一个循序渐进逐渐取 得信任的过程 更强调客户经理在 沟通过程中对情绪的把握和对客户 的了解 并非完全逻辑性的 也是机 器无法做到的 31

LEADER INTERVIEWS 领袖专访

“Artificial intelligence will not fully displace relationship managers and investment advisors. Private banking clients put great weight on communications with relationship managers. This is a gradual process of building trust. It puts the stress on the relationship managers on understanding clients’ emotions; it is not a wholly logical process. It is also something that cannot be performed by robots,” Wang said.

“大量的事务性工作从前端集中到中后台处理 大大节省客户经 理的时间 使其有更多精力满足客户复杂多样的需求 提高服务质 量和效率”

Where CMB now makes strides in upgrading its technology — the bank has vowed to invest 1% of its operating income every year into its tech budget — it is focused on squeezing extra efficiency gains from its workflows and making direct push capability possible in providing data to clients.

“私人银行中后台研究更新的数据几分钟之内就可以从总行达到 各区域客户经理手上 ”

王菁表示新技术给招行内部沟通以及和客户之间的交流带来了新 的选择

“我们可以根据实时数据为私人银行客户进行投资策略调整 甚 至可以直接通过手机客户端触达客户 客户经理也可以通过各种 方式与客户沟通 ”

“There is a lot of transactional work that can be replaced by machines.

These could be moved from the front office to the middle and back office for processing. This could save a lot of time for our relationship managers, and focus their energy on meeting clients’ complex and diverse needs.”

在被问及未来私人银行业务的战略重心时 王菁强调关键在于做 好基本工作

Wang said new technologies have opened up new possibilities in the communications among its teams and with clients.

“未来招行私人银行发展重心还是要回到提升客户服务上 致力 于做最佳客户体验私人银行 通过新技术的运用和服务模式产品 创新不断提升客户服务能力和水平 在提升核心能力基础上改善 客户体验 为客户创造更多的价值 ”

“Updated research provided by the private bank’s research team sitting middle- and back-office can be disseminated from the headquarters to the regional client managers within minutes.”

与此同时 招行也在探索如何更好地运用现有数据 为客户提供更 量身定制的服务 相较于其他非银行业的竞争者 这一竞争优势会 让招行脱颖而出

“We can make adjustments on our investment strategies for private banking customers based on real-time data. This data can also reach clients directly through mobile client interfaces. Relationship managers have multiple channels to communicate with clients.”

王菁补充道 “银行不仅有丰富的产品链条 更重要的是银行账户 对客户的消费记录 收支状况等有较清晰的呈现 为财富管理和资 产配置服务奠定了基础 ”

Asked about her priority in the private bank’s strategy in the years ahead, Wang stressed the key is about getting the basics right.

招行近期推进金融科技的计划正值中国监管机构对资产管理市场 进行重大改革的大背景下推行

“CMB Private Banking’s focus is still on going back to upgrading the client services and doing our best to deliver the best private banking client experience. Through the application of new technologies and service models, we are continuously upgrading our capability and standards. This will bring up our core competencies and deliver better value creation for clients.”

资管新规带来了诸多重大变化 其中包括不再允许银行理财产品 带有保证收益 在招行 这一规定将影响到行内2.3万亿人民币理 财产品中的三分之一

Meanwhile, CMB is also looking to better harness the data it already has as a means to help it deliver more fitting services for clients — a competitive advantage that could offer it a leg up compared to other non-bank competition.

“Banks not only have more robust product supplies, but, more importantly, we have the consumption data and better clarity on clients’ income and expenses. This provides a foundation for wealth management and asset allocation services,” Wang added.

CMB’s latest push into fintech is happening amidst Chinese regulators’ drastic reforms in the asset management market.

Amongst the most important changes, new rules outlaw guaranteed returns in banks’ wealth management products (WMP), under which a third of CMB’s RMB 2.3 trillion worth of outstanding WMP exposure would be impacted.

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为了应对新法规 招行在今年年度收益报告期间率先公布了一项计 划 将理财产品业务拆分到一个独立的子公司管理 其后 监管机 构要求各银行必须在2020年末之前成立子公司 另有其他九所银 行也采取了同样的行动 与此同时 招行在库存产品跟踪和存续期管理方面做出积极努力 并且也在着力提升对客户的信息披露和说明 王菁说 “成立资管子公司后 未来我行的投资管理能力将进一步 提升 有利于招行私行的资产组织工作 ” “资管新规的落地 打破了刚性兑付 资产管理行业回归本源 这 也是我们的方向 我们从一开始业务架构设计到落地实践 都做了 充足的准备 ” “境内财富管理市场提供给客户的产品虽然数量和种类繁多 未 来 随着非标类产品供给下降 加之刚性兑付打破 无风险产品的 供给将面临缩减 为客户提供可量化风险指标的产品 这正是我们 提前布局的方向 ”

LEADER INTERVIEWS 领袖专访

In response, the bank led the market during this year’s annual earning reporting season by announcing a plan to move its wealth management product businesses into an independent subsidiary — a move that has since been made mandatory by regulators by end-2020 and has been followed by nine other banks in the industry.

Meanwhile, the bank is proactively working on product tracking and duration management of its inventory, and is upping the level of information disclosures and explanation it provides to clients.

“The setup of the independent asset management subsidiary would help bolster our investment management capability, and this is beneficial to our asset planning work in the private bank,” Wang said.

“The implementation of the asset management rules is breaking the guarantees and helping the asset management industry return to its true roots. This is also our strategic direction. From the beginning, with the design of our business model and the execution of our strategy, we are fully prepared.”

“The domestic wealth management market today provides a plethora of various products to clients. But in the future, as the supply of nonstandard fixed income goes down, coupled with the breaking of the guarantees, risk-free products could see significant shrinkage in the market. This is the direction we are working towards — to provide clients with products that come with quantifiable risks.”

Wang said the bank is gradually transforming its fixed income product exposure into more net asset value-based products, with a focus on adopting manager-of-managers and fund-of-funds in the delivery of its investment management services.

“Other than manager-of-managers or fund-of-funds, we also provide customised structured products linked to various underlying assets to meet client risk requirements and investment needs,” she said.

“For clients with different risk tolerance levels, we could meet their risk-return demands through discretionary portfolio management arrangements or a customised product model for their family offices.”

As an example, since structuring the first family trust deal within the private banking industry in 2013, Wang said hundreds of UHNW clients to date have used CMB’s services in the area to set up succession plans or protection for their families.

The bank has also been able to expand the scope of assets it could help clients incorporate into their trust portfolio.

“To date, we can set up family trusts with clients’ cash holdings, financial portfolios, insurance, listed company equities, and real estates embedded into these structures. In 2017, CMB executed the industry’s first real estate family trust, and this year we have also made breakthroughs in structures for equities holdings.”

“So these structures are not just helping customers pass on financial assets,” she said, touching on a common weakness that still exists in the nascent trust business in the country.

Wang Jing, general manager, private banking department China Merchants Bank 招行私人银行部总经理王菁 王菁表示招行正在逐渐将固定收益类产品转变为更多以净值形产 品 重点采取MoM基金和FoF的形式提供投资管理服务 王菁说 “除了MoM和FoF 我们还为客户定制各类挂钩标的的结 构化产品 实现客户的低风险投资需求 ” “对于不同风险承受意愿的客户 还可以通过全权委托或者家族 工作室定制产品的模式实现不同的风险收益诉求 ” 王菁表示自2013年招行完成私人银行业内第一笔家族信托交易以 来 招行的私人银行服务已累计服务了几百位超高净值人士通过 家族信托搭建家庭或家族财富传承与保障体系. 招行也在协助客户扩大信托组合中可纳入的资产范围 “截止目前我们已实现资金 金融产品 保单 上市公司股份 不 动产等财产类别装入家族信托的落单实践 招行2017年实现全国 业内首单不动产家族信托 今年在股权家族信托也有突破进展 ” “而这些信托不只是帮客户传承金融资产 ”王菁补充道 她提到 的这一点是目前国内新兴信托业务普遍存在的一个软肋 截至2 017年末 招行私 人银 行是中国私 人银 行业的龙头 拥有 67000名客户 账面资产达到1.9万亿人民币 平均账户规模达到 2600万人民币 王菁相信通过结合更稳健的产品线 产品管理以及服务升级 招 行能够在竞争中保持优势 “过去十年是中国私人银行业发展的“黄金十年” 随着私人财富 管理市场的急剧扩大 基金 券商等大量第三方金融机构纷纷涌入 私人银行领域 行业竞争日渐加剧 ” 33

LEADER INTERVIEWS 领袖专访

As at the end of 2017, CMB Private Banking was a leader of China’s private banking industry with some 67,000 clients and RMB 1.9 trillion of assets on its books. The average account size held at the bank is RMB 26 million.

It is through a combination of more robust product lines and product management as well as the service upgrades that Wang believes will keep the bank ahead of the competition.

“The past ten years have been a golden decade for China’s private banking industry. As the private wealth management market undergoes rapid expansion, funds, brokerages, and a large number of independent wealth managers have rushed into the market cultivated by private banks, leading to stiffening competition in the industry.”

However, as a ranking player of the sector and an emerging leader in technology, for Wang, the long-running discussion a decade since the founding of the industry on whether banks in China should further carve out their private banking businesses and evolve these into standalone operations may still not be on the cards.

“CMB Private Banking has benefited from the good foundation the bank has provided in the retail banking business, and the significance it places on private banking,” she said.

“CMB has a complete servicing system for retail clients, including online banking, mobile apps, the cash and credit card businesses, and other products. The high-income community amongst the retail banking clientele is a key prospecting channel for the private bank.”

That said, Wang added that CMB is focused on delivering differentiated products for high-end clients. It puts a strategic priority in the business and continues to invest significant resources in allowing it to play up its client advantages.

The bank already offers its services to clients in China and internationally through the six private banking and private wealth management centres it has in Hong Kong, New York and Singapore. But the bank feels it could still add more.

“We also fully play up the advantages offered by our offshore branches and subsidiaries in delivering the full range of wealth management and financing services,” Wang said.

“At present, we are also planning further centre expansions in Luxembourg, Sydney, London and Los Angeles with the work on licence applications, setup of these centres, system developments and talent recruitment fully underway.”

“In the future, CMB will carry out research on and plan our global expansion under multiple models. There will be expansions built using existing resources, such as in the US West Coast. There would also be developments in Europe where we could explore joint-venture or acquisitions through our Luxembourg branches. These will accelerate the private bank’s global strategy and licence developments,” she added.

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然而 就中国的银行业究竟是否应该分割其私人银行业务成为独 立运作的事业 这是行业内自十年前初建以来已经出现过的长期 议题 对于作为业内一流的从业者及技术领域的新兴领导者的王 菁而言 可能言之尚早 “招行私人银行实现高速增长得益于银行良好的零售客户基础和 对私人银行业务的高度重视 ”王菁说道 “招行有着完善的零售 客户服务体系 包括一卡通 网银 APP 信用卡等多元化产品 零 售客户中高收入群体也是私人银行客户的主要来源 ” 王菁也补充说道目前招行专注于为高端客户提供差异化产品 将 该业务作为战略重点 持续投入大量资源 充分运用其客户资源 优势 招行通过旗下位于香港 纽约和新加坡的六家私人银行和私人财 富管理中心为国内外客户提供服务 但招行认为不应就此满足 王菁说 “我们也充分利用招行离岸分支和子公司的优势来提供全 方位的财富管理和金融服务 ” “目前我们正计划在卢森堡 悉尼 伦敦和洛杉矶建设新的中心 牌照申请 中心设立 系统开发和人才招聘的相关工作已经全面展 开 ” 王菁补充道 “未来 我行还将继续探讨以多种形式 持续开展私 人银行全球布局 在现有布局的基础上 加快美国西海岸的布局 在欧洲借助卢森堡子行模式设立更多地私行业务点 并探讨以 合资合作 收购等方式 迅速实现私人银行的全球布局和牌照构 建 ”

INDUSTRY 行业

Citic PB mulls ways to play up group investment advantages under market reset 中信银行私人银行布局凸显集团投资优势

C

itic Private Bank is mulling over ways it could play up investment advantages offered by the group resources available under Citic Group’s ecosystem, amid the market reset spurred by Chinese regulators’ latest asset management rules.

Kang Jing, executive deputy general manager for private banking at China Citic Bank, told Asian Private Banker the private bank is in the process of allocating and building more resources in an effort to upgrade its investment advisory and service capabilities for clients.

Citic believes the current regulatory reset marks an opportunity for a bank like itself to showcase its investment capabilities and upsell its services in the market.

“The change would cleanse out the unregulated and step up regulations for financial institutions. Only the licensed financial institutions will be able to work in the private banking market: this is both in the sense of business development and client relationship management. This is a plus for investor protection,” Kang said.

Meanwhile, just as the market reset will likely drive non-professional operators from the market, with the breaking of the guarantees in

36

在

资管新规正为国内资管市场市场洗牌的大背景下 中信 银行私人银行部正在仔细布局 考虑如何能够凸显中信 生态体系下的投资优势

中信银行私人银行部常务副总经理康静向 亚洲私人银行家 透 露 中信银行私人银行从资源建立和分配着手 目前正为前线投资 咨询和为客户服务能力升值 而对于类似中信这样的银行来说 资管新规带来的市场调整将会 是展示自身投资能力和提升销售服务的一个机会 “新规将会去除去非持牌机构 同时加强对金融机构的监管力度 无论是业务拓展和经营客户关系管理而言 以后只有持有相应牌 照的金融机构能够从事私人银行业务 对投资人保护来说 这也有 积极的意义 ”康静说道 与此同时 正如市场重置很可能将不专业的运营商逐出市场 康静 相信随着新规要求理财产品打破“刚兑” 银行业内那些实力较为 薄弱的机构将会在新的市场环境中举步维艰 “新规对于任何从业机构而言都是一样的 业内会有一些银行没 有能力承受新规带来的影响 首当其中的是那些实力较为薄弱的

LEADER INTERVIEWS 领袖专访

wealth management products mandated by the regulations, Kang believes there will also be weaker players in the banking industry that will struggle in the new market environment.

