金钱管理 - 哥伦比亚的挑战

After watching net income plunge 32 percent in the third quarter, Bank of America chairman and CEO Kenneth Lewis famously snapped, “I’ve had all the fun I can stand in investment banking.” He seemed, at the time, to be enjoying the investment management business a lot better. One sign: In October he turned to Brian Moynihan, head of the bank’s global wealth and investment management division, to take over the beleaguered capital markets operation.

Lately, Lewis’s investment business, Columbia Management Group, has been providing far fewer jollies. In November the bank announced that it would inject $600 million to prop up its money market funds and institutional cash investments because of their exposure to structured investment vehicles,whose holdings of complex and risky securities have been hit hard by problems in the mortgage market. The move was meant to ensure that its enhanced institutional cash fund — Columbia Strategic Cash Portfolio — remained stable and that its retail funds, housed under the bank’s Columbia Funds unit, did not “break the buck,” or drop below par value of $1 per share.

Such an occurrence might shatter investors’ confidence, with devastating consequences. Columbia is one of the country’s biggest managers of short-term money funds: $232 billion of its $710 billion in assets were in cash at the end of the third quarter, $146 billion of that in money market funds.

“You have to do it,” says Don Phillips, managing director of fund research firm Morningstar. “Breaking the buck puts the industry in a panic. It would mean you can’t trust BofA or Columbia.”

But BofA’s efforts didn’t quite do the job. Edgy corporate and institutional investors pulled money from the Columbia Strategic Cash Portfolio — $5 billion of its $40 billion in assets in August alone — and it continued to bleed thereafter. Last month BofA said that it was shutting down the fund and returning the money, partly in cash but mostly by giving investors their share of the underlying securities.

美国银行难以支撑现金管理和货币市场基金。瑞士信贷资产管理，美国总部，阳光贷款银行和克罗斯敦竞争对手的常绿投资单位，其中包括救助人员。但是这一集是BOFA的黑眼圈，它将其保守的方法纳入了对公司财务主管和零售投资者的短期投资。它在十年的第三次标志着银行被冒险的冒险们在管理资金中被摧毁。1998年，与纽约对冲基金公司D.E的风险投资3.72亿美元。肖氏群体遭遇遭遇重大损失，后者俄罗斯政府债券违约。2005年，BOFA支付了6.75亿美元的罚款，以便在美国资本管理和舰队投资顾问单位的BANC中定居市场时机及交易滥用费用。

今天的麻烦在一个关键的时刻。在博鳌屋顶下七年经常剔除岁月，着名的增长经理Thomas Marsico于6月份同意，购买他的公司Marsico Capital Management。他上个月完成了这笔交易，该公司支付较近26亿美元的公司，BOFA购买了11亿美元。BOFA高管私下坚持认为，他们很乐意看到才华横溢但要求苛刻的股票选择器，但Marsico Capital占哥伦比亚利润的40％，占其相互基金净流入的约70％。

“Losing Marsico will be a challenge for them,” says Geoffrey Bobroff, a bank and investment management consultant in East Greenwich, Rhode Island. “The real question is whether money management firms that are subsidiaries of public companies can retain talent.”

具有讽刺意味的是，由于哥伦比亚从多年的性能源于源于误导的股票采摘，部分来自管理混乱，这些困难正如哥伦比亚争吵的那样突破。高管们已经完全融合了他们几乎无意中获得的近30个投资商店，作为Decadelong狂欢的一部分，作为Bofted Bofa向美国银行业的峰会举行的收购。Returns are up: As of September, 92 percent of its $65.3 billion in equity mutual funds place in the top two quartiles over a three-year period, compared with 47 percent in 2003. That’s good enough to rank fourth among 82 fund families with at least ten active equity funds, according to Morningstar data.

和美国银行对驴的胃口et management business, shucked by such rivals as Citigroup, remains keen. In July it bought U.S. Trust Corp. from Charles Schwab Corp. for $3.3 billion. The move gives BofA’s high-net-worth business one of the nation’s premier brands, while the addition of U.S. Trust’s Excelsior mutual fund family should ease the pain of losing Marsico, say officials. Also in that busy month, BofA recruited the highly regarded Jeffrey Carney, president of Fidelity Retirement Services, to build a wide-ranging retirement business at the bank.

