Issue 114 September 2017 Lite by Asian Private Banker

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SPECIAL EDITION

Issue 114

C H I N A’ S P R I VAT E B A N K I N G INDUSTRY TURNS 10 HAS IT COME OF AGE?

中国私人银行业发展逾十年已经趋向成熟？ RANKED: C H I N A’ S T O P 1 0 P R I V AT E B A N K S B Y A U M

中国十大私人银行排行榜－按资产管理规模

ISSUE 114

Special Edition

APB连线 (Asian Private Banker) 是一家根植亚洲，深耕情报、数据和人脉网络的公司，专注于亚洲私人财富管理业。

CEO Andrew Shale Editor Sebastian Enberg Editorial Richard Otsuki Priyanka Boghani Charlene Cong Nick Hedley Alice So Gigi Lam Managing Director Paris Shepherd Business Development Sonia Lam Sam Chan Joanne Tse Stacey Wong Olaide Ogungbesan Benjamin Yang

Digital Tristan Watkins Yiyang Zhou Cécile de Buor Wilfred Lam Evy Cheung Alice Wong Samuel Chen Events Koye Sun Shunta Kamba Finance & Operations Karman Wu Jessie Cheng Martina Ngai Head of Europe Madhuri Chatterjee Production DG3

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

CO NT E N TS 目录

Letter from the Editor

Industry

主编的信

行业

China’s private banking industry: Where are we now? 中国私人银行业：当前定位何在？

14 China’s Top 10 private banks average 35% AUM growth rate since 2012 自2012年以来，中国十大私人银行资产管理额平均增长 35%

People 人物

Bank of China: “China’s private banking industry at an important juncture”

中国银行:“私人银行正面对重要关头”

24 Minsheng Private Banking’s Kong: “We want to be the private bank for entrepreneurs”

民生银行私人银行部孔庆龙： “我们想成为服务企业家的私人银行”

28 Noah’s Wang: “Implicit guarantees cannot last forever the key is to educate investors” 诺亚控股汪静波:刚性兑付不可持续，投资者教育势在必行

32 Hang Tang Wealth Management’s Cui: “For responsible WM firms, there is room to grow” 恒天财富总裁崔同跃: 负责任的财富管理公司均有增长空间

APB Mandate Are China’s WMP curbs a segue for WM maturity?

中国加强对财富管理产品的监管，能促进财富管理业的成熟吗？

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40 Advertorial 推广文章 Noah Holdings: Delivering best practices to the globalising Chinese investor

68 Industry 行业 Timeline of major offshore moves by China’s largest private banks

中国私人银行巨头离岸重大举动大事记

48 People 人物 CreditEase’s Tang: “There needs to be risk-based pricing, and market participants should bear the risk”

People

Technology

流程”

Regulations

法规

Advertorial

Key regulatory developments impacting China’s private banks

诺亚控股: 为走向国际的华人投资者提供最佳服务

人物

Asia’s offshore leaders talk China 亚洲离岸市场领军者畅谈中国

宜信创始人唐宁:“市场需要风险定价；市场参与者应自负风险”

52 APB Mandate CreditEase’s Jun Xia Liao on FoF due diligence: “A process that needs to be done correctly”

宜信廖俊霞谈母基金尽职调查： “一个需要妥善开展的

推广文章

科技

Chinese PBs face platform pains when going offshore 中国私人银行“走出去”面对的平台难题

影响中国私人银行的主要监管措施

Three ways Chinese HNWIs are preparing for CRS

Asia’s evolving search for yield 亚洲对收益的追寻再进一步

中国高净值人士应对共同申报准则的三个方式

59 Industry 行业 Airport lounges and school camps: How Chinese private banks compete on value-added services 从机场休息室到夏令营：中国私人银行如何比拼增值服务

China’s trust industry: A foray into fiduciary services 中国信托行业：强势进军信托服务

89 Technology 科技 Tracking Alibaba and Tencent’s forays into wealth management

回望阿里巴巴和腾讯进军财富管理之路

People Moves 人事变动

Movers & Shakers

People 人物

CITIC Bank’s Kang: “We are on the right path”

中信私人银行康静: “我们走上了正确的发展道路”

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LETTER FROM THE EDITOR 主编的信

hina’s private banking industry may be celebrating its tenth anniversary this year, but domestic leaders, far from resting on their laurels, are openly challenging the sustainability of a market built around the distribution of high yielding, off-balance sheet and implicitly guaranteed WMPs. These are early days, of course, but the good news is that these leaders, for the most part, are making the right kinds of noises, as evidenced by the sage and timely perspectives featured in this special issue. Business models are being reviewed, with a focus on shoring up intra-group synergies – both onshore and offshore – as well as third party partnerships; professionalisation is a priority across the front, middle and back offices and there is a genuine willingness to adopt best practices gleaned from international peers; new technologies are being explored and applied; and clients, whose needs are becoming more sophisticated and diverse, are receiving education to address knowledge deficits around risk-return and the merits of asset allocation. I would be remiss if I did not mention that we present for the first time a detailed ranking of China’s Top 10 private banks by assets under management, as well as key data on relationship manager headcounts, client numbers and branch networks. A small teaser: since 2012, China’s Top 10 players have grown their combined AUM at a compound annual rate of 30.6% (versus the Asia offshore rate of 6.75%). So without further ado, I hope you enjoy this inside look at China’s private banking and wealth management industry as much as we enjoyed putting it together.

Cheers,

Sebastian Enberg Editor Asian Private Banker

LETTER FROM THE EDITOR 主编的信

私

人银行业在华落地生根已有十载。不过国内业界领袖不愿安于小成，而对市场可持续性提出了公开挑战。他们认为高收益、刚兑型表外理财产品的分销模式，不能为市场奠定长久的根基。

当然整个行业仍处于发展初期。可喜的是，业界领袖总体坚持着正确的发展方向，不时发出适时中肯的箴言。本期特刊收录了这些真知灼见。业界正在重新审视他们的业务模式，改变将是多方面的。重点加强集团内部协同效应，深化离岸在岸市场联动机制，增进第三方合作伙伴关系；专业化成为银行前中后台重中之重，业界有诚意吸取国际同行的先进经验；新技术的探索与尝试层出不穷；随着客户需求日益复杂多元化，业界正在努力推进客户教育，让其深入理解风险与回报的关系和资产配置的优势。万万不可错过的一大亮点是，APB连线首度推出中国十大私人银行资产管理额排行榜。排名是基于私人银行的客户经理团队人数、客户量和分支网络方面的关键数据。在此我想给一个抢鲜预告：自2012年以来，中国十大顶级私人银行资产管理额年复合增长率达30.6％（相比而之下，亚洲离岸市场是6.75％）。本期特刊深度解读中国私人银行与财富管理行业，此处将不再赘言。对于采编团队而言，精心雕琢的过程充满乐趣，希望大家亦能尽享阅读之乐。此致，

Sebastian Enberg Editor Asian Private Banker

INDUSTRY 行业

China’s private banking industry: Where are we now? 中国私人银行业: 当前定位何在？

t little more than a decade old, China’s private banking industry has some way to go before it can fairly be considered ‘mature’. That’s not a criticism, it’s a fact; and domestic private banking leaders for the most part agree. But what is also true is that in this relatively short period of time, the industry has accumulated significant scale against the backdrop of China’s broader economic rise, to the extent that domestic private wealth management is today viewed as a business with inordinate potential. So much so, in fact, that foreign players are also angling for a piece of the action, even if they lack consensus over how best to approach a market whose magnitude, diversity and regulatory complexity translate into a decisive advantage for domestic incumbents. Indeed, China’s attractiveness as a wealth management market is largely a function of the country’s economic vitality – both recorded and forecast – as well as the rate at which new millionaires are being minted. UBS Wealth Management’s president, Jürg Zeltner, captured this neatly at the opening of the Swiss giant’s Shanghai branch in 2016 when he said this: “China is going to grow at two to three times as fast as the rest of the world, which makes it a very attractive growth opportunity. Wealth is growing roughly two times the underlying economy, so China for us is a double-digit growth opportunity in our wealth management efforts.” More specifically, China’s HNW population (individuals with investable assets of more than RMB 10 million) hit 1.58 million in 2016 – an almost ninefold increase from a decade earlier – with combined investable assets of RMB 49 trillion (and likely to reach RMB 58 trillion this year).1 Regionally too, Asia Pacific is now home to the largest HNW population and the largest pool of HNW wealth globally, surpassing North America in 2015, with both China and Japan standing out as “engines of growth”.2

Even so, the domestic private wealth management market is severely underpenetrated, despite players making significant inroads over the past decade. According to Asian Private Banker data, China’s Top 10 private banks by AUM collectively serviced just under 500,000 clients with combined AUM of RMB 7.52 trillion at the end of 2016. Further, Capgemini’s Asia-Pacific Wealth Report 2016 shows that in the first quarter of 2016, less than a third (30.9%) of China’s HNW wealth was placed with wealth managers, while another source estimates that private banks account for 7-10% of onshore HNW AUM. 10

经

过十余年发展，中国私人银行业仍需经历一段时日，才能达到公认的“成熟”标准。这不是批评，而是事实。业内大多数领导者都不会否认。但也要看到，在较短的时期内，中国私人银行业在总体经济崛起的背景下，已经蔚为大观，因此，国内私人财富管理业务前景无限美好。由此一来，外国同业其实亦在谋求分羹，只不过他们对开拓中国市场的最佳方式缺少共识。毕竟，中国市场的规模、多样性和监管复杂度对于国内老牌银行来说，构成了决定性的优势。当然，中国作为财富管理市场的吸引力在很大程度上来源于国家经济活力（无论从可参考记录还是预测数据看）、以及新晋百万富豪的产生速度。瑞银集团财富管理总裁Jürg Zeltner 2016年在瑞银上海分行开业时一针见血地指出了这一点： “中国的增长速度将是世界其他地区的两到三倍，这是一个非常有吸引力的增长机遇。财富的增长速度大概是基础经济的两倍，所以中国能为我们的财富管理业务带来两位数的增长空间。”

具体而言，2016年中国高净值人士（可投资资产超过1000万元人民币）达到158万，比十年前增长近9倍，合计可投资资产为49万亿元人民币（今年或将达到58万亿元人民币）1。区域上看，亚太地区目前拥有最多的高净值人士，高净值人士财富总值领跑全球。中日两国脱颖而出，在2015年超过北美，成为“增长引擎”。2 然而尽管市场参与者近十年来取得了重大进步，国内私人财富管理市场渗透率依然严重不足。根据APB连线的数据，2016年底，中国资产管理额排名十大私人银行服务客户总数几近50万人，资产管理额合计7.52万亿元人民币。此外，凯捷《2016亚太区财富报告》显示，2016年第一季度，中国高净值人士的财富有不到三分之一（30.9％）交由财富管理机构打理。另有消息人士估计，私人银行的资产管理额占在岸高净值人士财富的7-10％。国内私人银行通常利用零售部门及巨大的分支网络来开展业务，由此面临的重大挑战并不在于积聚资产，而在于推进行业的实质性演变。毕竟，迄今为止，产品分销仍是业界重点。

1 China Merchants Bank and Bain & Company, China Private Wealth Report, 2017 招商银行与贝恩公司，《2017中国私人财富报告》

2 Capgemini Asia-Pacific Wealth Report 2016 凯捷《2016亚太区财富报告》

INDUSTRY 行业

For domestic private banks which typically leverage upon retail arms and their vast branch networks, the challenge has less to do with asset gathering and more with meaningfully evolving an industry that until now has focused on product distribution.

中国银行财富管理与私人银行部总经理刘敏表示： “如今业内缺乏有特色的供应商，所以对于私人银行机构来说，关键是要选对发展道路。”他认为，经过十年快速增长，中国私人银行业即将进入“新阶段”。

“The industry today is short on providers with distinctive features and so it is important that private banking institutions choose their path for further development,” says Liu Min, general manager, wealth management and private banking department, Bank of China, who believes that after a decade of rapid growth, Chinese private banking is poised to enter a “new stage”.

由2012到2016年，中国十大私人银行资产管理额复合增长率为 30.6％，而亚洲（除中国外）同业仅录得6.75％的年复合增长率。然而，中国私人银行领导者似乎并不满足于客户资产增速远超亚洲离岸市场同业的现状。他们在反思如何改善业务定位，以满足客户不断变化的需求，无论客户需要的是国际多元化布局、真正的资产配置、财富规划服务还是投行解决方案。

Seemingly not content with watching their client assets accumulate at a rate that far exceeds Asia’s offshore market (from 2012-2016, China’s Top 10 private banks grew at a compound annual rate of 30.6% in terms of AUM, whereas Asia’s [ex-China onshore] players notched up a CAGR of 6.75%), China’s private banking leaders are rethinking how they can better orient their businesses to meet clients’ evolving demands, whether for international diversification and genuine asset allocation, wealth planning services or investment banking solutions.

这种演变虽然必要，但并不会容易。

This evolution, while necessary, will not be easy. For starters, private banks face internal complexities that can stunt strategic agility and inhibit group-wide buy-in. This point extends political allegiances, resource allocation and coordination and feesharing across business divisions. Over at China Minsheng Banking Corporation (Minsheng), Kong Qinglong, general manager for private banking, says that his intention is to build a “customer-centric” offering, which will necessitate “structural reform and inter-departmental consolidation”, and that Minsheng, as a group, is aligned on this goal. Other banks are still coming to grips with what an ‘appropriate’ business model looks like, with one general manager of a retail-linked private banking arm revealing that even after a number of years, he is still unsure of how best to push forward. Furthermore, Chinese private banks and wealth managers generally lag behind their international peers in terms of professionalisation. Regulatory-imposed limits on what can be offered to clients have not helped matters, but there is now overriding consensus that, for the

首先，私人银行复杂的内部关系可能降低其战略敏捷性，阻碍其得到集团层面的配合。这一点进而牵扯到各业务部门的政治忠诚度、资源调配和费用分摊。民生银行私人银行部总经理孔庆龙表示，他的目标是要打造“以客户为中心”的产品体系，这就需要“结构性改革与跨部门整合”。民生作为一个集体，上下一心，目标一致。其他银行仍然在摸索 “合适”的商业模式。有家挂靠零售部的私人银行，其总经理透露，时隔多年，他仍然不确定何为最佳发展模式。此外，中国私人银行和财富管理机构在专业化水平上普遍落后于国际同业。通过监管来限制产品种类，也并无助益。但目前的普遍共识是，要想让行业发展成熟，就必须让从业人员和客户双方增强历练，提高风险意识。一些在岸领军私人银行已经与国际同业签订谅解备忘录，以便就市场和业务定期培训和知识交流活动。例如，资产管理额傲居中国之首的招商银行私人银行，会在其深圳总部招待高盛员工，以助力其内部培训项目。此外，中国银行正在上海筹备成立财富管理培训机构。同时，为了使行业能够有效而可持续地走向成熟，客户必须深化理解资产配置的优点、以及风险回报关系的细微差别——这是更深层次的要义。可以肯定的是，投资者之所以对刚兑收益有着不切实际的期待，从很大程度上应归咎于行业本身，许多私人银行持续通过竞价和提高表外产品的刚兑收益来争取业务。

INDUSTRY 行业

industry to mature, practitioners and clients alike must become more sophisticated and risk-conscious. A number of leading onshore private banks have inked MOUs with international lenders that facilitate regular training and knowledgesharing sessions around markets and best practices. For instance, CMB Private Banking, China’s largest private bank by AUM, hosts Goldman Sachs staff at its Shenzhen headquarters as part of its internal training programme. Elsewhere, Bank of China is in the process of setting up a wealth management training institute in Shanghai. At the same time, for the industry to mature effectively and in a sustainable manner, clients must develop a more sophisticated understanding of the merits of asset allocation and, more fundamentally, of the nuances of the risk-return relationship. To be sure, the industry is largely to blame for investors’ unrealistic expectations around guaranteed yield and many private banks continue to win business by undercutting competitors in pricing and implicitly guaranteeing higher yields for off-balance sheet products. “This idea of implicit guarantees cannot last forever,” says Wang Jingbo, cofounder, chairman and CEO of Noah Holdings, China’s largest independent wealth manager. “The key is to educate investors. Education will mature investors’ minds. We all know there is no such thing as risk-free investment – risk is unavoidable – so we as an industry need to continue to increase our level of professionalism to remain in line with regulatory standards.” Indeed, many market participants are now pouring significant resources into client education, with wealth management firms such as Noah and CreditEase arguably leading the charge. Noah, for example, launched Enoch Education in 2013, which caters to upwards of 50,000 clients, while CreditEase’s founder, Tang Ning, tells Asian Private Banker that he “personally participate[s]” in client seminars that focus on asset allocation. Recent data suggests that such efforts are now bearing fruit. According to one major report, HNWI wealth objectives have shifted from “wealth creation” to “preservation and inheritance of wealth”, risk appetites are trending down and, significantly, asset allocation is becoming more diversified.3 This final point ties into investors’ growing demand for international diversification. As Chinese HNWIs become more globalised, so too do their investment needs, and a number of domestic private banks and wealth managers have embarked on ambitious overseas expansion plans to cater to client demands. According to one report, as of the first quarter of 2016, Chinese HNWIs ranked third in the world in terms of holding offshore assets, with three quarters (74.6%) of Chinese HNWIs holding investments abroad.3 Little surprise then that China’s leading banks and wealth managers are racing to set up offshore private banking centres. This year alone, CMB, Bank of Communications and Minsheng established dedicated presences in Hong Kong, Singapore and further afield. Noah has also expanded its global footprint by setting up in Hong Kong, United States, Canada and soon Australia. Chinese players are also proving themselves adept at adjusting to new technologies that are reshaping the business of wealth management. 12

“刚兑的理念不可持续。”中国最大第三方财富管理机构诺亚控股联合创始人、董事局主席兼CEO汪静波表示， “关键在于做好投资者教育，让投资者形成成熟的理念。我们都知道，无风险投资是不存在的。因为风险不可避免，所以作为行业本身，要提升专业程度，始终遵守监管标准。” 的确，许多市场参与者目前正在为客户教育投入大量资源，诺亚、宜信等财富管理公司可谓个中先驱。举个例子，诺亚在2013年推出以诺教育，服务于5万余客户，而宜信创始人唐宁则向APB连线透露，他“亲自参加”以资产配置为主题的客户研讨会。最新数据表明，这些努力正修成正果。一项重要报告显示，高净值人士的财富需求“已从财富创造转变为财富的保全与传承”，风险偏好呈下降趋势，资产配置显然日益多元化。3 最后一点要谈到投资者对国际多元化布局日益增长的需求。随着中国高净值人士日益全球化，其投资需求亦然。一些国内私人银行和财富管理机构已启动雄心勃勃的海外扩张计划，满足客户需求。报告显示，截至2016年第一季度，中国持有离岸资产的高净值人士比例位居全球第三，四分之三（74.6％）中国高净值人士持有海外资产。3 由此一来，中国领军银行和财富管理机构正在竞相设立离岸私人银行中心。仅在今年，就有招商银行、交通银行、民生银行三家机构将私人银行设于香港、新加坡乃至更远地带。诺亚也在拓展全球版图，目前已布局香港、美国、加拿大，稍后将进军澳大利亚。同样，事实说明，中国市场参与者善于适应业内颠覆性的新科技。可以肯定的是，中国的私人银行在很大程度上仍受限于过时的传统体制，在前端创新领域（客户经理和面向客户层面）普遍落后于国际同业。不过中国在科技创新和采用方面可谓先驱。虽然内地市场尚未跻身全球头号创新型经济体之一，但是安永报告显示 2，其金融科技的采纳率为全球之最（活跃型数字化消费者人口占比69％，而在香港和新加坡，这一比例分别为32％和23％）4。毕马威会计师事务所的排名显示，全球五大创新型金融科技公司当中，有四家在中国。在阿里巴巴蚂蚁金服和腾讯的带动下，科技公司正在打入财富管理领域。宜信以P2P平台起家，而后进军财富管理，不过值得注意的是，唐宁仍将宜信称为“金融科技企业”；2016年，宜信携手嘉维证券（DriveWealth），推出了面向零售投资者的智能投顾业务。然而，目前来看，科技公司不太可能对拥有专属客户资产（尤其是专注于更高财富阶层）的“传统”私人银行构成严重威胁。此外，中国私人银行正在积极探索应用新技术（包括人工智能，区块链和数据分析）的机遇。同样值得注意的是，APB连线采访的一些私人银行领导者懂得编程，民生银行孔庆龙就是一例。 “没有科技，就没有未来，”孔庆龙表示，私人银行仍然需要在应用新技术和“人性化”之间找到平衡。 “我们之所以需要保持灵活，以人为本，原因之一在于市场和政策环境存在变数。”他指出。尽管如此，由于中国人才队伍储备丰富，且日益接近世界级水准，金融科技业态充满活力，私人银行业也掌握着其他市场严重匮乏的资源。用某大型国际私人银行一位区域负责人的话说，同样一

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Certainly, China’s private banks, for the most part, continue to grapple with outdated legacy systems and generally lag behind their international peers when it comes to front-end innovation – both RM and client-facing. But China is very much at the cutting edge of tech innovation and adoption, and though the Mainland market does not yet rank among the world’s most innovative economies, it boasts the highest rate of fintech adoption globally (69% of digitally-active population vs. Hong Kong’s 32% and Singapore’s 23%)4 and is home to four of the world’s five most innovative fintech firms, according to a ranking by KPMG. Led by Alibaba’s Ant Financial and Tencent, tech firms are encroaching upon the wealth management space. CreditEase started its life as a P2P platform before branching into wealth management, although it is notable that Tang still refers to the company as a ‘fintech firm’; and in 2016, CreditEase in cohorts with DriveWealth rolled out a roboadvisory service aimed at retail investors. For the time being, however, tech companies are unlikely to pose a serious threat to ‘traditional’ private banking businesses with captive client assets (and especially those that focus on the upper-wealth tier).

件事情，他的银行可能需要耗费“多年”才能筹划、落实。只要肯做，中国的银行可能只需要几个月。由于95.5％的中国客户会将财富管理机构的“数字化成熟度”作为参考，来决定向其配置多少资产，因此这一点更为重要。5 正因为业界愿意随着中国高净值人士不断变化的需求而调整适应，发展演进，同时将提升业内人士和客户的专业化水平作为优先议程。因此，中国私人银行业尽管仍处于早期阶段，但势必会进一步向国际舞台靠拢，即使在演化出中国特色的情况下亦然。 “不同的机构和参与者对此会有不同的答案。”谈及私人银行如何调整业务模式来适应新的发展阶段时，刘敏表示。 “当然，客户不可避免地依不同服务选用不同机构。”

Moreover, Chinese private banks are actively exploring opportunities around the application of new technologies including AI, blockchain and data analytics. It’s also worth noting that a number of private banking leaders spoken to by Asian Private Banker, including Minsheng’s Kong, know how to code. “No technology, no future,” says Kong, who adds that private banks still need to strike a balance between applying new technologies and the ‘human touch’. “One of the reasons we need to remain adaptable and human-centric is because this is a changeable environment when it comes to markets and policies,” he says. Still, because China is home to a readily available – and increasingly world-class – pool of talent and a vibrant fintech scene, private banks have at their fingertips resources that other markets sorely lack. In the words of one regional head at a large international private bank, what would take his organisation “years” to develop and implement could potentially take a Chinese bank “months – if the inclination is there”. This matters all the more given that 95.5% of Chinese clients say that a wealth manager’s “digital maturity” is an important factor when deciding whether to allocate more (or less) assets to that firm.5 It is exactly this readiness to adjust to and evolve with the changing demands of China’s HNW population, and at the same time to push ahead with an agenda that prioritises the professionalisation of both industry practitioners and clients, that should ensure that China’s private banking industry, while still in its early stages, will come to resemble the international scene more closely, even if it develops its own unique characteristics. “For different institutions and participants, they will have different answers to this question,” says Bank of China’s Liu, reflecting on how private banks should calibrate their business models to accommodate this next stage of development. “And for customers, they will inevitably choose to follow different institutions depending on services that are offered to them.”

3 China Merchants Bank and Bain & Company, China Private Wealth Report, 2017 招商银行与贝恩公司，《2017中国私人财富报告》 4 EY Fintech Adoption Index 2017 安永2017年金融科技采纳率指数 5 Capgemini Asia-Pacific Wealth Report 2016 凯捷《2016亚太区财富报告》 13

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China’s Top 10 private banks average 35% AUM growth rate since 2012 自2012年以来，中国十大私人银行资产管理额平均增长35% While the world has been fixated on the steady rise of Hong Kong and Singapore as global wealth management hubs, China’s private banking industry has quietly amassed a pool of assets under management (AUM) to rival any onshore market.

当世界聚焦于香港和新加坡逐渐成为全球财富管理中心，中国私人银行业悄然地集聚了一个足以匹敌任何国家的财富量。

China Top 10 private banks: AUM (RMB bn) 中国十大私人银行排行榜：以资产管理额计（十亿人民币） Bank

2016

2015

2014

2013

2012

20152016 YoY %

20122016 CAGR %

China Merchants Bank (CMB) Private Banking

1,659.5

1,252.1

752.6

571.4

434.2

32.5%

39.8%

Industrial and Commercial Bank of China (ICBC) Private Banking

1,208.4

1,061.6

735.7

541.3

473.2

13.8%

26.4%

Bank of China (BOC) Private Banking

1,000.0

810.0

720.0

570.0

450.0

23.5%

22.1%

Agricultural Bank of China (ABC) Private Banking

818.4

807.7

640.0

505.0

396.0

1.3%

19.9%

China Construction Bank (CCB) Private Banking

786.3

622.9

468.6

396.4

291.5

26.2%

28.2%

China International Capital Corporation (CICC) Wealth Management

618.8

399.0

216.0

127.6

75.4

55.1%

69.3%

Bank of Communications (BOCOM) Private Banking

466.5

407.3

291.0

233.9

182.1

14.5%

26.5%

Shanghai Pudong Development Bank (SPD Bank) Private Banking

346.8

295.0

220.0

140.0

100.0

17.6%

36.5%

China CITIC Bank (CITIC) Private Banking

321.2

244.1

143.9

85.6

53.7

31.6%

56.4%

China Minsheng Banking Corporation (Minsheng) Private Banking

296.8

273.0

230.4

191.9

128.2

8.7%

23.4%

Total

7,522.7

6,172.7

4,418.2

3,363.1

2,584.3

21.9%

30.6%

Rank

Source: All figures based on Asian Private Banker estimates and published data 数据来源：APB连线根据市场数据估算

apb.news/china16aum

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China’s Top 10 private banks average 35% AUM growth rate since 2012

自2012年以来，中国十大私人银行资产管理额平均增长35%

n 2016, China’s Top 10 private banks grew their collective AUM by 21.8% YoY to RMB 7.5 trillion (US$1.1 trillion1), outpacing Asia’s (exChina onshore) Top 20 private banks, whose client assets climbed by 6.1% over the same period, according to Asian Private Banker data.

根

据APB连线的数据，在2016年中国10大私人银行的总计资产管理额同比增长21.8%，达到7.5万亿元人民币（美元1.1万亿1）；其增长率赶超了亚洲的（除中国外）20大私人银行，他们的资产管理额同期上升只有6.1%。此外，自2012年以来，中国10大私人银行掌管的总资产已以30.6% 的年复合增长率爬升，而亚洲（除中国外）20大私人银行的增长率仅有6.75%。两者年复合增长率的差别并不令人惊讶。走过10年光阴的中国私人银行市场，从一个相对小的基数成长上来，但是它本身是有一个很大的成长空间。然而亚洲相对成熟的离岸市场，在近年来受到市场过度成熟、边际盈利能力下降和监管收紧的压力，资产负债表纷纷缩水。这在2015年尤其明显，当时亚洲（除中国外）20大私人银行的总计管理资产缩减了4.7%。而在2016年，市场不确定性和监管剧变导致交易量暴跌（在美国大选前一些总体交易量跌幅达30%，结构性产品交易量下跌13.8%），遏制了新资金的流动，即便资产管理总额稍有上涨。同时，随着中国高净值人士的数量上升，与零售部门息息相关的中国私人银行，受益于稳定的客户资产流和缩紧的资本管制。

Furthermore, since 2012, the total AUM held by China’s Top 10 private banks has increased at a CAGR of 30.6%, while for Asia’s (ex-China onshore) Top 20, the growth rate is substantially less at 6.75%. The growth disparity, while pronounced, is unsurprising for a number of key reasons. The Chinese private banking market - at around ten years old - is growing from a low base, notwithstanding the substantial numbers involved, whereas Asia’s comparatively mature offshore industry has been subject to consolidation in recent years as market maturity, margin pressure and regulatory tightening put a squeeze on balance sheets.

高居榜首的是招商银行私人银行部，资产管理额接近1.7万亿元人民币（同比增长32.5%）。紧随其后的是工商银行私人银行部（1.2 万亿元人民币，同比增长13.8%）和中国银行私人银行部（1万亿元人民币，同比增长23.5%）。

This was especially evident in 2015, when Asia’s (ex-China onshore) Top 20 private banks saw their combined AUM decline 4.7%, and in 2016, when market uncertainty and regulatory upheaval contributed to a slump in transactional volumes (some saw as much as a 30% decline in brokerage volumes and structured product trading volumes were down 13.8% across the industry before the US election) and stifled net new money flows, even as total AUM increased slightly. At the same time, Chinese private banks - most of which are linked to their banks’ retail arms - benefit from a steady pipeline of client assets and tight capital controls as China’s HNW population swells. 1 Exchange rate as of 31 December 2016 汇率截至2016年12月31日 16

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Topping the table is China Merchants Bank (CMB) Private Banking, with just under RMB 1.7 trillion in AUM (+32.5% YoY), followed by state-owned giants Industrial and Commercial Bank of China (ICBC) Private Banking (RMB 1.2 trillion, +13.8% YoY) and Bank of China Private Banking (RMB 1.0 trillion, +23.5% YoY). All three banks are also in the process of further refining their approach to private banking as investors become more sophisticated in their demands and scrutiny around the distribution of implicitly guaranteed, high-yielding wealth management products increases. For example, CMB Private Banking recently introduced a “scientific” asset allocation system that has been configured for the China market, while Bank of China Private Banking is increasing synergies within the group to bring to private clients a “one-package service”.

