高盛：中国进入私人银行黄金时代

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高盛：中国进入私人银行黄金时代

天之聪教育 2013-04-11 天之聪教育 442次

高盛：中国进入私人银行黄金时代

Private Banks Enter ＆Golden Period＊ in China

根据胡润研究院的报告，中国已经有比美国更多的亿万富翁。另据波士顿咨询公司称，中国富人的可投资资产2012年增长了14%，达到12万亿美元。但外资银行基本上只能在境外服务这些新兴的富豪。在境内它们受到各种监管限制，可以销售的产品有限，所以财富管理对外资银行来说不是个容易攻破的市场。

China already has more billionaires than the U.S. does, according to Chinese research firm Hurun. China＊s total value of private investible asset grew by 14% in 2012 to $12 trillion, according to Boston Consulting. Yet the land of emerging rich is largely off limit to Western private banks, which mostly serve them offshore. With strict restrictions on products that can be made available, foreign banks also find it a difficult market to compete in.

过去10多年，高盛一直通过离岸中心来服务可投资资产在1,000万美元以上的中国客户，也通过境内合作伙伴高华在中国境内提供服务。高华从2009年起开始提供财富管理服务，并在过去两年内扩张。高盛私人投资部门中国市场负责人严力耘接受《华尔街日报》采访，谈到了中国私人银行的机遇和挑战。

Goldman Sachs, which has been helping ultra-high-net worth Chinese clients with more than $10 million of investible assets handle their offshore wealth for more than a decade, also taps its strategic partner in China, Gao Hua, to manage clients＊ assets within China. Gao Hua began offering wealth management services in 2009 and has been expanding its operation in the past two years.

Nick Yim, the U.S. bank＊s head of China Market, Private Wealth Management, spoke to The Wall Street Journal about the opportunities and challenges of the Chinese market.

高盛的中国私人银行策略是什么？中国客户很多都是创业人士，他们一般有20%-30%的资金在离岸市场，其它的都在境内。所以我们必须在境内和境外都有人来服务他们，才可以对他们总体财富有一个全面的评估。私人银行最重要的就是关系，所以我们必须贴近客户。

What＊s your strategy for China private banking?Mainland Chinese clients″many of them entrepreneurs″typically only have 20% to 30% of the funds parked offshore, the rest remains onshore. You need to be present both onshore and offshore in order to provide a comprehensive assessment of their overall wealth. Private banking is about relationships and you need to be physically close to your clients.

私人银行在中国大陆面对的最大挑战是什么？在境内最大的挑战是可以卖的投资产品有限，第二大挑战是如何找到合适的人才。在中国这个行业很年轻，所以不容易找到有经验的私人银行家。中国的法律和监管制度还在快速发展之中，但要到私人银行可以像在离岸市场一样，给客户提供一个完整的平台，还有很长的路要走。对客户教育的过程也要长得多，因为很多人对投资产品缺乏经验。

What are the challenges faced by private banks on the mainland?The biggest challenge is the limited number of investment products available onshore. The second challenge is finding the right talent. The industry is so young in China that it is hard to find seasoned private bankers.The legal and regulatory frameworks in China are evolving and improving rapidly but it still has a lot of catch-up to do before private banks can offer an integrated platform for clients as what can be done offshore.The client education process also takes much longer as many of them have limited exposure to common investment products.

你所看到的最大发展机会是什么？中国高净值人士70%的钱还在他们的公司里。这对于私人银行来说是成长的黄金期。中国客户过去挣钱很快，但很多人意识到未来10年会和过去10年有很大的不同。这个市场会更开放，会有更多竞争，劳动力价格也在上升，所以他们的生意会遭遇利润压力。上市公司的老总很多人已经过了三年股票锁定期，所以他们可能想开始套现。比如，一个公司创始人有40亿美元的资产，其中70%还锁在他的公司股份里，如果他准备卖掉公司20%的股份，那就是八亿美元。他拿这笔钱怎么办？他有必要把投资分散到海外。

What do you see as the biggest driver for growth?For many Chinese high-net-worth individuals, 70% of the money is still tied to their companies. This is a golden period for private banking. These individuals have made their money so quickly, but a lot of them understand that the next 10 years will be different from the last 10. The market is more open, so there will be more competition and labor cost will go up. As a result, there will be margin pressure.For owners of listed companies, many have passed their three-year share lockup period, so they may look to take some money off the table. Say an entrepreneur has a business worth $4 billion, and 70% of that″or $2.8 billion″is tied up in his company＊s shares. If he sells 20% of the company, it will be $800 million. What will he do with that money? He needs to diversify and reduce his China exposure.

你的中国客户喜欢投资什么？几年前中国客户比现在要激进多了，他们喜欢高收益率和杠杆产品。但在金融危机之后，加上国内增长也放缓，他们变得更为保守，表现得更像美国客户。这些创业者通过非金融的制造业等行业赚到钱，所以他们现在希望从投资专业人士那里听取意见。

What do Chinese clients like to invest in?A few years ago, Chinese clients were much more aggressive and wanted high yield and leveraged products. But after the financial crisis and slower domestic growth, they have become more conservative and now behave more like U.S. clients. These entrepreneurs made their wealth in sectors such as manufacturing, and they now prefer to seek investment advice from the professionals.

中国私人银行业发展的潜力是什么? 已经赚到钱的中国客户现在想的更多的是如何把财富分散化，进行风险管理，还有退休准备。中国私人银行业有几个可以产生规模效应的特征：比如一个大的经济体，同一种语言、文化，统一的货币和监管者。这些都是美国私人银行业腾飞的关键因素。我相信对西方私人银行来说，中国是个极好的机会。

What do you see the potential in the private banking industry in China?Chinese entrepreneurs who have made their wealth are now thinking more about diversification, risk management and even retirement planning. China＊s private banking industry has all the right ingredients to be successful: one language, one culture, one large economy, one currency and one regulator. These are the key factors behind the success of the US private banking industry. I believe China will be a great opportunity for Western private banks.