"The rules will be the same for everyone. There will definitely be banks that will not be able to withstand the impacts. The first ones to take the hits will be the weaker banks, whereas the stronger ones will be able to survive them. These will be the ones that have stronger capabilities in investment and research,” she added.

“Clients will now have to choose an investment institution more carefully. I feel that for the more credible institutions like banks, this is an opportunity. That said, does your bank have the sufficient capabilities for investment research and the professional teams and talents for asset allocation? This could be a challenge.”

For private banks to effectively compete, they need to show they have the ability to organise and mobilise resources. With the arrival of the new environment, Kang believes the time has also come for a new age for the big investment banks and big asset allocators.

“This is very important. We are more confident and optimistic about the prospects of the private banking industry. Citic has made developing the private bank a priority, which will provide us with the resources for the upgrades,” said Kang, adding that Citic needs to upgrade its private banking teams in order to enhance investment advisory and service capabilities.

“Through the advantages offered by our group, we could play up our professional investment capability. That is something that we are thinking about.”

And in counting its trump cards, it will be hard to find another player that could claim the same kind of pedigree as Citic Bank.

The bank counts Citic Securities — China’s largest securities brokerage and the only player amongst its peers to house over a trillion yuan in assets under management (AUM) — to be among its siblings, as well as China Asset Management, the nation’s second-largest mutual fund manager, which, excluding money market fund assets, manages a total AUM of RMB 238.7 billion.

“Controlling the asset-side of the business on the one hand, we have to organise our investment bank and asset generation capability. On the other hand, on our client side, we are a bridge connecting them to investment research capability. Citic is a fully licensed institution. We have the full range of licences for banking, securities, funds, insurance, futures, leasing, and trust.”

Further, as part of the upgrade of its overall services, Citic Bank is also mulling over a plan to bolster its product offering.

“But the transformation is a must. Whether it is a choice made proactively on our part or a passive choice under the new asset management rules and regulatory requirements, this is something we must do.”

Kang Jing, executive deputy general manager, private banking China Citic Bank 中信银行私人银行部副常务总经理康静

银行 而实力较强的 比如在投究方面拥有更强能力的银行才能 够生存 ”康静补充道 “客户目前需要更加谨慎地挑选一家投资机构 我认为对于信用 更好的机构 比如银行而言 这是一个机会 但问题是你的银行是 否拥有足够的投研能力 专业团队和资产配置的人才 这对一些银 行来说可能是一大挑战 ” 要更高效的竞争力 私人银行需要展现出组织和调动资源的能 力 随着新环境的到来 康静相信行业也将进入一个新的大投行 和大资管时代 “这非常重要 我们对私人银行业的前景更有信心 更为乐观 中 信银行一直把私人银行业务发展放为优先重点 并为业务升级提 供所需的资源 ”康静补充说道 中信银行需要为私人银行团队升 级 从而提升其投资咨询和服务能力 “通过集团能够提供的诸多优势 我们能加强自身的专业投资能 力 这是我们一直在考虑的 ” 考虑到中信所拥有的诸多优势 很难在市场上找到另一家有着同 样优良血统的机构 在中信体系下 中信银行与中信证券— —中国最大的券商以及唯 一一家掌管万亿级人民币资产的券商——是兄弟企业 同为兄弟 企业的还有华夏基金 中国第二大公募基金公司 资产管理规模为 2387亿人民币

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INDUSTRY 行业

“But the transformation is a must. Whether it is a choice made proactively on our part or a passive choice under the new asset management rules and regulatory requirements, this is something we must do.”

“I feel there are not many marketing spins in private banking. It is not as if with a few marketing spins clients will trust you. It is in the products and services that could truly satisfy private banking clients’ needs that is key. Any fintech plan is really a way of supporting business — the true core of the business,” she said, adding that a number of businesses in the financial industry have departed from “what banks ought to do” and that in private banking, banks should stay focused on clients’ needs.

“Even with family trusts, it is a product or a service plan. This includes fund of funds — it is a strategy to help clients add value to their portfolios. So for our private bank, I feel it is about being practical in understanding clients’ demands and then to work from that foundation. Part of this process in better understanding our clients requires us to raise the level of professionalism in our private banking team. It is about raising the business performance of our teams. This is a top-priority task.”

Kang is adamant that a clear focus on clients and service delivery cannot be secondary to what private banks do.

“In private banking, it is about leading the teams well. We are adapting the products to the market, polishing the foundations well for the developments ahead, and then we are incrementally perfecting our service. I feel that’s it. As support, we will need technology. We need to bolster our capabilities and fill out the channels continuously. However, that is a support pillar to the business. There are not really a lot of new developments coming to the market. Rather, the banking market is returning to its roots,” she stressed.

“At the end of the day, the focus is on products and services. Everything else is marketing spin. That is my view on the market. This is it: there is no shortcut for the private banking business. It is built from servicing one client at a time.”

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“一方面我们掌控业务的资产端 需要组建投资银行和资产创造 的能力 另一方面 在客户端 我们作为桥梁 将客户与我们的投 研能力相对接 中信集团是全牌照机构 拥有银行 证券 基金 保险 期货 租赁和信托的牌照 ” 除此之外 中信银行在对服务升级同时 也在考虑提升未来的资管 产品定位 “转变是必须的 无论是我们主动选择 还是在资管新规和监管 要求下被动选择 这是我们必须做的事 ” 当业内其他银行似乎都在同声相应将母基金 家族信托和金融科 技作为本年业务发展重点的同时 康静确信中信未来的计划更会 关注客户服务能力 “我感觉私人银行业的营销宣传并没有那么多 并不是有了口号 客户就会相信你 关键是要能通过产品和服务来真正满足私人银 行客户的需求 任何金融科技计划都是支持业务的一种方式—— 即业务的核心 ”而在过去 康静补充道 一些金融机构所做的事 情已经偏离了银行业务的本质 私人银行应专注于客户的需求 “家族信托是一种产品或是一套服务计划 而母基金是一种为客 户投资组合增值的手段 所以对于我们私人银行来说 关键是要 务实 要去了解客户的需求 并在此基础上展开工作 为了更好地 理解客户 我们需要提升私人银行团队的专业素养和业务水平 这 是我们的首要任务 ” 康静坚信私人银行需要明确专注于客户和服务上 她强调 “私人银行要做好 需要带好团队 我们正在努力让产品 适应市场 为未来发展打磨好基础 之后再逐步完善我们的服务 我认为就是这么几步 我们需要科技作为支持 我们也需要持续 提升自身能力 拓展渠道 但这只能作为对业务的一种支持手段 市场中并没有涌现出太多新鲜事 相反 银行业市场正在回归本 源 ” “最终 关键在于产品和服务 其余的均属于营销手段 这是我对 市场的观点 私人银行业务并没有捷径可走 而是要从服务每一位 客户做起的 ”

LEADER INTERVIEWS 领袖专访

BoCom PB eyes major push into family trust business ahead of China’s estate tax rollout 房产税出台前夕 信托业务

交行私行大力推进家庭

T

he private banking department of Bank of Communications (BoCom) is making a major push into the family trust business this year, spurred by strong client demand for trust structures that could help protect their wealth ahead of the introduction of estate and property taxes in the Chinese market.

Speaking to Asian Private Banker, Xu Meng, general manager responsible for wealth consulting at BoCom Private Banking Center, said the bank is expanding its platform and further refining its services this year — a move that will enable it to offer both standardised and customised trust plans aimed at taking the lion’s share of the succession market. The plan comes after requests from clients for setups ranging from RMB 30 million to RMB 200 million in assets.

“There isn’t another bank that can offer offshore trust planning services. So if clients want a genuine structure that could segregate and make allocations for their offshore assets, there is no further choice than BoCom. The discussions that we now have with clients on trusts are focused on offshore setups,” she said.

BoCom is able to set up the plans under its Hong Kong subsidiary — one of the private bank’s three major international servicing locations — from where it could arrange family trust plans for clients that are domiciled in offshore jurisdictions, such as the Cayman Islands. Xu also sees significant demands for onshore structures from clients in China, but there, compared to the offshore markets, developments have previously been hampered by the lack of tax incentives. Rather than deliver genuine trust structures, more trust companies have operated as investment and financing companies.

“China’s trust industry has not fully realised the trust functions. More of them have been involved in financing through the wealth management product channels — they are a financing channel.”

"But since the global implementation of the Common Reporting Standard regime and with the likely introduction of property tax looming, HNW clients have, understandably, more urgent demands to adopt the structures offered by family trusts to make succession and wealth planning arrangements," she said.

“With the changes in the regulatory requirements, the trust industry stands to become the most affected area. In the past, trust plans were directly connected to the asset management products, which form banks’ wealth management product offerings.”

Xu was referring to the regulatory changes that are reshaping the overall asset management market in China, with the aim of reducing the opportunities for regulatory arbitrage and shadow lending.

随

着中国市场未来可能会引入房产税和遗产税 客户今年 对可以提供财富保障功能的信托结构需求强劲 针对市 场要求 交通银行的私人银行部也正在大力推动家庭信

托业务

交行私人银行中心财富顾问部总经理徐萌向 亚洲私人银行家 透露 交行今年将扩大信托平台 并进一步完善服务 交行将提 供更多标准化和定制化的信托方案 打造银行在传承服务市场品 牌 计划出台由客户需求带动 一般服务结构涉及3000万到2亿人 民币的资产规模 她说 “其他银行都无法提供离岸信托规划服务 如果客户需要一 个真正可以分隔和配置离岸资产的信托结构 那么交行是唯一 的选择 现在我们与信托客户的讨论较多涉及聚焦在离岸设置 ” 交行可以通过香港子公司为客户在在例如开曼群岛等离岸岛区建 立家庭信托方案 香港是交行私人银行在海外三大主要服务中心 之一 徐萌也发现中国客户对在岸信托计划有强烈需求 但由于缺乏税 务优惠激励 与离岸市场相比 在岸市场发展曾受到较大阻碍 大 多信托公司并未能够提供真正的信托结构 而更多的是以投资公 司运作 “中国信托行业还没能充分实现信托的功能 他们大多通过理财 产品渠道参与融资——他们就是一个融资渠道 ” “但自全球实施共同申报准则制度以来 随着房产税出台的可能 性趋于明朗 高净值客户对采用家庭信托进行传承及财富规划的 需求自然就更加迫切 ”她说 “监管要求的改变将给信托业带来较大的影响 过去 信托计划 直接与资管产品挂钩 而这些产品构成了银行提供的理财管理产 品主要提供方 ” 徐萌所指的是将重塑中国整体资管市场的资产新规 其调整的目 的是要减少监管套利和影子银行的机会 由于监管机构不再允许这样的安排 未来信托公司可能只能从零 售渠道筹集新的资金 “随着时间推移 他们会向财富管理模式转型 从为资产打包变为 以与客户建立信托关系为主导 信托业可以更加深入参与到家族办 公室或家族信托业务 ”徐萌说

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LEADER INTERVIEWS 领袖专访 As regulators no longer allow such arrangements, going forward, trust companies may only raise new money from retail channels.

“Over time, they would transition into a wealth management model. From the packaging of the products to the trust relationship with clients, the trust industry could get more involved with the family offices or family trust businesses,” Xu said.

But trust companies are not the only ones affected under the rules.

Banks, too, will need to transition their business models, as they could no longer offer guarantees on the principals and returns in their wealth management product offerings.

“It is an overall transformation for banks’ wealth management businesses.

We believe the changes will benefit the wealth management market,” she said. “Previously, the product designs were relatively simple and came with guarantees. But they came with a number of investment risks. Even with the guarantees, the non-standard fixed-income assets behind the products and the risks stemming from the shadow lending activities were still there.”

“We need to remove this veil, bring transparency and avoid those kinds of opaque structures, so we can have more clarity in the investments and have better risks controls.”

As of press time, BoCom is the only national state-owned bank in China’s banking industry that has announced a plan to set up an independent asset management subsidiary, which will take over its wealth management product activities. The company will be backed by RMB 8 billion of capital — the most significant amount out of the ten Chinese banks that have so far announced such plans.

According to Xu, investors could likely see greater product choices as banks’ distribution platforms could become more open and the business of wealth management return to its true roots under the changes spurred by the new rules.

信托公司并非唯一受法规影响的群体 由于银行不能再提供保本 保收益的理财产品 他们也需要转变业务模式 徐萌说 “银行的财富管理业务将整体转型 我们相信这是对财富 管理市场有益的转变 ” “之前 虽然产品设计相对简单且有刚性兑付 但背后仍有存在一 些投资风险 即使产品保本 产品背后的非标固收类资产和影子 贷款活动引发的风险仍然存在 ” “我们需要摘掉这层面纱 提高透明度并避免不透明的结构 对底 层投资进行摸底和更优的风险管理 ” 截至发稿时 交行是中国 银行业中唯一一家宣布成立独立资产管理子公司的全国性大型银 行 子公司将接管其理财产品业务 交行出资80亿人民币为公司注册资本 这是目前十家公布了同类 计划的中国银行中最高的资本规模

At the moment, banks offer wealth management products manufactured under their own roof, but as these products move to the new asset management subsidiaries now emerging in the market, it could mean greater choice for investors.

徐萌说 随着银行的分销平台或将逐渐开放 财富管理业将在新 法规引起的变化下回归其本质 投资人可能会有更多更好的产品 选择

“On the other hand, in investor education, after all these years, everyone has got used to guaranteed products. Investors’ understanding of the investment market is not so mature,” she added.

目前 银行提供的财富管理产品均为内部开发 但随着这些产品将 会被转移到市场上新建的资管子公司管理 这可能意味未来投资 人将有更多选择

“As the guarantees get removed from the market, in the future, investors can express their risk preferences, and we can perform our sales activities based on their risk preferences. This is beneficial for our high net worth clients — both in the design and supply of products.”

她补充道 “但在投资人教育方面 经过这么多年 大家都已经习 惯了保本产品 投资人对投资市场的理解仍然不够成熟 ”

Going forward, Xu believes some 40-to-60% of HNW clients’ portfolios will still be underpinned by allocations into wealth management products, as banks’ HNW clients — compared to the client bases of brokerages or independent wealth managers — still tend towards the conservative.