China’s onshore opportunity: asset growth outpaces HNW wealth creation Impressively, India and China represented nearly 10% of global HNWI wealth and accounted for almost 19% of the global increase in new wealth since 2006, according to Capgemini’s Wealth Report. It stated that the two economic powerhouses added US$4 trillion in the last decade. Last year, too, China’s Top 10 AUM growth of 21.9% proved to be higher than the growth of its country’s HNW wealth - which grew by 16.9% in the same period (2015 - 2016).1

这三家银行都在着手优化私人银行服务，因为投资者的需求日渐复杂，对刚兑高收益财富管理产品的审视日益增加。例如，招商银行私人银行部最近引入了一套“科学性的”资产配置体系，这一系统已针对中国市场进行优化。而中国银行私人银行部则提高了集团内的协同效应以为私人银行客户提供“一站式服务”。

中国在岸市场的机遇：资产管理额的增值超过高净值人士财富

据凯捷财富报告称，印度和中国拥有近10%全球高净值人士，并贡献了自2006年来大约19%的全球新财富增长，这令人印象深刻。这两大经济增长引擎近十年新增财富达4万亿美元。去年中国资产管理额增长21.9%，高于国内高净值人士财富的同期增长率。2015至2016年的增长率为16.9%。1 在离岸市场，开拓新客户的机遇显然不如在岸市场。2016年香港高净值人士财富的增长步伐较缓慢，仅有3%增长，而新加坡则同期下跌3.5%。2 同时，亚洲（除中国外）私人银行的资产管理额增速不及亚太地区高净值人士的财富增长速度。

中国私人银行增招客户经理，增开分行以适应资产管理额和客户数量的激增

APB连线数据证实，为了追上资产管理量的可观上涨，并促进未来的继续增长，中国10大私人银行（以客户数计）去年持续在前线招兵买马。

Indeed, offshore, the opportunity to tap into the unbanked is less promising. In 2016, Hong Kong’s HNW wealth, grew at a much slower pace of 3% while Singapore’s HNW wealth fell by 3.5% in the same period.2 Also, AUM growth at Asia’s private banks (ex-China onshore) did not keep pace with high net worth (HNW) wealth creation in the Asia Pacific region.

China’s private banks add RMs, branches to accommodate swelling AUM and client numbers To keep up with their substantial growth in AUM and to drive further gains, China’s 10 largest private banks by client assets continued to build their frontlines throughout last year, Asian Private Banker data confirms. At the end of 2016, the Top 10 had 6,904 relationship managers (RMs) combined, although direct comparisons between this figure and Asia’s (ex-China onshore) 2016 total of 5,459 are not possible.

2 Capgemini Asia Pacific Wealth Report 2016 凯捷《2016亚太区财富报告》 17

China Top 10 private banks: RMs, clients, branches 中国十大私人银行排行榜：以客户经理人数、客户量和分行数量计 Ranking by AUM

Bank

2016 RM

2015 RM

2016 Clients

2015 Clients

2016 PB Branches

2015 PB Branches

Threshold

Launch year

China Merchants Bank (CMB) Private Banking

6021

530

59,560

49,032

RMB 10 million

2007

Industrial and Commercial Bank of China (ICBC) Private Banking

1,3582

974

70,074

62,381

RMB 8 million

2008

Bank of China (BOC) Private Banking

156

130

95,400

86,500

RMB 8 million

2007

Agricultural Bank of China (ABC) Private Banking

1,6003

70,000

69,000

RMB 6 million

2010

China Construction Bank (CCB) Private Banking

1,824 4

58,721

32,180

RMB 10 million

2008

China International Capital Corporation (CICC) Wealth Management

2755

250

29,972

26,541

US$ 1 million

2007

Bank of Communications (BOCOM) Private Banking

2776

270

35,043

29,490

RMB 6 million

2008

Shanghai Pudong Development Bank (SPD Bank) Private Banking

198

147

19,739

15,871

RMB 8 million

2011

China CITIC Bank (CITIC) Private Banking

1517

138

21,575

16,424

388

RMB 6 million

2007

China Minsheng Banking Corp. (Minsheng) Private Banking

4639

14,884

14,849

4110

RMB 8 million

2008

Total

6,904

474,968

402,268

347

331

apb.news/china16aum 1. CMB runs a “1+N+N” service team model, which means “1 RM plus 1 team of experts that specialise in overseas issues, plus 1 team of experts that specialise in domestic issues including legal, investment matters”. All RMs serve PB clients only. 2. This number is for RMs who serve PB clients only; ICBC has 10 RMs at the bank’s headquarters who serve only UHNWIs with over RMB 50 million in assets. ICBC’s total RM headcount, including those who serve retail and HNWIs, was 4,200 in 2016, up from 4,000 in 2015. 3, 4. These numbers account for all staff in the private bank division. 5. This number is for RMs who only serve HNWIs; both figures for 2015 and 2016 are approximate. 6. BOCOM refers to its PB RMs as “wealth consultants”; the bank adopts a “1+1+N” model which means “retail RM+wealth consultant+investment and legal service team” 7. CITIC refers to its PB RMs as “wealth consultants”; these individuals service PB clients exclusively. 8. In 2015 and 2016, CITIC offered PB services via retail branches. In January 2017, CITIC selected 11 branches with sufficient clients and AUM to set up PB centres. The bank plans to add three more PB centres by the end of this year. Currently, PB client accounts remain under retail RMs, but the bank intends to have 10% PB clients’ accounts managed directly by PB RMs in 2017. 9. This number refers to RMs who serve both PB and retail clients, with approximately 48 RMs serving PB clients only. 10. Among the 41 tier-one branches that provide PB services, 10 have both a PB department and a PB centre. For Minsheng, PB departments can serve clients who are not yet offically PB clients but are eligible by investable assets; centres purely serve official PB clients; Minsheng has 74 tier-2 branches. Source: All figures based on Asian Private Banker estimates and published data. 数据来源：APB连线根据市场数据估算

INDUSTRY 行业

This is because, in many cases, Chinese private banks include retail banking RMs in their totals. Indeed, for some Chinese private banks, retail bankers and private bankers, often alongside legal services teams, attend to the same clients, while for others, private bankers are often accompanied by experts who specialise in “domestic issues such as legal matters”, as well as experts who focus on “overseas/offshore issues”. However, the industry does appear to be moving towards a higher ratio of dedicated private bankers. For example, one private bank has set itself a target of having 10% of its private banking clients’ accounts managed directly by private banking RMs by the end of this year. Unsurprisingly, as China’s private banks ramped up their RM headcounts, they also continued to expand their branch networks in 2016. The total number of branches operated by China’s Top 10 hit 347, up from 331 in 2015, reflecting the 18% YoY surge in client numbers, to 474,968. Again, some caution must be exercised when delving into these numbers. For example, not all of these branches include private banking departments and centres, even if private clients can be serviced from these locations. Moreover, these generally only account for tier-one branches. Equally, some double-counting is involved when determining private banking client numbers, although most banks spoken to by Asian Private Banker say that those individuals that meet the minimum requirement to be considered a private banking client are shifted out of retail - whether by invitation or automatically - and are no longer counted as part of the retail universe.

2016年底，十大行总计已有6,904名客户经理。虽然这一数据难以直接拿来与亚洲地区（除中国外）已有的5,459名客户经理对比。原因是，在很多情况下中国的私人银行将零售银行客户经理纳入了计算范畴。其实，对一些中国私人银行而言，零售银行、私人银行往往和法务团队服务同一顾客群。然而对于其他银行而言，私人银行团队常常和“法务等国内事务”以及“海外/离岸事务”专家搭档。 “大多数中国私人银行的客户由零售部门客户经理管理。专职的私人银行客户经理则提供专业服务，例如产品销售。”一位行业专家表示。然而行业趋势似乎正在改变，专职私人银行经理的比例正在上升。例如，有一家私人银行定下了目标，要在年底前由私人银行客户经理直接管理10%的私人银行账户。毫无意外，2016年中国私人银行在扩大客户经理团队的同时，也在扩张着分支网络。 2016年，中国十大行的分支总数从2015年的331家上升至347家；年内客户数量增长18%，达474,968人。但是，我们应当再次谨慎地解读这些数字。例如，并非所有分支都开设有私人银行部门或中心，即便私人银行客户仍可以从中得到服务。而且，这些数字通常只计算了一级分行。同样的，在计算私人银行客户数量时，一些重复计算也在所难免。虽然大部分接受APB连线采访的银行证实，达到私人银行业务最低标准的客户已受邀私人银行服务，或自动脱离零售部门的服务对象，也已经不再被计入零售银行范畴。

INDUSTRY 行业

PEOPLE 人物

Bank of China: “China’s private banking industry at an important juncture”

中国银行:“私人银行正面对重要关头”

n its tenth anniversary, Bank of China can lay claim to having one of the country’s oldest and largest private banks, having been a significant beneficiary of China’s economic rise which has not only pulled some 700 million people out of poverty, but produced 1.6 million HNWIs as of 2016. The numbers say it all: over the past five years, Bank of China’s private banking arm has grown at a compound annual rate of 22% and, as of end-2016, had around RMB 1 trillion in assets under management. As impressive as these figures are, Liu Min, Bank of China’s general manager, wealth management and private banking department, believes the industry - having enjoyed a decade of rapid initial growth - is now entering a critical next stage. “What is clear is that in a relatively short period of time, institutions and clients alike have increased their knowledge and understanding of private banking, such that we now stand at an important juncture whereby private banking service providers must decide upon their developmental path and business model,” says Liu from his Beijingbased offices. His observation is sage. Though early days, investors are more finely attuned to the relationship between risk and return, focusing less on product yield and pricing and showing a greater willingness to adopt asset allocation strategies. Their objectives have also shifted. Today, Chinese HNWIs prioritise wealth preservation and inheritance over creation, even as the region continues to mint new millionaires at a breakneck rate. At the same time, the percentage of investable assets managed by Chinese private banks has increased from less than 15% in 2009 to almost 50% in 2017, as has the sheer number of institutions providing private banking services. What has not increased - at least to the same extent - is the diversity of offerings. “The industry today is short on providers with distinctive features and so it is important that private banking institutions choose their path for further development,” he explains, alluding to the proliferation of securities and insurance firms that now bring private banking-type services. More pointedly, the ‘traditional shape’ of private banking in China, where commercial banks function as distribution channels for high-yielding, implicitly guaranteed wealth management products, has run its course.

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部总经理刘敏

踏士。

入第十周年，中国银行确实称得上全国历史最悠久、最大型的私人银行之一；受惠中国经济崛起，截至2 016 年，中国不仅有7亿人脱贫，还产生了16 0万高净值人

数字说明一切。在过去五年，中国银行私人银行业务，录得按年复合增长22％；截至2016年底，管理资产约1万亿元人民币。看到这些令人惊叹的数字，中国银行财富管理与私人银行部总经理刘敏相信，私人银行业已从最初的急速增长阶段，步入下一个关键阶段。 “很明显，在相对较短的时间内，机构和客户都已增加了对私人银行业务的认识和了解，使我们现在处于一个重要的关头，那就是私人银行服务供应商，必须决定其发展道路和商业模式。＂刘敏在北京办事处向我们透露。他的观察的确有先见之明。虽然行业仍在早期阶段，投资者如今更善于理解风险与回报之间的关系，对产品回报率和定价的关注有 21

PEOPLE 人物

“We now stand at an important juncture whereby private banking service providers must decide upon their developmental path and business model” “For different institutions and participants, they will have different answers to this question. And for customers, they will inevitably choose to follow different institutions depending on services that are offered to them,” Liu says. The challenge to adjust to this new stage is no less acute for Bank of China - arguably the most globally-recognised Chinese lender and certainly the country’s oldest - despite enjoying a first mover advantage. In fact, one could reasonably argue that the sheer scale and internal complexity of the bank hamstrings its ability to adapt to current exigencies. Liu, however, has a clear view of how Bank of China Private Banking should sharpen its offering, highlighting five key areas of focus.

Going Global Chinese HNWIs are demanding international diversification and, in the past few years, a number of domestic institutions have expanded their footprint beyond Chinese borders. The globalisation of Chinese wealth plays directly to the strengths of Bank of China which, according to Liu, is China’s most “internationalised bank”. “We are going global to meet the needs of our customers by following an internationalised development strategy. In recent years, and in compliance with relevant policies, laws and regulations, we have set up an international service network covering Hong Kong, Macau, Singapore and are in the process of doing so in London - and we will continue to expand this network. Compared with other private banks, we believe the AUM of our private banking clients is the most internationalised, given that their overseas assets exceed one third of their total assets.”

Developing the platform Limited in terms of the kinds of products that can be sold to clients, Chinese private banks have long relied on offering value-added services to sweeten the experience and to build sticky relationships. But as clients’ needs evolve, so should the breadth and sophistication of private banks’ product and service suites. “Beyond our own proprietary solutions, we are working with best-inclass institutions to provide our clients with a one-package service. This includes working with domestic and international asset managers, nonfinancial institutions, including schools and medical service providers, to bring value-added services to our clients and their families, and coordinating with subsidiaries within our group including our domestic investment bank to meet our clients’ individual and business needs.”

“我们现在处于一个重要的关头，那就是私人银行服务供应商，必须决定其发展道路和商业模式” 所减少，对资产配置的态度更加积极。其目标也同样有所转变。虽然今天中国百万富翁的数量继续以惊人速度上升，然而中国的高净值投资者，却看重保存和继承财富，多于创造财富。与此同时，中国私人银行管理的可投资资产百分比，从2009年的不到15％，增加到2017年的接近50％，提供私人银行服务的机构，增长速度也是如此。唯独至今还没有增加的（至少增幅不可同日而语），就是服务的多样性。 “今时今日，业內仍欠特色鲜明的服务供应商，所以对提供私人银行服务的机构而言，选择未来发展的路向是相当重要的。”他表示。此话意在影射越来越多的证券、保险公司已开始提供私人银行式服务。再明确一点，就是说中国私人银行的“传统形态”，即商业银行作为高收益刚兑财富管理产品分销渠道的职能，已经走到尽头。刘敏说：“对不同的机构和参与者，他们对于这方面将有不同见解。但对顾客来说，他们必然会根据机构提供的不同服务，去选择供应商。” 中国银行作为蜚声国际亦是全国最历史悠久的中国贷款商，虽然有着先行者优势，但同样也正面对这个挑战。事实上，庞大的规模和内部复杂性，难免令外界怀疑银行对目前急遽变化的环境的适应能力。刘敏对中国银行该如何强化服务，有一个清晰的看法，重点关注以下五大领域。走向国际中国的高净值投资者日渐追求国际多元化，于过去数年，一些国内机构已将其业务扩大到中国境外。据刘敏所说，中国银行是中国最“国际化的银行”，因中国财富的全球化，恰好能让中国银行发挥其优势。 “我们正在透过国际化的发展策略，让银行走向全球化，以迎合客户的需求。近年，为符合相关政策、法案与法规，我们设立了覆盖香港、澳门、新加坡的国际化服务网络，并准备进军伦敦，我们正继续扩大这一网络。与其他私人银行相比，我们认为中银私人银行客户的资产管理最为国际化，因为他们的海外资产超过总资产的三分之一。” 开发平台由于可以出售给客户的产品种类有限，中国私人银行一直都倚靠提供增值服务从而与客户打造更稳健的关系。但随着客户需求的发展，私人银行的产品、服务配套的广度和复杂性也将随之而来。 “除了我们自己的独有解决方案，我们正在与一些顶尖级的机构合作为客户提供一站式服务，包括与国内外资产管理人员、学校

PEOPLE 人事

Technology Globally, private banks are investing massive resources into new technologies across their front, middle and back offices, to stay ahead of the curve and to ward off competition from non-traditional competitors. Chinese institutions are no different and, in fact, stand to benefit from the country’s recent innovation gusto. “We always aim to be smarter in how we conduct our business. We are working hard to harness opportunities brought by new technologies, including internet-based solutions, AI and big data, so as to service more customers with greater consistency and quality. Doing so will also lower the cost of doing business, thereby allowing us to deliver more value to our customers and to cover more segments. Given the size and scale of China, we believe it is important to be able to serve our clients using new technology rather than just with relationship managers that utilise offline modes.”

“The industry today is short on providers with distinctive features” Professionalisation China suffers from a dearth of international-standard private banking talent. That’s to be expected from such a young industry, but it means that those bankers that are proven performers are in demand. Accordingly, Liu says that he faces stiff competition to hold onto top-tier staff, who regularly receive offers from players within the financial services sector. “On the one hand, we are proud that our staff are highly sought after in the market, and it’s natural for them to seek out career development. But we are also taking the initiative to set up a wealth management institute in Shanghai to cultivate the best relationship manager pool in the industry; we provide internal training and we also work with professional training, research and investment management institutions to develop a best-inclass curriculum.”

Compliance Compliance is an unavoidable fact of the business, and ever more a burden for those banks operating across multiple jurisdictions. For Liu, however, “compliance is not only a lifeline for the bank, but a source of competitiveness”. “With this in mind, as we develop both domestically and globally, we are investing a lot of talent and resource into compliance so as to ensure that our operations and management meet and exceed regulatory requirements. In doing so, we may limit our speed of development in the short-term, but in the long run, for a bank to operate healthily and to develop steadily, strong compliance is paramount. We believe compliance can become a source of competitiveness for Bank of China.”

“今时今日，业內仍欠特色鲜明的服务供应商” 和医疗服务商等非金融机构合作，为客户及其家属提供增值服务; 同时与本集团内的子公司，包括我们本地的投资银行配合，以满足客户的个人和业务需求。” 科技在全球层面上，私人银行正在投入大量的资源在前台、中台和后台，以便保持领先地位，摆脫非传统竞争对手。中国的机构亦同时受惠于中国近年的创新科技潮。 “我们一直以更智慧地开展业务为目标。我们正在努力利用新科技带来的机遇，包括以互联网为本的解决方案，人工智能和大数据，从而为更多客户提供更加优质如一的服务。这样做也将降低我们开展业务的成本，使我们为客户创造更多价值，并覆盖更多细分市场的服务。基于中国的面积和规模，除了单靠客户经理提供线下服务，能运用新科技服务客戶也相当重要。” 专业化中国缺乏满足国际标准的私人银行人才。由于这个行业仍在起步，故业界对拥有实战经验的银行家非常渴求。刘敏表示，一线的员工，经常会被金融服务业其他机构以厚酬招揽，他们在挽留人才方面，遇到不少挑战。 “但另一方面，我们也为员工在市场上受到高度追捧感到自豪；毕竟，追求事业发展正常不过。我们正在上海创办财富管理学院，培育业内最佳的客户经理人；我们提供内部培训，并与专业培训、研究和投资管理机构合作，从而开发一流的课程。” 合规符合法规是业务必须做到的一点，但对于在不同国家／地区营运的银行来说，这是一个很大负担。但刘敏说:“合规不仅是银行的生命线，而且是竞争力的来源。” “随着我们在国内和国际上的发展，基于这一点，我们正在投入大量人才和资源以合符法规，以确保我们的运营、管理达到并超出监管要求。这样做可能会减慢我们在短期内的发展，但长远而言，一个银行要健康运作、稳步发展，遵守法规是至关重要的。我们相信合规可以成为中国银行的竞争力来源。” 23

PEOPLE 人物

Minsheng Private Banking’s Kong: “We want to be the private bank for entrepreneurs” 民生银行私人银行部孔庆龙： “我们想成为服务企业家的私人银行” Dr. Kong, China Minsheng Banking Corporation (Minsheng) launched its private banking department in 2008. How have you set about building a competitive advantage? We are a relative newcomer, but we have developed very rapidly over the past decade. On the whole, I believe we placed too much emphasis on selling products - we focused on generating revenue simply by selling product without necessarily emphasising the client himself. For standard retail clients, that strategy may be ok, but for HNWIs, it is inadequate. We often say that we need to build up a customer-centric system, but this is easier said than done because we still need to make money. How do you make money? By selling, selling, selling. Many private banks in China conduct business like this, but we endeavour to realise a customer-centric approach. We have our advantages because, internally, we are a relatively independent division. From this perspective, we are more like a real private bank than many of our competitors. From you perspective, what does a customer-centric private banking business look like? How does one build a private bank in China? I think that’s the key question. Within the department, we have divided our business into several lines: retail, asset management and investment banking (IB). Based on this, we divided our entire client portfolio into ordinary retail, affluent, HNW, super-HNW and UHNW. Each segment has its own specific needs. In my past 20 years, I mainly have been involved in IB and I think in China there is a growing need among Chinese HNWIs for IB services, as well as for wealth planning around inheritance and succession. So we are designing our business structure and model around the demands of clients in the Mainland. We have a duty to help them realise and protect their wealth. To reiterate, we want to build a real private ‘bank’, I mean, from the client’s perspective.

Dr. Kong Qinglong, general manager, private banking, China Minsheng Banking Corporation 民生银行私人银行部总经理孔庆龙博士

孔博士，中国民生银行于2008年设立私人银行部门。您打算如何打造竞争优势？我们相对而言是后来者，但业务近十年来也发展得很快。总体上讲，我觉得我们过度重视产品销售——专注于销售产品来创收，而不一定重视客户本身。对于标准零售客户来说，这个策略或许无可厚非，但对于高净值人士而言，这样做则未合要求。

PEOPLE 人物

“How do you make money? By “怎么赚钱？销售，销售，再销售。 selling, selling, selling. Many private 中国许多私营银行都是以这种方 banks in China conduct business like 式开展业务，但是我们却努力坚持 this, but we endeavour to realise a 以客为本” customer-centric approach” It sounds as if you are pursuing a ‘one bank’ approach, but realising synergies between departments is not easy. You know why this is not so easy? First we face a completely different regulatory environment in China. Most developed countries have what I would call a mixed regulatory system, but in China we have a separate regulatory system - so if you are licensed as a commercial bank or investment bank, that’s precisely what you do. The second point is that commercial banks - by nature of their size and relative complexity - are typically divided into several segments or business lines. So if you want to set up a business structure according to the needs of clients, you must overcome these structural obstacles. That’s what we at Minsheng Bank are determined to do, because we believe we are different to other commercial banks. We are the oldest and largest bank in China that is not owned by state-owned enterprises. Our shareholders are entrepreneurs, and so Minsheng Private Banking has set itself the goal of being the most preferred bank for entrepreneurs. In fact, that is not just to goal of the private bank but the strategy for the entire bank.

我们常说，需要建立以客为本的机制，但是说来容易做来难，因为还需要赚钱。怎么赚钱？销售，销售，再销售。中国许多私营银行都是以这种方式开展业务，但是我们却努力坚持以客为本。民生有内部优势，就是我们的私人银行部门相对独立。从这个角度来看，我们更能突显私人银行的真正意义，这跟很多竞争对手不一样。您认为以客为本的私人银行业务应该是何种面貌？如何在中国建立私人银行？我认为这才是关键问题。我们在部门内部划分了几条业务线：零售、资产管理和投资银行。在此基础上，我们将整个客户群体分为普通零售、贵宾、高净值、超高净值和极高净值。每个细分都有其具体需求。近20年来，我主要从事投行。我认为在中国，高净值人士对投行服务、对传承与继承相关的财富规划需求日益增加。因此，民生正围绕内地客户的需求来设计业务结构和模型。我们有责任帮助客户实现和保护他们的财富。需要重申的是，我们希望从客户的角度出发，来建立一个真真正正的私人银行。

There is general group-wide buy-in that the strategy going forward will involve bringing the entire capabilities of the bank to your private clients? Yes. It may take us more time to build synergies between those departments but I expect to see even deeper structural reform and inter-departmental consolidation within the next three months.

听起来像在寻求“One Bank”举措（投行和私银互相介绍客户— —译注），但实现部门协同并不容易。知道为什么不容易吗？首先，我们在中国面临着完全不同的监管环境。大多数发达国家实行的监管制度，我称之为混合型。但中国实行分业监管— —就是说，拿到商业银行的牌照，就只能做商业银行；拿到投行的牌照，就只能做投行。第二点是，商业银行由于其本身的规模和相对复杂性，通常分为几个部门或业务线。

Is it fair to say, then, that Minsheng Private Banking will continue to focus on upper-tier clients? Yes, exactly. That is a feature of Minsheng’s strategy. In terms of AUM per capita, Minsheng Private Banking has the highest in China, at around RMB 20 million per client.

所以要想根据客户的需求制定业务结构，就必须克服这些结构性障碍，这就是我们的决心所在，因为我们认为民生银行是有别于其他商业银行的。民生是中国历史最悠久、规模最大的非国有银行。我们的股东是企业家，所以民生私人银行的目标是成为企业家的首选。其实这不仅仅是私人银行部的目标，也是整个民生的战略。

Because these clients typically have more complex needs and are resource intensive, you therefore require high calibre talent that is wellversed in product as well as client management. It’s very difficult. We do have to build the best team and to raise the level of professionalisation overall. So we seek talent from across multiple sectors, not solely from commercial banks, but also the fund management industry, and we are able to provide competitive remuneration and support.

调动全行的力量来为私人银行客户服务，是民生银行发展战略的一环。这一点是否得到了民生整体的认同和理解？是的。我们可能需要更多的时间来实现部门之间的协同增效，但我预计在未来三个月内将有更深入的结构性改革和跨部门整合。这是否意味着，民生私人银行会更加重视上层客户或超高净值人士？没错，的确如此。这是民生战略的一个特点。民生私人银行人均资产管理额位居中国之首，客户人均约2000万人民币。

Let’s return to how you intend to structure the private bank and to bring to your private clients the bank’s entire capabilities. Last year I put forward a concept for building up the private bank, which roughly translates as “a rocket with three wings”. The body of the 25

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‘rocket’ is, of course, wealth management. The first ‘wing’ is investment banking, e.g. providing financing for the clients. The second ‘wing’ is what I call “internet-plus”. As you know, digital technology is exerting a greater influence on the wealth management business, and even nascent artificial intelligence technologies are now being employed. The third ‘wing’ - and a very important aspect of my concept - is internationalisation. We want to help our clients invest globally, but they do not have many channels available to them to achieve this. Without these three ‘wings’, we would not be able to provide services and solutions that are the hallmark of a ‘true’ private bank - we would only be selling those standard investment products. And you know, for the best wealth managers globally, they also have their own process for conducting business. I have also put forward a process that we call “UPPER”. Briefly, we first must Understand the needs of our clients. We must then Propose. Once we have spoken with a client and understand his needs, we provide them with recommendations. The second ‘P’ stands for Personalise. Our entrepreneurial clients tend to be specialists in their fields, so we must communicate continuously with them in a personalised manner. The ‘E’ is for Execute and, finally, the ‘R’ refers to Rebalancing. Through the process, we help clients preserve and accumulate wealth in a steady way.

“Our shareholders are entrepreneurs, and so Minsheng Private Banking has set itself the goal of being the most preferred bank for entrepreneurs” For Minsheng Private Banking to achieve this degree of sophistication, then, it is crucial that your clients are ready to embrace more mature concepts, whether around the relationship between risk and return or asset allocation. It is very important for us to help our clients build a mindset towards asset allocation. In the past 20 or 30 years, commercial banks have approached wealth management as a fixed income distribution business. This is no longer tenable. Deepening financial reforms are likely to make these fixed income WMPs more rare. Minsheng has earned a reputation for being technologically forwardthinking - and indeed, one of your three ‘wings’ emphasises technology. So what is your vision for the private bank in terms of harnessing technology to ultimately enhance the client experience and business processes? No technology, no future. In the private banking sector, it’s about striking a balance between using new technologies and maintaining that human touch. Especially when you are dealing with UHNW clients, technology cannot usurp the human. One of the reasons we need to remain adaptable and human-centric is because this is a changeable environment when it comes to markets and policies. We need to constantly analyse how policies will change - whether they will open or tighten. Therefore, financial innovation may be permissible in one 26

这些客户通常拥有更复杂的需求，而且属于拥有丰富的资源。这意味着您需要精通客户管理和产品的高素质人才。这非常困难。我们的确必须建立最好的团队，提高专业化水平。因此，我们从各个领域招募人才——不仅仅是商业银行，还包括基金管理行业，而且我们可以提供具有竞争力的薪酬和支持。回到之前的话题，您打算如何构建私人银行，并将银行的能力发挥到极致，来服务私人银行客户？去年我提出了打造私人银行的一个理念，称为“一体三翼”。其中的主体，当然就是财富管理。三翼之一在于投行，为高净值人士提供融资。至于三翼之二，我称之为“互联网+”。大家知道，数字科技对于财富管理业务的影响日益深化，就连新兴的人工智能科技也已开始投入使用。三翼之三在于国际化，这在我的理念当中是非常重要的一环。我们想帮助客户全球投资，因为他们没有很多渠道可以实现这一点。没有这三翼，我们就无法提供“真正”私人银行应有的服务和解决方案，相反我们只会停留在出售标准的投资产品。大家知道，全球顶尖财富管理机构也有一套自己的业务流程。我也提出过一套流程，用我们的话说就是“UPPER”。简而言之，我们首先要理解（Understand）客户的需求。接下来要提出建议（Propose）。在与客户交流、理解客户需求以后，我们就会做出推荐。第二个“P” 代表“个性化” （Personalise)。企业客户往往是其所在领域的专家，所以我们必须以个性化的方式与他们不断沟通。 “E”代表着执行（Execute）。最后的“R”是指再平衡（Rebalancing）。我们通过这样的业务流程来帮助客户实现财富的保值和积累。

“我们的股东是企业家，所以民生私人银行的目标是成为企业家的首选” 那么，对于民生私人银行来说，要想达到这种境界，并打造业务，同样需要客户做好准备，接受更为成熟的理念，无论这种理念是关于风险与回报的关系，还是关于资产配置。培养客户的资产配置意识，对我们来说非常重要。近二、三十年来，商业银行将财富管理变成了固定收益分销业务。这已经不合时宜。深化金融改革可能有助于减少这些固定收益财富管理产品的供应。民生已因前瞻性的科技眼光而声名远播，而且您提出的“三翼”之一强调的也是科技。那么您对于私人银行利用科技来最终提升客户体验和业务运作，有何愿景？没有科技，就没有未来。在私人银行领域，如何在新科技的应用和人性化之间取得平衡，才是关键所在。尤其是在接待超高净值客户时，科技无法取代人类。我们之所以需要保持灵活变通、以人为本，当中一个原因，就是市场和政策环境充满变数。我们需要不断地分析政策走向——无论是放开还是收紧。因此，金融创新可能在一段时期受到推广，但在另一段时期受到限制。从一定程度上讲，科技无法像人一样适应这些变化。我修读计算机，会写代码。如何设定参数来定义程序的运行，这取决于设计者的理解；所以我认为没有程序能够预测市场或政策的变化时机和走向。就人工智能在财富管理中的应用而言，这项科

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“In the past 20 or 30 years, commercial banks have approached wealth management as a fixed income distribution business. This is no longer tenable” period but limited in another. Technology, to a certain degree, cannot adjust to these changes the way that humans can. I have studied computing, I can code, and those parameters that determine how a programme functions depend on the understanding of the designer; so I don’t think any programme is able to say where or how a market or policy will change. In terms of the application of AI in wealth management, this tech is now primarily used to select public funds. But many of our clients invest in alternative strategies, where every product is unique. Robots, for now, cannot deal adequately with such differences. So how are you implementing new technologies into the private banking business? We use big data analysis because we store a lot of information about our clients and their purchasing behaviour. This analysis is then used to inform our asset allocation recommendations. For example, before we used digital technology, we would simply recommend to a client to allocate say 20% into equities. Now we are able to systematically factor in risk to drive allocations. Minsheng Bank opened a private banking branch in Hong Kong earlier this year. Internationalisation, as you stated earlier, is one ‘wing’ on your ‘rocket’. Just how important is it for Minsheng to expand its private banking footprint beyond the Chinese Mainland? The Hong Kong branch is very important for us because, unlike some older Chinese financial institutions that have a number of overseas branches, we are just at the beginning of our offshore expansion. We are looking to open new branches in Singapore and also London. For the time being, however, we will use our Hong Kong branch to build a platform for recommending products and services for clients overseas and to introduce international products to our domestic clients. Our overseas business has grown rapidly. As of June this year, overseas growth had surpassed that achieved for the entire 2016. Being the offshore platform, the private banking unit in Hong Kong aims to provide middle-to-high-end customers with an access to offshore solutions and international investment opportunities through its cross-border wealth management platform. It is currently one of the top five Chinese private banks in Hong Kong and is undergoing a threeyear growth plan, aiming to grow its business scale significantly from the current HK$10 billion in AUM. The private banking unit in Hong Kong is well positioned to unlock and capture new opportunities, for example, within Greater Bay Area.