“随着保本产品退出市场 未来投资人可以表达他们的风险偏好 而我们的销售也可以根据不同风险偏好来进行 无论是产品设计 还是产品供应方面 这对我们的高净值客户都非常有利 ” 未来 徐萌认为还有40-60%的高净值客户投资组合会配置到理财 产品 这是因为与券商或独立财富管理机构的客户相比 银行的高 净值客户仍偏于保守

Meanwhile, the bank may look to raise its minimum investment thresholds for more esoteric offerings in private funds and trusts to deliver more stringent compliance requirements than those set by the new qualified investor regime.

同时 交银也可能会提高对部分私募基金和信托投资的最低投资 门槛 制定比最新的合资格投资人制度更为严格的合规要求

As at the end of 2017, Bank of Communication's private banking department managed RMB 475.5 billion in assets for 36,000 clients. Its relationship manager headcount was 217.

截至2017年底 交通银行的私人银行部门客户经理人数共217人 部门为客户管理的资产总值高达4755亿元人民币 客户人数超过 36000人

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27 November 2018 | Hong Kong 29 November 2018 | Singapore

LEADER INTERVIEWS 领袖专访

Zheshang Bank: Latest AM rules to provide Chinese banks with more in-house product opportunities 浙商银行: 资管新规将为中国的银行业 带来更多内部产品机遇

M

ainland banks are set to see greater product opportunities under the new framework set by regulators’ latest asset management rules. The changes will allow them to bring back in-house more of their wealth product businesses and to create products using internal facilities.

Whereas most Chinese bankers expect regulators’ new asset management rules to negatively impact their wealth businesses, Li Weiqing, head of private banking at CZ Bank, told Asian Private Banker he views the matter differently.

“Banks will need to put a stronger focus on account management. This is the situation in the country. But there are some opportunities during the period of change. How banks adjust their strategies to meet the adverse changes will be the key point,” Li said.

“The regulations have placed high expectations on the requirements on investor qualifications. The private banking industry and private banking products will have stronger competitive advantages.”

Li serves as a member of the Private Banking Committee of China Banking Association, whose other ranking members include Li Yunze, a vice-chairman of ICBC. The position affords Li a bird’s-eye view of the private banking industry’s latest developments.

“Banks have new opportunities,” he continued. “Whereas they must go through trust companies or engage brokerages’ channel business to structure products, now they will be able to set up some products independently.”

“Previously, banks paid a fee to the outside service provider to arrange the passage, but the companies did not do anything in terms of service.

Now, these businesses will be brought back to the banks,” Li said.

资

管新规将会为中国银行业带来更多产品机遇 其中 这 些法规调整会帮助他们将更多的理财产品业务回归到银 行系统内部 并促进银行利用内部资源创造新产品

尽管大多数中国的银行从业者认为监管机构的新要求会对他们的 理财业务产生负面影响 但浙商银行私人银行部主管李伟庆却向 亚洲私人银行家 表达了不同想法 李伟庆说 “银行需要更加注重账户管理 这是全中国都正在面对 的情况 但在当前的调整阶段中也出现了一些机会 银行如何调整 各自战略以适应这些不利变化将是关键所在 ” “法规提高了对投资人资格提的要求 私人银行业和私人银行产 品将会有更大的竞争优势 ”

As the forthcoming regulatory changes take shape, Li believes the banking industry will still prefer to sell internal products to meet the appetite of clients, who compared to the clients serviced by other players in the financial services industry, tend towards the conservative.

李伟庆是中国银行业协会私人银行业务专业委员会的成员 该委 员会的高级成员还包括中国工商银行副行长李云泽 这一职位让 他对私人银行业的最新发展一览无遗

This is while other players — including brokerages, independent wealth managers, trusts and mutual fund companies — will inevitably gain market share from banks going forward, according to Li. Whereas the

“银行面临新的机会 ”他继续说道 “以前银行必须通过信托公 司或券商通道业务才能构建产品 以后更多产品可以由银行独立 发行 ”

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LEADER INTERVIEWS 领袖专访 banking industry may have previously focused on distributing products that are in reality issued by trusts or brokerages, now, it should seek to strengthen its product variety.

李伟庆说 “之前银行需要向外部服务供应方支付费用才能安排 通道 但是那些公司其实并没有提供任何服务 现在这些业务都 将重新回归银行 ”

“Some banks have set up subsidiaries to segregate the risks. Overall, banks still prefer to sell their own products. So setting up the subsidiaries is a way to tackle the issue,” Li said. “What happens then is that the banks will distribute and the subsidiaries will bear the product risks.

This is a way to meet the requirements. But still, it is an arrangement. If there are losses, investors will need to bear the risks.”

在监管调整之际 李伟庆相信银行业仍然比较倾向销售内部产品 以满足客户需求与其他金融服务机构服务的客户相比 银行客户 的风险偏好更偏于保守

Under the new set of rules, regulators have made it explicit that guarantees on principals and returns would be banned going forward.

However, Li believes not all players will be willing to fall in line.

尽管银行业之前可能将注重销售由信托或券商实际发行的产品 现在他们更应该专注于加强自身的产品种类

“Regulations and the regulated businesses sometimes may have a cat and mouse relationship. Regulators have released the regulations with the intention to break the guarantees. But breaking the guarantees will damage the images and credibility the banks enjoy in public," he continued.

While most banks may have kept any growth of their overall wealth management products flat, in volume terms, product growth is still up, Li observed. More banks have pushed up personal sales to offset the now banned areas around interbank sales.

“The industry will have more equity products, and not as many fixed income products. This is the trend,” he said. “However, in the one to two-year term, it will be difficult to see immediate shrinkage in Chinese fixed income products. Every institution has a sizeable balance in them — some may have 60-80% or a higher balance in these products, and they would not want the volatility. A major event will discredit their standing."

Meanwhile, during a time when the majority of banks said in their latest annual reports they are pivoting to the fund-of-funds (FoF) or manager-of-managers (MoM) business — the only products with indirect investments the industry can structure going forward — Li said he believes opportunities may lie elsewhere.

“With FoF or MoM, many financial institutions say they want to do this. However, the licence may be an issue. Clients do not have many demands … With family trusts, of course, the industry should make a push. We are willing,” Li said.

Against a backdrop of change, banks can stand out by offering better products.

“Banks can price products better and offer better returns and more value-added services. For example, in liquidity management, most wealth management is close-ended products. But through innovation, it is possible to offer flexible redemptions. Of course, there are costs for this. But our clients should not be asked to bear them.”

与此同时 李伟庆认为包括券商 独立财富管理机构 信托和基金 公司在内的其他机构未来势必会从银行分得更多的市场份额

“有些银行通过设立子公司的方式进行风险隔离 整体看来 银 行仍然倾向于销售自己的产品 所以设立子公司是一种解决问题 的途径 ”李伟庆说 “以后银行要负责产品代理 子公司则承担 产品风险 这种方式可以满足要求 然而 这只能算是一种手段 如有任何亏损 风险则将由投资人承担 ” 根据新规 监管机构明确规定未来严禁保本保收益的承诺 然而 李伟庆却认为并非所有从业机构都愿意遵从游戏的规则 他继续说到 “法规和受监管机构有时可能存在一种猫与老鼠的 关系 监管机构发布的新规有意打破刚性兑付 但是一旦刚兑被 打破 银行在公众心中的形象和信誉将会受损 ” 李伟庆表示 尽管大多数银行的整体理财产品的总额并无增长 但产品数量仍在上涨 更多银行提升了个人销售业务以弥补现已禁 止的同业业务 “行业会有更多的股权类产品出现 而固定收益产品则会减少 这 是趋势 ”他说 “但是 在一至两年间 中国的固定收益产品市场很难立即收缩 这 类产品在每家机构的余额占比都很大 有些达到60-80%甚至更高 他们并不想见到高幅波动 一个重大事件将会贬损他们的声誉 ” 同时 因为银行未来可以建构的间接投资产品减小 大多数银行 业竞争者均在他们最新的年报中表示会将重心转向FoF或MoM业 务上 李伟庆却认为银行在其他领域更有机会 他说 “很多金融机构都表示他们想做FoF基或MoM业务 但牌照 将会是个问题 同时 客户需求也不大……当然 行业应该努力推 动家庭信托业务的发展 我们也有意愿做大信托业务规模 ” 在调整的大背景下 银行可以通过提供更好的产品脱颖而出 “银行可以给产品做更好地定价 提供更佳收益 并提供更多增 值服务 例如 在流动性管理这个问题上 多数理财产品都是封闭 式的 但通过创新 其实银行是有可能实现灵活性赎回的 当然 这样做会有成本 但这些费用不应由客户承担 ”

“Bank clients are mostly conservative. Their appetite for equity or risky products demand is relatively low. The industry will need to strengthen its position and expand our business scale.”

“银行的客户大多比较保守 他们对股权类或风险型产品的需求 相对较低 银行业应巩固其地位并扩大业务规模 ”

“It also needs to continue working on building brands. Banks are turning a risk management and brand management business,” Li concluded.

“同时 银行业还应继续努力打造品牌 以后的银行业更会是一 个管理风险及品牌管理的业务 ” 李伟庆总结道 43

L EE A R GD UEL R A TI INOTNESR V I E W S 领规 袖专访 法

Bank of Shanghai forges new path in China trust, philanthropy market 上海银行在中国慈善信托市场开辟新道路

C

ity lender Bank of Shanghai is forging a new path in China’s charitable trust market, making comprehensive solutions possible in a market oft-hampered by a lack of legal framework and tax incentives.

The bank first set up the business in 2016, coinciding with the release of the nation’s charity laws. Having built it early and ahead of most of the competition, the bank is now considered one of the industry leaders in the charitable trust market.

It has already set up close to 50 trust structures and a number philanthropy foundations for major UHNW clients so far, and will continue to expand the service going forward.

“We will continue. We have major plans in this area in the second half of the year. We have organised the resources around the major art communities in China, and we will provide a set of more holistic philanthropy concierge service to clients,” said Xia Ling, deputy general manager in charge of the private banking and wealth management department at the Bank of Shanghai.

“We are keen to expand this business, and we are resetting these solutions. For example, in charity trusts, we are putting together structures that could recognise multiple beneficiaries.”

The high average client account balance held with Bank of Shanghai, the nature of the clientele it serves, and their service expectations have each played a part in spurring the bank into action and taking a pioneer role in the Chinese philanthropy market.

Despite being a city commercial lender which focuses its operation around the Shanghai region, and having started its private banking department just six years ago, the average client balance held at the bank is at a high of RMB 18 million, just shy of the RMB 26 million mark set

by China Merchants Bank, the nation’s biggest private bank.

“60-70% of our clients are Shanghainese entrepreneurs. There are also clients from the surrounding community. The levels of trust and stickiness to us are very high,” Xia said.

44

植

根上海的上海银行正在中国慈善信托市场开辟新道路 在法律体系和税务条件逐渐健全的市场中 创建一系列 新的解决方案

上海银行于2016年首次开展慈善信托业务 当时恰逢中国颁布 慈善法 由于业务开展得早 又抢先在大批竞争者前启动 上 海银行现已被公认为是慈善信托市场的行业领军者之一 目前 上海银行已为大批超高净值客户创立约50种信托架构以及 一系列的慈善基金会方案 并将继续拓展这项服务 上海银行私人银行与财富管理部门副总经理夏凌谈到 “我们会 继续走下去 今年下半年 也会在这方面有重大计划 我们已将在 中国主要艺术领域的资源进行整理 将为客户提供一套更全面的 慈善专属服务 ” “我们很积极地拓展这项业务 也正在重设这些解决方案 例如 我们正在慈善信托中整合可以认可多个受益人的架构 ” 上海银行拥有的平均客户账户余额较高 服务的客户的背景以及 他们对服务的期望 都促使了银行决定启动这项业务 并成就了其 在中国慈善市场中的先锋地位 尽管上海银行是一家城市商业银行 业务专注于上海地区 仅仅六 年前才开设了私人银行部 但其平均客户账户余额高达1800万元 人民币 仅略低于中国最大私人银行招商银行2600万元的水平 夏凌说 “我们60-70 的客户都是上海企业家 还有来自周边地 区的客户 他们对我们的信任度和粘性都非常高 ” 相较于来自其他地区的客户 服务上海人通常需要更多的筹划 但在努力的背后 银行也获得了更高的客户忠诚度和吸引了更多的 客户资金 “他们的期望很高 这源于他们的生活习惯 也体现在他们对服务 的要求上——强调质量和隐私 在交流中 只有当你能将对质量的 重视提到与他们一致的水平时 他们才会向你展示出同等的信任 如果你不能做到同等的精益求精 则很难与客户建立关系 ”夏凌 解释道

LEADER INTERVIEWS 领袖专访

Compared to clients from other regions, serving the Shanghainese typically requires more forethought and planning. But in making the effort, the bank is rewarded with better loyalty and a deeper share of clients’ pockets.

“They have very high expectations. This has come from their habits in their way of life. It shows in their demands for services – on quality, and on the sense of privacy. In the exchanges, it is only when you can uphold a level of quality that they will connect with you. They will not show you the same level of trust otherwise. It is very hard to make a connection if you cannot strive for the same level of detail,” explained Xia. “Shanghainese clients will ask you a lot of questions after you provide a plan and they will give you a lot of feedback on their requirements and their thoughts. But the decision they make in the end is more rational. This is the kind of impression the Shanghainese would make on other people: rational, and quality- and detail-oriented. They are as demanding of themselves as they are receptive to new ideas. That is the Shanghainese style.”

From the setup of its first private banking centre in a historical villa in the former French quarters to the selection of the bank’s decor, the overall brand identity of the bank is designed for the genteel Shanghainese and returning old families from the overseas diaspora.

Xia Ling, deputy general manager, private banking and wealth management department, Bank of Shanghai 上海银行私人银行与财富管理部门副总经理夏凌

Over time, that Shanghainese mentality has allowed it to cultivate a unique kind of charm and also spurred it to think more holistically in its business offering, pushing it to evolve into earlier and earlier service differentiation compared to most others in the industry.

“上海客户在你提供方案后会问你许多问题 还会就他们的要求和 想法给你很多反馈 但他们最终做出的决定也更为合理 这就是上 海人给人们的印象 有理性 重质量和钻细节 他们对自己的高要 求和对新想法的乐于接受度一样高 这就是上海人的风格 ”

“The market has reached a level of maturity; everyone has started thinking about the issues. We have put some of our thoughts into this and released the first art-only family trust plan,” she said.