“近二、三十年来，商业银行将财富管理变成了固定收益分销业务。这已经不合时宜” 技目前主要用于筛选公募基金。但是对于投资另类工具的许多客户而言，每个产品都是独一无二的。目前，机器人无法充分把控这些差异。那么您如何在私人银行业务中实施新科技呢？我们采用大数据分析方法，因为我们存储了大量关于客户和购买行为的信息。大数据分析进而会用于辅助我们提出资产配置建议。举个例子，在使用数字科技之前，我们只会建议客户将20％的资产用于配置股票。现在，我们可以系统性地根据风险偏好来进行配置。民生银行今年早些时候在香港开设了私人银行中心。您之前提到，国际化是三翼之一。对于民生来说，私人银行业务的境外扩张究竟有多重要？香港分行对于民生来说非常重要，因为民生不像国内一些老牌金融机构那样有很多海外分行，我们的离岸扩张才刚刚起步。我们打算在新加坡和伦敦开设新的分行。不过当前，民生将利用香港分行来打造平台，为海外客户推荐产品和服务，向国内客户引进国际产品。我们的海外业务增长迅速。截至今年6月，海外增长的幅度已超过2016年全年。作为离岸平台，民生香港私人银行部的目标是通过跨境财富管理平台，向中高端客户提供离岸解决方案和国际投资机会。民生是香港前五大中资私人银行之一。目前正在开展三年增长计划，目标是在100亿港元资产管理额的基础上增加业务规模。民生银行香港分行私人银行部有能力开拓和把握新的机遇，例如大湾区内的巨大机遇。 27

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Noah’s Wang: “Implicit guarantees cannot last forever - the key is to educate investors” 诺亚控股汪静波: 刚性兑付不可持续，投资者教育势在必行 Ms. Wang, in the 12 years since Noah was founded, a fair amount has been written on the firm’s dramatic domestic growth and international expansion, as well as the broader impact Noah is having on China’s wealth management industry. Is there something that is not widely reported that you feel is worth touching upon at the outset? One achievement that I am particularly proud of is that we have had a very stable corporate management team right from the get-go, which has a very deep knowledge and understanding of the industry. Yes, we were among the first movers, but we have remained specialised and focused on wealth management. On top of this, we have invested continuously in investor education and so we grow alongside our clients. Looking back at Noah’s founding, can you take us through the decision behind the management buyout and perhaps explain why XiangCai Securities decided to offload a private banking business that you clearly felt had a lot of potential? XiangCai Securities, the parent company at the time, had a positive view towards the Chinese wealth management industry. That’s why they set up a private banking department in the first place. The reason why we did a management buyout was purely because the Asian market had experienced a downturn at the time. This led to some restructuring, with the firm deciding to prioritise different businesses. It was not that we saw something that XiangCai Securities did not and, in fact, we received a lot of encouragement and support from the firm. Before we touch upon positive drivers for the Chinese wealth management industry, I’d like to look at one major inhibitor: financial institutions providing implicit guarantees for high yielding WMPs. I’m a supporter of a strong regulatory framework. This idea of implicit guarantees cannot last forever. The key is to educate investors. Education will mature investors’ minds. We all know there is no such thing as risk-free investing - risk is unavoidable - so we as an industry need to continue to increase our level of professionalism to remain in line with regulatory standards.

Ms. Jingbo Wang, co-founder, chairman and CEO, Noah Holdings 诺亚控股联合创始人、董事局主席兼CEO汪静波

汪总，诺亚成立12年以来，国内业务蓬勃发展，国际扩张如火如荼，对中国财富管理业的影响力日益提升，这些都有不少报道。有什么地方你觉得从一开始就应该引起重视，却还没被广泛报道的？诺亚自创立之初就拥有非常稳定的企业管理团队，是我特别引以为豪的一个成就。我们核心的创业团队对整个行业非常理解。诺亚的确具有先发优势，但是我们一直以来都专攻和专注于财富管理。除此之外，诺亚亦不断深化投资者教育，与客户一起成长。回首诺亚的创立，您能否跟我们谈谈当初管理层收购背后的决策？或许可以解释一下，湘财证券为什么会决定剥离私人银行这块您显然非常看好的业务？当时母公司湘财证券对中国财富管理业前景看好，不然一开始也不会设立私人银行部。我们实施管理层收购，纯粹是因为当时亚

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“I always encourage our products team to reflect on those things we didn’t do as well as we should have” The difficulty there is that Noah can emphasise and dedicate major resources to client and staff education. But there are other wealth management players out there who continue to offer such guarantees. So how do you, as a firm, remain competitive while at the same time stand firm behind free market principles? That’s a good question - this bothers me sometimes. We want to be a long-term company. To achieve this, we must distinguish between market opportunity and market temptation. When I was setting up the firm, nobody actually believed that Chinese investors would invest over the long term and so no one was willing to offer PE and VC opportunities with long time horizons. But we were firmly of the belief that we should keep moving in the same direction, because we would eventually find those core clients who share our same vision and belief. To a large degree, a robust due diligence process must form the backbone of a sustainable wealth management business in China. So how has your approach to risk and product due diligence evolved over the past decade or so? I’d like to answer this by first looking back at the risks we have faced over the past 12 years. First, Noah is an open-architecture platform, so selecting the best fund manager is pivotal. Sometimes, we make a very good decision in terms of investment judgement, but the fund manager we chose perhaps did not live up to expectations. Second, we may choose the best GP [general partner], but the industry itself may not be the ‘best’ one for us to be in, given our relative unfamiliarity with it. Third, in terms of non-standardised or alternative products - which have become very popular with Chinese HNWIs - we have faced some default risks. And fourth, we have encountered fraud risks. Each and every time we run up against such risks, I always encourage our products team to reflect on those things we didn’t do as well as we should have. The point is that we, as a team, must continue to improve ourselves and our processes. In fact, the longer we do wealth

“When I was setting up the firm, nobody actually believed that Chinese investors would invest over the long term and so no one was willing to offer PE and VC opportunities with long time horizons”

“我总是鼓励产品团队要反思经验教训” 洲市场低迷，导致公司重组，需要决定不同业务的优先次序。并不是说我们看到了湘财证券没看到的机遇，其实我们剥离出来，也得到了湘财证券的大力鼓励和支持。在探讨中国财富管理业的积极推动因素之前，我想先关注一个主要的抑制因素：金融机构为高收益财富管理产品提供刚性兑付。我支持推行强而有力的监管框架，刚兑的理念不可持续。能否打破刚性兑付，关键在于做好投资者教育，让投资者建立成熟的理念。我们都知道，无风险投资是不存在的——风险不可避免，所以作为行业本身，要提升专业程度，遵守监管标准。难就难在，诺亚可以重视客户和员工教育，并为此投入大量资源；但是还有其他财富管理机构依然在提供刚性兑付。那么，作为一家企业，诺亚如何保持竞争力，同时坚持自由市场原则呢？这是很好的问题，我有时也会纠结。我们想做百年老字号。要做到这一点，就必须区分市场机遇和市场陷阱。刚开始创业时，没人相信中国投资者能做长期投资，所以没人愿意提供私募、风投这类长期项目。但我们坚信，只要朝着一个方向坚持下去，最终一定能找到志同道合的核心客户。

“刚开始创业时，没人相信中国投资者能做长期投资，所以没人愿意提供私募、风投这类长期项目” 从很大程度上讲，中国财富管理业的可持续发展，必须以强力高效的尽职调查流程为支柱。那么近十多年来，诺亚的风险和产品尽职调查方式经历了怎样的演变？我想先回顾一下过去12年来遇到的风险。首先，诺亚是一个开放的平台，所以筛选最优秀的资产管理人是至关重要的。有时候，虽然我们可能做出了明智的投资判断，但是选择的资产管理人并没有达到预期。第二，我们可能选对了GP（普通合伙人），但选中的行业本身可能并不“理想”，因为这是我们相对不熟悉的领域。第三，另类投资产品或非标信贷类产品，早在中国高净值人士中大行其道，然而一些产品存在违约风险。第四，我们遇到了欺诈风险。每次遇到这样的风险，我总是鼓励产品团队要反思经验教训。关键是作为一个团队，要持续改进自身，砥砺前行。事实上，在中国从事财富管理的时间越长，我们就越需要理解自己的能力边界，要明确哪些事情可以做，哪些事情不能做。同时，我们必须分析、筛选每个行业资产类别下最优秀的GP，必须有能力分析这些基金或GP挂钩的基础产品，这样才能自信地开展业务。因此，我们投入了大量时间来研究具体行业，以更好地了解行业动态，定量、定性地加强风险控制能力。 29

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management in China, the more we must respect our boundary of capabilities by knowing what we should and should not do. At the same time, we must analyse or screen for the best GP of an industry asset class and we must have the ability to analyse the underlying assets of those funds or GPs in order to do our business with confidence. This is why we spend a lot of time looking at specific industries to better understand their dynamics, as well as strengthening our risk control capabilities from both a quantitative and qualitative standpoint. From an overall portfolio management perspective, we want to help our clients with asset allocation, diversification and investor education, and to strengthen our overall funds capabilities. It is equally important to point out that China’s wealth management industry continues to change. There is a shift away from being purely product-driven to being services-driven. I wonder just how many of your peers would agree with you on this point, that there has been a meaningful shift away from product distribution to holistic servicing. Actually, this shift is very noticeable. Right now we cover around 76 cities, including many third and fourth-tier cities where a lot of entrepreneurs originate. Around 70% of our clients today are entrepreneurs. Most of their children are studying abroad - so the pace of internationalisation is quicker than you would imagine. In fact, a lot of this second generation has graduated or is graduating from a university in the West. These individuals have strong views towards inheritance-related matters, or they are looking to develop their own

从整体投资组合管理的角度来看，我们要帮助客户进行资产配置，分散投资和投资者教育，并加强我们基金的各方面能力。同样需要指出的是，中国的财富管理业还在转型，从纯粹的产品驱动转化到服务驱动。不知道有多少同业认同您这个观点，就是从产品分销到综合型服务的实质性转变。其实这个转变非常明显。诺亚现在覆盖了大约76个城市，包括很多创业者起家的三、四线城市。目前诺亚70％左右的客户是创业者。他们的子女大多在海外学习，所以国际化进程的速度可能超出想象。其实这些第二代，很多都已经或即将从西方大学毕业，对传承财富相关的事宜很有主见，或者正在寻求自主创业。因此，他们本身具备全球视野，自然更需要综合型的全球金融服务。我现在在美国，用微信“附近的人”功能，发现附近大多数都是中国人。有很多人将子女带到美国来参加夏令营。传统企业家正在人工智能、大数据等领域寻找商机，他们经常要求子女将技术带回中国，推动业务创新。其实我最近接待了一个客户，是A股上市公司的企业家，市值超过300亿元人民币。我们开玩笑说，北京到硅谷的距离比二环到中关村还要近！关于资产配置问题，您的客户乃至中国高净值投资者整体，他们对资产配置的优势理解有多深？在多大程度上已经准备好采用这样的策略，甚至将责任委托给资产管理人？这是一个很好的问题，具体取决于切入问题的视角。从我的角度讲，我认为现在推行全资产配置的时机已经成熟，充满潜力。与此相关的疑虑不一定来自客户。我们需要做的是加强自

PEOPLE 人物

businesses. So by their very nature, they have global perspectives, which makes them more likely to demand comprehensive global financial services. When I’m in the US, if I use the ‘nearby’ function on “WeChat”, I find that most of the people around me are Chinese. Many of these individuals have brought their children to the US for summer camps; and as traditional entrepreneurs who are looking to harness opportunities arising from AI, big data and so forth, they often ask their children to bring this technology back to China to help them innovate their businesses. In fact, I hosted a guest recently who founded an A-share listed company with capital of over RMB 30 billion. We joked that the distance between Beijing and Silicon Valley is shorter than that between downtown Beijing and Zhongguancun!

“There is a growing need to service those who have moved abroad and who are looking to invest back into China” On the topic of of asset allocation, just how aware are your clients - and Chinese HNW investors in general - of the virtues of asset allocation and how prepared are they to adopt this strategy and perhaps even to delegate responsibility to you as the manager? It’s a good question, but it depends upon the angle you approach the issue. From my perspective, I think the so-called asset allocation concept is ripe with potential and any hesitancy towards it does not necessarily stem from the client. What we need to do is to strengthen our own team to facilitate our conversation with clients around asset allocation. But, broadly, the uptake of asset allocation and even discretionary services will not happen overnight. China’s wealth management industry is widely recognised as being ripe with potential. What is your outlook? There are a number of catalysts for the further development of both Noah and China’s wider wealth management industry. First, a huge middle class is emerging - some estimates put the middle class population at around 500 million by 2020. These individuals will require WMPs and services. Chinese people are obsessed with managing their money. One of the reasons for this is that they feel insecure about their education, parents, et cetera. Second, China’s aging population will require services that facilitate wealth transfer and retirement. Third, as we have just discussed, Chinese HNWIs today are more cognisant of the benefits of asset allocation, and they are looking for international diversification. It must also be said that China is still the fastest growing market in the world. Over the last ten years, many Chinese have emigrated and may have missed out on domestic investment opportunities. So I believe that there is a growing need to service those who have moved abroad and who are looking to invest back into China.

“我们日益为希望投资中国的海外华人提供服务” 身团队，以便与客户就资产配置进行对话。但是，从广义上说，资产配置乃至全权委托服务的推行，都不能一蹴而就。众所周知，中国财富管理业发展成熟，潜力巨大。您对此有何展望？如今有众多因素推动着诺亚、乃至整个中国财富管理业的深化发展。首先，一个庞大的中产阶级正在崛起。据估计，到2020年，中产阶级人口将达5亿。这些人需要财富管理产品和服务。中国人爱理财，其中一个原因在于对教育、赡养等领域有不安全感。第二，中国人口老龄化将催生财富传承和养老服务需求。第三，正如之前所讲，中国高净值人士如今更加意识到资产配置的裨益，并且正在寻求国际境外资产配置。此外，应该说，中国依然是全球增长最快的市场。近十年来，许多中国人已经移民，他们可能错过了国内投资机会。所以我认为，我们日益为希望投资中国的海外华人提供服务。

PEOPLE 人物

Hang Tang Wealth Management’s Cui: “For responsible WM firms, there is room to grow” 恒天财富总裁崔同跃: 负责任的财富管理公司均有增长空间 Mr Cui, you used to work at ICBC Europe in private banking and asset management before joining Hang Tang Wealth Management. How challenging was the shift? Whereas I used to be responsible for one department, now I am responsible for the entire business so, in a nutshell, that has been the biggest challenge. Also, the wealth management business environment is not as stable as the private banking space. You mentioned to me earlier that Hang Tang, over the past six years, has engendered a high degree of client trust. There are many ways to do this. A more cynical (and perhaps unsustainable) approach, for example, could be to guarantee yield on your products. For us, trust is a function of track record and the quality of servicing. It’s all about building a consistent and tested relationship with the clients. How do we do this? We have a good client-facing team, we have strong products team and we continue to recruit experts. In recent years, a number of financial consultants [relationship managers] who have a background in banking, trusts and securities have joined us. So it is fair to say that most of our staff now hail from a financial services background. To give you a sense, we currently have around 2,700 relationship managers across 130 branches and cover 70,000 clients. The key for us is to increase the professionalisation of our team, just as we aim to increase the financial acumen and sophistication of our clients.

“Client trust is a function of track record and the quality of servicing” I want to touch upon client education in a bit, but first let’s look at how you structure your business and I’m particularly interested if you, like many of your peers, are sales-led in the sense that your modus operandi is to push product first and foremost. I agree that most firms focus on the sales aspect of the business. They typically pay heavy commissions to RMs to amass clients but are unable to foster long-term relationships when their method is to push.

Cui Tongyue, president, Hang Tang Wealth Management 恒天财富总裁崔同跃

崔先生，您加入恒天财富管理之前，曾经在工银欧洲从事私人银行与资产管理工作。这样的转变有何挑战？总体来说，最大的挑战在于我以前只为一个部门负责，现在要为整个公司负责。此外，财富管理的业务环境不如私人银行稳定。你曾经对我们提过，在过去六年，你在恒天成功建立了客户信任。我们知道有很多方法建立客户信任，比如说，一种比较激进（或许难以持续）的方法就是刚兑。对恒天来说，客户信任取决于过往业绩和服务质量。究其根本，无非是要与客户建立一个恒久和经得起考验的关系。我们如何做到这点？恒天拥有优质的前台团队、强大的产品团队，同时持续吸纳着专业人士。近年来，不少拥有银行、信托和券商背景的理财顾问（客户经理）加盟了恒天。因此可以说，现在大多数员工都来自金融服务背景。具体而言，恒天目前有超过2700名客户经理，遍布130家分行，服务7万名客户。对恒天来说，关键在于提高团队专业化水平，正如我们也在着力培养客户的财务嗅觉和成熟观念。

PEOPLE 人物

Essentially, our proposition centres on ‘three sides’: clients, the asset manager and financial consultant. The key is to understand how these sides work together to provide a superior service experience for the client. So for financial consultants, it is crucial to develop a strong culture, to motivate, and to provide them with the tools and products to build market share and manage their clients. On the client side, we focus on providing good products, service and ideally asset allocation. And with the asset manager, we focus on creating new and relevant products for the clients. At the management level, we work closely with the asset manager and financial consultants, and the financial consultants manage client relations. With 2,700 relationship managers, do you struggle to achieve and maintain consistency in servicing and advice? It’s all about creating unity. Initially, we relied on our sales ability to build scale and so we necessarily emphasised core cohesiveness. Our company culture has always been predicated on our motivation to develop and improve, which itself drives team unity and enables us to focus on a common goal. Just as it important for you to raise the level of professionalisation among your staff, so must you educate your clients so that they interact with the firm in the ‘correct’ manner. How are you going about this? We now have the Hang Tang University which is an important tool for educating investors and we produce regular research and reports that are distributed to our clients. Of course, clients are also invited to our offices where they can interact with us face-to-face. One of the major education drives we have is around the concept of asset allocation. This a common theme amongst a number of your private banking and wealth management peers in China. The concept has been misused by a number of investment companies. How do you mean? Well, when it comes to asset allocation, it all hinges on having the right ‘ingredients’. If you want to make a high-quality dish, you need fresh, quality ingredients; but if you use rotten ingredients, as a number of firms do, the dish will taste bad! Hang Tang knows how to select the best ingredients. These are, of course, early days for China’s wealth management industry and best practices are still applied inconsistently. How do you see the industry developing over the next few years? Right now, if you look at industry statistics, market penetration in terms of assets managed by professional wealth managers is low. So for responsible wealth management firms, there is room to grow from what is still a low base. Our ability to capture market share depends on how we connect financial consultants, our asset managers and clients. There’s a fourth variable at play here: regulations. One notable development is the introduction of VAT . The wealth management industry has not been subject to too much taxation of the past 20 years or so. We don’t have capital gains tax; we don’t have inheritance tax. It’s different in the European and US markets of course. From this year onwards, things will change, not just for Hang Tang, but for all participants. We do not fear this trend but we can prepare for it. In fact, greater taxation will give rise to opportunities to provide more professional services, including tax planning.

我稍后也希望谈谈客户教育，但在此之前，我们先来探讨您如何打造业务结构。我特别感兴趣的是，您是否像许多同行那样推崇销售为王的作风，把产品放在首位。的确，大多数公司都重视业务的销售层面，它们通常给客户经理开出高额的佣金来“拉客”，但是一味地推销维系不了长远的关系。我们的核心主张集中在三个方面：客户、资产管理和理财顾问。关键在于了解这三方如何互相配合，从而为客户提供卓越的服务体验。在理财顾问方面，关键在于营造良好的文化氛围和激励机制，为他们提供工具和产品来建立市场份额、管理客户。在客户方面，我们专注于提供优质产品和服务，最好再结合资产配置。在资产管理方面，我们着力为客户打造相关的新产品。在管理层面，我们与资产管理部和理财顾问紧密合作，由理财顾问负责管理客户关系。

“客户信任取决于过往业绩和服务质量” 恒天拥有2,700名客户经理，在这种情况下，达成并维持可以贯彻始终的服务和咨询水准难不难？这个问题的核心在于团结一致。恒天最开始是靠销售能力起家，所以对企业内部的核心凝聚力非常重视。竭力发展和改进是我们企业文化的核心，单是这点就带动团队的团结，使大家向着同一个目标前进。对恒天来说，提高员工专业化水平非常重要，同样重要的是要教育客户，使之与公司以“妥善”的方式互动。您在这方面如何着手？我们现在设有恒天大学，这是推动投资者教育的重要工具。我们又定期给客户发布研究报告。当然也会把客户邀请到公司来，进行面对面的交流。我们现在教育客户的重点之一，就是在于普及资产配置概念。这是中国一些私人银行和财富管理同业的共同主题。这个概念被一些投资公司滥用了。您的意思是？资产配置的关键在于选对“材料”。要想做一盘好菜，就需要新鲜、优质的材料。如果像一些公司那样选用变质的材料来做菜，味道就不好了！恒天懂得如何筛选最好的材料。这当然是中国财富管理行业的早期阶段，最佳实践依然未贯彻地执行。您如何看待这个行业未来几年的发展？现在看行业数据就会发现，专业财富管理机构资产管理的市场渗透率很低。所以对于负责任的财富管理公司来说，在基数依然较低的情况下，还有谋求增长的空间。我们夺取市场份额的能力，取决于如何有效地组织理财顾问、资产管理和客户三方的关系。这里还有第四个变量：监管。引进增值税是一大监管动向。财富管理行业在过去20年左右没有太多的征税。我们没有资本利得税，没有继承税。这当然与欧美市场不同。从今年开始，情况会发生改变，不仅对恒天如此，对所有市场参与者亦然。我们不害怕这个趋势，但可以做好准备。其实增税蕴藏着更多机遇来提供专业服务，包括税收筹划。

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A P B M A N DAT E

Are China’s WMP curbs a segue for WM maturity?

中国加强对财富管理产品的监管，能促进财富管理业的成熟吗？ Investors’ obsession with chasing returns and an absence of discipline on the side of distributors have some watchers drawing parallels between China’s domestic wealth management market today and the environment faced by the global wealth management industry in the lead up to the 2008 crash. In China, however, local regulators are clamping down before similar major losses materialise. Those wealth managers that aim to cement their status as industry leaders would do well to learn from the experiences of their international peers and prioritise long-term relationships over short-term revenues. Who should take the lead?

投资者执迷于回报加上分销商缺乏自律，导致一些观察者认为：当今中国国内财富管理市场，形同全球财富管理业于 20 08年崩溃前夕的状态。然而，中国监管机构正在收紧政策，谨防出现类似的重大损失。财富管理机构要想有力巩固其在业内的领军地位，就必须吸取国际同行的经验，优先考量长远关系，而非短期收入。

谁应扛起大旗？

今年2月，金融监管机构召开会议，围绕财富和资产管理产品的刚性兑付议题展开讨论。其目标是申明政府将不再支持刚性兑付，风险必须由市场参与者承担。外国媒体几乎毫不掩饰其嘲讽态度。例如，彭博社撰文《中国政府欲打破刚性兑付之际，投资者仍热衷于玩胆量游戏》。文章引用北京公关人士杨女士（29岁）的话，称打破刚性兑付“这种事情，政府在口头上必须要有所表示，但未必会付诸行动。”

In February this year, financial regulators gathered with the topic of implicit guarantees for wealth and asset management products on the agenda. Their goal was to make it clear that the government would no longer accommodate such guarantees and that risks must be borne by market participants.

Tightening stagnates WMP market CNY CNY28.4 trillion as of May 2017

Foreign media did little to hide its cynicism. For instance, Bloomberg, in an article titled “China Is Playing a $9 Trillion Game of Chicken With Savers”, quoted a 29-year-old Beijing-based PR professional, Yang, who said that the crackdown was only “something that the government needs to say, but it’s not something they will eventually do”.

25 20 15

“[China’s financial system] may require a major WMP blowup to shake investors out of their complacency, an event that could wreak havoc on banks that increasingly rely on the products for funding,” the article added. For some foreign observers, such pronouncements come across as toothless, insofar as the government is unlikely to risk stability in the event of a major default. By extension, WMP risks are unlikely to be curbed unless authorities set a precedent by allowing markets to drive asset values and defaults to occur.

30T

10 5 0 2012

2013

2014

2015

2016

2017

Source: Moody’s Investors Service

A P B M A N DAT E

In fairness, Chinese authorities are today engaged in a difficult balancing act between maintaining funding channels and steering unsuitable investors away from risky assets without triggering a liquidity crunch; and it is unrealistic to expect them to rely on a significant default to ‘wake up’ wealth managers and investors alike. So should the onus fall squarely on the government? Probably not. In fact, the most effective agents of persuasion and change are the wealth managers themselves. This is because investors remain certain that the government will prevent significant defaults, especially for state-owned assets, and so Chinese authorities find themselves stuck in a feedback loop where, barring an outright ban on WMPs, they will struggle to drive investor flows away from high-risk, high yield products. “It’s one thing when the Chinese government attempts to persuade investors about WMP risks,” says one source, underlining investor doubts over whether official statements are about WMPs or broader political agendas. “But when your banker is passing up commissions by telling you not to buy a product, that is much more convincing. Chinese clients are pragmatic and when they see such behaviour – where wealth managers are acting against their own interest [regarding revenue generation] – they are much more willing to listen.”

From sellers to educators By contrast, sound regulation of the wealth management market can have a positive effect on investor sophistication, as has been the case for Asia’s offshore markets where wealth management clients are increasingly focused on diversification, asset allocation and riskadjusted returns. Earlier this year, the China Banking Regulatory Commission (CBRC) made a series of announcements regarding risk management guidelines for banks, which included stipulations around WMPs. Specifically, banks should ensure that WMPs are simple and transparent and should avoid WMPs with excessive leverage and investments not made directly into underlying assets. Most notably, the CBRC specified that sales processes should include disclosure to clients about a product’s “[type], issuing organisation, risk rating, income type and product suitability”, and that lenders will be required to match investors by risk tolerance. Such initiatives bear strong resemblance to the offshore market’s client suitability regime. As a result, China’s wealth managers will likely need to transition their business models away from product-pushing towards solutions diagnosis, even if that means forgoing an easy sale to nurture a sustainable, client-oriented business.

文中还指出， “（中国的金融体系）可能必须要出现大型理财产品违约，才会动摇投资者对刚性兑付的信心，但这也可能给越来越依赖理财产品作为资金来源的银行业造成严重冲击。” 对于一些外国观察者而言，这样的表态没有实质意义。因为在发生重大违约的情况下，政府不太可能冒险坐视市场不稳。由此可见，除非当局开创先例，让市场决定资产价值，允许违约的发生，否则财富管理产品的风险不太可能得到遏制。公道地说，中国当局目前正维持着艰难的平衡。既要在不触发重大违约的情况下维持投资渠道，又要在不引发流动性紧缩的情况下引导不合适的投资者远离风险资产。要让当局通过重大违约来使财富管理机构和投资者“觉醒”，未免强人所难。那么是否应该直接把重担推给政府？或许不然。其实财富管理机构本身最能有效推动市场劝导与转变，因为投资者依然坚信政府将会阻止重大违约，特别是国有资产违约。中国当局因而陷入一个死胡同。除非彻底禁止财富管理产品，否则很难成功说服投资者规避高风险高收益产品。消息人士称： “中国政府试图劝导投资者慎防财富管理产品的风险，这（跟市场劝导）不是一回事。”他强调，投资者会怀疑这些官方声明究竟真的只是关乎财富管理产品，还是关系到整体政治议程。 “但是如果银行员工宁可拿不到佣金，也要提醒你别买某种产品，那就有说服力的多。中国客户是务实的，他们要是看到财富管理业者牺牲自己的（赚钱）利益，就更愿意听取建议。”

从销售者转变为教育者

相比之下，财富管理市场的健全监管将促使投资者更加成熟。正如在亚洲离岸市场，财富管理客户日益注重多元化、资产配置和经风险调整的回报。今年，中国银行业监督管理委员会（银监会）发布了一系列关于银行风险管理指引的公告，其中包括有关财富管理产品的规定。具体来说，银行应确保财富管理产品简单透明，防止过度杠杆，确保投资直接转入基础产品。最值得注意的是，银监会规定，销售过程应包括向客户披露产品的“（类型）、发行机构、风险等级、收益类型和产品匹配度”，贷方应根据风险承受力来匹配投资者。这些举措与离岸市场的客户适当性制度非常相似。因此，中国的财富管理机构可能需要将其商业模式从推销产品，转变为提供解决方案，即使这意味着牺牲销售量，来换取以客户为导向的可持续业务。这样的转变并非轻而易举，毕竟整个行业已然习惯不规范的分销，行业领军者对此心知肚明。

Industry leaders are well aware of the fact that this will not be an easy transition given that the industry as whole is well-accustomed to undisciplined distribution.