无论是在老法租界历史悠久的一栋别墅初建第一家私人银行中 心 还是在银行装潢上的选择 上海银行的整体品牌设计的受众 就是上海的上流社会和海外归国的老侨民家庭

“We have thought about these ideas very seriously. We are not treating them as marketing concepts. We sincerely want to develop our edge in this area. The needs of the market in this area are very focused – that’s why it is our differentiation against peers. The market is too big.”

随着时间的推移 上海人的心态转化出一种独特的魅力 这促使了 银行对业务发展进行更全面地思考 与业内其他大多数相比 推动 了上海银行更早地实现服务差异化

Xia said the bank first came upon the idea for art foundations in collaboration with a leading Beijing-based entrepreneur, who has also been a significant donor in his own right.

“Before the financial tools became available, his philanthropy projects were not as systematic. They were focused on donations, depending on who knocked on his door,” said Xia. “After he shared his ideas with us, we felt charity trusts might not provide him with the sustainable and large-scale operations he wanted. So we worked from this angle and provided him with a holistic system of legal and commercial services. We helped him set up his own foundation, which has started operations in providing art-focused philanthropy projects for the children of Yunnan.”

“From this case study, we could say that we have grown with our clients.

They have provided us with a lot of inspiration with their needs, which brought us towards that direction.”

她谈到 “市场现已相对成熟 每个人都开始思考这些问题 我们 已将自己的一些想法纳入其中 并发布了第一个专注于艺术领域 的家庭的信托计划 ” “这些想法经过深思熟虑 我们不会将它们视为一个营销概念 我们是真诚地希望能在这一领域发展自己的优势 这个领域的市 场需求非常集中——这就是为什么我们能在同行中脱颖而出 这 个市场太大了 ” 夏凌讲 上海银行首先与一位在北京的杰出企业家合作 提出了做 艺术基金会的想法 这位企业家本身也是一位了不起的捐助者 “在与金融工具结合之前 他的慈善项目并没有很系统化 他们只 专注于捐款 但这取决于谁来敲他的门 ”夏凌说道 “在他与我们分享了他的想法之后 我们觉得慈善信托可能无法 帮他实现他想要的可持续 大规模运营 因此 我们从这个角度 出发 为他提供了一整套法律和商业服务 帮助他建立了自己的基 金会 该基金会已开始为云南儿童提供以艺术为主的慈善项目 ” 45

LEADER INTERVIEWS 领袖专访

It is through collaborations such as this that Xia said the bank comes upon the templates and designs for the best practices for charitable trusts, allowing it to roll out the service to a broader community of clients.

But because of the high costs involved, the bank targets the service to only the UHNW entrepreneurial community, who may have more long-term and sustainable commitments for philanthropy projects.

Xia said the service is tapping into the spiritual needs of the country’s expanding set of philanthropists, as the services speak to their deeper-level desires that are beyond the pursuit of wealth and financial considerations.

“Our clientele have more or less accumulated a level of wealth. So beyond wealth, what else could we bring to them? This is a matter of the level of cultivation we can offer in our private banking services,” Xia said.

“We have been able to provide the solutions to other clients who have similar demands. We have several foundations that got approved in Shenzhen, where we put more time into developing the project, and we have accumulated the experience.”

In part, the development of the philanthropy services also reflects the development curve at Bank of Shanghai. Xia said the bank is aiming to get ahead of the curve by putting the needs of clients first in its private banking services.

“When we got started, we focused on the investment side and added some value-added services. Most banks can provide these offerings.

There is more homogenisation in this area because banks need to tap into the capabilities of their external partners. What they could offer internally is more focused on services,” Xia said.

In 2016, the bank upgraded its private banking services with a vision for integrated service offerings, combining corporate finance with more flexible pledges and asset management solutions. Released specifically for the business community, it covers not only their consumption but also their operations.

In the continuing evolution of Bank of Shanghai, under its family business line, Xia said the timing is also ripe for the bank to expand its offering for UHNW clients with family trusts and jumbo-sized insurance policies.

“The first generation of China’s wealthy has reached a critical point.

That’s why my view is that this will become a supply-side market. There are a lot of demands, but the family trust offerings in the banking industry are not so standardised,” she said.

“With the wealthy community, they do not only have cash assets. Most of their wealth is in property. Most wealthy Chinese have accumulated their wealth from the different cycles – from real estate investments, businesses, then the internet. Post-property boom, a lot of people accumulated substantial assets in hard assets. And still after, the internet generation has a lot of stock holdings.”

As part of the efforts for its service setup, the bank is reviewing the list of partners it works with, as it puts more standardised trust structures in

46

“在这个案例研究中 我们可以说是与我们的客户一起成长了 他们为 我们提供了很多灵感来满足他们的需求 让我们朝着这个方向前进 ” 夏凌表示 正是通过这样的合作 银行为慈善信托的最佳实践提 供了模板和设计 让服务可以推广到更广泛的客户社区 但由于涉及的高成本 上海银行服务的目标对象主要针对于超高 净值企业家 这一群体可能对慈善项目有更长期且可持续的参与 夏凌讲到 这项服务涉及了中国不断增多的慈善家们的精神需求 因为这些服务呼应了他们内心更深层次的愿望 而这些愿望远远 超出了财富追求和财务考量的范畴 “我们的客户或多或少积累了一定的财富 所以 我们还能为他们 带来什么超越财富以外的东西呢 这是我们在私人银行服务中可 以进一步挖掘的领域 ”夏凌说道 “我们已经能够为有类似需求的其他客户提供解决方案了 目前我 们有几个基金会已在深圳获批 对此我们也投入了更多时间用于开 发项目 积累了丰富的经验 ” 在一定程度上 慈善服务业务的发展也反映了上海银行的发展曲 线 夏凌表示 上海银行的私人银行服务将以客户需求至上 从而 实现银行的跨越发展 夏凌说 “当业务刚启动时 我们专注于投资方面 并添加了一些 增值服务 大多数银行都可以提供这些服务 由于银行需要利用 外部合作伙伴的能力 因此该领域的同质化程度更高 而他们的内 部产品则更侧重于服务本身 ”

LEADER INTERVIEWS 领袖专访

front of clients, with an aim to release a new set of services in the fourth quarter of the year.

2016年 上海银行升级了私人银行的服务 提出了提供综合服务的愿 景 将企业融资与更为灵活的抵押和资产管理解决方案相结合 这一 方案专门针对企业客户 不仅涵盖了他们的消费 还包括了运营

Unlike in developed markets where solutions from intermediaries and third-party providers can be readily available, the service offering is still at an early stage in the Chinese market.

夏凌表示 在上海银行家族业务线的不断发展中 银行为超高净值客 户扩充服务的时机也已成熟 其中包括家族信托和大额保险业务

Further, high transaction costs, weak privacy protection, and uncertainties over whether the protection structures are valid and fully legal are other concerns.

“第一代中国富人的数量已经达到临界点 这就是为什么我认为 这一领域将会是供方市场 需求会有很多 但银行业的家族信托产 品并没有很标准化 ”她说

Under the service plan envisioned, Bank of Shanghai will release more standardised solutions catering to mid-tier HNW families, whose children may have reached the age where the families would wish to set aside assets for succession purposes. The arrangement will come with model portfolios, standardised terms, and provisions for the families.

“在富人群体中 他们不仅拥有现金资产 大部分的财富还是不动 产 中国大多数的富人从不同的阶段里积累了财富——房地产投 资 商业 还有互联网 在房地产热潮之后 很多人积累了大量不动 产资产 不仅如此 互联网一代还持有大量股权资产 ”

At the higher end, the bank is aiming to enhance education efforts to clients on ways they could make preparations for their UHNW families, who are likely to see more complex extended family structures and will, therefore, require tailor-made policies.

“The market is too big. The issues that family trusts can resolve are multi-dimensional. In successions, there are the mid-tier clients who would also have succession needs. For UHNW clients, a family trust may only resolve the issues focused on the financial aspect, but they may also have further needs for family agreements and an overall plan to help their extended family make succession arrangements.”

Xia added that the bank is launching the family trust services with both mid-tier and UHNW clients in mind, while also considering the prevalent legal environment.

“I hope under the current push in the market, more supporting infrastructures will become available, and that this could spur the developments in family trusts going forward,” Xia said.

作为建立新服务工作的一部分 上海银行正在审核其合作伙伴的 名单 这样做可以给客户提供更多标准化的信托架构 以期在今年 第四季度发布一套全新的服务方案 在发达市场中 中间代理和第三方供应商的解决方案一应俱全 有 所不同的是 中国市场中的产品仍处于早期阶段 此外 高交易成本 薄弱的隐私保护以及对于保护体系是否有效 是否完全合法的不确定性也导致了其他顾虑 根据所设想的服务方案 上海银行将发布更多标准化的解决方 案 以满足中端高净值家庭的需求 这些家庭的子女可能已达到家 庭希望为继承目的而预留资产的年龄 这一资产安排将配有资产 组合模型 标准化条款和其他家族条款 对于高端的客户 银行的目标是加强客户教育的工作 使他们能够 为自己的超高净值家族做好准备 超高净值家族可能会有更为复 杂的家族结构 因此需要量身定制的方案 “这个市场非常大 家族信托可以解决多维度的问题 在传承业务中 有的中端客户也会有这类需求 对于超高净值客户而言 一份家族信 托可能只解决重点在财务方面的问题 但他们可能还有家族协议服务 的需求 以及一个帮助他们大家族做出继承安排的整体计划 ” 夏凌补充说 上海银行正在推出同时面向中端客户和超高净值客 户的家族信托服务 同时也在关注法律的大环境 “我希望在目前市场的推动下 将会有更多支持性的配套设施推 出 这在未来可能会加深家族信托的发展 ”夏凌说

47

Now in its 8th year, the Asian Private Banker Awards for Distinction (AFD) is the preeminent benchmark for excellence in private banking and wealth management.

The Awards are recognised for the independence and rigour of the adjudication process, the calibre of the applicants, and the global acclaim that winning brings. 亚洲私人银行家 续 年 年 历年来奖 经成为私人银行与财富管理业

Launch cocktails

杰出奖 的

September 13 (HK) & September 20 (SG) 2018年9月13日 2018年9月20日

Submissions open 公开接受提名

September 14, 2018 2018年9月14日

Submissions close 提名截止

November 16, 2018 2018年11月16日

Winner announcements 对外公布获奖名单 Awards for Distinction Gala Dinner 颁奖典礼

January 7, 2019 2019年1月7日 February 21, 2019 2019年2月21日

Contact 联系方式 : awards@asianprivatebanker.com | +852 2529 4178

LEADER INTERVIEWS 领袖专访

Noah boosts discretionary capabilities as more Chinese clients eye MFO setup 中国客户着眼多家族办公室设立 诺亚顺势提升委托业务能力

N

oah, China’s largest independent wealth manager, is boosting its discretionary portfolio management (DPM) capabilities after an 18-month run, during which the firm gathered some US$1 billion in DPM assets and increased its discretionary client list to over 100 families in China.

“We are happy with the start, but we have been doing this for just 18 months so we have a lot to learn from others,” Kenny Lam, Noah Holdings’ group president told Asian Private Banker. “I think the families are just testing the water at the moment, so we will work hard to earn their trust.”

“These are families who may have been purchasing products from us for over ten years before they trust us with a discretionary approach. It is a relationship that came with time.”

Accordingly, Noah is in the market to hire more asset management professionals to bolster the offering and to keep its investment solutions one step ahead of other ‘me too’ services in the market.

The change comes as more banks and independent wealth managers in the Chinese market — facing a regulatory ban on shadow banking products — are churning out strategies that will see them push further into family trusts and fund-of-funds (FoF) offerings going forward.

“Everyone is talking about family trusts, but the key criteria to determine whether you can do it is a question whether people would actually hand you assets, and let you charge the management and performance fees,” Lam said.

We are happy with the start, but we have been doing this for just 18 months so we have a lot to learn from others. I think the families are just testing the water at the moment, so we will work hard to earn their trust.

“这样的开局我们很满意 但 业务刚刚开始才18个月 所以 还有许多要向他人学习的地 方 我认为这些家族目前还在 试水 所以我们要努力赢得他 们的信任 ”

作

为中国最大的独立财富管理机构 诺亚正不断提升自身 的全权资产委托管理能力 在过去的18个月 诺亚已积 累10亿美元的委托资产资产 其在中国的全权委托客户 数量也增长至100多个家族 “这样的开局我们很满意 但业务刚刚开始才18个月 所以还有许 多要向他人学习的地方 ”诺亚控股集团总裁林国沣向 亚洲私人 银行家 透露道 “我认为这些家族目前还在试水 所以我们要努 力赢得他们的信任 ” “这些家族可能已经从诺亚购买产品买了十多年 所以才会信任 我们来做全权委托 这种关系是需要时间才能建立的 ” 随着业务的发展 诺亚也正在市场上招募更多资产管理的专业人 才以提升服务水平 并确保品牌的投资方案领先于市场上其他“ 跟风者” 自监管机构出台针对影子银行产品的禁令以后 中国市场上越来 越多的银行与独立理财机构都争相炮制新产品 意图未来在家族 信托与母基金市场上也要分一杯羹 “大家都在讨论家族信托 但决定这一业务是否可行的关键 是 客户是否愿意将资产委托于你 并愿意承担其中的管理和绩效费 用 ”林国沣说道 “我们是国内第一批引入母基金的机构 也是规模最大的 但它已 经不再是一个特别增值的业务了 到目前为止 我们觉得费用已经 很低了 ” 49

LEADER INTERVIEWS 领袖专访

“We were one of the first ones to introduce fund-of-funds into China.

We are the biggest. But it is no longer as value-added. Up to this point, we feel the fee is low enough.”

Lam believes the FoF industry is due to shrink in China — as it has globally — as investors no longer find it necessary to make allocations through two-layer structures.

“So I do not agree with the rest of the industry that we need to talk up growth in FoFs,” Lam continued. “It is still important. But it is not going to be the main thing that we do. We have gone a step further.”

Further, in turning to a discretionary cum multi-family office concept, Lam believes Noah has a better chance of realising a global private banking model in China, where most banks remain transaction-focused.