“我们常说，需要建立以客户为中心的制度，但是说起来容易，做起来难。因为还需要赚钱。”民生银行私人银行部总经理孔庆龙表示： “怎么赚钱？销售，销售，再销售。中国许多私人银行都是以这种方式开展业务，但是我们努力坚持以客户为中心。”

“We often say that we need to build up a customer-centric system, but this is easier said than done because we still need to make money,” says Kong Qinglong, China Minsheng Banking Corporation’s general manager for private banking. “How do you make money? By selling,

除私募股权投资以外，财富管理市场对长期委托的需求有限。因此，要将资金引离高风险的财富管理产品，最终需要依靠投资者教育。如若不然，财富管理人就会发现客户兴趣减退。因为客户对牺牲收益，来改善风险状况的做法缺乏兴趣。

A P B M A N DAT E

Criteria to select domestic private bank/wealth manager by Chinese HNWIs, 2015-2017

Percentage of repsondents

80%

2017

2015

0 Brand & Trust

Expertise Customised RM service service

Investment scope/ return

Online transaction

Primary bank

Service privacy

Value-added service

Source: China Merchants Bank and Bain & Company, China Private Wealth Report, 2017 招商银行与贝恩公司，《2017中国私人财富报告》

selling, selling. Many private banks in China conduct business like this, but we endeavour to realise a customer-centric approach.” Ultimately, for a wealth management market that has limited demand for long-term delegation, with the exception of private equity investments, driving funds away from risky WMP assets will be an educational exercise, lest wealth managers face declining interest from clients that lack appreciation for improved risk profiles at the expense of yield. “We, as an industry, can no longer distribute [short duration, high yield fixed income WMPs] – that can only happen in dreamland!” says Tang Ning, CEO and founder of wealth management firm CreditEase. “There needs to be risk-based pricing, and market participants should bear the risk – it shouldn’t be all the government’s responsibility.”

The long-term cost of feeding risk-agnostic yield addiction Both market and political risks are difficult to predict. Chinese growth may well accelerate further to offset the risk of material losses from WMPs, especially those linked to assets susceptible to a lower growth outlook; or perhaps the general public’s suspicions are proven wellfounded, with Chinese authorities stepping in to prevent rounds of defaults should growth stall. On the downside, if regulators keep their word and allow major losses to occur, wealth managers that missed their window to implement more prudent internal processes at the cost of short-term revenue will

“我们这个行业不能再发行（短期、高收益的固定收益财富管理产品）——这种好事只有在梦中才会发生！”宜信财富CEO兼创始人唐宁表示： “我们需要以风险为基础的定价，市场参与者应该承担风险——不应该把所有责任都推给政府。”

纵容投资者沉迷于无风险收益的长期成本

市场和政治风险都难以预测。中国的增长或将进一步加速，继而抵消财富管理产品引发重大损失的风险，尤其是当风险资产易受低增长前景影响时。又或许，正如外界的推测，中国当局会在增长失速的情况下介入干预，避免“违约潮”的来袭。然而，若监管机构坐视不理，允许重大损失的发生，那么财富管理机构会措手不及，因为它们未能及时在窗口期内以短期收益为代价来建立审慎的内部流程。不仅如此，受损的声誉更将无法挽回。事实上，参考离岸市场就会发现，追寻高风险的短期收入，或将导致长期收入的巨大损失。因为一旦销售失策造成客户关系破裂，将需要多年的努力才能修复。这一点尤其适用于像中国这样注重品牌价值的市场。一项中国财富管理研究表明， “品牌与信任”已取代“专业”，成为中国高净值人士挑选国内私人银行或财富管理机构的主导因素。1 无论财富管理行业通过何种途径走向成熟，纯代销业务模式不太可能长久持续。离岸市场有很多前车之鉴。例如，2016年的市场疲软导致部分交易者的交易量骤降30％。即使有些财富管理机构能够熬过交易低迷期，利润缩水也显然是悬顶之剑。尤其是在中国，少数IT巨头及其可推广的低成本模式业已构成传统金融机构的强大竞争对手。 37

A P B M A N DAT E

not only be caught unawares, but the impact to their reputation could well prove crippling. Indeed, if the offshore market is any indicator, the decision to chase high-risk short-term revenue could result in significant losses in long-term revenue, given that it would likely take years to repair a broken relationship due to mis-selling.

此外，财富管理机构若在转变业务模式的问题上迟滞不前，就会陷入落后的境地。需要追赶的不仅表现在实施新的流程和制度来改变内部文化，还表现在客户教育领域— —这是持久战，即使当今最成熟的国际财富管理机构也在为之奋斗。

This is all the more true in a market like China where brand power matters. According to one China wealth management study, “brand and trust” has overtaken “expertise” as the leading factor for Chinese HNWIs when selecting a domestic private bank or wealth manager.1

在中国，一些行业领导者已经非常重视围绕风险的客户教育。诺亚就是一个例子。今年3月，其投资的辉山乳业仅一个交易日股价就暴跌85％。面对市场担忧，诺亚公开表明了其在刚性兑付问题上的立场。

Regardless of the path that the wealth management industry takes to achieve maturity, a pure brokerage business model is unlikely to be sustainable in the long run. Once again, much can be learnt from the offshore market. For instance, 2016’s market lull resulted in as much as a 30% decrease in trading volumes for some players in Asia. Even for those wealth managers that can withstand periods of muted client activity, margin compression is a clear and present concern, especially in China where a handful of IT giants and their scalable low-cost models are already emerging as formidable rivals to traditional financial institutions.

“我们绝不会刻意救助任何产品。”今年8月，诺亚控股执行总裁林国沣在接受媒体采访时表示： “我们会一直对客户保持透明，告诉他们产品的本质和风险是什么，但是我们不会承诺产品收益。”

In addition, wealth managers that are late in transitioning their business models could find themselves playing catch up, not only in implementing new processes and systems and changing internal culture, but in educating clients – an ongoing exercise that even the most mature international wealth managers are grappling with as of today.

Signs of progress? In China, some industry leaders are already placing a huge focus on client education around risk. Noah, for example, made public its position about guaranteed returns following concerns about an investment it had made in China Huishan Dairy, whose shares fell 85% in one single trading day in March.

初步的进步迹象？

产品方面，有迹象表明，市场对非刚兑财富管理产品的需求日增。根据安联环球投资最近对中国银行经理的调查，非刚兑资产净值型财富管理产品正在投资者中走俏。 “我们基层研究团队与中国各银行的分行经理谈到这些问题时，发现市场对财富管理产品的需求依然强劲。”安联环球投资日前在题为《中国的银行正走向透明》（China’s Bank are Looking Less Shadowy）的网络文章中表示： “但是消费者日益关注更加透明的新型产品。” 在追求收益之余，加大重视基础产品及其风险回报状况，亦有潜在改善客户教育的额外裨益。据安联全球投资透露:“资产净值型产品使银行得以免除刚兑义务，同时要求银行教育客户了解自身风险敞口。” 2016年财富管理产品市场规模达到29.1万亿元的高峰之后，中国人民银行宣布计划将此类表外产品纳入“宏观审慎评估”，以遏制风险。消息一出，中国的财富管理市场几乎立即停滞不前。根据现有数据，这一状况至少持续了六个月。当局此后发布了一系列新规，旨在进一步收紧市场。

WMP yield by tenor <1 Month

1-3 Months

3-6 Months

6-12 Months

>1 Year

5.0% 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 Jul’16

Aug’16

Sep’16

Oct’16

Nov’16

Dec’16

Jan’17

Feb’17

Mar’17A

pr’17M

ay’17

Jun’17

Source: PY Standard

A P B M A N DAT E

“We will never bail out any product,” said Kenny Lam, group president of Noah Holdings, in a media report in August this year. “We are always transparent with clients, telling them what risks they are taking and what products they are buying. But we can’t guarantee them the return.” And from a product perspective, there are already signs of growing demand for non-guaranteed WMPs. According to a recent survey of bank managers in China by Allianz Global Investors, NAV-type WMPs, which do not contain implicit guarantees, are gaining traction amongst investors. “When our Grassroots Research team recently talked to bank branch managers in China about these issues, we found that demand for WMPs remains strong,” the investment manager said in a recent online post titled “China’s Bank are Looking Less Shadowy”. “But there is growing consumer interest in a new, more transparent product.”

无论这些监管是为保障投资者而设，还是迎合去杠杆化行动，都是想仿效国际财富管理市场日益增长的监管，针对协调分销商和客户利益。即使财富管理机构不遵循中国当局的警示来谋求进步，离岸同业也有很多前车可鉴。它们很多也是从市场支撑（按照中国的情况，就是由政府潜在支撑）的纯代销格局，转变成更注重风险、客户适当性和投资者教育。没有人能百分之百肯定，一个标榜无风险产品的代销机构就无法奠定常青基业，但是市场至少让我们明白一个道理，不能只顾当下，更需谋求长远。

WMP growth slowdown 60% 56.5%

A greater focus on underliers and their risk-return profiles, rather than on yield alone, also has the added benefit of potentially improving client education. According to Allianz Global Investors, “NAV-type products remove the implicit-guarantee obligation from banks and require them to educate customers about their own risk exposure”.

45%

After the WMP market peaked at CNY 29.1 trillion in 2016, the People’s Bank of China (PBoC) made a move to contain risks by announcing plans to include such off-balance sheet products in their “macro prudential assessment”. Almost immediately, China’s WMP market stagnated and this persisted for at least six months through April 2017, according to available data, and authorities have since released a flurry of new rules aimed at further tightening the market.

30%

Whether these regulatory developments are directly designed for investor protection or they are mere peripheral effects from a wider deleveraging campaign, such initiatives mirror the international wealth management market’s growing regulatory focus on aligning distributor and client interests. Even if wealth managers do not heed the warnings of Chinese authorities to shape up, there are plenty of lessons to be learnt from offshore counterparts who have undergone a similar path from a pure brokerage environment backed by supportive markets (or in the Chinese case, a potentially supportive government), to one more focused on risk, client suitability and investor education. One can hardly consider it rocket science to surmise that a riskagnostic brokerage house is unlikely to win the long game. If markets have taught us anything, it is that it is better to be positioned for the long-term than to time an event.

23.6%

16.4% 15%

2015 YoY

2016 YoY

June 2017 YoY

Source: Moody’s Investors Service

1 China Merchants Bank and Bain & Company, China Private Wealth Report, 2017 招商银行与贝恩公司，《2017中国私人财富报告》

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Noah Holdings: Delivering best practices to the globalising Chinese investor

诺亚控股: 为走向国际的华人投资者提供最佳服务

hina’s emergent wealth management industry has made significant strides over the past decade on the back of rapid wealth creation and the country’s incrementally liberalising economy. Domestically, early movers have amassed considerable scale in a short period of time and are now expanding their footprints by setting down roots in key offshore markets in a bid to service the international needs of China’s growing HNWI segment. Standing out amongst its peers, Noah Holdings (Noah) has forged a reputation as an innovator and driver of professionalisation in Chinese wealth management and is fast gaining recognition in the international arena for providing unique and quality investment solutions for globalised HNWIs demanding international diversification. Founded in 2005 on the back of a management buyout of XiangCai Securities’ private banking division, Noah today is the largest independent wealth manager in China and a leading asset management firm, with a dedicated presence in over 76 cities across top-tier centres and provincial capitals and over 205 branches nationwide. It is also a ‘firm of firsts’, having become the first Chinese wealth manager to list on the NYSE, the first to receive type 1, 4 and 9 licences from Hong Kong’s Securities and Futures Commission, the first to establish a Silicon Valley office with a complete investment team and, most recently, the first to be rated investment grade by S&P Global. Now, having built a firm base in its home market, Noah has set its sights on becoming a provider of leading wealth management and asset management solutions to HNW clients around the world. To that end, Noah is developing a comprehensive ecosystem of services and products tailored to the needs of increasingly sophisticated and internationally focused Chinese investors, who are hungry for diversification and are eager to learn. “Our focus going forward is to further explore and expand overseas distribution channels and establish a relationship manager service network in key global markets where there is a large population of high

Ms. Jingbo Wang, co-founder, chairman and CEO, Noah Holdings and Mr. Zhe Yin, CEO of Gopher Asset Management 诺亚控股联合创始人、董事局主席兼CEO汪静波和歌斐资产董事长兼CEO殷哲

随

着中国经济的逐步开放和国内财富的急速增长，中国新兴的财富管理行业在过去十年得到迅猛发展。在国内投资方面，先行者在很短时间内已经形成相当规模，目前他们也在通过主要离岸市场的投资，满足中国不断增长的高净值人士的国际化配置需求。傲视同侪的诺亚控股有限公司(诺亚)，在中国财富管理界摘下创新和专业为先的美誉；同时，诺亚提供独一无二和优质的国际化投资方案，迎合了高净值客户的多元化投资需求，同时在国际舞台也赢得了普遍认可。

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Kenny Lam, Group President, Noah Holdings

Noah Holdings Office

net worth Chinese,” says group president, Kenny Lam, who points out that globalising Chinese clients are warming to the ideas of family office setups and the delegation of investment management, while also demanding stable returns – a recent shift that goes hand-in-hand with a growing appetite for wealth preservation, as opposed to wealth accumulation.

2005年，通过对湘财证券私人银行部的管理层收购，诺亚正式创立；12年后的今天，诺亚已成为中国最大的第三方财富管理机构和业界领先的资产管理公司，覆盖76个城市，包括中国各大一线城市和省会，分支机构超过205家。诺亚先后创造了多项“中国第一”的纪录：它是首家在纽交所上市、首家获香港证监会第1、4、9类牌照、首家在美国硅谷建立完整投资团队的中国财富管理机构；近日，诺亚更成为第一家获标准普尔“投资级”评级的中国财富管理机构。

诺亚控股执行总裁林国沣

Further, these clients are looking for currency, industry and asset class diversification – demands that the group is able to meet through its alternative asset management arm, Gopher Asset Management. Gopher specialises in fund-of-funds (FoF) management, focusing on private equity (PE) – it has the largest and most advanced PE FoF offering in China – real estate investments, hedge funds, fixed income and public market FoFs. The firm benefits from its access to top performing PE and venture capital funds worldwide, partly through its affiliation with Sequoia Capital, a Noah shareholder that initially invested in the firm in 2007. Moreover, Gopher is moving to capitalise on its access to leading third-party hedge fund products by scaling up its offering from a FoF approach to a manager-of-manager (MoM) strategy, whereby the firm constructs portfolios after carefully selecting a handful of elite hedge fund managers.

诺亚控股办公室

当下，扎根中国的诺亚正致力于成为服务全球高净值华人的财富管理和资产管理第一品牌。为此，诺亚开发了一套完整的服务和产品生态系统，为日趋专业化和国际化，追求资产多元配置并热衷学习的华人投资者，提供量身定制的服务。诺亚控股执行总裁林国沣指出，日益全球化的华人投资者在要求稳定的回报同时，也热衷于家族办公室和全权委托投资的概念，这也反映了客户整体需求由财富增值到财富保值的转型。他说： “我们今后的重点将是进一步探索和扩大海外分销渠道，并在高净值华人集中的重要全球市场建立理财师服务网络。” 同时，高净值客户也希望在不同币种、行业和资产类别间进行资产的多元化配置——透过诺亚旗下的另类资产管理公司歌斐资产，便可满足他们的需求。 41

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Chinese HNWIs Plans for Asset Allocation Increase

Decrease

PE/VC

-1.4%

Overseas Assets

-2.8%

Fixed income

-8.6%

Stocks & Mutual Funds

-8.7%

Gold

-10.5%

Real Estate -20.1% and RE Funds

70.1% 68.7% 53.3% 46.1% 28.0% 22.7%

Source:2016 Noah Wealth Management White Book

In fixed income – a hot topic in the region given that there remains strong demand for income-bearing investments – the group has diversified its proposition from residential real estate by offering clients exposure to supply chain financing, consumer loans, auto financing and mezzanine debt. According to Mr. Lam, Noah’s focus on international and alternative products means it has differentiated itself from the “usual plain vanilla approach” taken by most Chinese banks and insurers, many of which are focused on the lower end of the wealth spectrum. Wealthier clients, based on Noah’s in-house research, have a strong preference for alternative investments. The 2016 Noah Wealth Management White Book shows that an overwhelming proportion of HNW Chinese clients intend to increase their allocations towards PE/ VC, offshore assets and fixed income.

Proof in the numbers As evidenced by Noah’s most recent earnings report, the efforts to bolster its product capabilities are bearing fruit. In the three months through June, Noah distributed RMB 33 billion worth of wealth management products, a 19% increase compared with the same period last year.

歌斐资产擅长母基金（FoF）管理，主要提供私募股权（PE）投资管理——拥有中国最大和最先进的私募股权母基金，同时涵盖房地产、对冲基金、固定收益和公开市场组合投资。部分得益于红杉资本的参股，歌斐资产可以直接投资于全球最优秀的私募股权（PE）和风险投资（VC）基金。红杉资本是诺亚的股东之一，2007年开始投资诺亚。此外，歌斐正利用与领先的第三方对冲基金的合作关系，将旗下产品从FoF延伸到管理人的管理人（MoM）基金策略，通过精选的基金管理人构建投资组合。在固定收益投资方面，鉴于该类投资项目在中国仍然受到追捧，诺亚将进一步多元化投资产品线，除了住宅地产融资项目，还为客户提供供应链金融、消费信贷、汽车贷款和夹层融资的投资机会。林国沣表示，诺亚对国际化和另类投资的重视，意味着相比大多数內地银行和保险公司以同质化产品服务财富金字塔较底端客户的“简单模式”，诺亚已经实现了差异化经营。据诺亚《2016高端财富管理白皮书》研究显示，富裕客户更偏爱另类投资，绝大多数中国高净值客户有意增加对PE/VC基金、海外资产和固定收益产品的配置。

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Gopher Asset Management AUM*

RMB bn

138.7 129.6

CA G R:

97 .8 %

120.9

20 12

-1

86.7

49.7 31.3

7.9 1.2

1.6

2010

2011

2012

2013

2014

2015

2016

1Q17

2Q17

* Note: Assets under management figures shown is on historical basis, not NAV, except for public market products Source: Noah Holdings

At the same time, Noah has been supplementing its product suite with a growing range of client services designed for the increasingly sophisticated Chinese client. For instance, the group now offers trust and family office services, education, insurance and philanthropy; and to ensure that clients fully understand the intricacies of these important wealth planning tools, Noah launched its Enoch Education programme in 2013, a client training scheme that focuses on entrepreneurship, family governance and estate planning. Indeed, Noah has not only dedicated significant resources to upskill its own talent pool, but has placed an emphasis on client education on the basis that China’s wealth management industry, for it to mature, requires investors to better understand the virtues of asset allocation and the relationship between risk and return. Owing to its broadened ecosystem of products and services, along with the significant growth in wealth in the country, Noah’s client base has swelled. At the end of June, the group had 164,728 clients – a 43% increase from the previous year – the vast majority of whom are business owners. At the same time, Gopher oversaw client assets worth RMB 138.7 billion, or 37% more than the previous year .

数据彰显斐然业绩诺亚的最新财报显示，其强化产品开发能力的努力正取得成果。2017年第二季度诺亚共分销330亿元人民币理财产品，比去年同期增长19％。同时，诺亚配合现有产品组合，不断扩大综合服务范围，迎合精益求精的华人客户需求。例如，集团已开始提供信托和家族办公室、投资者教育、保险和慈善事业管理服务。而为确保客户充分了解这些复杂但又至关重要的财富规划工具，诺亚于2013年推出了以诺 (Enoch)教育计划，致力向客户提供以企业家精神、家族治理和遗产规划为重点的培训课程。诺亚不仅积极投入资源帮助员工成长，同时也把重点放在客户教育上。因为中国财富管理行业的进一步发展，需要投资者对资产配置的理念以及风险与回报之间的关系有更好的理解。在不断拓展诺亚生态系统的产品和服务的同时，随着中国财富规模的大幅增长，诺亚的客户数量也在显著增加。截至2017年6月底，集团拥有164,728位客户，同比增长43％，其中绝大多数为私营企业。同时，歌斐资产为客户管理的资产规模达 1,387亿元人民币，同比增长37％。

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Risk control: raising the bar As China’s wealth management industry matures, responsible risk management is becoming more critical than ever, especially as investors are exposed to a universe of product that varies in quality. To quote Noah’s Lam, “growth must go hand in hand with the right degree of risk management” – and that is exactly how Noah approaches product due diligence. Noah’s frontline of 1,259 relationship managers – for context, industry titan UBS Wealth Management had 1,008 client advisors in the Asia Pacific at last count – is supported by 180 in-house product professionals, who screen and perform stringent due diligence processes on 2,000 projects each year, ultimately green-lighting a fraction. Moreover, under the company’s full-cycle rating and risk management system, it screens accredited investors, qualified fund managers and products in order to mitigate financial and compliance risks. “Within our active post monitoring of products and managers, less than 1% of the US$70 billion we have distributed or managed so far are in a ‘requiring active and constant monitoring’ category,” says Mr. Lam. Similarly, Noah’s aforementioned education initiatives, which include client events, university-grade programmes and communication campaigns, are partly aimed at raising investors’ risk awareness. Undoubtedly, the company’s stringent risk management processes and strong market positioning played a significant role in it receiving an investment grade rating from S&P Global Ratings in July. “Noah’s prudent risk appetite and risk management practices also support its business position in China and resilient financial performance, in our view,” the ratings agency said in a statement, adding that the wealth manager clearly communicates investment risks to its clients.

International expansion gains traction Noah’s global push is premised on servicing HNW Chinese the world over, and its most recent results reflect the progress it has made in this regard. As of June 2017, the firm’s offshore AUM rose 23% year on year to reach RMB 18.2 billion. Beyond China, the firm has a presence in Hong Kong, Taiwan, the US and Canada, and it was the first Chinese firm to establish a trust business in Jersey. It intends to build on this base by expanding into geographies where there are large populations of HNW Chinese, including Australia. “We believe demand from [Chinese] high net worth clients for global asset allocation is a structural trend,” Mr. Lam said in May.

William Ma, CIO, Noah Holdings (Hong Kong)

诺亚控股（香港）有限公司首席投资官（CIO）马晖洪

风险控制：提高门槛随着中国财富管理行业的日渐成熟，风险管理的重要性也与日俱增。投资者面对品质参差不齐的产品，面临的选择越来越复杂。诺亚林国沣说， “规模增长必须与风险管理并驾齐驱” - 这正是诺亚对产品进行尽职调查的方针。据最新统计，行业大鳄瑞银财富管理（UBS WM）在亚太地区有 1,008名客户顾问，而诺亚则有1,259名前线理财师；在中后台方面，诺亚由180人的专业产品团队提供支持，这群专业人士每年至少对2,000个项目进行严格的尽职调查，其中只有一小部分获批上线。另外，在集团的全周期评级和风控体系下，诺亚也会对合格投资者、合格基金管理人和产品进行筛选，以减低财务和合规风险。林国沣说： “我们对所有产品进行持续投后监控，在已分销或管理的 700亿美元资产中， “需要积极和持续监察”的产品比例少于1%。”

More recently, Noah has established a Global Family Office, whose clients are serviced by a pool of 80 relationship managers – or family office bankers – who are ttsurrounded by a team from across the firm.

同样，前文提到诺亚推行的投资教育计划，包括客户活动、与高等学府合作的课程和宣传活动，也部分聚焦于提高投资者的风险意识上。事实上，集团严格的风险管理流程和强大的市场定位，也对 7月获得的标准普尔全球投资级评级至关重要。

The decision to ‘go global’ with its family office offering was largely driven by what the firm describes as a “structural change” in Chinese clients’ perceptions of discretionary management.

标准普尔在其评级报告中指出， “诺亚谨慎的风险偏好和风险管理措施，支持了它在中国的业务地位和强劲的财务表现。”另外，报告也指出，诺亚与客户在投资风险方面进行了有效沟通。

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Number of HNW families in China 4.0

Families (mm) 3.6 GR CA % 16

3.1 2.8 2.4

2.1 1.9 1.5 1.2

2013

2014

2015

2016

2017F

2018F

2019F

2020F

2021F Source: Noah Holdings

“Other players have limited exposure to the private equity and venture capital space and less exposure than we do to the real estate space,” says Mr. William Ma, CIO for Noah Holdings (Hong Kong). “If you look at our all-round endowment approach to portfolios, we believe those components are essential. Also, we are targeting about 30% offshore assets for clients’ portfolios in China through official channels.” Indeed, the onshore and offshore opportunity for Noah and its peers is immense, considering that the number of HNW families in China is forecast to nearly double from 2.1 million in 2016 to 4 million in 2021. With its broadening network of offshore centres, sound risk policies and its industry-leading approach to developing a comprehensive suite of products and services, Noah is well placed to cater to the needs of the new age Chinese investor.

国际拓展带动业绩诺亚的国际化目标是服务全球高净值的华人，最新业绩也反映出在这方面取得的进展。截至2017年6月底，诺亚的海外资产管理规模达到182亿元人民币，同比增长23％。除中国大陆以外，诺亚在香港、台湾、美国和加拿大均有分支；同时，也是首家在泽西岛建立信托业务的中国机构。未来诺亚将继续在包括澳大利亚在内的高净值华人集中地区扩展业务。林国沣此前曾表示： “我们认为，高净值华人客户对全球资产配置的需求是结构性的趋势。” 近日，诺亚建立了一个全球家族办公室，其客户由80名理财师（家族办公室银行家）组成的团队提供服务。在诺亚而言，利用家族办公室服务“走向国际”的决定，是受到华人客户对全权委托投资概念的“结构性变化”推动。诺亚控股（香港）首席投资官马晖洪说： “其他财富管理机构较少涉足私募股权和风险投资范畴，房地产领域的风险敞口也较我们少。从捐赠基金全方位的投资组合角度，我们认为这些元素都相当重要。此外，我们的目标是，透过官方渠道，替身处中国的客户将 30％的资产进行境外配置。”

For more information, please contact: 如欲查询更多资讯，请联络：

+86-21-80358000 noahwm@noahwm.com

考虑到中国的高净值家族数量预计将从2016年的210万增加到 2021年的400万，诺亚及其同业在境内和海外业务方面均有充分发展空间。随着海外业务网络的不断扩大，凭借诺亚良好的风险管理政策及其领先业界的综合产品和服务开发方针，诺亚未来定能满足新时代华人投资者的需求。 45

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CreditEase’s Tang: “There needs to be risk-based pricing, and market participants should bear the risk” 宜信创始人唐宁:“市场需要风险定价；市场参与者应自负风险” Mr Tang, this year marks CreditEase’s 11th anniversary. How important is your wealth management business to the firm today? When we were founded in 2006, we were the first P2P marketplace lending platform in China. We invented that model in China, without realising that it was also in the UK and US, so it was, in a sense, a homegrown innovation. After 11 years of development, the company is much more than P2P lending: it is a world leader in financial technology specialising in inclusive finance and wealth management. The big picture is this: for the past two decades, Chinese wealth management products have been effectively bank investment products or trust products and P2P. Typically, these fixed income WMPs have been characterised by their short duration and double-digit yield, with explicit or implicit guarantees provided by the government or some quasi-government entity. I believe the market is moving away from bank-financing habits to capital markets where returns are less fixed. Again, there is a shift away from fixed income to equity; from shortterm speculation to long-term investment; from single-product plays to asset allocation; from China to global; and from first generation wealth creation to second generation wealth creation. These are profound changes. This is a common narrative. From your perspective, what is driving this shift? This shift is partly driven by the market becoming more rational, more ‘right’! We, as an industry, can no longer distribute products such as those I just described - that could only happen in dreamland! There needs to be risk-based pricing, and market participants should bear the risk - it shouldn’t be all the government’s responsibility. Bank financing used to dominate, but now you see more direct financing. This is what a more healthy financial market should look

“I believe the market is moving away from bank-financing habits to capital markets where returns are less fixed” 48

Tang Ning, CEO and founder, CreditEase 宜信创始人及CEO唐宁

唐先生，今年是宜信成立11周年。财富管理业务目前对公司来说有多重要？宜信2006年成立时，是中国市场内首个P2P贷款平台。我们在中国创立这模型时，并没留意到这个模型已在英美出现。因此，在某种意义上，也是本土创新的模型。经过11年的发展，宜信已远非纯粹的P2P借贷平台，而是领军全球的金融科技企业，专业从事普惠金融和财富管理。大环境是这样的：过去的二十年里，中国的财富管理产品实质上是银行投资产品，或信托产品和P2P。一般而言，这些固定收益财富管理产品的特点在于期限短，有双位数收益，获政府或半官方实体刚性兑付。我认为市场正从习惯性的银行融资，转投到回报较不稳定的资本市场。此外，其他趋势包括从固定收益转变为股权投资；从短期投机转变为长期投资；从单一产品转变为资产配置；从

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like. In this sense, the market is evolving in the right direction. Market pioneers and leaders such as CreditEase have done a good job in difficult circumstances at educating investors. When we started out, we introduced one product to our clients - P2P lending - which was at the time very cool! Clients loved it. We then realised that what investors really need is not just a single product - not just exposure to the fixed income asset class, but rather fullyfledged asset allocation. Then we asked ourselves: “Are we the right organisation to provide this service and fulfil this need”, because if we do not feel that we have that capability and that we are ready, we would not take on this important task. Our team, I am happy to say, has a background in world-leading financial institutions and is knowledgeable about asset allocation and is passionate about serving our clients properly.