“Banks’ AUM is a bit of a misnomer,” he said. “This is because the sums they represent are not invested in active management, but are mostly deposits, liquid or transactional products, so the clients don’t treat them as they would with a global private bank.”

But banks have to transform too, according to Lam, who said they are doing more to improve their private banking approach.

“What I think they lack is a domestic capability in serving clients with comprehensive solutions that will include investments,” he said.

The push into a multi-family office offering would mark the latest phase of a cultural shift that Noah has been undergoing since 2012 when it decided to put a greater focus on investments.

Previously, Noah was a company that ran on an open-platform strategy, under which it focused on the distribution of investment products by third-party suppliers.

Under Gopher, its asset management arm, the company now has investment capability in four main asset classes. Noah partners with external providers to offer its clients private equity (PE) and venture capital investments, including direct investments, PE fund-of-funds offerings, and co-investment projects.

It also offers real estate investments. In China, the Gopher real estate team focuses on value-added opportunities, as it had with its Gopher Center in Shanghai. The company provides branding and management services in its investment projects and sells the units at a higher premium than greenfield developments.

In the US, Gopher recently recruited a team from China Orient Asset Management in New York, where it focuses on turnaround projects of distressed assets and mid-market commercial properties in Manhattan.

林国沣相信 随着投资人认为没有必要再通过双层结构去做资产 配置 母基金产业在中国也势必会如同其在全球市场一般缩水 “因此 我却并不认同行业内要怎样吹嘘FoF的增长 FoF业务依 然有一定的重要性 但将不再是我们的重点业务 我们已经向前再 迈进一步了 ” 此外 在大多数银行仍然以销售为核心的中国 林国沣相信诺亚通 过转向全权委托兼多家族办公室的概念 将更有可能在国内实现 全球私人银行模式 “所谓的银行资产管理规模其实用词有点不当 ”他说 “这是因 为其所代表的金额并未投资于主动管理的产品当中 而大多是存 款 现金类或交易类产品 也是因为这个原因 在客户的眼里 中资 私行的定位跟国际私人银行是完全不同的 ” 但林国沣表示 银行也需要转型 他们也在尽力提升自己的私人银 行业务 “我觉得他们缺乏的是在国内 为客户提供包括投资在内的综合 服务能力 ”林国沣说 向多家族办公室业务的推进也将标志着自2012年起诺亚文化转型 的最新阶段 集团正是从那时起开始重点聚焦投资的 在此之前 诺亚以开放式平台为主导 在这一战略下 集团的聚焦 点是代理平台上第三方供应商提供的投资产品 透过建立起资产管理子公司歌斐资产 诺亚集团如今拥有在四大 主要资产类别的投资能力 同时 集团与外部合作伙伴 为客户提 供私募股权投资 PE 与创投产品 产品包括直接投资 PE FoF基 金产品与共同投资项目 公司同时提供房地产投资产品 在中国 歌斐的房地产团队主要关 注资本增值机会 其中以上海歌斐中心为主要案例 公司在投资项 目中还提供品牌推广与物业管理服务 务求为投资人取得高于项目 开发的溢价和收益 在美国纽约 歌斐最近雇佣了一支前效力于中国东方资产管理公 司的团队 重点关注在曼哈顿的不良资产处置与中端市场商业房 产项目

The company also has a substantial capability in hedge fund and debt fund investments.

公司在对冲基金与债权基金投资业务上也具有相当实力

The discretionary capability is its latest addition.

全权委托是其最新建立的业务能力

50

Some examples of who has relied on us recently: RESEARCH

F A M I LY O F F I C E / I A M

以下是部分最近引用了我们的报道的几家机构

Wealth managers flourish as HNIs rush for investment advice: 5 Indian firms among only 7 in $10 billion club 6 July 2018

Deutsche Bank has one area where CEO sees limitless growth 10 August 2018

UBS bucks trend, keeps $2 million bar for Rich Clients 23 July 2018

德银CEO看到银行内有无限增长的领域 2018年8月10日

不随大流 瑞银保持二百万私人银行服务门 槛不变 2018年7月23日

After Market: Big day for HUL, Maruti; details of block deals 4 July 2018

Kotak retains top slot in bumper year for India wealth firms 4 July 2018

One of Asia’s biggest private banks goes on a hiring spree 20 June 2018

盘后总结 HUL和Maruti的重要一日 大宗交易细节 2018年7月4日

在印度财富管理业腾飞的一年中 Kotak Mahindra银行稳住了领头羊的位置 2018年7月4日

一家亚洲最大的私人银行求贤若渴 2018年6月20日

Asia beats Europe and America in private banking gains in 2017 13 June 2018

Singapore and Hong Kong are leading Asia’s asset management charge 13 June 2018

超越欧洲和美国 2017年私人银行在亚洲营 收的能力最强 2018年6月13日

新加坡和香港领跑亚洲的资产管理市场 2018年6月13日

Daily Briefing: Queenstown HDB flat sold for record $1.1m; Are REITs killing small business?

8 June 2018

Morgan Stanley sees China’s tier-2 cities driving wealth gains 25 May 2018

Goldman’s $1 billion bankers are benchmark in Asia’s wealth race 7 May 2018

摩根士丹利认为中国二线城市在驱动新的财 富增长 2018年5月25日

高盛成为亚洲财富管理行业的标杆 2018年5月7日

Asian private wealth hit $2.01t in 2017 13 April 2018

Citi sees rich pickings in targeting Asia’s ‘mass affluent’ 18 February 2018

2017年 亚洲私人财富总额达到2.01万亿美元 2018年4月13日

花旗从大量的亚洲富人中看到了充足的商机 金融时报 2018年2月18日

高净值人士对投资顾问的需求给印度财富管 理业带来繁荣 7间加入100亿AUM俱乐部的 机构中有5家印度公司 2018年7月6月

每日简报 新加坡女皇镇HDB公寓以破纪录的 110万新币售出 房地产投资信托基金是否正 在毁灭小企业 2018年6月8日

Bank of Singapore to double wealth management staff in Hong Kong to cater to China’s rich 17 April 2018 为了服务中国的富人 新加坡银行将他们在香 港的客户经理数目加倍 2018年4月17日

The decline of the Swiss private bank 11 December 2017 瑞士私人银行的退步 2017年12月11日

51

LEADER INTERVIEWS 领袖专访

Jupai vows to reach number one spot by 2020 钜派誓言在2020年前坐上头把交椅

J

upai, one of China’s largest independent wealth managers, is vowing to reach the industry’s number one spot in the next two years, according to comments made by the Shanghai-based company’s chairman in an exclusive interview with Asian Private Banker.

The New York-listed company’s audacious target to surpass the industry’s current largest wealth manager, has come as it had exceeded its original growth targets when it first went public two years ago, setting it to eye for an even more significant share of the Chinese wealth management market.

“Jupai will be the number one in the industry. Without a doubt,” said Ni Jianda, chairman and chief executive of Jupai. “I believe we could make it in two years. That is sufficient time for Jupai.”

“When we got listed on 16 July 2015, whether by AUM, fundraising results, or the quantum of the products distributed to clients, we were at 17-21% of the level of the leading player in the industry. But after the last two years, we have reached the 50% level by all indicators. Our clip of growth is far exceeding the industry peers.”

“In two more years, we would definitely exceed our targets and surpass the current largest in the industry,” he added.

Last year, Shanghai-headquartered Jupai distributed some RMB 54.3 billion worth of wealth management products and managed RMB 57.3 billion of assets under management for clients.

However, just as Jupai vows to take the lead of the independent wealth management industry, Ni said the company is uninterested in challenging Chinese banks’ businesses directly.

“We will not go after the business lines of traditional financial institutions. I feel as an innovative industry in the market, we are more representative of the future. It is not the traditional businesses that will be the future of the asset management businesses,” Ni said.

“In asset management, in wealth management, we should have better a competitive edge than these traditional players. They have not make the most of their brands or scales. Our investors could see that we are more representative of the future of the industry — we are more representative of the preferences of the market.”

52

Ni Jianda, chairman and chief executive of Jupai 钜派董事长兼CEO倪建达

钜

派投资集团作为中国最大的独立财富管理公司之一 钜 派董事长向 亚洲私人银行家 透露 在未来两年 公司 立志内坐上行业的头把交椅

随着这家已在纽交所上市的公司超越了两年前上市时原定的增长 目标 它更希望在中国的财富管理市场中获取更大的份额 并大胆 立下目标 誓言要赢得财富管理行业的第一席位 钜派董事长兼CEO倪建达表示 “毋庸置疑 钜派一定会成为行 业第一 我相信两年的时间足够钜派达成这一目标 ” “在2015年7月16日钜派上市时 无论从资产管理规模 资金募集 规模 或是产品销售数量中的任何一个维度来衡量 我们都只有 相当于行业标杆企业17-21%的水平 但两年过后 我们的各项指 标均达到了50%的水平 增长速度远超业界同行 ” 他还表示 “再过两年 我们绝对会超过目标 超越现在的行业第一 ” 去年 总部位于上海的钜派代理销售的理财产品募集资金达543 亿人民币 管理资产共值573亿人民币 然而 虽然钜派誓要成为独立财富管理行业的领军者 倪建达却 表示公司无意直接挑战银行业务

INDUSTRY 行业

Ni’s view on not directly taking on banks has come even as regulators’ outright ban on banks’ guaranteed wealth management products has started to bring visible dents in the banking industry’s latest results in private banking and wealth management fee income and asset growth.

“To put things simply, there were a lot of banks that were doing business in what is called the off-balance sheet area. It is no longer allowed this year. What is off-balance sheet must now be folded back onto the balance sheet. Once this happens, you will find leverages at all the banks will increase at a very substantial level,” he explained.

“We cannot rely on the false prosperity created by the off-balance sheet structures to cover leverages on the economy. I’d say this is an absolutely correct move. I completely support the government’s practice in this.”

Ni said there is no secret sauce to what Jupai does, but two simple formulas.

“We are very frank in disclosing our responsibilities to our investors, and we let our investors judge that our professionalism would create value for them. It is that simple: I am putting our products and risk management systems in line and letting them do well. Our clients trust us,” he said.

“The West is a very mature market. Their products are already very standardised. So they are unlikely to negotiate a customised contract for our clients. But it is not like this here.”

“我们不会主动进攻传统金融机构的业务 作为市场中的创新 行业 我认为我们更能代表未来 传统的机构不是资管行业的未 来 “ “在资产管理, 在财富管理行业 相比这些传统机构我们更有竞争 优势 他们并没有充分利用自己的品牌和规模 我们的投资人也认 为我们更代表这个行业的未来——我们更能代表市场的偏好 ” 由于监管机构彻底禁止银行提供刚性兑付的理财产品 银行业在 私人银行 财富管理费收入和资产增长的业绩已经开始明显受到 打击 即便如此 倪建达也仍然坚持不会与传统银行直接较量 他说道 “简而言之 很多银行都做过所谓的表外业务 今年开始 全部禁止 表外业务现在都需要转回表内 一旦如此 你会发现所 有银行的杠杆率都会显著上升 ” “我们不能依靠表外结构造成的虚假繁荣来掩盖经济上的杠杆 我认为这绝对是一个正确的确定 我完全支持政府采用的手段 ” 倪建达说钜派并没有什么独家秘方 只有两个很简单的公式 他说 “我们一向对投资人很坦诚的解释我们的责任 也让投资人 自行判断我们的专业性能否为他们创造价值 这就是那么简单 我 们将产品和风险管理体系整合一致并确保他们表现优异 客户都 很信任我们 ” “西方市场非常成熟 产品也都高度标准化 所以他们不太可能与 我们的客户协商签订定制化的合同 但中国市场却不是这样的 ” 53

LEADER INTERVIEWS 领袖专访 According to Ni, insufficient maturity and standardisation enable professional institutions like Jupai to negotiate with its invested companies.

“So in that sense, are we not protecting our investors’ interest in the best sense possible? The costs would come out of our invested companies,” he said.

As a former representative on the National People’s Congress, on behalf of the city of Shanghai, Ni had advocated the government to step up regulations on the wealth management activities in China.

Under the regulatory reset for the wealth management market, Ni is one of the rare voices of the market to state he is completely unfazed by the successive wave of new regulations — a matter other industry leaders had expressed gripes for creating uncertainty for their business prospects.

“Any policy adjustment is an opportunity for the prepared. When we said 2018 is a year of major reset for the industry, I could see most companies in the industry had not understood the regulatory requirements at a deep level. I don’t agree with the view they have taken on the regulations,” he explained.

“From a regulatory perspective for the government, it will always act from the point of view on the overall stability of the economy. It needs a China that is under stable development. All policies it sets will be decided from this macroeconomic perspective. If the companies in the industry can properly understand the regulators’ intention and align their strategies and products with the regulatory requirements, I feel these companies will definitely have a future.”

据倪建达所说 市场成熟度及标准化不足使得如钜派这样的专业 机构能与其所投资的公司进行议价 “这样 我们是不是更可以保护我们投资人的利益 这其中的成 本是由我们标的公司承担的 ”他说 作为前上海市的人大代表 倪建达过去曾经呼吁政府立法监管中 国的财富管理行业 在这一轮对财富管理市场的监管升级中 倪建达是行业内少数的 声音表示对接连出台的新规完全并不担心 而其他业内人士却抱 怨这对他们企业的未来增添了不确定性 他解释说 “对有准备之人而言 任何政策的调整都是机遇 当我 们说2018年是行业重新洗牌的一年时 我看到这个行业中的大部 分公司都还没能深入理解新规要求 我也并不认同他们对新法规 的看法 ” “从政府监管角度出发 所有工作都为了保证经济的整体稳定性 政府想看到一个稳定发展的中国 所有的政策制定决策都是基于 这个宏观经济的角度 如果业内公司能够正确理解监管机构的意 图并且按监管要求调整自己的战略及产品 我认为这些公司一定 有未来的 ” 同时 倪建达仍然坚持认为大量跟风的财富管理公司在监管调整 后将无法在行业生存 “首先是因为他们本就处于灰色地带 当任何一天当灰色的变成 红色地带 你是不是就会被毁灭 会被市场淘汰 被政策拒之门 外吗 ”他说

Meanwhile, Ni continues to be adamant that a substantial number of ‘me too’ wealth managers in the industry will not survive after the reset.