“There needs to be risk-based pricing, and market participants should bear the risk - it shouldn’t be all the government’s responsibility” That’s fine, but then this does not matter so much if clients are not ready to take the step with you. We do a lot of online and offline education with our clients. I personally participate in many of our client seminars, in which we discuss why asset allocation is so important, and why stock picking is a difficult exercise that should be left to a professional organisation given the amount of research involved. Digitally, we offer mobile apps and audiovisual content. What is important, in my view, is that yes, our concept is good, our philosophy is good, but once people understand it, they will ask for ‘real’ implementation. This is where we also do a great job. For example, you can educate investors on the merits of asset allocation but then you need to have experts covering each asset class - which is what we have. In terms of how far along the curve we are right now with regards to the asset allocation conversation, China’s market is of course behind the US market. I was in the US not long ago and investors there have a pretty good understanding. In China the concept is not there yet. Is it meaningful to directly compare China’s development as a wealth management market with the American experience, and do you have a sense as to whether China is moving towards a market with unique characteristics? I think it is developing its own characteristics. CreditEase, as a market leader, is experiencing this phenomenon. We have China’s largest team of financial advisors [relationship managers], with over 2000 covering over 40 cities and we are witnessing a number of trends onshore. In the US or Europe, for example, family wealth is often in its third, fourth or even fifth generation, and children are not usually interested in taking over the family business. In China, however, the first generation is just

中国走向全球；从第一代创富转变为第二代创富。这些都是深刻的变迁。这个说法非常普遍。从您的角度来看，是什么推动了这种转变？市场日渐理性，走向正轨，是推动这种转变的部分原因。我们作为一个行业，不能再提供我刚才说那种，只能在梦境中找到的完美产品！市场需要风险定价，而市场参与者应自负风险，并不应由政府承担所有责任。银行融资曾经占主导地位，但如今有更多直接融资。这是金融市场健康发展的应有之义。在这层面上，市场正朝着正确的方向前进。像宜信这类市场先驱和领导者，就曾在困难的情况下，付出不少努力去教育投资者。宜信成立初期，向客户介绍了那时最新的产品——P2P贷款。客户都爱不释手。我们之后明白到，投资者真正需要的东西，并不仅是单一产品——不仅是固定收益资产类别，而是全面的资产配置。之后，我们反问自己:“我们是否适合提供这种服务，去满足投资者需要。”若我们认为自己能力不足，或还未作好准备，就不会背负起这个重任。我很高兴地说，我们的团队成员，来自全球各大领军金融机构，熟稔资产配置，热衷于妥善服务客户。

“我认为市场正从习惯性的银行融资，转投到回报较不稳定的资本市场” 没错，但假若客户未能与你们同步，这些是否变得不重要了？我们在线上与线下，都向客户提供大量教育。我亲自参与很多客户研讨会，会上我们会讨论为何资产配置举足轻重，为何选股作为高难度的技术操作，应交予专业机构负责——毕竟其中涉及大量研究。数字科技方面，我们开发了移动应用和视听内容。在我看来，我们诚然有良好的理念，然而，人们一旦接受了这些理念，就会要求我们付诸实行。宜信在这方面也做得很出色。例如你可以教育投资者资产配置的优点，但你同时需要有专家覆盖每个资产类别，我们就是可以做到这点。从现阶段资产配置相关的讨论来看，无可否认，中国市场还落后于美国。我不久前去过美国，发现当地投资者对此有很清晰的认识，但中国市场对此概念仍然缺乏。拿中国的财富管理市场的发展与美国直接相比，是否有意义？您是否认为中国将发展成一个独特的市场? 我认为中国市场正形成自己的特色。宜信作为市场领军者，对此感同身受。我们有全国最大的财务顾问 [客户经理] 团队，包括 2000 多名顾问，覆盖多40个城市。我们在国内看到不少新趋势。在欧美，家族财富的掌握者一般都已是第三、第四甚至第五代，而孩子们通常对接管家族生意不感兴趣。但在中国，第一代才刚开始考虑退休，并规划继承事宜；第二代有很大机遇振兴基业，甚至自主创业。他们往往比父辈更善于运用科技，把握全球机遇。此外，中国的投资者很多仍是以回报为先。非流动性长期投资——尤其是以中国新经济为主题的风投和私募，是宜信的一大 49

PEOPLE 人物

now starting to think about retirement and succession planning with the second generation standing a very good chance of growing the business meaningfully, or even building their own businesses. These individuals are often better equipped than their parents in terms of utilising technology and global market opportunities. Furthermore, Chinese investors very much remain return-oriented. A big part of what we do, and what our clients are looking for, are longterm, illiquid opportunities, particularly in venture capital and PE geared towards the new Chinese economy. In fact, many of our clients also have foreign assets and are interested in alternative strategies. We work with a number of alternative asset managers on multiple fronts, including Blackstone, Carlyle, KKR and Oaktree Capital. For example, our recent tie-up with Tishman Speyer was driven in large part by our clients’ demand for real estate as an asset class, both in terms of domestic and foreign opportunities. Taking things one step further, are some of your more mature clients showing any willingness to delegate management responsibilities to CreditEase by entering into a discretionary arrangement? I would say our robo-advisory offering is a little like that! But in terms of pure discretionary, where clients pay us to manage their portfolios on their behalf, I feel the market is at an incredibly early stage. To achieve client buy-in to this concept, they need to understand what is going on and that there will be a separation of responsibilities and duties, in the sense that we don’t think a client can go deep, to the last mile if you like, just as a fund manager selects a company. There is no way a client can understand that granularity of detail. The client’s job, therefore, is to understand our asset allocation capability, our fund of funds construction, our ability to evaluate and track fund managers. These are the things that clients should understand.

“From a talent perspective, there is a sophistication deficit because the industry is in its infancy” And do your more mature clients show any willingness to pay a flat fee, whether for advice or discretionary management? No, definitely not! There is no way clients will pay a flat fee, whether for a discretionary or advisory service, at least not yet. They pay for the product. Again, because even the asset allocation concept has yet to go mainstream, we don’t want to talk too much about the end-game with clients. In fact, we are not yet at the beginning of the end - not even the end of the beginning! We don’t need to worry about those things the UK and US regulators worry about. But eventually, it will be the case that clients will be happy to pay a fee upfront and delegate. And as you become more sophisticated in the way you service your clients, you will need a more sophisticated staff. How difficult is it to find talent of a suitable calibre? Definitely, from a talent perspective, there is a sophistication deficit because the industry is in its infancy. We typically source our financial advisors or relationship managers from banks, trust companies, insurance firms and even from non-financial services backgrounds, such as MBA schools. 50

“市场需要风险定价，而市场参与者应自负风险，并不应由政府承担所有责任” 服务领域，也是客户的需求所在。其实许多客户持有外国资产，也对另类投资战略抱有兴趣。我们与黑石、凯雷、 KKR 和橡树资本等多家另类资产管理公司在多个领域进行合作。例如，我们近日与铁狮门的合作，很大程度上也是为了回应客户对国内以及国外房地产市场的需求。进一步说，是否有部分成熟客户愿意通过全权委托安排，将财富管理责任委托给宜信？我觉得，宜信的智能投资顾问跟这个有点类似！但在纯全权委托而言，即客户授权我们代为管理他们的投资组合，这个市场仍属起步阶段。要让客户支持这个理念，就需要让他们知根知底，将责任和义务划分清楚。在这层面上，我们认为客户不可能做到像基金经理挑选目标那样事无巨细。客户无法理解那种细节层次。因此他们要做的，就是了解我们的资产配置能力、母基金架构、以及我们评估和把控基金经理的能力。这就是客户需要理解的东西。无论是选择咨询式投资还是全权委托管理，宜信的成熟客户是否愿意固定的费用？不，当然不愿意！客户不可能付固定的费用，不管是选择咨询师投资还是全权委托管理，至少现阶段不会付一口价。他们只按产品付费。就算资产配置理念成为主流，我们也不想与客户谈论太多之后的情形。况且，我们现在仍未到终局的起点——甚至没有到起步阶段的终点。我们不需要担心英国和美国监管机构所担心的事情。但是最终，客户将会乐意预支费用并委托责任。随着客户服务方式日趋娴熟，员工专业化水平也需要相应提高。寻找合适的人才有多难？的确，从人才角度来看，由于行业处于起步阶段，高素质人才缺口较大。我们一般从银行、信托、保险，甚至从非金融服务的背景，如工商管理学校找寻财务顾问或客户经理。

“客户要做的，就是了解我们的资产配置能力、母基金架构、以及我们评估和把控基金经理的能力” 展望未来，在进一步发展财富管理业务上，您的优先考虑是什么？我们想继续做好教育投资者的工作。我们不仅要让客户了解和欣赏资产配置，而且需要付诸实践。第二就是继续加强投资能力，那当然要做一个领军投资者进入中国。例如我们拥有一个国际范围的，共10亿美元的金融科技直接投资基金。我们有一个从另类贷款人购入贷款资产的，去年有8000万美元流入的信贷基金。我们也是母基金的主要管理人。事实上，最近有一篇文章提到，宜信是普通合伙人来京应该拜访的四大财富管理机构之一。

PEOPLE 人物

“Chinese mainland investors remain a focus at the moment as well as Chinese in other parts of the world. Right now we have over 200,000 clients, and every year we help clients deploy over RMB 100 billion” Looking forward, what are your priorities for further developing your wealth management business? We want to continue to do a good job at educating investors. Not only do we want our clients to understand and appreciate asset allocation but to practice it. Second, we will continue to strengthen our investment capabilities. We are, of course, a leading investor into China. For example, we have a billion-dollar fintech equity direct investment fund, which is global in scope; we have a credit fund that buys loan assets from alternative lenders, which saw US$80 million in inflows last year; we are also a major manager of fund-of-funds. In fact, a recent article said the CreditEase is among four managers that GPs should go and see in Beijing. Globally, your footprint is expanding. What is your strategy here? Our going global strategy is predicated on several features of the company. First, our team is already global in nature. They come from world-leading financial institutions and tech companies. Second, we have a subsidiary company listed on the NYSE, so we have an international shareholder base that comprises of institutional and retail investors. Third, our investment targets are global. Are you seeing any demand from international investors looking to CreditEase to invest back into China? At this point, we are not the best firm to serve them. We are more than ever a global company but I do not think the system is quite right at the moment to serve a foreign investor who has interest in our product. Chinese mainland investors remain a focus at the moment as well as Chinese in other parts of the world. Right now we have over 200,000 clients, and every year we help clients deploy over RMB 100 billion.

“我们现在仍是将焦点放在海内外华人投资者。宜信目前有超过 200,000 的客户，而每年帮助客户配置超过 1000 亿元人民币的财富” 宜信正在推进全球扩张。您在全球化方面有何战略? 宜信的全球扩张战略是基于公司的几个特点。首先，我们团队本来就是来自全球。他们来自世界著名的金融机构和科技公司。第二，我们有子公司在纽约证券交易所上市，所以我们拥有由机构和零售投资者组成的国际股东基础。第三，我们的投资目标是全球化的。是否有国际投资者需要借助宜信进入中国投资？在这一点，我们不是最合适的服务供应商。虽然宜信的全球化程度超出以往。但是当下，要服务对我们产品有兴趣的外国投资者，我认为时机还未成熟。我们现在仍是将焦点放在海内外华人投资者。宜信目前有超过20 0,0 0 0的客户，而每年帮助客户配置超过 1000亿元人民币的财富。目前中国公司显然成为了全球财富管理品牌的领军者，那么中国当局对此的支持力度有多大？财富管理的要义在于，机构以客户为本，并协助他们建立全面的投资组合——这在中国是新鲜事物。我觉得这是必要的发展阶段。中央和地方两级政府越来越意识到这一点，在不同的中心地带一直都有试点计划，来进一步发展财富管理行业。您之前提到，财富管理的要义在于以客户为本，而宜信业务模式的核心在于分销宜信的产品，那么这其中是否存在固有的利益冲突？如果我们有的是全行业最好的产品，就没有冲突。

How supportive are Chinese authorities in terms of seeing a global wealth management brand champion that is, indeed, Chinese? Wealth management is about an organisation siding with the client and helping the client to build a rounded portfolio - this is new for China. I think it is a necessary development. Central and local-level governments are increasingly aware of this, and there have been pilot schemes in different centres for further developing the wealth management industry. If, as you say, wealth management is about siding with the client and your business model centres on distributing CreditEase product, is there not an inherent conflict of interest here? Not if we have the industry’s best products.

A P B M A N DAT E

CreditEase’s Jun Xia Liao on FoF due diligence: “A process that needs to be done correctly” 宜信廖俊霞谈母基金尽职调查： “一个需要妥善开展的流程”

eyond traditional stock and bond holdings, alternative assets are rapidly becoming a ‘mainstream’ investment vehicle for Chinese HNWIs. According to one recent report, almost 85% of the country’s HNWIs have exposure to private equity (PE) funds, with PE fund of funds (FoF) strategies finding particular favour with those looking to minimise risk while maximising returns. Jun Xia Liao, managing partner of VC/PE FOFs at CreditEase, tells APB Mandate that the key to offering a quality FoF product lies in the due diligence process development. “Of course, developing a FoF strategy does not mean randomly selecting ten underlying funds,” Liao says. “Due diligence is an involved process that can take months and, in some cases, years. But it is a process that needs to been done correctly.”

除

了传统的股权和债券持有以外，另类资产正迅速成为中国高净值人士的“主流”投资工具。根据最近的一份报告，近85％的中国高净值人士已涉足私募股权基金（PE），在寻求高收益低风险的人群中，私募股权母基金的结构尤其受到青睐。宜信财富私募股权投资母基金管理合伙人廖俊霞在接受A PB Mandate采访时表示，提供优质母基金产品的关键在于建立尽职调查流程。 “当然，制定母基金的策略并不意味着随意挑选几只子基金就万事大吉。”廖俊霞表示： “尽职调查是一个复杂的流程，可能会持续好几个月，有的甚至持续整年。但这是一个需要妥善开展的流程。”

CreditEase’s Due Diligence Approach（宜信财富的尽职调查） 1

Data collection 数据收集

Including past performance of each deal of each underlying fund and past experience of each partner not only specific to this fund but also other funds 包括所有子基金的过往业绩，也包括每个合伙人在这只基金和过往的所有履历

Data checking, verification 数据分析与验证

Using an independent third party to verify data 任用独立的第三方来验证数据

Interviews 访谈

Covering all the partners of GP, as well as core team members and employees of different positions 包括普通合伙人（GP）团队的所有合伙人以及核心团队成员，也包括不同岗位的职员

Background checks & interviews I 背景查访（第一阶段）

Checking companies that the fund has invested into before to identify successes and failures, as well as past LPs 查访基金的过往投资公司来寻找成功和失败案例，也查访过往有限合伙人（LP)

Background checks & interviews II 背景查访（第二阶段）

Independent background checks of other partners or counterparties who used to do business with the team 独立背景查访。查访对象为曾经与该团队共同开展业务的合作伙伴或对手方

Internal discussion 内部讨论

Considerations: track record; team stability; future investment strategies which should echo past learnings and successes; team member incentivisation 考量因素：过往业绩；团队稳定性；基于过往业绩而制定的未来投资策略；团队的激励计划

Internal approval & voting 内部审核与投票

Involving CreditEase’s FoF team & independent risk control and legal teams 参与者包括宜信的母基金团队，以及独立的风控和法律团队

“Wait and see” “观望”

If unsure, wait and observe performance of fund before revisiting 在不确定的情况下，先观望基金业绩，日后再做决定

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Asia’s evolving search for yield

亚洲对收益的追寻再进一步

From left: Aberdeen Asset Management Roundtable; Amelie Remond, Head of Business Development - Private Banks, Asia, Aberdeen Asset Management; Irene Goh, Head of Multi-Asset Solutions, Asia Pacific, Aberdeen Asset Management 由左至右：安本资产管理圆桌会议；Amelie Remond，安本亞洲私人银行业务发展部主管；吴丽如，安本亚太区多元资产方案主管

亚

HNWIs in Asia have long been known for their high return expectations, strong home bias and preference for making their own investment decisions, be that asset allocation or security selection. Yet low yields alongside rising rates are forcing them to find new means of capturing attractive income returns. At the same time, other developments in global markets as well as within Asia’s private banking industry are likely to make them less self-reliant in the future, which may provide opportunities for wealth and asset managers.

亚洲高净值投资者向来以追求较高的回报、强烈的本土偏好见称；他们倾向于自行做投资决策，无论涉及资产配置还是风险选择。然而，由于收益低，且利率上涨，他们不得不谋求新的方式，来获取有吸引力的收入型回报。同时，全球市场和亚洲私人银行业内的其他发展，或将削弱其自力更生的能力，财富和资产管理者或会因而得到机遇。

s with their global counterparts, the search for yield persists among Asian investors. But the unfamiliar combination of rising interest rates and still muted growth is posing a challenge – not least to the region’s 5.1 million high net worth individuals (HNWIs).

In partnership with Aberdeen Asset Management, Asian Private Banker recently hosted a roundtable featuring leading gatekeepers in the region from UBS Wealth Management, Credit Suisse and DBS Private Bank to discuss the state of income investing among Asia’s HNWIs.

为艰巨。

洲投资者和全球同业一样，保持着对收益率的执著追求。但是利率日益上涨，增长依然低迷，二者的反常交织构成了挑战。对于区内510万高净值投资者而言，挑战尤

日前，A P B 连线与安本资产管理（ A b e r d e e n A s s e t Management）合作主持了一期圆桌会议，会议荟萃瑞银财富管理、瑞信、星展私人银行等地区领军“掌门”，旨在探讨亚洲高净值投资者的收入型投资状况。亚洲市场对收益的追寻力度加大亚洲市场对收益的追寻并非新鲜事物。于金融风暴后的长期货币 53

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Most Popular DPM Mandates, Asia’s Private Banks, 2016 最热门的全权委托类别，APB连线，2016年

Global multi-asset income

33%

全球多元资产收入型

Global multi-asset growth

27%

全球多元资产增长型

Asia bonds

13%

亚洲债券

Global bonds

环球债券

Others

20%

其他

10%

20%

30%

40%

Source: Asian Private Banker, Asia DPM Report 2017 数据来源：APB连线，2017年亚洲全权委托报告

Asia’s search for yield intensifies Asia’s search for yield is hardly new. The lengthy post-crisis period of monetary easing, moderate growth and the expansion of both global and regional debt markets have made income investing a theme everywhere. In Asia, the desire for predictable offshore income has been intensified by limited investor liquidity owing to capital account restrictions and wealth being locked in core businesses. A tumultuous 2015 and 2016 for both global and regional equities also dented the appetite for capital appreciation (PE being a lone exception) and boosted the share of income-generating assets, while a recovery for equities this year has not been sufficient to stimulate hunger to past levels. Members of the roundtable unanimously agreed that fixed income allocations, alongside cash, have been growing as a result of investors having switched out of equities. Case in point: private banks consistently rank highly as buyers into Singapore’s local bond market. Demand peaked in 2014 when private banks accounted for nearly 44% of SGD bond issuances, before moderating to 27% the year after. “In Asia, the income theme continues to be of interest across the wealth market,” commented John Ng, head of portfolio counselling and product strategy at DBS Private Bank. “Our clients are still happy to invest on a leveraged basis in direct fixed income, or equity income, to pick up yield.” The focus on income generation by Asia’s HNWIs is best illustrated by inflows into managed solutions of a multi-asset nature. One third of respondents in a recent Asia Private Banker DPM (discretionary portfolio management) report cited multi-asset income mandates as the most popular mandate. 54

宽松、温和增长政策，以及全球和区域债务市场扩大，使收入型投资成为各地的共同主题。在亚洲由于资本账户受限，财富被锁定于核心企业，投资者的流动性十分有限，因而对可预测的离岸收入更加向往。2015-2016年的全球和地区股市动荡，也削弱了投资者对资本增值的兴趣（私募股权是一个例外），并提高了收入型资产的份额，而今年股市的复苏并不足以刺激市场需求回升至过去的水平。与会者一致认为，固定收益配置与现金一同持续增长是投资者退出股市的结果。例如：私人银行一直是新加坡当地债券市场名列前茅的买入者。其需求在2014年达到顶峰，当时发行的新加坡元债券有近44％由私人银行买入，而后该比例于2015年下降至27％。 “在亚洲，收入主题在财富市场上持续广受关注。”星展银行投资咨询和产品策略主管John Ng表示： “我们的客户仍然乐意以杠杆形式直接投资于固定收益或股息工具，以获取收益回报。” 资金正流入带有多元资产性质的管理解决方案，这一点最能说明亚洲高净值投资者对收入型投资的关注。在APB连线最近的全权委托投资组合管理（DPM）报告中，有三分之一的受访者将多元资产收入投资委托列为最热门的委托业务。与会者注意到，多元资产收入基金持续受到追捧——纯粹的多元资产基金提供的资产配置策略相比下不及收入基金有吸引力。对收入的追求推动多元化和委托型的投资私人银行客户在寻求经多元化风险调整的、健全的收入之时，日益开始采用投资管理方案，无论其中涉及的是基金还是全权委托投资方案。据APB连线数据显示，亚洲2016年基金和全权委托渗透率分别上升至11％和8％。

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In deep discussion, Jansen Phee, Head, Funds Content Management, APAC, Investment Management, UBS Wealth Management; Richard Otsuki, Deputy Editor & Head of IPS Coverage, Asian Private Banker; Rodolphe Larqué, Head of Funds and ETFs, Asia Pacific, Credit Suisse

在进行深入讨论，彭晶龙，瑞银财富管理投资管理部亚太区基金管理主管；李铭，APB连线副主编兼投资产品与服务新闻主管；Rodolphe Larqué，瑞信亚太区基金和ETF主管

Roundtable participants observed that multi-asset income funds continue to be popular – unlike pure multi-asset funds, which have experienced virtually no success. According to them, clients are less enticed by multi-asset diversification than they are by the income factor.

Income demand drives diversification and delegation In their search for sound and diversified risk-adjusted income, private banking clients are increasingly adopting managed solutions, whether direct funds or DPM solutions. According to Asian Private Banker data, fund and DPM penetration in Asia rose to 11% and 8%, respectively, in 2016. Although roundtable participants noted that the trend of direct bond investing by Asian HNWIs is likely to sustain, the growth of the overall allocation may benefit other fixed income markets and managed investment solutions. Behind this movement is not just a general concern about rising rates and, until recently, a strengthening dollar, but also a recent spate of SGD credit losses driven primarily by volatile energy prices. Thus, there is a push to diversify. “Within Asian bonds, many of our Asian clients continue to buy single bond issuers that they are familiar with, rather than investing through active managers,” said Jansen Phee, head, funds content management, APAC, investment management, UBS Wealth Management, noting that

虽然与会者指出，亚洲高净值投资者直投债券的趋势可能持续下去，但总体配置的增长，预计将有利于其他固定收益市场，以及投资管理方案业务。之所以出现这样的动向，不仅是因为市场普遍忧虑利率上涨和美元最近的走强，还因为近期新加坡元信贷受能源价格波动的影响出现大量损失。由此，推动了多元化趋势。瑞银财富管理投资管理部亚太区基金管理主管彭晶龙表示： “在亚洲债券市场，我们许多亚洲客户仍在投资他们熟悉的单一债券发行人，而不是通过主动管理基金进行投资。”他指出，中国房地产开发商或银行债券是热门的客户指示投资选择。 “但是在较不熟悉的固定收益市场中，他们更倾向于将决策外包给投资经理。” 定期债券（FMB）基金的出现就是一个例子。瑞信在2016年年中，成功向亚洲的私人银行客户分销了20亿美元的定期债券基金，说明该地区投资者倾向于采取买入并持有的策略，并外委主动选股职责。这一趋势在今年得到延续：投资者对通货膨胀风险表示担忧后，新加坡银行成功发行超过22亿美元的高级贷款定期债券基金。业内另有一些分销商试图从定期债券的需求中分一杯羹。法国巴黎银行财富管理（BNP Paribas Wealth Management）便是其中之一，该行甚至通过DPM业务来实施这一战略，推出5年期25只债券的投资组合，目标总收益率为4％。同时，多元化收入型投资不局限于固定收益。多元资产收入方案的成功，使私人银行得以增加客户在风险资产方面的投资，同时降低 55

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Chinese developer or bank bonds are popular client-directed picks. “But in less familiar fixed income markets, they are more likely to outsource to a manager.” One example of this is the emergence of fixed maturity bond (FMB) funds. In mid-2016, Credit Suisse successfully distributed US$2 billion worth of FMB funds to private banking clients in Asia, demonstrating regional investors’ preference for buy-and-hold strategies while delegating security selection duties. The trend has continued this year, with Bank of Singapore having raised more than US$2.2 billion worth of senior loan FMB funds after investors expressed fears over inflation risk. A handful of other distributors in the industry have sought to capitalise on FMB demand, including BNP Paribas Wealth Management, which went as far as implementing the strategy through its discretionary portfolio management (DPM) business in a 25-bond, 5-year portfolio that targets a 4% gross yield. Meanwhile, diversified income investing is not limited to fixed income. In addition to the success of multi-asset income solutions, which have enabled private banks to increase client exposure to riskier assets and reduce concentration risk in bonds, investors have been selectively investing in other sources, such as US dividends, REITs or even direct real estate. Irene Goh, Aberdeen’s Asia Pacific head of multi-asset solutions, finds growing diversification opportunities in non-traditional asset classes, alongside equities and bonds, such as infrastructure, where correlations are low, as well as in the likes of insurance-linked securities, aircraft leasing and peer-to-peer lending, which she accesses through liquid closed-end funds. A greater willingness to delegate decision-making may be worth celebrating given the strong bias among Asians towards transactional investing, whether via self-directed or advisory. If sustained, this may lower portfolio exposure to market timing risk and help private banks reduce the risk of choppy revenues closely tied to market beta.

What makes Asia different? Demand for high absolute yield In the world of long-only funds, there are four scenarios for endclients to consider when assessing performance over any time period: a positive benchmark with positive alpha; a positive benchmark with negative alpha; a negative benchmark with positive alpha; and a negative benchmark with negative alpha.

Jansen Phee, Head, Funds Content Management, APAC, Investment Management, UBS Wealth Management 彭晶龙，瑞银财富管理投资管理部亚太区基金管理主管

过于集中的债券风险。除此之外，投资者已开始有选择地投资于其他收入来源，如美国股息、房地产投资信托（REITs），乃至房地产直投。安本亚太区多元资产方案主管吴丽如认为，除了股票和债券以外，日益增长的多元化机遇，亦存在于基础设施等相关性较低的非传统资产类别、以及保险相关证券、飞机租赁、点对点贷款等领域。她提出可以通过流动封闭式基金投资于这些领域。投资者将投资决策委托他人的意愿上升，或许值得欣喜，毕竟亚洲人对交易投资（无论自主型还是顾问型）怀有强烈偏好。长此以往，这或许能降低投资组合对市场择时风险的敞口，助力私人银行降低与市场贝塔系数密切相关的收入波动风险。是什么令亚洲与众不同？对绝对高收益的需求对于多头交易基金而言，终端客户在评估任何时段的绩效时，都有四种情况可供考量：基准与阿尔法值皆为正数；基准为正数，阿尔法值为负数；基准为负数，阿尔法值为正数；基准与阿尔法值皆为负数。

In practice – and this is especially true in Asia – clients are satisfied only in the first scenario, roundtable participants pointed out, expressing sympathy for asset managers that are expected to deliver alpha as well as high absolute returns.

与会者指出，在实战中——尤其是在亚洲——只有第一种情况才能令客户满意。他们对资产管理人表示同情，因为资产管理人同时肩负着交付阿尔法收益与绝对高回报的双重期望。

Might this change? The rise in so-called “benchmark-agnostic” returns reflects a collapse in absolute returns broadly. Whereas double-digit returns were once common, the 5.9% per year expected from multiasset discretionary mandates (according to Asian Private Banker data) is indicative of today’s reduced expectations. Even then, Asian investors continue to demand better returns, regardless of benchmark performance.

这种情况是否可能发生改变？所谓“ 不受基准限制 ” （benchmark-agnostic）的回报正在兴起，反映了绝对回报的广泛暴跌。虽然两位数的回报曾经稀松平常，但是根据APB连线数据，多元资产全权委托的预期年化收益为5.9％，表明如今的预期有所下降。即使如此，亚洲投资者依然要求更好的回报，无论基准绩效如何。

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Rodolphe Larqué, Head of Funds and ETFs, Asia Pacific, Credit Suisse Rodolphe Larqué，瑞信亚太区基金和ETF主管

+5.85%

Average expected returns by Asian HNWIs from multi-asset discretionary mandates 亚洲高净值客户对多元资产全权委托的预期年化收益

Consequently, investors and their managers are venturing into riskier income-generating assets, including those in emerging or even frontier markets. Goh notes that these asset classes would be off-limits to most Europeans, who tend to be conservative and have a low risk appetite. Asians, on the other hand, “seek more high-octane returns, particularly in the form of income, which could potentially lead to riskier behaviour”. It is an open question whether investors are being rewarded today for the risks associated with high yield bonds. Yield curves have flattened and credit spreads have collapsed – and are at historical lows for Euro high yield, for example. Aberdeen still sees opportunities in Emerging Market debt, noting the recent outperformance of local currency bonds given a weakening dollar and diminishing interest rate risks. It cites non-benchmark India, where the 10-year sovereign is yielding about 6.5%, the policy rate is 6%, the target 4% – and inflation is just 2.5%. The aforementioned four scenarios, which presuppose outperforming managers in positive markets will attract flows in the region, do not always apply. At lower yield levels, such as for cash alternatives like money market solutions, investors in Asia have shown limited interest. This has less to do with yield levels relative to deposit rates and more to do with the gap with potential opportunities elsewhere.

John Ng, Head of Portfolio Counselling and Product Strategy, DBS John Ng，星展银行投资咨询和产品策略主管

因此，投资者及其资产管理人正在冒险涉足风险较高的收入型资产，包括新兴市场甚至前沿市场的资产。吴丽如表示，大多数欧洲投资者会对这些资产类别敬而远之，因为他们往往较为保守，风险偏好低。而亚洲投资者追求更刺激的回报。 “尤其是收入型回报，因此可能做风险更高的决定。” 如今投资者在担负高收益债券相关的风险时，究竟有没有获得相应的回报，这是一个悬而未决的问题。收益率曲线已然趋缓，信用利差已然暴跌——比如说，高收益欧债的信用利差业已降至历史低位。安本依然认为新兴市场债务蕴含机遇，同时指出，当地货币债券最近在美元疲软，和利率风险下降的情况下跑赢大市。安本指出，在非基准印度市场，10年期主权债券收益率约为6.5％，政策利率为6％，通胀目标为4％——而通货膨胀率仅为2.5％。上文提到的四种情况存在一个假设前提——即在正收益市场，跑赢大市的资产管理人将吸引当地资金的流入。这一前提并非始终适用。在收益率较低的层级，比方说对于货币市场投资方案等现金替代品，亚洲投资者兴趣寡淡。这与收益相对于存款利率的水平关系不大，更确切地说，这可能与其他潜在投资机遇关系更大。 “净资产流入不是问题。主要的挑战是要让客户认识到，以现金作为主要的流动资产，并不总是最佳方案。”彭晶龙表示： “虽然欧洲等成熟市场的投资者可以选择货币市场投资方案来代替现金，但是亚洲市场对能够提供货币利率的投资方案兴趣不大，部分原因涉及到我们客户持有的主要货币种类、以及相关投资产品可提供的相对收益水平。” 因此，与会者肯定了外汇、信用挂钩结构性产品等较低收益投资方案的成功，这些产品在保本的同时，提供2-4％的收益率，反映了货币市场的现金保值特性，同时带有更高的潜在收益。 57

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Yield vs. Country, 2016

Roundtable Participants

2016年各国十年期国债收益率

圆桌会议参加者

Amelie Remond, Head of Business DevelopmentPrivate Banks, Asia, Aberdeen Asset Management Asia Limited Irene Goh, Head of Multi-Asset Solutions, Asia Pacific, Aberdeen Asset Management Jansen Phee, Head, Funds Content Management APAC, UBS John Ng, Head of Portfolio Counselling and Product Strategy, DBS

Yield 收益率 8.00%

6.00%

4.00%

Rodolphe Larqué, Head of Funds and ETFs, Asia Pacific, Credit Suisse Moderator 会议主持人

2.00%

Richard Otsuki, Deputy Editor, Head of IPS Coverage, Asian Private Banker 0.00%

“We have no problems with net new asset inflows; the main challenge is getting clients to appreciate that keeping their liquid assets in cash is not always the best course,” said Phee. “While investors in mature markets like Europe may opt for money market solutions in place of cash, interest in Asia for cash-plus solutions is low due in part to the kinds of major currencies our clients hold and the relative yield levels available from associated investment products.” Accordingly, roundtable participants affirmed the success of loweryielding solutions such as FX or credit-linked structured products with principal protection and 2-4% upside, mirroring the cash protection characteristics of money markets but with potentially higher yields.

Conclusion After more than 30 years of sustained monetary easing, led by the Federal Reserve whose funding rate peaked in March 1980 at 20%, global markets are entering uncharted territory. As central banks worldwide begin tightening, investors may have to get used to asset prices unsupported by cheap money, and the potential for renewed volatility.

U.S 美国

U.K 英国

Japan 日本

Germany 德国

India 印度

Source: Asian Private Banker, Asia DPM Report 2017 数据来源：APB连线，2017年亚洲全权委托报告

结论自联邦基金利率于1980年3月达到20％的峰值以来，美联储引领了30余年的持续货币宽松，如今，全球市场正进入未知领域。随着全球央行开始收紧货币政策，投资者或将被迫接受新的现实，即资产价格已失去低成本资金的支持，市场波动或将再现。随着美元支配地位的下降，市场将变得更加错综复杂。全球经济的结构性变化正在成熟与新兴市场之间、乃至新兴市场彼此之间孕育新的相关关系。即使如此，亚洲市场对收益的追寻仍将持续。高净值投资者对收入的需求亦然，一旦股票回报不能持续或全球复苏失速，这种情况将尤为明显。供应商若能避开不符合客户需求的大众产品，就能在价值17万亿美元的细分市场坐享红利。资产管理人若能将全球布局能力与地方经验结合起来，就能掌握先机。与此同时，亚洲的私人银行市场将在投资者构成、需求和行为领域继续经历迅猛的业态变迁。

Further complications come with the erosion of the dollar’s dominance. Structural changes to the global economy are giving rise to new correlations with (and across) emerging markets. Even so, Asia’s search for yield is set to continue. The same goes for HNW demand for income, especially if equity returns are not sustained or the global recovery stalls. Providers would do well to capitalise on a segment worth US$17 trillion by avoiding generic products that are not tailored to clients’ needs. Asset managers that are able to combine their global capabilities with local know-how will be best positioned. Meanwhile, Asia’s private banking market continues to undergo rapid transformation in the shape of investor demographics, needs and behaviour. 58

For more information, please contact 如欲查询更多资讯，请联络：

AberdeenPrivateBanking.Team@aberdeen-asset.com

Airport lounges and school camps: How Chinese private banks compete on value-added services 从机场休息室到夏令营：中国私人银行如何比拼增值服务

INDUSTRY 行业

By offering clients exclusive access to a UK private school’s summer camp, a Chinese private bank raked in “a few hundred” new clients along with more than RMB 1 billion in new money, according to Tammy Tan, principal at Boston Consulting Group (BCG). 波士顿咨询集团董事经理谭彦透露，透过向客户提供英国私校夏令营的独家体验，中国一家私人银行成功招来“数百名”新客户，新增超过 10亿人民币的管理资产。

n China, private banks differentiate themselves from their peers and their broader retail banking businesses by offering these types of value-added services. Competition within the ‘non-financial services’ space is partly fuelled by the fact that private banks in the world’s second biggest economy are not yet able to meaningfully differentiate their product offerings. Medical care, airport lounge access, arts and lifestyle events, social networking functions and training courses for the next generation are commonly presented to China’s wealthy, and such opportunities are put forward to clients two or three times a month. According to Tan, most of the services on offer are free of charge. Jennifer Zeng, partner and co-head of financial services practice at Bain & Company Greater China, believes that of the services on offer, networking programmes are the most valued by clients. “Private banks can actually play an intermediary role to bring clients together, and clients appreciate that,” Zeng told Asian Private Banker.

中

国私人银行提供此类增值服务，是为了能在同业和整体零售银行业务中脱颖而出。这种”非金融类服务”之所以在中国，这个全球第二大的经济体兴起，部分原因是私人银行还未能打造真正独特的产品。据谭彦透露，私人银行普遍每月会向中国的富户提供两至三次医疗服务、机场贵宾室设施、艺术和生活休闲项目、社交网络活动，以及为客户子女而设的培训课程。这些客户服务大部分是免费的。贝恩公司全球合伙人、大中华区金融服务业联席主管曾丽春认为，在私人银行提供的服务中，客户最重视的就是人脉网络项目。曾丽春向APB连线表示： “私人银行能担当中介人的角色，替客户穿针引线。客户们最欣赏这一点。” 另外，她还说几家银行已经为客户的子女推出培训计划，与国际同业替客戶下一代推出的计划不相伯仲。 “我们渐渐发觉，由于子女继承的重要性，以及大部份人都想替下一代着想，所以客户非常喜欢给孩子培训或教育的机会。” 59

INDUSTRY 行业

In addition, she says that several banks have launched training programmes catering to clients’ children, much the same way their international peers run next-gen programmes. “What we’ve found over time [is that] because of the importance of inheritance and thinking about the next generation, they really appreciate training or education opportunities for their kids.”

Client segmentation importance Meanwhile, the China Banking Association said in a report this year that value-added services lack differentiation and can be burdensome to private banks. BCG’s Tan agrees, adding that “the efficiency of value-added services are challenged by an underdeveloped client segmentation of private banks”. Further, the services on offer are broadly aimed at improving clients’ quality of life, but are not tailored to different client segments and preferences. “A few banks have adopted ‘credits-based’ value-added services, making the benefits more measurable by metrics including financial assets and transaction volumes. Other than that, the [client segmentation] mechanism lags behind that of credit card businesses,” Tan said, adding that credit card-based client segmentation is a good example of a strategy that works. 60

客户细分很重要然而同时，中国银行业协会在今年的一份报告中表示，增值服务不仅缺乏细分，而且对私人银行来说可能会造成负担。谭彦认同上述观点，她补充说： “增值服务的效率受到私人银行不完善的客户细分所挑战。”此外，提供的服务大致上以提高客户的生活质量为目标，而非针对不同的客户群和他们的偏好。谭彦表示： “几家银行采用‘以信用为基础’的增值服务，通过金融资产、交易量等指标，更直观地衡量服务实效。但是除此之外，（客户细分）机制远落后于信用卡业务。”她进一步指出，以信用卡为基础的客户细分，是有效战略的最佳例子。她认为，在细分私人银行客户时，谈及“大数据”仍为时过早。不过“可以从年龄、性别、职业和财富来源等基本特征开始入手”。谭彦认为，所谓“以客户为本”的细分方式，只能在银行充分了解客户的程况下，方能高效实行。需要专业服务私人银行每家分行对增值服务的预算，都有所不同。在总行层面，预算呈下降趋势。因此，谭彦认为私人银行在增值服务预算上，需要改变心态。

INDUSTRY 行业

She believes that it is “too early to talk about ‘big data’” when segmenting private banking clients, although “it would be great to start from the most basic features such as age, gender, occupation and the source of wealth”. Tan believes that the so-called “client-centric” approach to segmentation can only be implemented effectively if a bank knows its clients well enough.

Professional services needed Private banks’ value-added budgets vary from branch to branch and, at the head office level, budgets are trending downwards. Accordingly, Tan believes that private banks need to change their “mindsets” towards budgeting for value-added services. “Instead of considering value-added services as subjectives of pure ‘budgets’, private banks need to be more open-minded, because Chinese HNWIs’ willingness to pay is largely underestimated.” By charging for value-added services, banks would be able to deliver far more flexible propositions while also building up sufficient resources to deliver quality solutions to end-clients. Tan notes that even family trust companies do not have enough resources in place to provide comprehensive professional services. “Professional services, including legal and tax advisory services, are in strong demand. However, some family trusts that are expected to provide legal and tax planning aren’t equipped with sufficient resources.”

Third-party collaborations While value-added services are not a primary consideration for Chinese HNWIs when selecting a private bank or wealth manager, they nevertheless play an important role in sweetening the experience and keeping the relationship ‘sticky’. Zeng notes that Chinese banks do not need to make sizeable investments into their own value-added services businesses, as they can collaborate with third-parties. “I would say depending on where private banks are in the top three factors [expertise, branding and trust, customised services], the way they budget for value-added services is very different. But for the leading private banks, the mentality usually is ‘I wouldn’t spend too much money on it’,” Zeng said. However, there is a risk that clients can be poached by third-party service providers, if the bank is highly dependent on the partner. As such, banks should ensure that they have healthy relationships with their third-party providers. “Ultimately, private banks need to develop their investment expertise as well as a ‘client-centric’ strategy, as the money attracted by value-added services can be temporary,” Tan added.

“与其主观地将增值服务视作纯粹预算支出，私人银行应更加开明。因为中国高净值投资者的消费意愿在很大程度上被低估了。 ” 透过征收增值服务費用，银行将能够提供更加灵活的方案，同时建立足够资源为终端客户提供优质的解决方案。谭彦指出，即使是家族信托公司，也没有足够的资源来提供全面的专业服务。 “目前市场对法律和税务咨询等专业服务需求旺盛。然而一些家族信托虽然肩负着这样的市场期待，却未有足够资源。” 与第三方合作增值服务并不是中国高净值客户选择私人银行或者财富顾问的首要考虑因素，但是它确实更强地增进了两者间的关系，并给客户带来了更好的服务体验。曾丽春认为，中国的私人银行其实不需在增值服务上投入大量资源，它们可与第三方合作。她表示： “我认为，由于私人银行在三大要素（专门知识、品牌和信任、定制化服务）上情况不同，其增值服务预算亦会千差万别。但对于领先的私人银行，它們的心态一般仍然是‘不想在这方面多花钱’。” 然而，假若银行太依赖合作伙伴，就会面临客户被第三方招揽的风险。因此，银行应确保其与第三方服务供应商保持健康的关系。谭彦补充说：“最终，私人银行需要拓展投资专业知识，还有坚持‘以客户为本’的战略。因为透过增值服务吸引到的资金只是暂时的。” 61

INDUSTRY 行业

China’s trust industry: A foray into fiduciary services 中国信托行业：强势进军信托服务

随

着越来越多私人银行、信托公司进军家族信托业务，中国的信托行业，正在经历一个渐进但重要的转型——将自己改造成私人财富的托管人。

John Wong private client services leader, China and Hong Kong, PwC

王志伟普华永道（PwC）中国内地及香港私人财富服务主管

Lemin Hu director assistant of financial product department, CreditEase Wealth Management

胡乐民宜信财富理财产品部总监助理、家族信托产品负责人

hina’s trust industry is undergoing a gradual but important transformation as a growing number of private banks and trust firms make a foray into the family trust business – in the process transforming themselves into custodians of private wealth. Since trust laws were first introduced in 2001, trust companies have played an important role in China’s economy by providing ‘shadow banking’ services. While assets under management have grown immensely, the industry has, until recently, shied away from offering fiduciary services tailored for wealthy private clients. However, industry experts note that with the regulator urging trust firms to reduce their reliance on wealth management products, and given the growing need for succession planning services as China’s wealth matures, trust firms are wading into the wealth planning space. “In 2013, Ping An Trust was the first to arrange a family trust in China,” Ann Juay Lim, Greater China FSO Assurance managing partner at EY, told Asian Private Banker. Since then, 21 other trust companies have started offering family trust services, while 14 banks have entered the market in partnership with trust companies. The private banking arm of one Top 10 lender, for instance, is increasing its focus on family trusts since its “core value is preserving wealth for our UHNW clients”, the general manager said on the condition of anonymity. Beijing-headquartered CreditEase Wealth Management also started offering family trust solutions to its clients in early 2016. The firm has

自2001年首次颁布信托法以来，信托公司通过提供“影子银行” 服务，在中国经济中发挥了重要作用。虽然资产管理量已经大幅增长，但该行业尚未针对富有的私人客户提供专用服务。直至最近，这种情况才发生改变。然而有行业专家指出，随着监管机构敦促信托公司减少对财富管理产品的依赖，亦因中国财富量的不断增长，市场对资本继承规划的需求将日益增长。信托公司现正进入财富规划领域。安永大中华区财富及资产管理服务主管合伙人，林安睿向APB连线说： “2013年，平安信托是中国首间提供家族信托的公司。自此，另外21家提供家族信托服务的公司相继在中国成立。同时亦有14 家银行与信托公司合作，进入了市场。” “10 大主要贷款商的私人银行部，日渐重视家族信托，因其核心在于替‘超高净值客户保持财富’”一位不愿意透露姓名的总经理说。总部位于北京的宜信财富管理，也于 2016 年初开始向客户提供家族信托方案。该公司已与三家国内信托公司和两个国际供应商合作。宜信财富理财产品部总监助理、家族信托产品负责人胡乐民说： “我们许多客户都是高净值人士，他们正寻找方法来保护、分配他们的资产继承。这些客户越来越意识到，家族信托是实现这点的最好方法。” 胡乐民注意到，随着第一代企业家准备转移财富。 “毫无疑问，家族信托是最好的工具。”他认为家族信托服务的需求将迅速增长。然而安永的林安睿透露，当前行业仍在孕育阶段。目前家族信托资产管理总额仅440 亿元人民币。不计海外成立的家族信托，它只占信托公司资产管理总额的 0.2%。

阻碍快速增长的因素

林安睿说： “虽然人们预计家族信托可能会随着财富的增加而稳步增长，但其势头并不显著，除非进一步颁布法规和司法解释，并在这个领域推行有利的税收政策。”

INDUSTRY 行业 partnered with three domestic trust companies and two offshore providers.

此外，信托公司面临其他短期的挑战，包括欠缺有经验的人才。

“Many of our clients are high net worth individuals who are looking for ways to protect their assets and arrange their inheritance, and more and more of these clients are realising that family trusts are a great way to do that,” said Lemin Hu, director assistant of the financial product department at CreditEase Wealth Management, who oversees the bank’s domestic family trust business.

普华永道（PwC）中国内地及香港私人财富服务主管王志伟预期，中国家族信托市场的发展将持续。但他认为增长会被不明朗因素影响： “尽管信托法自 2001 年以来，已获得多个附加法规补充。但作为行业从业者，相比美国和其他国家／地区，信托的灵活程度还是相对落后。”

Hu notes that as the first generation of entrepreneurs prepares to transfer its wealth, “there’s no doubt that as the best tool of inheritance, the demand for family trust services will grow quickly”. For the time being, however, the industry remains embryonic: family trust assets under management total just RMB 44 billion, or 0.2% of the total assets managed by trust companies, according to EY’s Lim, who adds that this excludes family trusts set up offshore.

Impediments to rapid growth “Although there are expectations that family trusts may increase steadily in correspondence with increased wealth, it is unlikely this will take off significantly unless there are further developments and clarifications in laws and regulations, as well as favourable tax policies in this area,” Lim said. Further, trust companies face other short-term challenges, including the fact that they lack personnel who have experience in this area. John Wong, PwC’s private client services leader for China and Hong Kong, expects the development of China’s family trust market to continue, though he notes that its growth is being held back by uncertainties. “Even though the law was supplemented by different regulations since 2001, as practitioners in the industry, it is still far away from the flexibility in application compared with trusts in other jurisdictions such as the US and other common law markets,” he said. Wong believes there is room for China’s trust laws to be “modernised”, adding that for now, there remains a lack of precedent case law due to the infancy of the market. Further, Wong points out that although any type of domestic asset can technically be placed under a trust, family trusts are mostly being set up to house investment portfolios and cash for succession planning purposes. That is set to change, however, as evidenced by the recent launch of China’s first charitable trust by a wealthy individual. Lim adds that some larger trust companies have started “using trust arrangements for property inheritance purposes”. Despite the short-term challenges, most observers see a bright future for the industry. “Each week in China there’s a new billionaire,” Wong said. “So in order to cater to the growing wealth management market, especially ultra high net worth clients, of course there are certain tools that need to be provided by financial institutions – and trusts are one of those tools.”

王志伟认为中国信托法仍有“现代化”的空间。由于市场仍刚起步，故缺乏判决先例可以参考。此外他指出，虽然任何类型的国内资产都可以放在信托下，但大部分家族信托是为投资组合和现金的继承规划而成立。不过这个做法将有所改变。例如日前一位富豪创立了中国首个慈善信托。林安睿补充说，有些较大的信托公司已经开始“将信托用于房产继承的目的” 。尽管信托行业面临短期的挑战，但大多数观察人士看好行业前景。王志伟说： “中国每星期都有新的亿万富豪产生，为了服务于日益增长的财富管理市场，尤其是超高净值客户，有些工具自然需要由金融机构提供，信托就是其中一种。”

PEOPLE 人物

CITIC Bank’s Kang: “We are on the right path” 信私人银行康静:“我们走上了正确的中发展道路”

o private bank in China has grown at a faster rate over the past five years than China CITIC Bank (CITIC) Private Banking, which today ranks ninth on Asian Private Banker’s Top 10 League Table with RMB 321.2 billion in assets under management in 2016 (that total has since climbed to around RMB 400 billion). Indeed, since 2012, CITIC’s private bank has notched up a CAGR of 56%, well above the Top 10 average of 34%. Not that it has all been plain sailing. As one of a handful of banks in China to set up a private banking centre in 2007, Kang points out that as the market has evolved and HNW wealth has swelled in the country, the private bank has had to further refine its operational model and product offering to better meet client needs. “In 2007, the market was not totally open – products lacked variety and clients did not have a good understanding of the private banking proposition,” Kang says. That same year, CITIC inked a strategic partnership with Spanish lender Banco Bilbao Vizcaya Argentaria, which took a 15% stake in the lender. This proved instrumental for CITIC’s then-nascent private banking business, which leveraged on the partnership to gain a deeper understanding around systems development and asset allocation. Taking these learnings, CITIC – similar to a number of its peers – made the decision to fold its private banking business into its retail arm – a decision it is unlikely to reverse in the near future, according to insiders, even if doing so would arguably bring a greater level of operational flexibility and brand awareness. Still, the move guarantees the private bank a steady pipeline of clients and talent and allows for scalability and cost-sharing. “By consolidating the private banking business with our retail bank, we believe we are on the right path, especially as the market environment is becoming more open and clients are developing a better understanding of what private banking is” says Kang. Moreover, the private bank has put in place a three-year strategy that centres around profit growth and combining operations and

Kang Jing, executive deputy general manager, private banking, China CITIC Bank 中信银行私人银行部常务副总经理康静

近

五年来，中信银行私人银行部的业务增长速度傲居中国业内之首。如今中信在APB连线中国十大私人银行排行榜中名列第九。2016年，中信私银资产管理额达3212亿元人民币（该数值此后已攀升至4000亿元人民币）。此外，自2012 年以来，中信私人银行的年均复合增长率达56％，远高于十大平均水平的34％。

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management and is underpinned by four core objectives: to raise the professionalisation of the team; to enhance the bank’s ability to acquire new clients from the market; to strengthen the bank’s abilities around asset management and to build up its relationship management capabilities.

康静指出，中信私人银行的发展并非完全一帆风顺。于2007年，作为少数在境内成立的私人银行之一，伴随着中国高净值客户迅猛增长和金融市场不断开放，中信私人银行必须完善经营管理模式、不断丰富产品和服务体系，以适应国内私人银行业务发展，和满足私人银行客户需求。

CITIC’s drive to advance its private banking offering comes at an inflection point for the industry. A number of players continue to run their private banking arms as distribution channels for off-balance sheet high-yielding fixed income products and clients, lulled into a sense of security by implicit guarantees, have an underdeveloped understanding of risk. For Kang, however, this approach is unsustainable, and thus the private bank is positioning itself as a provider of solutions.

“在2007年，国内金融市场尚未开放，金融产品相对单一，客户对私人银行业务的认知也相对有限。”康静表示。

One telling sign that CITIC is acting upon its words is its introduction of a discretionary portfolio management (DPM) service earlier this year. While a difficult sell even for Asia’s offshore players, where the average DPM penetration rate hovers around 8%, discretionary services are now offered at over half of the bank’s domestic branches. “DPM is mature outside of China but new to the onshore market,” she says. “However, CITIC’s vigorous development of DPM indicates 66

同年，中信与西班牙毕尔巴鄂比斯开银行（BBVA）建立战略合作伙伴关系，BBVA持有了信银国际15％的股权。中信银行也借此合作加深了对私人银行体系建设和资产配置的理解，这为当时刚刚起步的中信银行私人银行事业提供了相当的助力。经过这样的学习历程，中信银行选择了私人银行业务与零售业务融合发展的道路— —与许多同业做法类似。据内部人士透露，该决策近期不太可能扭转，尽管这样做不一定可以提高运营灵活性和品牌知名度。不过，该举措能确保私人银行获得稳定的客户源和公司人才资源，有利于扩大规模和分摊成本。 “通过整合零售银行与私人银行业务，我认为我们走上了正确的发展道路。随着当前市场环境日益开放，客户对私人银行业务的理解日益深化，这一点尤其重要。”康静表示。

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By consolidating the private banking business with our retail bank, we believe we are on the right path”

“通过整合零售银行与私人银行业务，我认为我们走上了正确的发展道路”

that, more and more, customers are recognising the importance of delegation given that they are not experts in investment,” she says.

此外，中信私人银行启动了“利润中心、管营合一”的三年策略，并以以下四个核心目标为基础：建立专业队伍，加强市场获客能力，加强资产管理能力，提升客户经营能力。

Within one month of its launch, CITIC’s DPM business had RMB 1 billion under management; and Kang has since told Asian Private Banker that the private bank has almost 100 clients who have opted to delegate full management responsibilities. Equally, CITIC, as with many of its peers, is actively engaged in promoting asset allocation strategies to investors to deliver sustainable, risk-adjusted returns, including the launch of the ‘CITIC Wealth Index’. “We use this tool to convey to our staff, clients and also society the importance of asset allocation,” explains Kang. “We issue statistics, market studies and provide recommendations on CITIC’s selected products, across all major asset classes. This is one way we educate.” The omens bode well for CITIC Private Banking. Though the Chinese economy has entered a ‘new normal’, its growth rate still exceeds other major economies and millionaires continue to be minted on a daily basis. Moreover, CITIC’s willingness to develop a more mature, clientcentric approach to private banking – while perhaps challenging in the short-term – is likely to ensure a sustainable business in the long run, predicated on ‘sticky’ customer relationships. “Going forward, we will continue to focus on HNW clients’ wealth management, asset allocation and wealth inheritance,” Kang concludes. “We will further consolidate our resources across corporate and retail banking, offer both financial and non-financial (valueadded) services and build CITIC’s consolidated resources platform to service individual clients, their families and enterprises, especially as the market undergoes a shift from wealth creation to protection and inheritance.”

中信推动私人银行业务的时机恰逢行业拐点。一些市场参与者继续将私人银行部门作为表外高收益固定收益产品的分销渠道。刚性兑付给客户制造了的虚假安全感，使其对风险理解不足。但是对康静而言，这种方法不可持续，因此中信私人银行目前的定位是做解决方案提供者。有迹象表明中信践行了自身理念，今年年初该行推出了全权资产委托管理业务。即使对于亚洲离岸同业而言，这个市场也很难打开。目前在亚洲离岸市场，全权资产委托管理业务的渗透率徘徊在8％左右。但中信逾半数国内分支都提供这一服务。她表示： “全权资产委托管理业务在国外已经是成熟的业务模式，但在中国大陆仍处于起步阶段。中信银行大力发展此项业务也意味着越来越多的客户意识到全权委托服务的重要性，考虑到客户不是投资专家。”。中信全权资产委托管理业务在推出后一个月内，就已录得10亿元人民币的资产管理额；此后，康静在接受APB连线采访时表示，截至目前，已有近百名客户选择了中信私人银行的全权委托资产管理业务。同时，中信与众多同行一样，积极推进投资者资产配置策略，提供风险调整后回报，包括推出“中信财富指数”。 “中信利用这个工具来引导客户、员工乃至社会去了解资产配置的重要性。”康静指出： “我们发布数据、市场研究报告、提供大类资产配置建议输出中信观点，并为客户提供中信产品精选。这是我们进行投资者教育的方式之一。” 目前中信私人银行面临着利好的大环境。虽然中国经济已进入“新常态”，其增长速度仍然超过其他主要经济体，百万富豪每天都在持续涌现。此外，中信公司有意开发以客户为中心的、成熟的私人银行业务模式——这在短期内或许挑战重重，但从长远来看或有助于提升客户“粘性”，奠定可持续业务。 “展望未来，中信私人银行将继续关注高净值客户的财富管理、资产配置和财富传承。”康静总结道， “我们将进一步整合对公对私资源、提供金融及非金融（增值）服务，打造中信资源整合平台，为个人客户及他们的家庭、企业提供中信综合解决方案。随着中国私人银行市场经历从财富创造到财富保管和继承的时期，这一点尤其重要。”

INDUSTRY 行业

Timeline of major offshore moves by China’s largest private banks

中国私人银行巨头离岸重大举动大事记

hile 2017 is proving to be a landmark year for Chinaheadquartered private banks’ offshore strategies – with four players setting up shop in Singapore and Hong Kong in the first half alone – the offshore play has been a feature of the industry since 2009. Asian Private Banker maps the major offshore developments of China’s top 10 private banks by AUM as they plant their flags across the globe.

虽

然事实证明，2017年标志着中国内地私人银行全球化策略的里程碑——仅上半年就有四家私人银行落户新加坡和香港，但是离岸扩张自2009年以来就一直是全行业的共同主题。随着中国私人银行全球化布局，APB连线根据资产管理额，为中国十大私人银行编制了其离岸扩张大事记。

ICBC Private Banking centre in Singapore Bank of China (BOC) Private Banking in Hong Kong

Industrial & Commercial Bank of China (ICBC) Private Banking centre in Hong Kong

中国银行在香港开立私人银行业务

工商银行私人银行在香港开业

2009

2011

工商银行私人银行在新加坡开业

2013

2012 ICBC Private Banking centre in Paris 工商银行私人银行在巴黎开业

2010 Bank of Communications Private Banking in Hong Kong 交通银行私人银行落户香港 -

China Construction Bank (CCB) Private Banking centre in Hong Kong 建设银行私人银行落户香港

2014 China Merchants Bank (CMB) via Wing Lung Private Banking Service in Hong Kong 招商银行通过永隆私人银行服务落户香港

INDUSTRY 行业

CMB Private Banking centre in Singapore 招商银行在新加坡开立私人银行业务 -

CMB Private Wealth Management centre in Hong Kong 招商银行私人银行布局香港 -

CCB Private Banking centre in Singapore 建设银行私人银行在新加坡启用 -

China Minsheng Banking Corporation Private Banking centre in Hong Kong 民生银行私人银行在香港启用

CMB Private Banking in Hong Kong (two private banking centres)

2017

招商银行在香港启用两家私人银行中心 -

ICBC Private Banking in Dubai 工商银行私人银行进军迪拜

2015

2016

Future 未来

BOC Private Banking in Singapore

BOC Private Banking in London

CMB Private Banking centre in New York

Industrial Bank Private Banking centre in Hong Kong

Shanghai Pudong Development (SPD) Bank Private Banking centre in Hong Kong

CMB Private Banking centres in Luxembourg, Sydney, London and Paris

中国银行私人银行落户新加坡 -

招商银行私人银行落户纽约 -

浦发银行私人银行落户香港

中国银行私人银行进军伦敦 -

兴业银行私人银行进军香港 -

招商银行私人银行落户卢森堡、悉尼、伦敦、巴黎 -

SPD Bank Private Banking centres in Singapore and London 浦发银行私人银行布局新加坡、伦敦

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Asia’s offshore leaders talk China

亚洲离岸市场领军者畅谈中国

Nick Yim head of North Asia Goldman Sachs Private Wealth Management 严力耘高盛私人财富管理部北亚地区主管

Still early days “China’s wealth management industry is still in the early stages of development. The limited range of products available in the domestic market makes it challenging to create truly well-diversified portfolios for the purpose of wealth preservation. For example, in the equities space, investors’ access is mostly through mutual funds and in fixed income, investors have few choices other than wealth management products.”

Foreign banks await market liberalisation “In terms of product strategy, global wealth managers tend to focus on bringing what are considered niche offerings in China, such as funds on the Mainland-Hong Kong Mutual Recognition of Funds scheme. Foreign players now have a small share of the domestic wealth management market. But that could change depending on how fast the market liberalises. If China fully opens up its stock, bond and derivatives markets, it could be a different story.”

Goldman’s China play “We focus on bringing global expertise and investment opportunities to local clients. This adds real strategic value to our relationships because we are able to take a holistic view of clients’ overall wealth and help them diversify their portfolios in a meaningful way.”

A familiar development path “Looking at the US, Europe and other parts of Asia, markets have followed a similar path of development, albeit at different paces. I don’t see how China would be that much different – its wealth management market will continue to grow as investors become more sophisticated.”