“任何监管套利都是对游戏规则的不尊重 金融机构更是如此 金融业对整个社会有着广泛影响的 ”

“It will happen because they were existing in a grey area in the first place. On any given day, when the grey is made a red zone, does that not mean that you would be destroyed — that you will be phased out by the market? That you would be shut out by policies?” he said.

当被问及对行业未来五年的预期和钜派的地位时 倪表示他预计 财富管理将会更规范 而钜派会保持上市以来的良好势头继续大 步向前

“Any regulatory arbitrage is a sign of disrespect to the rules of the game. This is all the more so for financial institutions. Finance has wide implications for the entire society.”

Asked to provide a prediction of what the industry may look like in five years, and what Jupai’s place in it may be, Ni said he sees a substantially more regulated business, while the company would continue ploughing ahead as it has been since its listing process.

“I feel this year is key. If we were to project whether this industry will still be as Warring States-like in five years, I’d say not. It will definitely be the professional organisations that win. In five years, this industry will be substantially more regulated,” Ni said.

“If we were not as compliant, we would be fearful of such a reset. I would be afraid that we might not survive; afraid we would not be able to face such a market - fearful that we would not be able to face the regulators’ requirement. But now, I am very willing to see such change.”

54

倪说 “我认为今年是关键 如果要预测这个行业在五年之后是否 还会存在诸侯混战的局面 我的答案是否定的 最终赢家绝对是 专业机构 五年后 行业里的监管力度会显著提高 ” “如果我们不是这样遵守规则 我们就会很担心这种法规调整 我会害怕我们存不下来 害怕无法面对这样的市场 害怕我们无法 满足监管机构的要求 但现在 我却很乐见这样的转变 ”

INDUSTRY 行业

CHINA INTERNATIONAL WEALTH MANAGEMENT LEADERS PRIVATE DIALOGUE 2019 中国国际财富管理领袖论坛 Join C-suite leaders from China-linked private banks and wealth managers 敬请 𦲷𦲷𦲷𦲷𦲷 𦲷𦲷𦲷𦲷𦲷𦲷𦲷𦲷 私人银行和财富管理机构领导对话

16 January 2019 | Hong Kong 2019 年 1月 16日 香港 For more information, go to 欲了解更多资讯

请到

www.apb.events/joincwmpd

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RSVP to Koye Sun koye.s@asianprivatebanker.com / +852 2529 0617

55

LEADER INTERVIEWS 领袖专访

CreditEase banks on FOF growth ahead of possible 2020 IPO 宜信财富拟2020年上市 业务增长

看好母基金

C

reditEase, one of China’s largest independent wealth managers with roots in peer-to-peer lending, is banking on growth in its RMB 30 billion fund of funds (FoF) business to drive wealth management revenues, amid plans to list its group business in 2020.

Tang Ning, founder and chief executive of CreditEase, told Asian Private Banker the IPO plan is at an early stage.

“A listing will come through naturally. We don’t need to do any windowdressing in particular. Our business is sizeable, and it is healthy. We just need to work step-by-step,” he said.

CreditEase listed its peer-to-peer lending arm, Yirendai, in 2015, raising US$75 million in New York. The P2P firm was the first Chinese fintech company to go public overseas.

The firm’s wealth management services, by comparison, are at an earlier stage of development and Tang would not disclose how much income is currently attributable to the business.

“It is still small because it is still a relatively new business. It is also a long-term business, and it has not been there very long,” he said.

However, CreditEase has singled out its FOF capabilities as a key focus for the firm amid growing demand from Chinese investors for investment management services and stiffening competition from ‘me too’ providers in the market.

Tang Ning, founder and chief executive, CreditEase 宜信的创始人兼CEO唐宁

起

家于P2P 目前是中国最大的独立财富管理企业之一的 宜信财富 计划集团将于2020年整体上市 并在上市前 做大其共值300亿的人民币的母基金 FoF 业务 以推 动集团财富管理收入 宜信的创始人兼CEO唐宁向 亚洲私人银行家 透露 集团的IPO 计划仍处于早期阶段 “上市是一件很自然的事情 我们没必要去做任何粉饰 我们的 企业规模庞大 而且状态良好 我们一步一步来做就好了 ”他 说

“Fund of funds has been our priority from the beginning,” said Tang.

“Such strategies should make up 80% of all mid to long-term portfolios – if not 100%. This is the most important. We have always been very clear that it should make up the bulk of a client’s portfolio.”

“There must be a top-down measure for asset allocation. Fund of funds is the most fundamental, and the most important mean for risk management. With such a top-down measure, then you can consider the different asset classes or the underlying products for each asset class,” he added.

Whereas other Asian markets have resisted FOF developments due to cost issues, in China, HNW individuals are just now becoming cognisant 56

宜信公司旗下在线P2P网贷平台宜人贷于2015年在美国纽约证券 交易所上市 集资达7500万美元 是中国互联网金融公司海外上市 的第一股 相比而言 宜信的财富管理业务还处于早期发展阶段 唐宁不愿 透露目前该业务板块的收入 “它仍然很小 因为它仍然是一个相对较新的业务 长期业务 并且它的存在时间不长 “他说

这也是一项

然而宜信认为目前中国投资者对于财富管理服务的需求日益增 长 而市场中众多的跟风者造成竞争愈发激烈 在这样的大背景 下 宜信自身的母基金能力是公司的重点领域

LEADER INTERVIEWS 领袖专访

of the importance of diversifying away from single-manager and concentrated investments in single-project private equity allocations.

“That’s why you really need to develop your investment capability — if you are a top-notch player, you produce impressive returns, and if you manage risks very well, people should pay for that,” Tang said.

“Our investment team has contributed to the value-add in the selection of funds, allocation, the management of the funds. It is reasonable for clients to pay for value.”

The need to diversify has come on the back of broader issues in domestic investors’ overall risk tolerance and investment sophistication.

“In China, the understanding a lot of investors have about wealth management is a question of whether they should punt on stocks themselves, or whether they would invest in equity investments, which stems from the fact of the high volatility… and the risk they may lose money,” Tang said.

“No one would give them the guarantees to underwrite the potential losses anymore.”

“The solution for these issues is to act – to let them understand what is scientific, what may be a rational way of investment, and why value investing and long-term investing are the most important matters.

If they do not understand they must have over 50% of their asset portfolio allocated into equity investments, then they must learn about it,” he continued.

“If they were not like this before, they must be transformed this way.

Their portfolio will be different.”

唐宁说“母基金从一开始就是我们的重点 ” “这一策略应该占到所有中期到长期投资组合至80%的比例 甚 至100% 而这点是非常重要的 我们一直很清楚地认识到母基金 应占客户投资组合的绝大部分 ” “资产配置组合里必须有顶层的设计 而母基金是风险管理最根 本 最重要的手段 有了这样由上而下的设计后 客户可以再考虑 不同种类的资产类 或者每种资产类别的底层产品 ”唐宁补充 道 过去 因为成本原因 其他亚洲市场过去比较抗拒母基金发展 而 在中国 高净值人士已经开始意识到应该分散投资 而不能仅靠单 一基金经理 集中投入单一私募项目这样的配置模式 “所以你必需建立投资能力 如果你是顶尖的经理 能够带来优秀 的收益 同时做好风险管理 客户就应该为此付费 ”唐宁指出 “我们的投资团队在基金的筛选 配置以及管理方面都贡献了价 值 而客户为价值付费是合理的 ” 分散投资的需求更涉及到国内投资者整体风险承受能力和投资成 熟度方面的问题 “在中国 不少投资人对于财富管理的理解还是停留在是否应自 己去炒股 或是否应投到股权这样的问题上 而这种想法来自于市 场的高波动性 和他们可能会面对亏损的事实 ”唐宁说道 “没有人再会为他们的潜在损失而埋单 ” “解决这类问题的办法是让他们理解什么是科学 理性的投资方 式 以及为什么价值投资和长期投资最为重要 如果他们不懂得 57

LEADER INTERVIEWS 领袖专访

Ahead of CreditEase’s looming 2020 listing, Tang said the firm will look to enhance its capabilities in investment management, globalisation and technology.

“In the future, the winners of the wealth management industry will have strong investment professionals and the abilities to manage investments. They would have strong overseas capabilities – they can help clients become global citizens. They must be technology-driven, because technology makes wealth management better,” he said.

Tang said he intends for CreditEase to be a leader in all three areas.

At the same time, the company remains in an expansion mode. Tang said candidates must check three boxes before he would consider bringing them onboard as CreditEase professionals.

“Whatever field they are working in, they must be the best Chinese professional doing it — that is to say, if the recruitment target is for the Chinese. And the results reflect that. They have the highest standards in their respective area,” he said.

“Finance is a high-risk business. Making mistakes is easy. Being right is hard. In front of temptations, they must have self-control. This is number one.”

“But at the same time, having merely character without skills, that would not do. The barriers to entry for the finance industry are very high. It may appear low, but it is very high in reality,” he continued.

CreditEase has cast its identity as an industry pioneer. And in that sense, he wants new joiners to think higher and reflect that – mindful of the industry’s development, as opposed to the company’s individual well-being.

“A first-class company carries out the work of an industry [whereas] a third-rate company minds its own work,” Tang said.

“What we are doing in the industry is playing a leading role. It is not just the business of a company. In CreditEase’s growth history, it has taken a lot of responsibilities in the interaction between industry associations and regulators. It has also carried out a lot of investor education and market communications in the early stage of the industry’s development.”

CreditEase does not disclose its detailed revenue growth, asset under management or headcount figures.

However, the company said its average client has a net worth of between RMB 30 million and RMB 300 million, or the equivalent of US$5 million and US$50 million. Its minimum asset requirement for HNW services is US$1 million or RMB 6 million.

“China’s market is still at the early stage. Everyone is crying out for guidance. So what are the companies doing about it? Assess them by their actions,” Tang concluded.

“At the end of the day, it is about who can do it right. Anyone could pump the numbers.”

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将超过50%的资产组合配置在权益类投资上 那么 他们就必须 要学识 ”他继续说道 “如果他们以前不是这样 就必须要被改造成这样 他们组合会 彻底改变 ” 唐宁提到在宜信在2020年上市之前 公司将致力于提升投资管 理 全球化和科技方面的能力 “未来财富管理行业的赢家将拥有强大的投资专业人才队伍和投 资管理能力 他们将拥有强大的海外能力 能够帮助客户成为全球 公民 他们的业务模式必须由科技驱动 因为技术更能优化财富管 理 ”唐宁指出 唐宁提到他希望宜信在以上三个领域都取得领先地位 与此同时 公司规模仍在扩张状态 唐宁提到应聘者必须满足三个 条件 才能加入宜信的专业队伍 “无论他们是在哪个领域工作 都必须是这个领域内最顶尖的专 业人才 而我们的绩效也反映了这一点 他们在各自领域都拥有 最高标准 ”唐宁说道 “金融是一门高风险的业务 犯错容易 做对是很难的 在诱惑面 前 他们必须有自控能力 这是首要条件 ” “但仅仅拥有好德没才也是不行的 金融行业准入门槛非常高 看似很低 但在在现实中其实是很高的 ”唐宁继续说道 宜信自我定位为行业先驱 从这一角度来说 他希望新加入公司的 员工能够志存高远 并在实际工作中有所体现——要关注整个行 业的发展 而非局限于公司本身的利益 “一流的公司做的是行业的事情 而三流的公司只会做自己的 事 ”唐宁说道 “我们所做的是在行业中起到带头作用 这不仅仅局限于公司业 务方面 在宜信的成长史中 我们在行业协会和监管者之间的互动 做了不少工作 并且在行业发展的初期做了许多投资人教育和市场 沟通方面的工作 ” 宜信没有披露公司具体的收入增长 资产管理规模或是员工人数 方面的数字 公司透露财富管理业务客户平均净值一般在3000万到3亿人民币 之间 相当于500万到5000万美元之间 高净值服务的最低资产 要求为100万美元或600万人民币 “中国市场发展仍处于初期 大家都在寻求指导 那么各家公司为 市场做了什么呢 那要通过他们的行动来评估他们 ”唐宁总结 道 “最终到底 这是谁能够做 对的问题 而任 何人也可以随便 充 数 ”

ICNHDI N UA S TCRRYO S S - B O R D E R 行岸 离 业业务

Noah’s Vancouver, Melbourne outposts “set to make strong contributions” in 2018 results 诺亚新设温哥华 墨尔本分公司将 “强势助力”集团2018年业绩

N

oah’s latest outposts in Vancouver and Melbourne are “set to make strong contributions” to group revenues, based on sales data recorded in the three months, following the offices’ openings, the company’s group president has told Asian Private Banker.

Kenny Lam, group president of Noah Holdings, said the company had initially planned the outposts as sales and servicing locations for mainland Chinese customers who have relocated to the two cities. But he found the offices in both cities received more attention from local investors or ethnically Chinese residents who want access to investments in China via the USD-denominated strategies offered by the company.

“If you are in Vancouver or Melbourne, you actually do not have very much access to good investment opportunities and servicing solutions,” Lam said.

“Clients have accumulated a lot of cash, and feel they would like to participate in the growth engines in China.”

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诺

亚集团总裁向 亚洲私人银行家 透露 基于温哥华与 墨尔本分公司正式开设三个月后的销售数据 诺亚的最 新分支将对集团收益形成“强势助力”

诺亚集团总裁林国沣表示 集团在温哥华与墨尔本开设分支的初 衷 是为了服务当地的中国移民客户 但他发现 公司受到了本地 投资人或其他华裔居民的更多关注 他们希望通过诺亚提供的美 元计价产品接触到中国的投资机会 “在温哥华或墨尔本 其实不太能接触到好的投资机会与理财服 务 ”林国沣说 “客户积累了大量资金 希望能搭上中国这个增长引擎 ” 林国沣说 诺亚在海外拓展时非常谨慎 因为我们希望确保当地充 足的客源 三个月过去了 他表示两地分公司都没有让他失望 “虽然目前体量还不大 但我觉得它们很快就能为集团提供可观 的助力——这是意外之喜 ”他说

CHINA CROSS-BORDER 离岸业务

Clients have accumulated a lot of cash, and feel they would like to partcipate in the growth engines of China

Lam said Noah took a cautious approach to the openings, partly because the wealth manager wanted to be sure there would be clients from the outset. Three months later, he said both locations have delivered.

“The volume is not massive, but I feel they would be making notable contributions to the group soon — that is a surprise,” he said.

In Australia, where Noah targets its services to professional investors, Lam said the company had attracted significant interest from domestic clients, most notably local family offices.

“Australia now has a close relationship with China. Investor awareness [in Australia] is higher than in other countries. It is quite special,” he said.

Through its Melbourne office, the company had found ways to deliver new synergies with its China onshore family office services and coinvestment opportunities.

“A lot of overseas family offices are interested in two things from us: a learning network and exposure to our family offices in China, and exposure to the Chinese market,” he said.

“The right talent” driving overseas growth Lam attributes the early growth of the two offices to hiring the right talent, starting at the CEO level.

“Both [CEOs] are very experienced. Our Australian CEO came from Westpac. The other came from a sizeable Canadian institution called Investor Group. Both of them know the local market inside out, and they understand the local regulatory requirements — what should be done and what not to do,” he explained.

Kenny Lam, group president, Noah Holdings 诺亚集团总裁林国沣

许多海外家族办公室对我们 有两种期待 一是接触我们 在中国的家族办公室客户 二 是接触到中国市场

在澳大利亚 诺亚的目标服务对象是专业投资人 林国沣表示 集 团吸引了不少本地客户 尤其是本地家族办公室的广泛关注 “澳大利亚目前与中国保持着紧密联系 很特别的是 亚 人们的投资人意识高于其他国家 ”他说

A lot of overseas family offices are interested in two things from us: a learning network and exposure to our family offices in China, and exposure to the Chinese market

在澳大利

诺亚通过墨尔本的分支 与集团在国内的分支的家族办公室服务 形成新的协同力 并提供共同投资的机会 “许多海外家族办公室对我们有两种期待 一是接触我们在中国 的家族办公室客户 二是接触到中国市场 ”林国沣说 “定位英才”助力海外成长 林国沣将两地办公室的成长归功于精准的人才定位 包括CEO这 样的高层 “两位CEO都经验丰富 我们澳大利亚分公司的CEO此前任职于 61

CHINA CROSS-BORDER 离岸业务

“But they are mainland individuals who have been in the local markets for a very long time. Our wealth managers are also experienced Chinese individuals with experience both in the local market and in China. So they understand both the China and overseas markets. All of that had made for a very smooth opening process.”

“It is a balancing act – being close to the Chinese market and yet understanding our overseas clients,” he added.

西太平洋银行 另一位则来自Investor Group 那是一家颇具规 模的加拿大公司 他们对当地市场了解透彻 也清楚当地的法律法 规——知道什么该做 什么不该做 ”他解释道 “同时他们都是在当地市场资深的中国人 我们的理财经理也是 在当地市场和中国市场都有相当经验的中国人 因此他们既了解 中国 又了解海外市场 这些保证了新分公司的顺利立足 ” “这需求兼顾各方——与中国市场保持密切联系的同时 对海外 客户也有充分了解 ”林国沣补充道

We are still learning as a firm, and we hope to be building the right professional capabilities.

It is a long-term process

作为企业 我们还在学习 希 望能提升相应的专业能力 这将是一个长期的过程

The Global Chinese strategy The track record Noah is now building with its overseas offices underscores the shift in how it addresses Chinese investors’ demands for international services.

全球化的中国战略 诺亚海外分公司的发展历程 也反映了集团在重视中国投资人要 求国际化服务时所发生的转变

The company will still help overseas family offices secure onshore investments through the Renminbi Qualified Foreign Institutional Investors (RQFII) channel.

集团还会继续协助海外家族办公室通过人民币合格境外机构投资 者 RQFII 渠道获取在岸投资机会

However, Noah has shifted its focus away from Chinese outbound investments made through the Qualified Domestic Institutional Investor (QDII) and Qualified Domestic Limited Partners (QDLP) scheme, even with the regulators’ latest quota revival.

“Overseas investments are no longer funded by capital outflow from China. Most investors have overseas businesses but they are domiciled in China, and they would go back-and-forth in between. Their assets are outside China,” he said.

“They now also want to purchase protection-oriented insurances, that may offer an element of asset management. This is especially so in the past year and a half. These include what we call estate planning. They are buying it not only for themselves but also for their offspring.”

“From mainland China, they also have children that are studying or have migrated overseas. So they need to plan for their future. I see a lot of that.

A lot of our clients are individuals who have migrated there for quite some time, and now they want to buy our products in Hong Kong.”

Between the headway Noah is now making with overseas family offices and continuing to service Chinese HNW individuals’ overseas demands, Lam said Noah is fulfilling the company’s new identity as the preeminent wealth manager for the globalised Chinese wealthy.

“We are still learning as a firm, and we hope to be building the right professional capabilities. It is a long-term process,” Lam said.

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尽管监管机构最近批准了新的配额 诺亚的关注焦点却已不再 是通过中国合格境内机构投资者 QDII 与合格境内有限合伙人 QDLP 渠道实现海外投资 “海外投资的来源已经不再是中国外流的资本了 大多数投资人 拥有海外业务但居住在国内 他们往往会在两地往返 而资产在中 国境外 ”他说 “他们如今也希望购买保障性的保险产品 这其中就包含资产管 理的元素 这一倾向在过去一年半尤其明显 这其中也包括我们所 说的遗产规划 他们这样做不仅是为了自己 也是为了子女及其后 代 ” “来自中国大陆的投资人 他们的子女在外国读书或已经移民海 外 因此需要规划孩子的未来 这样的情况我见过很多 我们的客 户中有许多已经移民海外很久 而现在希望回来购买我们在香港 的产品 ” 如今 诺亚一边在海外家族办公室业务上取得进步 一边继续满足 中国高净值个体的海外需求 林国沣称 诺亚正在逐步实现集团 的新战略定位 成为服务全球化的中国富人的杰出理财机构 “作为企业 我们还在学习 希望能提升相应的专业能力 这将是 一个长期的过程 ”林国沣说

CHINA CROSS EY R I N- B DO U RS D TR 离岸行 业业 务

Mason mulling over HK, SG for Raiffeisen expansion in Asia 茂宸考虑通过香港及新加坡发展 Raiffeisen的亚洲业务

M

ason, the Shimao chairman-backed Hong Kong-listed group which acquired Raiffeisen Privatbank Liechtenstein in May, is mulling whether to make Hong Kong or Singapore a base for the bank’s expansion into Asia, as part of a plan to rapidly scale the group’s total assets up to the US$30 billion mark in the next four years.

Philip Lau, chief executive in charge of group wealth management at Mason, told Asian Private Banker the group has set the first of its AUM goalposts at US$5 billion, to be met by the end of this year.

This is up from the $2 billion it currently manages out of its Mason Investment Management arm, Harris Fraser — an IFA it acquired last year — and the integration of the Raiffeisen deal which will contribute another US$1 billion.

Lau described the Mason management team as one made up of keen entrepreneurs, with most hailing from the BNP Paribas Peregrine era. Lau himself was formerly a head of investment products, wealth management for UBS China.

He said the group is considering other acquisition targets in the Asia Pacific region, including investment managers and asset management companies in Korea, Taiwan, and Singapore. All the while, the group is in the market to hire more relationship managers, product teams and investment advisors for Mason Investment Management, Raiffeisen and Harris Fraser, a business it will now steer towards the HNW market.

“With the acquisitions and organic growth, we will definitely achieve the US$5 billion mark. My mission this year is to hit the team and AUM building targets. We need to build AUM to pull up the revenue.

Achieving the growth is necessary. I cannot run on pure costs even if

由

世茂集团董事长背书 香港上市的茂宸集团于5月收购了 列支敦士登Raiffeisen私人银行之后 现正仔细考虑将 香港或新加坡作为该银行在亚洲扩张的基地 以便在未 来四年完成集团总资产快速突破300亿美金大关的计划 负责茂宸集团环球财富管理业务的总裁刘桌衡向 亚洲私人银行 家 透露 集团的第一个资产管理规模目标设定为50亿美金 计 划在今年年内完成 目前 茂宸现有的资产规模为20亿 其中包含集团旗下茂宸投資 管理有限公司 以及去年收购的独立投资顾问公司晋裕管理的资 产 另外 集团在整合Raiffeisen的收购案后 资产总规模将再增 多10亿美元 在刘桌衡描述的下 茂宸的管理团队中充满热情满满的企业家 他 们大多数过去曾经在法国巴黎银行百富勤任职 而刘桌衡本人此 前也曾经担任瑞银中国财富管理投资产品部的负责人 他表示集团正考虑亚太地区的其他收购目标 包括韩国 台湾和新 加坡的投资管理机构及资产管理公司 同时 集团也在为茂宸投资 管理 Raiffeisen和晋裕从市场上聘请更多的客户经理 产品和投 资顾问团队 而晋裕业务的重心在未来将会更注重高净值市场 刘桌衡说 “通过并购及业务增长 我们将一定会达到50亿美金 目标 我今年的任务是要达到团队和资产管理规模的发展目标 我们需要提高资产管理规模以增加收入 而实现这一增长是必要 的 即使公司可以为这个平台的搭建提供资源 我也不能单纯依靠 支出来运营业务 ” 刘桌衡说 “通过并购及业务增长 我们将一定会达到50亿美金 目标 我今年的任务是要达到团队和资产管理规模的发展目标

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CHINA CROSS-BORDER 离岸业务 the company has resources to finance me in building this platform,” Lau said.

“Next year, our integration of business capabilities of the different acquired entities will reach a certain stage, and I must have significant growth in AUM,” he continued.

“After that, we have to add another US$25 billion in the next four years.

This will come from our relationship management teams, the expansion in Europe, and at some point, Raiffeisen will acquire a banking licence in Asia. We are thinking whether we should do this in Hong Kong or Singapore.”

The Mason team has cobbled together the current rendition the group in the two years since the new management team, led by Ko Po Ming, former head of Asian corporate finance of BNP Paribas Peregrine, took over what was essentially an investment shell company.

Out of the swirl of acquisitions and expansionary activities, Lau said he hopes a unique wealth management proposition will emerge that is different from what the big Chinese or global banks currently offer.

“I hope in five years this will be a unique and boutique wealth management platform. It is a new idea for a wealth management model — that is not how traditional wealth management platforms are run.

The service scope will span corporate finance, private equity, and the wealth preservation elements, or things we have not yet thought about.

It will be versatile and flexible.”

“Just don’t underestimate the power of our imagination and creativity.

We can execute what we have in mind,” he said.

Lau is also overseeing the infrastructure-building process for compliance, finance, and operations that will deliver cross-platform support across the Mason wealth management ecosystem.

“I can tell you what our challenges are. We are scattered geographically and the local management teams are new to our platform. If in execution we do not deliver the integrations and actualise the synergistic values, this could hobble our strategy,” Lau said.

Through Raiffeisen, Lau said he now has a platform to generate trust business and a team that understands the business attraction of Asia as a market to progress their careers. During the integration process, he is spending more time addressing staff concerns over the bank’s forward strategy, business stability, and whether with more Chinese capital the bank would be able to uphold its banking best practices.

“These are understandable issues that need to be explained. A smaller shop would not have as many advantages as us. We have a management team with good industry profiles who can attract a lot of good people to come and fight hard with us.”

“The trust and foundations laws in Liechtenstein are the best in Europe.

As a next step, we are thinking about how to ride on the bank’s platform to deliver the wealth preservation and succession arrangements for Asian clients,” he added.

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Philip Lau, chief executive , group wealth management, Mason 茂宸集团环球财富管理业务总裁刘桌衡 我们需要提高资产管理规模以增加收入 而实现这一增长是必要 的 即使公司可以为这个平台的搭建提供资源 我也不能单纯依靠 支出来运营业务 ” “在那之后 我们需要在未来四年再增加250亿美金的资产 而这 些新增长将来自于我们的客户管理团队的经营 欧洲业务的扩张 以及未来Raiffeisen在亚洲的业务 而我们正在考虑Raiffeisen应 该在香港还是新加坡申请银行牌照以开展业务 ” 在法国巴黎百富勤亚洲企业融资业务前负责人高宝明的领导下 茂宸团队用了过去两年的时间 把这家原来本质上是投资空壳的 公司拼凑成了现在的面貌 通过集团一系列的并购和扩张项目 刘桌衡表示他希望茂宸在未 来将会形成一套与国内或全球大型银行不一样的差异化财富管理 服务 “我希望五年以后这会成为一个独特的精品财富管理平台 这是 财富管理模式的一次创新 与传统财富管理平台的运行模式完全 不同 服务范围将囊括企业融资 私募股权和财富保值的要素 或 许还包括我们还没想到的内容 它将是灵活多样的 ” “千万不要低估我们的想象力和创造力 我们能够将我们想到的 变成现实 ”他说 刘桌衡同时负责指导公司合规 财务和运营平台构建的进展 而他 们将为整个茂宸财富管理生态系统提供跨平台的支持 刘桌衡说 “我可以明确告诉你我们所面临的挑战 我们公司分布 世界各地 而各个本地的管理团队都是新加入我们平台的 如果在 整合过程当中我们的工作不到位 未能实现协同价值 这就可能会 影响我们全盘的策略 ” 刘桌衡说他通过Raiffeisen得到了一个可以创建信托业务的平台 和一支了解亚洲业务前景吸引力的团队 -- 他们愿意在亚洲市场发 展自己的事业 在整合过程中 他用上了更多时间处理员工对银行

CHINA CROSS-BORDER 离岸业务

Lau is shortly sending the first of the business chamber groups made up of wealthy second-generation Chinese entrepreneurs — potential clients who are keen to know about Liechtenstein and the nearby Switzerland market — to the principality as a form of educational tourism that mixes business with pleasure. These are potential clients who could do business with Raiffeisen.

未来战略 业务稳定性的担忧 以及银行能否在注入中国资本的同 时维持银行业操守的问题

There, Lau is also looking to line up a new partnership with a Swiss insurance major — a referred relationship from Raiffeisen vice chairman Klaus Tschütscher, an ex-prime minister of Liechtenstein, who has also brought in introductions for other European funds invested in real estates and infrastructures that could augment the group product offerings.