仍在起步阶段 “中国的财富管理业仍处于发展的初期。在国内市场，由于产品范围有限，故未能提供真正多元化的投资组合，以达到财富保值的目的。例如，股权投资的主要渠道是共同基金；而固定收益的投资渠道除了财富管理产品之外，选择寥寥无几。” 外资银行静待市场自由化在产品战略方面，全球财富管理机构，倾向引入国内认为是利基的产品，例如“中港基金互认计划”中的基金。外资企业在中国的财富管理市场，只拥有小部分市场份额。但这一点可能会改变，具体取决于市场开放的速度。如果中国全面开放股票、债券和衍生品市场，那情况可能会完全不同。高盛在中国的布局 “我们专注为本地客户带来全球的专业知识和投资机会，这为我们与客户的关系增添了真正的战略价值。因为我们能够全面地了解客户的整体财富，并帮助他们以有意义的方式，订制多元化投资组合。” 熟悉的发展路径 “放眼欧美乃至亚洲其他地区，市场发展步伐各有不同，但路径相似。我觉得中国也不例外。随着投资者日渐成熟，中国财富管理市场将会继续增长。”

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Asian Private Banker speaks to leaders of Asia’s offshore wealth management space about how they view the Chinese market and how their institutions plan to harness China’s rapidly expanding pool of HNW wealth. APB连线与亚洲离岸财富管理机构的领导人对话，探寻他们对中国市场的看法，了解他们如何带领自身机构从中国迅速增长的高净值人士财富额中寻找商机。

Kevin Herbert co-head, North Asia HSBC Private Banking

洪嘉宏汇丰私人银行北亚区业务联席主管

Asset allocation finding traction “Chinese clients generally have a strong affiliation to Asian assets but that is beginning to change. The asset allocation approach to investing is gaining more traction and investors are increasingly seeking to diversify to foreign markets like the US or Europe. And this is applicable not only to retail or private banking customers but even institutional Chinese investors, which have been widely reported as buyers of major European assets in recent times. But like their foreign counterparts, familiarity with assets outside of local regions is still limited and as a result, we are observing increasing demand for banks to manage portfolios on a discretionary basis.”

HSBC’s deep China roots “We have had a private banking presence in onshore China for some years now through our offices in Shanghai and Guangzhou. Our China strategy is aligned with our global strategy on working with the HSBC Group businesses to ensure we are the preferred choice for managing the private assets of our commercial banking clients as well as meeting the international needs of our clients across geographies. Subject to regulatory approvals, we seek to provide a proposition in China that is closer to that of our Hong Kong proposition. Our onshore presence provides other value to our private banking business, such as having a more holistic perspective on clients’ total investment portfolio”.

资产配置受到瞩目 “中国客户普遍偏好亚洲资产，不过这种情况已开始改变。资产配置的投资方式日益受到瞩目，投资者日益寻求欧美等外国市场的多元化布局。这一点不仅适用于零售或私人银行客户，还适用于机构投资者。近日，媒体广泛报道称，中国机构投资者是欧洲资产的主要买入者。然而，与一般的投资者一样，中国投资者对本土以外的资产缺乏了解。因此我们观察到，全权委托管理投资组合的需求正不断上升。” 汇丰中国渊源深厚 “汇丰在好几年前开始通过上海和广州的办事处，于中国在岸建立私人银行业务。我们的中国战略，贯彻汇丰集团的全球战略，以确保我们成为商业银行客户私人资产管理的首选，并满足各地客户的国际需求。虽然仍有待监管部门批准，我们希望汇丰在中国内地的价值主张与在香港的定位能更加接近。在岸业务的建立，能为汇丰私人银行业务提供其他价值，例如对客戶的投资组合有更全面的了解。” 逐步发展 “我们仍在努力发展在岸私人银行业务。最近（2017年6月）汇丰获得监管部门批准，与广东省深圳市的前海金融控股有限公司成立合资公司。这对我们来说是迈进了重要的一步，预计将有助于扩大我们在岸投资的平台。”

Step by step “Our onshore private banking business continues to develop. We recently (June 2017) received regulatory approval for a joint-venture with Qianhai Financial Holdings based in Shenzhen, which is a major step forward and it’s expected to have an effect of broadening our onshore investment proposition.” 71

P E O P L Eoffshore Asia’s 人物

leaders talk China 亚洲离岸市场领军者畅谈中国

Dr. François Monnet managing director head Greater China, private banking APAC chief executive Hong Kong branch Credit Suisse

方世华博士亚太区私人银行大中华市场主管兼瑞信香港分行行政总裁、董事总经理 For Credit Suisse, China matters “Today, the bulk of our offshore investment solutions are relevant to onshore clients. Having said that, our core clientele are the largest regional and global entrepreneurs, who constitute the core of our client strategy and execution focus. Onshore China will be a construction site for some time, but whatever we do, we will always be centred on this type of large, sophisticated and entrepreneurial client. Currently, our onshore China presence consists of three ‘legs’: the Credit Suisse branch in Shanghai, for which we recently appointed a head of private banking for China [Rick Meng]; our tie-up with ICBC [ICBC Credit Suisse Asset Management], which is bearing fruit as it gathered RMB 1.4 trillion in AUM; and we have 33% with Founder Securities [Credit Suisse Founder Securities], which provides us with effective access to the securities market. This combination has proven to be powerful for both increasing our local knowledge and activating business. On the private banking side, what we do out of the branch is mostly onshore for offshore and plays into our core strengths: we are extremely good at complex and tailor-made solutions, cross-border trades and bespoke advisory. This unique competency is and will remain meaningful for large entrepreneur clients with cross-regional or global interests. Today, however, we are at a point of inflection at the group level. We have demonstrated that the bank and our APAC strategy works and that we can execute on our strategy effectively. We have delivered strong performance and are ready to recalibrate our ‘go to China’ strategy.”

Problem-solving China “Our approach in the private banking business has always been to problem-solve China for two fundamental dimensions: the first is, of course, scale. China is a huge market and size cannot be ignored. But there is another dimension that people tend to overlook, and

中国对瑞信相当重要 “今天我们大部分的中国离岸投资方案，都与在岸的客户有关。话虽如此，我们的核心客户，都是最重要的地区和全球企业家。他们是构成我们客户战略，以及执行重点的核心。中国在岸的业务发展，仍需要一段时间成型，但无论我们如何计划，这群庞大的，精英级的和重要的企业家型客户，都将会是我们的中心。当下瑞信在中国大陆有三大‘触手’：一是瑞信上海分行，最近任命孟辉担任私人银行中国在岸业务主管；二是与工商银行合作成立的工银瑞信投资管理。目前取得丰硕成果，资产管理总规模达 1.4万亿元；三是瑞信方正证券，其中瑞信持股比例33%。该机构使我们得以有效打入证券市场。事实表明，这种组合对于提升本土经验和刺激业务大有裨益。在私人银行方面，我们通过上海分行，为在岸客户提供离岸投资服务，这点是我们的核心优势。我们非常擅长复杂和量身定制的解决方案，跨境贸易和个人化咨询。无论在今天还是未来，对在亚洲和全球都拥有资产的庞大企业家客户群，我们这个独到优势也极具意义。我们如今正处于集团层面的拐点。我们已用行动证明，瑞信本身和其亚太战略都取得了成功。我们能有效落实战略并已取得佳绩，目前已准备重新瞄准‘进军中国’的战略。” 中国市场的考验 “我们的私人银行业务，一直都从两个基本层面解决中国市场的问题：第一个，当然是规模。中国是一个巨大的市场，规模不可忽视。还有另一个经常遭忽视的层面，就是任何‘外国’或国际企业欲在中国生存和发展，都必须从中国的角度出发。必须承认，要想获得成功，有一系列关键因素需要考量和妥善把握。其中包括：这个市场有何特点；我们需要什么类型的人才，才能理解客户的价值追求，继而能妥善落实战略；如何与当地监管者形成积极的联系。鉴于‘打’中国市场显然需要巨大的规模、本土知识和能力，因此唯一的途径就是与中国市场当地参与者合作。透过合作亦可拆解

PEOPLE 人物

that is that for any ‘foreign’ or international business to survive and thrive in China, it must be done from a Chinese perspective. We must acknowledge that the characteristics of this market, the type of human capital required to understand the bank’s client value proposition and execute well, and a proactive connectivity to the local regulators are all key success factors to consider and master. If you acknowledge the obvious, i.e. the need for scale and local knowledge and capabilities, then the only way to ‘go in’ is to partner with Chinese market players. Partnering also problem-solves another fundamental issue, which is client acquisition. The idea here is that Credit Suisse can associate itself with a firm – whether a broker, insurance company, bank or tech company – which has a vast amount of clients who are not yet monetised for wealth management services, simply because this is not part of the firm’s core competency. Credit Suisse can therefore deliver wealth management to the partner’s existing client pool.”

Partnering is key “Depending on the type of firm the bank would partner with, the value of the Credit Suisse brand will differ, the amount of infrastructure that we would need to bring would also differ, as well as the type of targeted clients and solutions. So this approach will not result in a one-size-fitsall market entry. Furthermore, I believe that all types of partnership scenarios are possible. For example, in a private labelling arrangement, we could partner with a bank that has no capabilities in deploying global discretionary portfolio solutions; or we could be co-branded, just as we did in Brazil, where we partnered with Hedging-Griffo; or we could take a majority in a joint-venture structure and execute a fully Credit Suisse-branded value proposition. Each of these viable partners would need to have a strategic commitment to the long-term partnership. So the association cannot be merely a cooperation agreement. Together, one would need to invest into a venture to ensure longevity and mutual benefits for the long term. Doing so would also require a serious

commitment on behalf of Credit Suisse in terms of time and resources. Ultimately, any joint venture approach would also be compatible with Credit Suisse’s core go-to-market strategy which is focused on activating and developing the very top tier of the client segment, i.e. the large entrepreneurs who deserve a holistic service approach, leveraging the best of investment banking and private banking. As you can see, going into China requires a multi-pronged strategy to answer the needs of different client segments.” 另一个根本问题，就是如何吸纳客户。其理念是，瑞信可以与一家券商、保险公司、银行或科技公司合作，从而接触其庞大的客户群。而这客户群从未了解过财富管理服务，全因该公司的核心业务不在于此。由此一来，瑞信便可向合作公司的现有客户群提供财富管理服务。” 合作是关键 “合作伙伴不同，瑞信的品牌价值就会不同，我们在基础设施上需要的投资、乃至目标客户和解决方案都会有差异。这样打入市场就不会造成‘一刀切’的局面。此外，我们相信，任何类型的合作都是有可能的。比如说可以采用‘自营品牌’模式。有些银行无法提供全球全权委托投资组合服务，我们可以与其合作来弥补这方面的产品缺憾。也可以采取‘联营品牌’策略。我们在巴西与投资基金 Hedging-Griffo的成功合作，就是一个例子。还可以在合资结构中持多数股权，全面执行瑞信品牌的价值主张。每个合适的合作伙伴，都需要有战略性承诺，能与我们长期合作。所以这种结盟不能纯粹是一个合作协议。这个合作需要双方都投入资源，以确保一个持久的互惠关系。这样做也需要瑞信在时间和资源方面认真投入。归根结底，任何合资方式都将贯彻瑞信的核心市场战略。那就是激发和开发最顶层的客户群，即那些创业巨擘。这些客户值得全面的服务，同时我们能将投资银行、私人银行的优势发挥到极致。显然，进军中国需要采取多管齐下的战略，以应对不同客户群的需求。”

P E O P L Eoffshore Asia’s 人物

leaders talk China 亚洲离岸市场领军者畅谈中国

Amy Lo chairman and head UBS Wealth Management Greater China and country head, UBS Hong Kong 卢彩云

瑞银集团董事总经理兼瑞银财富管理大中华区主管及瑞银香港区主管

UBS’ homeground advantage “APAC, as a whole, is a very important growth engine for UBS Wealth Management. The region contributed 20% of global wealth management profits for the first half of 2017 and the growth rate remains steady. Moreover, one billionaire is being created in the region every three days, led by China. These facts alone make China a very important market for us. Our presence in China started as early as 2003 when we obtained the first QFII regime licence, we opened the Beijing branch in 2004 and incorporated UBSS in 2006. Having a dual-growth engine - the branch licence and a securities licence - has certainly helped us to clearly differentiate ourselves. Then in 2012, we incorporated UBS China Ltd. and in 2014, we established the Guomao sub-branch. These developments laid the groundwork for where we are today. It is important to note, also, that in China, we not only offer wealth management but also investment banking and asset management. So being able to offer a holistic integrated bank solution to our clients is key to our competitive positioning.”

Adaptability is key “Being the first mover and having patience is important because we must learn from experience what works, what doesn’t and how to adapt. We are not competing with local Chinese banks and we don’t intend to. We are the international global premier wealth manager. But one size does not fit all. We cannot just replicate our successes in Hong Kong and Singapore in China directly. China is of course a very different market. What is key is that we encourage knowledge transfer and experience sharing so that we can effectively adapt to the China market and increase effectiveness and efficiency. That applies across the front, middle and back of the bank. In this sense, being in close proximity to Hong Kong and Singapore enables us to offer talent exchange opportunities for our back, middle and front office staff and,

瑞银的亚洲地缘优势 “ 整个亚太区也是瑞银财富管理的一个非常重要的增长引擎。2017年上半年，该地区占全球财富管理利润的20％，而增速亦保持稳定。此外，在该地区每三天便产生一名亿万富豪，其中以中国最多。单是这些事实，已使中国成为我们非常重要的市场。瑞银在中国的业务始于2003年，当时瑞银成为首家取得QFII资格的境外投资机构。2004年，北京分行开业。2006年，瑞银证券成立。银行和证券业务双牌照，这两大增长引擎赋予我们显著的优势。2012年，瑞银中国有限公司成立。2014年瑞银北京国贸支行开业。这些发展为我们今天的地位奠定了基础。同样重要的是，我们在中国不仅提供财富管理，还经营投资银行和资产管理，因而能够为客户提供整体银行解决方案，这是我们竞争优势的关键所在。” 适应能力是关键 “掌握先机、保持恒心非常重要，因为我们必须从经验中学会找出有效的方式，学会适应变化的环境。瑞银不会、也不打算和当地的中国的银行竞争。瑞银是全球顶尖的财富管理机构，但不“因地制宜”是行不通的。我们不能直接将瑞银在香港和新加坡的成功，复制到中国内地。关键是要鼓励知识转移和经验分享，以有效提高效率，适应中国市场。这一点适用于全公司的前中后台。在这一点上，内地离香港和新加坡很近，有利于我们调配人才到前、中、后台的岗位。更广泛地说，这使我们得以更有效利用在亚洲积累的专长和经验。具体包括人才、产品体系和平台。这就是我们建立业务、领导业界的诀窍。” 不要事倍功半 “对于中国国内的业务，我们专注于创建业务、建立基础设施和风险管理。瑞银现阶段不想因为跑得太快而进寸退尺。在获得全部牌照后，我们便会全力冲刺。我最初担任瑞银财富管理大中华区的负责人时，并未急于建立前台。相反，我先参与一些风险管理

PEOPLE 人物

more broadly, we can leverage on the expertise and experience that we have accumulated in Asia across talent, product offering and platform. This is how we can build our business and lead from the front.”

Don’t reinvent the wheel “For our domestic business, we are focusing on building our operations, infrastructure and risk management. We don’t want to run too fast now just to take a few steps back. Once we are fully licensed, it will be full steam ahead. When I first took on my role [head of UBS Wealth Management Greater China], I did not rush to build up the front office. Instead I completed some risk management workshops to understand where the gaps are and how we can build a risk management infrastructure framework. This proved extremely useful because the wealth management industry in China is relatively new, and if you don’t get it right at the beginning and before growth becomes exponential, your business will not be sustainable.

研讨会，以了解当时的差距，以及我们如何能构建风险管理设施框架。这一步已被证实非常有效。因为中国的财富管理行业仍然较新，如果一开始就方向错误，而不及时在加速前进之前加以纠正，那么业务就不会持续。所以不要事倍功半。瑞银在香港经营财富管理业务已有50余载，因此我们必须善用专业知识、人才和经验。” 与政府沟通 “与监管机构沟通是相当重要的。要成为良好的球员，你就必须知道球的位置；但要成为杰出的球员，就需要学会预测球的动向。要想在中国取得成功，关键在于理解监管环境的发展方向。通过定期与监管机构沟通，我们也可以协助制定监管路线图。监管机构也希望得到本地和国际机构的共同参与，但你必须从一开始就表明诚意。”

So don’t try to totally reinvent the wheel. We’ve been building our wealth management business for over 50 years in Hong Kong and so we must leverage upon our expertise, talent and learnings.”

Communicate with authorities “Regulatory communication is key. To be a good soccer player, you must know where the ball is, but to be an excellent soccer player, you must know where the ball will be. Having some understanding of where the regulatory environment is shifting is a key to success in China. By communicating regularly with regulators, we are also in a position to help shape the regulatory roadmap. Regulators seek input from both local and international players, but you must demonstrate commitment right from the get-go.”

以下是部分最近引用了我们的报道的几家机构 INDUSTRY 行业

彭博 (Bloomberg) 瑞士寶盛CEO预期亚洲将占整体业务三分之一 - 2017年9月14日

汤森路透 (Reuters) 列支敦士登银行宣扬王室关联，招揽亚洲客户 - 2017年8月29日

彭博 (Bloomberg) 瑞士宝盛银行为瑞士银行定下基调，新财富或成主要节奏 - 2017年7月24日

彭博 (Bloomberg) 与新加坡鲨鱼们共游 - 2017年7月14日

The Business Times 东方汇理银行财富管理将收购法国工商信贷银行在新加坡和香港的私人银行业务 - 2017年6月16日

汤森路透 (Reuters) 新加坡、香港吸收的离岸资金将赶上瑞士 - 2017年6月13日

The Straits Times 新加坡银行将继续招兵买马，目标直指富裕客户 - 2017年6月2日

The Financial Times 德意志银行亚洲财富管理团队将扩充50余人 - 2017年6月1日

彭博 (Bloomberg) 新加坡银行CEO表示将继续招兵买马，谋求增长 - 2017年6月1日

Nikkei Asian Review 新加坡银行纷纷扩张财富管理业务 - 2017年5月18日

汤森路透 (Reuters) 瑞银逆势聚焦中层亚洲百万富豪 - 2017年5月4日

Barron’s 纽约梅隆银行在亚洲进行长线作战 - 2017年4月19日

South China Morning Post 亚洲私人银行业的不断变迁 - 2017年4月11日

The Financial Times 2016年新加坡私人银行资产管理额增长幅度击败同业 - 2017年4月11日

The Financial Times 法国巴黎银行任命亚太地区财富管理新掌门人 - 2017年4月5日

TECHNOLOGY 科技

Chinese PBs face platform pains when going offshore 中国私人银行“走出去”面对的平台难题

fter racing to set up centres in Hong Kong and Singapore, Chinese private banks have found themselves challenged by technologyrelated legacy issues. Tech vendors tell Asian Private Banker that for these banks to develop robust offshore businesses, they first need to work on their core banking platforms.

Offshore strategy gains momentum 2017 is proving to be a momentous year for Chinese lenders’ offshore strategies. To date, three banks - China Merchants Bank (CMB), China Minsheng Banking Corporation (Minsheng) and China Construction Bank (CCB) - have launched a total of four offshore private banking centres spread across Asia’s offshore centres of Hong Kong and Singapore. Their job now is to establish a meaningful foothold in these jurisdictions - a task easier said than done, especially when it comes to the tech-front. Temenos’ APAC head, Martin Frick, believes that Chinese private banks going offshore will encounter significant challenges if they do not prioritise initiatives to refine or rework their core banking systems. “We have seen a number of Chinese private banks entering Hong Kong and Singapore leveraging on their Mainland back-end systems and using international wealth technology for the front and middle office,” Frick says. “The challenge is the integration between the two, which requires a very strong integration layer on the front and middle office side.” His sentiments are echoed by Avaloq founder and CEO, Francisco Fernandez, who says that Chinese private banks’ existing systems and platforms “will require significant adaptation to ensure they are fit for purpose”, should they decide to move their platforms abroad. Chinese private banks’ offshore and onshore operations generally operate from different banking systems. Platforms in Mainland China have been described as largely “archaic” and “outdated”, which means they are largely unsuitable for other jurisdictions, or have limited overseas capabilities. “As a result, Chinese private banks setting up centres in Hong Kong and Singapore have to build their platforms from scratch or must explore the option of using foreign core banking providers,” says George Ong, CEO of Axisoft, a Hong Kong-based tech provider that specialises in servicing domestic and Chinese wealth management firms. The decision to source a solution through an external vendor, or “buy off the shelf ” has been taken by a number of wealth managers in Asia,

中

国私人银行纷纷于香港及新加坡设立中心后，近日却发现面对与科技有关的挑战。有科技供应商向APB连线透露，这些希望在离岸开拓强大业务的银行，首先需要强化它们的核心银行平台。离岸战略势头强劲 2017年是中国银行业拓展海外战略的重要一年。迄今为止，三家银行包括招商银行、民生银行和中国建设银行，在香港与新加坡建立了四家离岸私人银行服务中心。他们在这些国家／地区内建立稳定据点，然而这是一件说起来比做起来容易的任务，尤其是在科技层面。 Temenos公司亚太区总监Martin Frick相信，中国私人银行如果不优先改善或重建核心银行（技术）系统，其海外扩张战略将面临重大挑战。他说：“我们看到很多中国私人银行进军香港与新加坡的过程中，通过善用内地的后台技术系统，并采用海外科技产品去支援他们前台和中台的业务。这其中的难题在于需要在前台和中台之间建立一个连接层，把两者紧密结合起来。” Avaloq创始人兼CEO Francisco Fernandez亦同意Frick的看法。他指出中国私人银行的现有系统和平台，将需要“针对目标做出重大调整”，以及决定是否需要将平台复制到海外。中国私人银行的境外和境内据点，一般以两个不同银行技术系统运作。中国内地的平台经常被形容为“陈旧的”和“过时的”，意味着它们在很大程度上不适合在其他国家／地区使用，或者会在海外水土不服。位于香港的，专门为本地和中国内地财富管理公司提供科技服务的Axisoft，其CEO George Ong说： “因此，中国私人银行在香港和新加坡设立的中心都需要从头开始建立平台，或者挖掘外国核心银行系统供应商的可行性。” 通过寻找新的外部供应商，或购买现有可选择方案，已成为不少亚洲财富管理公司的做法，包括瑞信私人银行和星展私人银行。这一做法越来越吸引中国的银行，同时也承认了中国财富管理公司难以脱离科技供应商的产品。欠缺科技供应商即使如此，中国私人银行在考虑是否利用现有平台，或是投入大量资源建立自己的离岸平台之时，也会发现自己欠缺外部选择。因为今天很少有科技供应商，能拥有对中国私人银行的专业了解和独到认识。George Ong说： “在离岸市场，能够全面了解中国私人银行业务模式的科技供应商，实在不多，但是他们对国外 77

TECHNOLOGY 科技

including Credit Suisse Private Banking and DBS Private Bank, and it is an approach that is gaining traction with Chinese lenders, who recognise that they are not in the position to go it alone.

私人银行的了解就深的多。”他补充说，由于中国的私人银行一般以经纪人模式运营，然而科技供应商的产品，主要面向私人银行的咨询模式业务。

Shallow pool of tech vendors

不过国际科技供应商却不同意这说法，这也是意料之內的。

Even so, should Chinese private banks decide to leverage on their existing platforms or to invest heavily in building their offshore platforms in-house, they will find themselves short on external options, given that few tech vendors today can lay claim to having expertise and domain knowledge particular to Chinese private banking. “In the offshore market, there is still a lack of vendors that cater to Chinese private banks successfully by understanding their business models which are often very different to their foreign rivals,” says Ong. This is especially true given that Chinese players typically operate a brokerage model, whereas tech vendors by and large cater to an advisory model of private banking, Ong adds. Unsurprisingly, international tech vendors disagree.

Private banking platform giants clamber for business in China Temenos’ Frick points out that China’s private banking industry is maturing, which is increasing the relevance of available external solutions. “There is demand for alternative asset classes to invest in, so equities or forms of funds are emerging,” he says, adding that advances in investor behaviour are triggering the need for more advanced systems. And, as Chinese private banks transition from a pure brokerage model to an advisory one, “international players like Temenos can support them”. “The main reason for this is that a lack of business experience [has] prevented local technology providers from building [advisory] solutions,” Frick says.

Who has the bigger market share amongst Asia’s private banks?

Agricultural Bank of China

Bank of China

CIC

Bank of Singapore

CITIC

BMO Private Bank

DBS

BNP Paribas

Deutsche Bank WM

BOCI PB

HSBC

Cathay Union Bank

J. Safra Sarasin

China Merchants Bank

LGT

Credit Suisse Private Banking

Maybank

EFG

Nomura

Julius Baer

Nord/LB

Nippon Wealth

Pictet

Nordea Bank

RBC

OCBC

Rothschild

Standard Chartered PB

VP Bank

UOB

提供私人银行平台的科技巨头，在中国的业务攀升 Temenos的Frick指出，中国私人银行业日趋成熟，这增加了现有外部解决方案的可能性。Frick说：“投资另类资产的需求不断上升，所以有不同类型的股票与不同形式的基金出现。”他又透露，投资者的行为增加了对更先进系统的需求。而且，随着中国私人银行从纯粹的经纪人模式转变为咨询业务模式，“国际供应商如Temenos等都可以提供支持”。 Frick说：“缺乏业务经验，是本土科技供应商无法提供（咨询业务模式）解决方案的主要原因。” 同样，Avaloq的解决方案，亦在境内与境外的中国的银行得到普及。因为这些产品经过许多私人银行的试用和测试，并且可以轻松地实现定制。而在很多情况下，有关银行希望其业务整合的决心决定了是否要将外部的平台和内地现使用的平台整合。 Avaloq以自己的“国际化战略”为荣。强调公司会跟随客户到离岸市场，亦或是进入在岸市场。Fernandez表示，Avaloq明白到将离岸/在岸平台整合的复杂性，并已提出一个称为“MESI 方法”的方案，让银行可以服务不同国家／地区的客户，并将“ 多个功能添加到一个单一平台”。国际科技供应商说他们开始得到中国的银行的青睐，因为他们有能力提供“软件服务化”（SaaS）的解决方案。这服务可以减少银行在“庞大的IT基础设施”和“重大资本投资”上的支出。业务流程外包潮此外，业内人士告诉APB连线，业务流程外包模式（BPO）尚未吸引到亚洲的私人银行。中国私人银行正积极考虑选用BPO，期望以最低成本快速扩大规模。 “BPO可能会是中国私人银行在香港和新加坡落地经营所需要的方案。”一家私人银行驻新加坡的首席运营官（COO）说： “亚洲较小的私人银行已经舍弃了BPO模式，因为他们已有健全的全球运营模式。相反，中国的私人银行有很大可能需要BPO去建立新方向。” Avaloq于2015年在新加坡建立BPO中心ASAP。对那些资产管理额大约20亿美元或以下的私人银行而言，他们的BPO策略决定了其“生死存亡”。 Francisco Fernandez说: “一般而言，我们认为中国的银行对我们的交易处理系统有很大的兴趣。”交易处理是一个关系到行政和非自动化任务的后台功能。今天，Avaloq第一个亚洲BPO客户，就是德意志银行财富管理。

TECHNOLOGY 科技

Similarly, Avaloq’s solutions have gained popularity with Chinese banks, both onshore and offshore, due to the fact that these products have been tried and tested by many private banks and can be easily customised. And in many cases, the often cumbersome task of integrating externallysourced platforms with those used on the Mainland depends on how closely the bank in question wants its operations to be aligned. Avaloq prides itself on its “internationalisation strategy”, whereby the firm follows its clients when they move offshore, and vice versa. As a result, Fernandez says that Avaloq has developed an understanding of the complexities of onshore-offshore platform integration and has since rolled out a solution that allows banks to service clients in different jurisdictions using what he terms a ‘MESI approach’, where “multiple entities can be attached to a single instance of the platform”.

中国的科技巨头 Axisoft的George Ong说： “中国私人银行还有另一个选择，可以选用中国知名科技公司的产品和基础设施，包括阿里巴巴、腾讯和平安的科技部门。虽然这个选择尚未实现，但不容忽视。” 他说：“也许在未来五年，随着越来越多的私人银行在海外投资，我们将有另外两个选择。但是中国科技巨头，如阿里巴巴和腾讯，可能更适合提供核心银行平台。” 如果这些科技公司利用他们先进的人工智能和数据分析工具实现进军财富管理行业，Ong并不会感到任何诧异。

Ultimately, international tech vendors say they are starting to attract the business of Chinese banks because of their ability to provide softwareas-a-service (SaaS) solutions – which can reduce the need for “bulky IT infrastructure” and “significant capital investments”.

例如，阿里巴巴注资了德萃财富管理。它们近日获香港监管机构批准在香港成立。这位电子商务巨头也在2014年注资了恒生电子股份有限公司，以33亿元人民币成为控股股东，购入这家提供安全交易的大型软件供应商。而阿里巴巴的金融分支蚂蚁金服，也加入了财富管理行业的热潮。加大了科技投入，使用户能进行“ 智能”投资。例如在其中一个移动应用程序上，客户可以直接投资中国的共同基金。

BPO buzz

不出所料，国际金融服务业也注意到了这些发展。

Furthermore, industry sources tell Asian Private Banker that while the business processing outsourcing (BPO) model has yet to gain meaningful traction in Asia’s private banking industry, Chinese private banks are actively considering BPO as they look to build scale in a costefficient and speedy manner. “The BPO option is a likely option for Chinese private banks looking for a way to hit the ground running in Hong Kong and Singapore,” says one

蚂蚁金服的子公司支付宝，最近与马来西亚联昌国际银行联营提供金融服务，其中包括手机钱包业务。当被问及蚂蚁金服的其他业务计划，以及其私人银行目标地区时，发言人说其海外业务还处于起步阶段。与此同时，位于深圳的腾讯财经副总经理Daniel Hong向APB连线说：“对于科技巨人，如腾讯这类公司，在银行软件市场当然

BPO data

Integrated standard software 1. Application service provider (ASP) 2. BPO with highly automated standard back office processes 3. Sourcing best-of-breed banking products and services

Standardisation Globally, cost to income ratio is 60% for banks on Avaloq compared to 69% on average (Source: Avaloq Intelligence 2014)

Industrialisation Reduce overall IT and back office running costs by 50% and maximise STP rates close to 100% (Source: Avaloq Intelligence 2014)

Do nothing

Sourcing Source: Synpulse based on B-Source, Avaloq

TECHNOLOGY 科技

Singapore-based COO at a private bank. “While smaller private banks in Asia have shied away from the model due to their global operating models, Chinese private banks are more likely to pave new paths.”

Who’s winning the China tech titan battle?

Avaloq, which established its BPO centre, ASAP, in Singapore in 2015, touts the BPO strategy as a “survival” play for private banks with assets under management (AUM) of roughly US$2 billion or less. “Generally, we can say that we see a lot of interest from Chinese banks related to our transaction processing services,” Fernandez says. Transaction processing is a back-office function that involves administrative, manual tasks. To date, the firm’s sole BPO client in Asia is Deutsche Bank Wealth Management.

Turning to China’s tech titans Another option for Chinese private banks – which will only be made available in the near future, but which Axisoft’s Ong does not dismiss lightly – is to leverage off the technology and infrastructure of China’s well established tech firms including Alibaba, Tencent and the technology arm of Ping An. “Perhaps in the next five years, we will see the emergence of two other options as more private banks venture offshore,” Ong says. “China’s tech giants – like Alibaba and Tencent – may be in a better position to offer core banking platforms.” Ong says that he would not be surprised if this scenario materialises in light of these tech companies’ encroachment into the wealth management space and the advanced artificial intelligence and data tools they have at their disposal. Alibaba, for instance, has backed DC Wealth which recently received a green light from Hong Kong regulators to set up in the city. The e-commerce titan also invested in Hundsun Technologies in 2014, paying RMB 3.3 billion for a controlling share in the company which is a large software provider for security trading activities. And, Alibaba’s finance arm, Ant Financial, has also made waves in the wealth management industry, having invested in technology that enables its users to make “smart” investments. Its initiatives include a mobile app that gives clients access to Chinese mutual funds. Unsurprisingly, the international financial services industry is taking note of these developments. A subsidiary of Ant Financial, Alipay, recently formed an equity joint venture with Malaysian lender CIMB to provide financial services including a mobile wallet. When asked about other deals in the pipeline, as well as Ant Financial’s plans to target regional private banks, a spokesperson for the company said that the firm’s overseas business is still in its infancy. Meanwhile, Tencent Financial’s Shenzhen-based deputy general manager, Daniel Hong, views the private banking space as a potential source of business. “There is certainly an opportunity for a Chinese tech giant like Tencent in the banking software space,” Hong tells Asian Private Banker. “However, instead of creating a tech solution for a specific segment like private 80

Source: The Economist, Figures from Baidu, Alibaba and Tencent (BAT)

有着发展空间。然而，我们更感兴趣的是构建以云端为基础的“ 软件服务化”，让整个业内的金融机构受惠，而非只为私人银行这单一部门打造科技方案。”他说，构建以云端为基础的方案，可以让腾讯利用其几大优势领域，包括安全、风险管理和大数据分析。在人工智能领域，Daniel Hong相信腾讯能够从三方面让金融机构，包括私人银行“得益”：以精准营销手段吸纳和保留目标客户群；根据客户的金融需求和风险概况，自动化提供和定制产品；以及机器人化的智能客户服务。 Avaloq的Francisco Fernandez，对于中国科技巨头在世界财富管理领域的发展并不乐观。他说这些公司，会因其庞大规模的顾客群而“扰乱某些零售银行领域”，例如运用聊天机器人这类产品。他补充说：“作为一个端对端的平台，我们拥有精湛的财富管理运营知识，以及一个围绕着我们的整体科技生态系统，使我们能够轻松整合新科技。我们深信自己处于一个非常有利的位置。” 本土科技市场也能受惠 George Ong表示，中国私人银行的负责人都意识到数据分析的价值，以及对核心银行体系进行重建或升级的需求，他们将更依赖本土（科技）参与者。但是当他们“走出去”海外市场时，最终可能会发现科技产品市场存在的差距。的确，Fernandez说多亏中国“前所未有的金融改革” ，导致“ 银行业快速变化”，这种转变已经开始。他指出，最初许多旧系统都是为了管理区域内或部门间的业务而设计，因此未能支持跨国业务和客户导向的需求。

TECHNOLOGY 科技 banks, we are more interested in building cloud-based SaaS solutions that could potentially benefit financial institutions across the industry.” Hong says that building a cloud-based solution would allow Tencent Financial to leverage on several of its most notable competencies, including security, risk management and big data analytics. Within the realm of artificial intelligence, Hong is confident that Tencent can “empower” financial institutions - including private banks - in three ways: precision marketing to acquire and retain the right clients; automated and customised product offerings based on clients’ financial needs and risk profiles; and robotic customer services.

How long before China’s banks make upgrades to their core banking platforms?

Avaloq’s Fernandez is less sanguine about the advancement of China’s tech titans within the world of wealth management. He believes that these firms will only “disrupt certain retail banking areas”, such as chatbots, due to the size and scale of their customer bases. “As an end-to-end platform, with sophisticated wealth management operations and with an entire ecosystem which surrounds us and which enables us to easily integrate disruptive technologies, we feel we’re in a very strong position,” he added.

Local players to benefit Ong says that as private banking heads in China realise the value of data analytics and the need to uproot or upgrade their core banking systems, they will begin to rely more heavily on local players which may, eventually, notice the gap in the market and migrate with their clients offshore. Indeed, Fernandez says a change is already underway thanks to the “unprecedented period of financial reform” in China, which has led to “rapid changes in the banking sector”. He points out that, initially, many legacy systems were developed to manage provincial or divisional operations and, as such, do not support a country-wide, client-centric view. One head of a mid-tier private bank in China recently told Asian Private Banker that “we need to consolidate our big data analysis programme in our customer management systems so that our wealth advisors can manage clients’ information”. Another private banking head hightlights the cost savings that can be realised by running an artificial intelligencedriven bank, particularly with regards to transactional costs. “We are working very hard to draw on the advantages of new technology, including internet-based technology, artificial intelligence and big data, so that we can provide online services such as robo-advisory services to our customers,” he says.

Source: Core Banking Solutions for small to midsize banks in China, 2012, Celent

在中国的私人银行的一位主管，向APB连线说：“我们需要在客户管理系统中，加入大数据分析程序，以便我们的财富顾问可以更好地管理客户信息。” 另一位私人银行主管指出，通过开发人工智能驱动的银行，可以节约成本，特别是在交易成本方面。他说：“我们正在努力利用新科技的优势，包括以互联网为基础的科技、人工智能和大数据，以便我们可以为客户提供例如机器人智能咨询的在线服务。” 不过，行业专家指出，这种做法不太可能成为主流。跨境分享客户数据仍然是一个充满未知之数的做法。在香港执行更严格的监管之前，本土供应商会难以取得进展。然而，中国私人银行转战境外的选择比比皆是。专家说，中国财富管理公司在国际的发展，最终会很大程度上取决于他们愿意为科技投入的预算。从亚洲区私人银行的经验发现，除非它们愿意分拆前期投资，并脚踏实地执行这些项目，否则一切进展仍将停留在口头讨论层面。

However, industry experts point out that this approach is unlikely to go mainstream. Sharing client data across the border remains an uncertain exercise, and until stronger regulations are enforced in Hong Kong, local vendors will find it difficult to make headway. Still, options abound for Chinese private banks that are moving offshore. Ultimately, Chinese wealth managers’ international progress will largely be determined by the budgets they are willing to set aside for technology, experts say. As the experiences of regional players in Asia have shown, until private banks are willing to fork out upfront investments and be realistic about the execution of these projects, dialogue will continue but progress will be limited. 81

INDUSTRY 行业

R E G U L AT I O N S 法规

Key regulatory developments impacting China’s private banks 影响中国私人银行的主要监管措施 2009/07/06 CBRC publishes “Notice of the China Banking Regulatory Commission on the relevant issues concerning the further regulation of investment management within commercial banks’ personal financial management businesses” (No. 65 [2009] of the China Banking Regulatory Commission) First formal recognition of “private banking services” in an official document: “... for HNW clients with higher risk appetite and relevant investment experience, commercial banks can fulfill their investment needs through private banking services”.

2005/05/25 The China Banking Regulatory Commission (CBRC) publishes draft consultation paper titled “Interim Measures for the Administration of Commercial Banks’ Personal Financial Management Services” The concept of private banking was first mentioned in this draft consultation document, though it was deleted in the formal document published in September 2005 as the private banking industry was “not mature enough”. 中国银监会发布《商业银行个人理财服务管理暂行办法（征求意见稿）》私人银行业务概念在征求意见稿中首次提及，但基于私人银行业“不够成熟”，故在2005年9月发布的正式文件中被删除。

中国银监会发布《关于进一步规范商业银行个人理财业务投资管理有关问题的通知》（银监发[2009]65号）在官方文件中首次正式认可“私人银行服务”，其中提到“...对于具有相关投资经验，风险承受能力较强的高净值客户，商业银行可以通过私人银行服务满足其投资需求”。

2007/03/28

2009/06/25

Bank of China becomes the first onshore Chinese bank to establish a private banking department

Shanghai People’s Congress announces the launch of “Regulations of Shanghai Municipality on promoting the construction of the International Financial Centre” Through this initiative, the city aims to promote the development of an international finance and private banking hub.

中国银行在中国境内率先设立私人银行部

2008/03/27 Industrial and Commercial Bank of China (ICBC) receives the first private banking business licence issued by the CBRC＊中国工商银行获得银监会颁发的第一张私人银行牌照*

According to a source within the local private banking industry, CBRC Shanghai office’s precedent-setting move should be acknowledged for having established conventions on applying for private banking licences – local publication Moneyweek, 31 Oct 2011. 上海市人大通过《上海市推进国际金融中心建设条例》。上海旨在透过这一举措，推动国际金融和私人银行中心的发展。当地私人银行业消息人士称，上海银监局颁发私人银行牌照的开创性做法值得肯定。这种做法在商业银行中形成了一个约定俗成的规矩，如果要申请私人银行牌照，去上海银监局申请。 – 当地刊物MoneyWeek 2011年10月31日

R E G U L AT I O N S 法规 2011/08/28 CBRC publishes “Measures for the administration of the sale of wealth management products by commercial banks” (No. 5 [2011] of the China Banking Regulatory Commission) “Private banking client” is defined in Article 31 of this regulation as “commercial banking clients with net assets at or above RMB 6 million”. Clients in this category need to provide proof of assets and sign acknowledgements when the bank provides services according to their client categories. The regulation was implemented on 1 January, 2012.

2014/07/11 CBRC publishes “Notice of the China Banking Regulatory Commission on relevant issues concerning the improvement of the organisational management of banks’ financial management businesses” (No. 35 [2014] of the China Banking Regulatory Commission) The regulator requires banks to separate the management of WMP businesses from the management of other loans and credit services. Banks are also not allowed to adjust the trade and profit rates between products.

中国银监会发布《商业银行理财产品销售管理办法》（银监发[2011]5号）根据办法第三十一条， “私人银行客户是指金融净资产达到60 0万元人民币及以上的商业银行客户。”当银行根据其客户类别提供服务时，此类客户需提供资产证明和签字确认。该办法于2012年1月1日实施。

As a result, all other WMP products are to be managed by banks’ asset management departments, with the exception of wealth management services within the private banking business.

2010 Agricultural Bank of China (ABC) receives private banking business licence from the CBRC＊农业银行获得银监会颁发的私人银行牌照*

中国银监会发布《中国银监会关于完善银行理财业务组织管理体系有关事项的通知》（银监发[2014]35号）银监会要求银行将理财业务与信贷等其他业务相互分离。本行理财产品之间不得相互交易，不得相互调节收益。其结果是，除私人银行业务的财富管理服务外，所有理财产品均由银行资产管理部门管理。

2011

2013/03/25

Bank of Communications receives private banking licence from the CBRC*

CBRC publishes “Notice of the China Banking Regulatory Commission on relevant issues concerning the regulation of the investment operations of commercial banks’ wealth management businesses” (No. 8 [2013] of the China Banking Regulatory Commission) The regulator says commercial banks must “manage, account and book each wealth management product independently, and ensure each WMP has its own set of financial reports, including balance sheet, profit statement and cash flow statement”.

交通银行获得银监会颁发的私人银行牌照*

中国银监会发布《中国银监会关于规范商业银行理财业务投资运作有关问题的通知》（银监发[2013]8号）银监会指出，商业银行必须做到“每个产品单独管理、建账和核算，确保每个理财产品都有资产负债表、利润表、现金流量表等财务报表”。

R E G U L AT I O N S 法规

2017/02/21 The People’s Bank of China (PBoC) leads CSRC, CBRC and the China Insurance Regulatory Commission (CIRC) in drafting the “Guiding opinions on regulating the financial asset management business (consultation draft)” paper – a set of 30 articles regulating China’s asset management business The regulations aim to keep institutions’ asset management businesses off their balance sheets, while WMP principals and income should not be guaranteed. Chinese think tank Pangoal Institution believes that as the asset management business in China has expanded rapidly, the current system of regulating individual business lines can no longer adapt to asset managers’ hybrid business structures, whereby banking services, trusts, securities and funds are used in combination to manage clients’ assets. – Reuters Chinese column, 27 Feb 2017 由央行牵头、一行三会共同参与制定《关于规范金融机构资产管理业务的指导意见(征求意见稿)》文章 - 共30条规范中国资产管理业务的规定这些规定旨在将资产管理业务确立为金融机构的表外业务，财富管理产品不应保本保收益。中国盘古智库认为，随着中国资产管理业务的快速发展，现行的分业监管制度不再适应资产管理公司的混合业务结构。混业经营将银行服务、信托、证券、基金结合起来，用以管理客户资产。 – 路透中文专栏，2017年2月27日

2016/07/18 The China Securities Regulatory Commission (CSRC) implements the “Interim administrative provisions on the operation of private asset management” (No. 13 [2016] of China Securities Regulatory Commission) The provisions highlight “eight bottom-lines” within the asset management business, including the prohibition of guaranteed principal/return arrangements; significantly lowering the leverage ratios of various structured products; and prohibiting the use of excessive incentives to motivate management teams. “After the implementation of new ‘eight bottom-lines’, we have experienced the change in the policy direction of regulators. There are new requirements in terms of revealing the underlying investments of products, the structure of products and new requirements on how to manage auditing valuations.” – Cui Tongyue, president of Hang Tang Wealth, 21 jingji, 22 Feb, 2017 中国证监会公布《证券期货经营机构私募资产管理业务运作管理暂行规定》（证监会公告 [2016]13号）条款强调资产管理业务中的“八大底线”，包括不得承诺保本保收益；要显著降低各种结构化产品的杠杆率；不得对相关管理团队实施过度激励。 “‘新八条底线’发布之后，我们也明显感觉到整个政策导向在出现变化。包括对于基础产品的披露，对于产品的结构设计，还有一些核算估值的管理，都提出了一些新要求。” – 恒天财富总裁崔同跃, 《21世纪经济报道》, 2017年2月22日

* The licence is only applicable to the private banking management headquarters set up in Shanghai. Reference Sources: CBRC website, CSRC website, The Current Situation of Risks of China’s Private Banking and Countermeasures, Xie Shiqing, Wang Long, Shanghai Finance, 7, 2013. China Academic Journal Electronic Publishing House. Commercial Banking Private Banking Marketing, An Hexin, Shi Kai, Tsinghua University Press 2013. *该牌照仅适用于在上海设立的私人银行总部参考来源:中国银监会网站、中国证监会网站、《我国私人银行业务的风险现状及应对策略》，谢世清、王龙著，《上海金融》2013年第7期、《商业银行私人银行业务营销》，安贺新、是凯著，清华大学出版社2013年。

R E G U L AT I O N S 法规

Three ways Chinese HNWIs are preparing for CRS

中国高净值人士应对共同申报准则的三个方式

ealthy Chinese investors are considering how best to structure their assets in preparation for the Common Reporting Standard (CRS) regime, tax consultants and lawyers tell Asian Private Banker, noting three strategies in particular that clients are turning to. Industry experts say that wealthy individuals need to be proactive in their planning, especially since CRS will be implemented retrospectively and considering that it is difficult for Chinese clients to simply change their tax residencies in order to reduce their tax exposures and avoid having their offshore holdings reported. “It is hard to completely cut off ties with China as a tax resident,” according to Jinghua Liu, senior tax counsel at FenXun Partners, which operates in partnership with Baker & McKenzie in China. “China’s tax system is based on domiciliary,” Liu explains. “Even if they change their nationality, Chinese HNWIs could still be subject to Chinese tax if they have family or economic ties in China.” As a result, according to Patrick Yip, international tax partner at Deloitte, the transparency brought about by CRS has “motivated” high net worth individuals (HNWIs) in China to restructure their offshore asset holdings.

‘Tie-breaker provisions’ in focus As a number of Chinese HNWIs can be considered Mainland Chinese and/or Hong Kong tax residents, some HNWIs consider a bank’s approach to tax reporting when deciding which offshore institution to bank with, Yip says. He explains that although regulatory bodies – including the Hong Kong Monetary Authority – have published CRS guidelines, “how the CRS requirements are actually implemented would have to be evaluated by the individual banks depending on their business model, customer base, etcetera”.

Jinghua Liu senior tax counsel, FenXun Partners

Patrick Yip international tax partner, Deloitte

刘京华

叶伟文

贝克·麦坚时与奋迅律师

德勤国际税务合伙人

事务所联营办公室资深税务顾问

税务顾问和律师向APB连线透露，富裕的中国投资者都在考虑如何最好地安排他们的资产，以应对共同申报准则（CRS）制度，他们指出客户们都采取三大策略。行业专家说，富裕人士需要积极主动地进行规划，一个尤其重要的原因是共同申报准则将会追溯执行，加上中国客户很难轻易通过更改税收居民身份来回避申报离岸资产，减少其税收敞口。贝克·麦坚时与奋迅律师事务所联营办公室资深税务顾问刘京华说：“税务居民，很难完全切断与中国的关系。” 她表示：“中国的税收制度是以户籍为基础的，即使高净值人士改变国籍，只要他们于中国有家庭或经济联系，仍需缴纳中国税。” 据德勤国际税务合伙人叶伟文说，基于这原因，共同申报准则所要求的透明度“启发”了中国的高净值人士重组其离岸资产。 “加比规则”成焦点叶伟文表示由于一些中国高净值人士可以被认为是中国内地和/或香港税收居民，一些高净值人士在决定跟哪个境外机构进行业务时，会考虑银行的纳税申报方式。他解释：“虽然包括香港金融管理局在内的监管机构都已发布共同申报准则指引，但共同申报准则的要求和实施，必须由各银行根据业务模式、客户群等进行评估。”

R E G U L AT I O N S 法规

According to Yip, if a person is a tax resident of both Hong Kong and China, the China-Hong Kong double tax policy should be consulted to determine whether the individual is a resident of China or Hong Kong under the so-called ‘tie-breaker provisions’. Banks could either take the “all-encompassing” approach and report the individual as a resident of both jurisdictions, or choose the “technically precise” route whereby they undertake a tie-breaker analysis for reporting purposes.

Reducing tax exposure by transferring assets According to FenXun’s Liu, existing regulations in China determine whether a person is a tax resident based on two factors: an individual’s duration of stay in China each year, and whether or not a person has business or family ties to China. By owning a company or working for an employer in the country, one is considered to have business ties to China, Liu explains. Rather than putting in place measures to change their residency status, Liu says some HNWIs in China are looking to transfer some of their assets to children who live abroad. “As there is no inheritance tax in China yet, some Chinese tax residents try to transfer assets to their children who have acquired foreign citizenships, although the HNWIs could equally be subject to tax in these offshore jurisdictions,” she explains. According to Liu, the Chinese government is “quite diligent” when it comes to complying with its international obligations, and the same can be expected for CRS. HNWIs will be focusing on those foreign jurisdictions in which they hold assets (should China have a bilateral agreement with the jurisdiction).

Trusts gaining popularity

据叶伟文所说，如果一个人同时是内地和香港税收居民，根据内地与香港避免双重征税的政策，应按所谓的“加比规则”，去确定此人是内地还是香港居民。银行可以采用“全面”的方式，将此人申报为两个司法管辖区的居民。也可以选择“有技巧的精确”方法，从而进行用于申报目的的加比规则分析。通过转移资产减少税收敞口根据奋迅刘京华，中国现行法规确定一个人是否作为征税居民，基于两个因素：此人每年在中国逗留的时间，以及其是否在中国有业务或家庭联系。在国内拥有公司或为雇主工作，该人士便被认为与中国业务有关系。刘京华表示与其采取措施改变居民身份，部分中国高净值人士寻求将他们的一些资产转移给住在国外的子女。她说：“由于中国目前还没有继承税，一些中国的税收居民试图将资产转让给已经获得外国公民身份的子女。虽然这做法或会令他们需要缴付离岸司法管辖区的税项。” 据刘京华所说，中国政府在履行国际义务方面“相当勤奋”，预计在共同申报准则的执行上也是如此。高净值人士将关注其资产所在的国家／地区（是否与中国达成双边协议）。信托日益普及作为应对共同申报准则的做法，香港的顾问和律师表示，他们留意到中国客户对信托的查询和需求大幅增加。叶伟文解释，由于家庭信托具有涉及委托人、受托人和受益人的“ 独特三方性”，所以受共同申报准则另一套特殊规定约束。“在某些情况下，全权信托受益人便不会报告在共同申报准则中，直至某些触发事件发生。”叶伟文说。

As CRS approaches, consultants and lawyers in Hong Kong say they have observed a significant increase in the number of enquiries and requests from Chinese clients related to trusts.

刘补充说：“适当的税务规划是减少缴税的最佳方式。建立信托并将资产转移到信托中是一项很好的延税技术，因为在信托向受益人分配收入之前，将不会收取税款。

Yip explains that as family trusts have a “unique tripartite nature” involving settlors, trustees and beneficiaries, they are subject to a special set of rules under CRS. “In certain cases, trust beneficiaries of a discretionary trust would not be reportable under CRS until a certain triggering event happens,” Yip says.

不过她表示，一般富有的中国投资者还未习惯税务规划服务。

“The best way to minimise the tax obligations is through proper tax planning,” Liu adds. “Setting up a trust and moving the assets into the trust is a good tax-deferral technique, as tax will not be charged until the trust distributes income to the beneficiaries.” However, Liu says that wealthy Chinese investors in general have been slow to make use of tax planning services.

INDUSTRY 行业

TECHNOLOGY 科技

Tracking Alibaba and Tencent’s forays into wealth management

回望阿里巴巴和腾讯进军财富管理之路

一

But on closer inspection, it is evident that in recent years, Alibaba and its subsidiary, Ant Financial, Tencent, Ping An Insurance and its subsidiaries and CreditEase have been making inroads into the wealthtech industry.

APB连线在此回顾它们在这个领域的重大发展。

quick glimpse at their development paths reveals that e-commerce juggernauts Alibaba and Tencent have dabbled in almost every line of business under the sun – from gaming to artificial intelligence, finance, sports, healthcare, entertainment, media and retail.

Asian Private Banker tracks these firms’ most management advances. 2009 Alipay launched (Dec) 支付宝推出（12月）

Alibaba Cloud is established (Sept) 阿里云成立（9月）

腾讯控股成立（11月）

2010 2006

1998

Industrial and Commercial Bank of China (ICBC) partners with Alibaba to promote e-banking (May)

1999 Tencent launches instant messaging service QQ (Feb)

腾讯推出即时通讯服务QQ （2月）

1999 Jack Ma establishes Alibaba Group (Apr)

马云成立阿里巴巴集团（4月）

中国工商银行（ICBC）与阿里巴巴合作推动电子银行业务（5月）

2014

Alibaba buys controlling stake in Tianhong Asset Management, launches Yu’e Bao, a fund and payment platform (Oct)

Bank of China and Alipay team up to release quick payment function with credit card, Alipay Card

Tencent Holdings founded (Nov)

进一步看，更明显的趋势是，阿里巴巴及其子公司蚂蚁金服、腾讯，近年来一直稳步进入财富管理科技领域。就如平安保险及其子公司，还有宜信一样。

significant wealth

2013 Ping An Bank, a subsidiary of Ping An Group, upgrades its core banking system with Oracle Flexcube (Jan)

平安集团子公司平安银行升级其核心银行系统Oracle Flexcube（1月）

Alibaba IPO priced at US$68 per share (Sept)

阿里巴巴IPO，每股发行价定为 68美元（9月）

阿里巴巴收购天弘资产管理有限公司控股权，启动基金和支付平台余额宝（10月）

中国银行和支付宝团队合作，推出有快捷支付功能的信用卡和支付宝卡

2004

瞥阿里巴巴和腾讯的发展道路，便可看出两个科技巨头几乎涉足所有业务，从游戏、人工智能、金融，到体育、保健、娱乐、媒体和零售业。

2015

ICBC restricts trade with Alipay (Mar)

Tencent launches online-only bank in China, WeBank (Jan)

腾讯在中国推出互联网银行微众银行（WeBank）（1月）

工行限制与支付宝的交易（3月）

2014

2014 Alibaba rolls out Ant Financial Services Group to operate Alipay (Oct)

2012

阿里巴巴推出蚂蚁金服，经营支付宝（10月）

2014

2010

Tencent buys 50% of Thailand-based portal Sanook (Aug) 腾讯收购总部位于泰国的门户网站 Sanook 50％股份（8月）

2015

Alibaba’s Jack Ma invests US$532 million in financial software firm Hundsun Technologies (Apr)

Ant Financial launches wealth management app Ant Fortune (Aug)

阿里巴巴CEO马云在金融软件公司恒生电子股份有限公司投资 5.32亿美元（4月）

2011

Ping An-backed wealth management firm Lufax launches P2P lending platform (Sept)

背靠平安的财富管理公司陆金所（Lufax）推出 P2P借贷平台（9月）

2013 Tencent integrates gaming and mobile payments into WeChat through WeChat Wallet 腾讯通过微信电子钱包将游戏和移动支付整合到微信中

蚂蚁金服推出财富管理应用程序蚂蚁财富（8月）

2015 Tencent inks strategic partnership with Bank of Beijing for access to WeChat (Apr)

腾讯与北京银行就使用微信签署战略合作协议（4月）

TECHNOLOGY 科技

2016

CreditEase Wealth Management launches robo advisor Toumi RA (May)

2016

宜信财富管理推出智能投资顾问投米 RA （5月）

2016

Ping An Insurance’s Lufax says it will leverage Saxo Technologies’ trading technology, SaxoTraderGO (May)

Ant Financial invests in Thai payment firm Ascend Money (Nov)

2017

蚂蚁金服投资泰国支付公司Ascend Money（11月）

2017

Tencent applies for licence in Malaysia to offer local payment services via WeChat Pay (May)

腾讯在马来西亚申请牌照，欲通过微信支付提供本地支付服务（5月）

Ant Financial agrees to buy US-based money-transfer provider MoneyGram International in deal valued at US$880 million (Jan)

2017

平安科技公布了人工智能实验室开发的面部识别技术项目（5月）

蚂蚁金服同意以8.8亿美元收购美国的转账服务提供商速汇金国际（1月）

平安保险陆金所表示将利用盛宝科技的交易技术SaxoTraderGO （5月）

Ping An Technology reveals facial recognition tech project developed in its artificial intelligence lab (May)

2017

Tencent launches WeChat payment services in Europe (June)

腾讯在欧洲推出了微信支付服务（6月）

2017

2016

Ant Financial buys stake in Philippine online payment platform Mynt (Feb)

蚂蚁金服购买菲律宾在线支付平台Mynt的股份（2月）

Tencent invests in Indian messaging app Hike (Aug)

腾讯投资印度社交软件 Hike（8月）

2017

印度电子钱包服务供应商Paytm，从阿里巴巴和风险投资基金赛富投资基金(SAIF Partners) 筹集了2亿美元（3月）

Tencent adds transfer function to WeChat Pay in Hong Kong (Feb)

腾讯为香港微信接入转帐功能（2月）

2016

Indian e-wallet service provider Paytm raises US$200 million from Alibaba and venture capital fund SAIF Partners (Mar)

2016 Ant Financial invests in Singapore start-up M-Daq (July)

2016

腾讯推出人工智能实验室（4 月）

Ant Financial and Malaysia’s CIMB partner to provide e-wallet and online payment services (July)

蚂蚁金服和马来西亚CIMB合作提供电子钱包和在线支付服务（7月）

Lufax launches first overseas platform in Singapore (July)

陆金所在新加坡推出首个海外平台（7月）

2017

Tencent partners with Silicon Valley startup Citcon to extend WeChat Pay to the US (May)

2017

腾讯与硅谷创业公司Citcon合作在美国拓展微信支付（5月）

Alibaba and China Construction Bank launch tech research project (Mar)

蚂蚁金服同意购买美国生物识别公司 EyeVerify。综合多方信息，该单交易价值在7000万美元到1亿美元之间（9月）

支付宝在欧洲推出（4月）

2017

2017 2016

2016

中国银行和腾讯试用区块链技术（6月）

2017

阿里巴巴推出低成本语音助手天猫精灵（7月）

Ant Financial agrees to buy US-based biometric firm EyeVerify, various reports value deal between US$70 million and US$100 million (Sept)

Alipay launches in Europe (Apr)

Bank of China and Tencent trial blockchain technology (June)

Alibaba launches low-cost voice assistant Tmall Genie (July)

蚂蚁金服投资新加坡初创公司 M-Daq （7月）

Tencent launches AI Lab (Apr)

2017

阿里巴巴和中国建设银行推出科技研究项目（3月）

2017 Ant Financial invests US$200 million in South Korean mobile payment fintech Kakao Pay (Feb) 蚂蚁金服在韩国移动支付金融科技公司 Kakao Pay投资2亿美元（2月）

2017 Alibaba backs DC Wealth Management in Hong Kong (Aug) 阿里巴巴注资香港德萃财富管理（8月）

TECHNOLOGY 科技

China tops fintech adoption index 中国金融科技采纳率指数

Source: EY Fintech Adoption Index 2017

Average fintech adoption rate: 33% 平均金融科技采纳率：33％

Comparison of top markets by fintech adoption 主要市场的金融科技采纳率比较

Money transfer and payments 转账和支付

Source: EY Fintech Adoption Index 2017

TECHNOLOGY 科技

Comparison of top markets by fintech adoption 主要市场的金融科技采纳率比较

Financial planning 财务规划

21%

Source: EY Fintech Adoption Index 2017

Comparison of top markets by fintech adoption 主要市场的金融科技采纳率比较

Savings and investments 储蓄和投资

Source: EY Fintech Adoption Index 2017

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INDUSTRY 行业