“列支敦士登拥有全欧洲最佳的信托和基金会法律架构 下一 步 我们在考虑如何利用银行平台为亚洲的客户提供财富保值和 传承安排的服务 ”他补充道

“This is what we mean by entrepreneurial. If I am just working in a job for a traditional big wealth management group, I would say we must have equity, fixed income, and this and that. But in the end, we will carefully look at the cost and return just as we are running our own business. We will spend time and listen more to clients, and make sure we have the flexibility to be able to engineer and deliver what they want.”

From Hong Kong, the company is capable of generating new HNW client relationships to feed into its wealth management ecosystem via its Mason Global Capital platform, which can help Chinese companies seek corporate finance deals or listing in the city — where laws have been recently relaxed — just as listings on the mainland market have become more challenging after changes to the IPO laws last year.

It also has a securities brokerage and a futures company, which could provide dealing services in securities and futures.

In China, despite the advantage it has with the Shimao ties, Lau said Mason would not seek to build direct onshore capability.

Instead, it is the single largest shareholder in Shanghai-based Shengang Securities, a brokerage based out of the free-trade zone which employs over 500 — 200 of whom sit in the investment banking department.

Added to the new partnerships underway with Chinese onshore independent wealth managers, Lau said the two could be efficient sources of referred businesses for Mason’s wealth and asset management systems.

Through Harris Fraser, Mason also has the internal capability for quantitative investment. It is soon launching an ETF developed off its proprietary model. Additionally, Mason has external asset management agreements in place with Bank of Singapore and Julius Baer.

“Whether it is a hedge fund, fund of hedge funds, equity or fixed income funds, we can source a lot of different products either internally or from external partners. But if it is a product from us, we hope it has characteristics that will be differentiated from the market,” he said.

“We will not be the only ones doing the kind of products we have in mind. But if you look at our multi-strategy fund and our Hong Kong equity fund this year, both of them are a little different from what the market has.”

“需要解释这些问题是可以理解的 规模稍小的公司不会有我们 这么多的优势 我们的管理团队有很好的行业资历 他们可以吸引 很多优秀的员工加入到我们公司 与我们一起奋斗 ”

刘桌衡将会安排首批由第二代中国企业家组成的商会小组到访列 支敦士登和比邻的瑞士市场 这些潜在客户更有兴趣了解当地的 市场 而这个游学式旅游的行程正好结合了商务和旅游于一身 为 他们在未来与Raiffeisen产生业务往来缔造机会 此外 刘桌衡也希望与Raiffeisen副董事长 列支敦士登前首相 Klaus Tschütscher介绍的一家大型瑞士保险公司搭建新的合作 关系 Tschütscher同时还介绍了其他投资房地产和基础设施的 欧洲基金 为未来集团增加产品品种和选择铺路 “这就是我们所说的创业精神 如果我只是为一家传统的大型财 富管理集团工作 我会说我们必须有权益类 固定收入类等等的 产品 但最终在这里 我们会像运营自己的公司一样仔细分析成 本和收益 我们会用上更多的时间与客户沟通 倾听他们的声音 同时确保我们有足够的灵活性去设计并交付他们想要的产品 ” 公司从香港起步 通过茂宸环球资本平台与新的高净值客户建立 关系 并将他们纳入到其财富管理生态系统中 自从去年国内市场 修改了上市法则以后 在A股市场上市愈发困难重重 可是在香港 茂宸能帮助中国公司找到企业融资机会 或是借助透过近期本地 市场上市条件放宽的东风在香港当地上市 茂宸还有一家证券公司和一家期货子公司 可以提供证券和期货 交易服务 在中国 尽管茂宸与世茂的背景能带来诸多优势 刘桌衡却表示公 司不会建立直接的在岸业务能力 然而 它是上海申港证券的单一最大股东 这家位于自贸区内的券 商共有500名雇员 其中200人隶属其投资银行部门 再加上公司 与中国在岸独立财富管理机构的联动 刘桌衡认为这两者能为茂 宸的财富及资产管理体系高效地引入业务资源 而茂宸也通过晋裕具备了进行量化投资的内部能力 在短期内将 会推出基于专有模型开发的交易所交易基金 ETF 此外 茂宸也 与新加坡银行和宝盛集团签署了外部资产管理协议 他说 “无论是对冲基金 母基金 还是权益类或固定收益基金 我们都可以通过内部或外部伙伴处获得大量的不同产品 但是如 果是我们发行的产品 我们更希望它会拥有自己的特色 能在市场 上脱颖而出 ” “市场上一定还会有其他公司做出我们现在设想的产品 但是如 果你看我们今年做的多重策略基金和香港股票基金 它们都与市 场上现有的产品有点不一样 ”

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INDUSTRY 行业

Legend receives regulators’ blessings to take over Luxembourg’s oldest private bank 联想控股获批入主卢森堡最老牌私人银行

L

egend Holdings, the China and Hong Kong dual-listed mainland investment holdings group controlled by Lenovo founder Liu Chuanzhi, has cleared all necessary regulatory hurdles in Europe for it to assume majority control over its EUR 1.53 billion deal to take over Luxembourg’s oldest private bank, Banque Internationale à Luxembourg (BIL), according to a bank announcement.

The deal marks the second major acquisition into the European private banking industry by an investment group controlled by a mainland tycoon this year.

Both the Commission de Surveillance du Secteur Financier and the European Central Bank have provided their blessings, said BIL. Legend has billed the acquisition a long-term strategic investment and a pillar asset for the future because of the bank’s asset scale, profit and revenue growth potential, as well as its business stability.

卢

森堡国际银 行 B I L 声明称 由联想创始人柳传志当 家 在中国内地与香港两地上市的中国大陆投资控股集 团——联想控股 已通过欧洲所有的必要监管流程 获 批以15.3亿欧元收购这家卢森堡最老牌的私人银行 这是今年第二笔由中国大陆企业巨头所管理的投资集团对欧洲私 人银行业进行的大规模收购 BIL方面表示 卢森堡金融业监管委员会与欧洲中央银行均已批准 本次交易 基于BIL的资产规模 利润与收入增长潜力以及业务基础 联想控 股将此次收购将会成为集团长期的战略性投资与未来重点支柱型 资产项目 此后 柳传志也可以说卢森堡大公国是他的投资合伙人了 因为 联想控股收购BIL89.936%的股权后 卢森堡政府将继续持有其 9.993%的BIL股份 67

Liu Chuanzhi, founder and chairman, Legend Holdings and Luc Frieden, chairman, BIL 联想控股创始人及董事长柳传志和BIL董事长吕克·弗里登 Liu could also now have the bragging rights of having the Grand Duchy of Luxembourg as a co-investor — the local crown is retaining its 9.993% in BIL against the 89.936% Legend will control.

For that honour, Liu and Zhu Linan, president of Legend Holdings, will travel to Luxembourg to celebrate the clearing of the deal in an official ceremony.

“We recognise BIL’s status as a national champion and are excited by its growth potential, the quality of its client proposition and, above all, its people,” said Liu in a statement.

“We look forward to fulfilling our commitment to [maintaining] continuity at BIL while at the same time investing to pursue the opportunities that the board and Legend Holdings unanimously see ahead for the bank.”

Among the commitments Legend has promised BIL, it said it will: maintain and invest further in the development of the BIL brand in Luxembourg, Europe and globally; invest in BIL’s people, support employment and provide international career opportunities; and retain the current governance and management of the bank. Luc Frieden will remain BIL chairman, while Hugues Delcourt will remain CEO. Meanwhile, Legend added that it recognises the long history and salient presence BIL has in Luxembourg and that it will provide the financial and operational support for BIL to grow its global footprint while investing in BIL’s client offering.

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为此殊荣 柳传志与联想控股总裁朱立南将前往卢森堡 参加本 次收购顺利完成的官方庆典 “BIL是一家实力雄厚且具备良好口碑的综合性银行 我们对其‘ 以客户为中心’ ‘健康发展’的发展理念非常认同 ”柳传志在声 明中表示 “作为联想控股的支柱型资产 我们将支持BIL的平稳过渡 在不 断巩固其在卢森堡本地市场领先地位的基础上 与董事会一道 凭借联想控股的全球资源 赋能并助力银行把握更多发展机遇 将BIL打造成一家更国际化 更创新的银行 ”

联想控股对BIL做出多项承诺 包括 持续投入资源 巩固并提升 BIL品牌在卢森堡 欧洲及全球范围内的发展 为BIL员工赋能 支 持就业并创造海外事业发展机会 同时保持银行现有的治理框架 及管理团队 吕克·弗里登 Luc Frieden 将继续担任BIL董事长 于格·德尔古 Hugues Delcourt 继续担任首席执行官 同时 联想控股高度认可BIL悠久的发展历史及其在卢森堡的领先 地位 并表示将为BIL提供资本及运营支持 进一步提高BIL的客户 服务能力 推动其在全球范围内的发展 除金融资源外 BIL首席执行官于格·德尔古认为联想集团作为大 股东 在其他方面也可为银行提供助力 他表示 “联想控股在金融科技 人工智能及大数据领域广泛的资 源网络以及丰富经验 将进一步助力BIL实现未来发展战略 ”

CHINA CROSS-BORDER 离岸业务

Hugues Delcourt, CEO, BIL BIL首席执行官于格·德尔古

Beyond financial resources, Hugues Delcourt, CEO of BIL, said the Chinese group has more to offer in synergy as a majority shareholder.

“Legend Holdings’ extensive networks and significant experience in financial technology, artificial intelligence and big data will further support our ambitions,” he said.

Luc Frieden, chairman of BIL, added, “As a long-term diversified investment holding company, Legend Holdings enjoys a reputable brand and has extensive global resources. We believe that leveraging Legend Holdings’ strengths will provide strong support to BIL’s development in the future.”

The bank said Legend has committed to providing the necessary support for it to see through its ‘BIL2020’ strategy, a growth plan first outlined

by BIL management in 2015, in which it aims to expand its presence to 13 markets by 2020.

BIL董事长吕克·弗里登补充说 “联想控股是一家专注长期投资的 多元化投资控股公司 拥有优秀的品牌声誉和广泛的全球资源 相 信借助联想控股的自身优势 BIL的发展将得到有力支持 ” 银 行方面表示 联 想控 股 承诺将 提供 必 要支持 帮助其实 现“BIL2020”战略 这一发展计划是由BIL的管理团队于2015年首 次提出 目标是在2020年前将BIL的业务版图拓展至13个市场 BIL也希望在计划时间内进行数字化转型 加强创新能力并提高客 户满意度 卢森堡国际银行于1856年创立于卢森堡大公国 员工总数超过 2000名 在卢森堡 瑞士 丹麦和中东均设有金融机构 并在当地 经济发展的各历史阶段中发挥了积极作用 截至2017年底 BIL的 资产管理规模达394亿欧元 作为卢森堡最大的独立银行 其私人 银行部客量达2.7万户

BIL also aims to transform itself into a digital player, have stronger abilities to innovate and drive client satisfaction before the plan’s enddate.

BIL was first founded in the grand duchy in 1856, employs over 2000 in Luxembourg, Switzerland, Denmark and the Middle East, and is credited to have helped build the local economy throughout its history.

As at the end of 2017, BIL’s total assets under management was valued at EUR 39.4 billion. It is Luxembourg’s largest independent bank with some 27,000 clients under its private banking arm.

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RESEARCH 研究

The Role of Singapore as an Offshore Wealth Hub Asian Private Banker, under the sponsorship of PwC, explored the role of Singapore as an offshore wealth hub. Between April and June 2018, we distributed 81 surveys and conducted 11 semi-structured interviews across Singapore and Hong Kong.

S

ingapore is the most preferred offshore wealth hub among contributing industry professionals, outranking its rivals Hong Kong and Switzerland which ranked second and third, respectively. Moreover, offshore flows constitute approximately 82.5% of Singapore’s AUM.

With the depth of Singapore’s banking services, it comes as no surprise that 58% of the surveyed professionals recognised Singapore’s robust banking sector as the most significant strength of the city-state as an offshore wealth hub, followed by its efficient regulatory framework and the high quality of the city’s workforce.

Strengths of Singapore as an offshore wealth hub Strong banking sector

Ranked 1st Ranked 2nd

Efficient regulatory framework

Ranked 3rd

High quality of workforce Leading insurance and reinsurance market Regional hub for fund management and domiciliation Robust foreign exchange market FinTech development Leading fixed income market 0

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25%

50%

75%

100%

RESEARCH 研究 On the other hand, as is the case with other leading offshore wealth hubs, high operating costs were cited as a significant drawback, with 57% of those surveyed ranking high costs as the offshore wealth hub’s greatest weakness. However, interviewees agreed that the high costs are a reasonable trade-off for top-notch quality.

Weaknesses of Singapore as an offshore wealth hub High operating cost

Ranked 1st Ranked 2nd

Lack of economic hinterland

Ranked 3rd

Difficulties in retaining and recruiting talent Stringent regulatory framework/ strict regulator Non-competitive fees Equity market losing momentum 0

25%

50%

75%

100%

Southeast Asia remains the most important source of offshore inflows to Singapore, with Mainland China ranking second and India third. Looking ahead, despite tightening regulations on offshore flows globally, Singapore’s offshore inflows are expected to increase. The city-state has become significantly attractive because it satisfies the need for diversification as a result of its not-so-close connection with Mainland China, where tightening regulations and the fast growth of the HNW population will result in soaring offshore flows over the next three years.

Most important source of offshore flows Ranked 1st

Southeast Asia

Ranked 2nd

Mainland China

Ranked 3rd

India Taiwan Europe Australia Japan US 0

25%

50%

75%

100%

Most important contribution of fintech adoption FinTech does not contribute to the emergence of Singapore as an offshore financial hub 5.0%

Others 1.2%

Improves business development and marketing strategies 12.5% Increases the palette of offered services 6.2%

Reduces administrative burden 37.6%

Although industry players have been rolling out new investment advisory models with the help of FinTech, industry professionals recognise that the most important contributions of FinTech remain the reduction of administrative burden and the optimisation of compliance procedures, especially among independent asset managers (IAMs) and multi-family offices. As the IAM industry matures, enhanced synergies between IAMs and FinTech firms are expected.

Enhances investment advisory services 17.5% Improves compliance/KYC capabilities 20.0%

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