Buoyed by U.S. Trust, the first nine months of 2007 were the best in Columbia’s history, with net income soaring to $523 million from $381 million for the same period in 2006. Confident, management decided to shell out $6 million to run its first national brand campaign touting its performance record.

“很少有公司看到的性能around that we have,” asserts Keith Banks, who was president of Columbia until October, when he succeeded Moynihan as head of global wealth and investment management. Banks, who was running Columbia when BofA purchased its parent, FleetBoston Financial Corp., in 2004, adds, “Marsico is a loss, but Columbia is a very different company than [Banc of America Capital Management] was when it formed the relationship with Tom. We have $700 billion under management, yet we’re still a growth story.”

银行议程为建立资产和提高哥伦比亚的利润，18号在制度投资者排名第300位最大的美国金钱经理，肯定雄心勃勃。亚博赞助欧冠他的目标是推进替代方案，并大大提升公司的国际存在。哥伦比亚计划通过跨销售养老基金管理服务向银行数以万计的公司客户拓展养老基金管理服务来扩大其制度业务，以扩大其制度业务，升级其制度业务，目前占其资产的29％。

“BofA has relationships with 80 percent of companies with pension assets of $200 million or greater, and Columbia has relationships with only 3 percent of these,” says Michael Jones, the onetime co-head of Robeco Investment Management who joined Columbia in 2006 to oversee distribution and was named in October to succeed Banks as head of the unit. “That’s a huge opportunity.”

扩张并不容易——竞争is fierce. Plenty of rivals are pushing into the same spaces as BofA, lured by higher margins and greater growth opportunities. Cross-selling is a marketing executive’s dream, but execution is another matter. Nor is BofA well known in the institutional space. “It’s a blank slate, particularly when it comes to the perception of the institutional business,” Jones acknowledges.

Still, BofA brass remain confident. “Despite our size, we’re very early in the growth game. Our challenge is to execute on that. But the opportunity is inarguable,” sums up Banks.

Columbia Management Group was assembled in the seemingly improvised manner common among banks cobbled together through multiple mergers. Today’s Columbia is a streamlined version of the sprawling entity assembled during the two-decade reign of the kinetic Hugh McColl, who before his 2001 retirement turned pokey North Carolina National Bank into a national powerhouse. In the 1990s he bought, among others, St. Louis–based Boatmen’s Bancshares and Barnett Banks of Florida. The grand prize for what had become NationsBank Corp. was its 1998 merger with BankAmerica Corp. of San Francisco, whose name McColl happily adopted.

随着每次购买麦考尔和他的继任者刘易斯，增加了专有的金钱管理臂，每个人都有自己的，往往纠结，历史。Bankamerica带来了一个与D.E.的复杂和违法的关系。肖力通过它旨在建立非核心收入。1997年3月，银行借出了数量对冲基金经理14亿美元;反过来SHAW同意为银行运营各种企业，包括固定收入的套利战略。当1998年俄罗斯政府债券违约所触发的损失结束时，冒险，David Coulter，Bankamerica的前任首席执行官和伪装给McColl的宝座，被迫出来。BOFA于1997年在Janus Capital Group离开Janus Capital Group并在次年持续了1.5亿美元的价格购买了50％的新公司。

Meantime, NationsBank tried to jump-start its Nations Funds operation, which had $28 billion in assets, hiring wholesalers and becoming one of the first banks to market funds through Charles Schwab. In 2000, after the merger with BankAmerica, overall assets under management reached $275 billion, with $100 billion in Nations Funds, then the 19th-biggest U.S. fund group. That June it bought the remainder of the then–$12 billion Marsico business for $950 million. In 2003 the bank found itself in hot water when then–New York attorney general Eliot Spitzer charged Banc of America Capital Management with allowing Canary Capital Partners, a hedge fund, to market-time and late-trade its mutual funds.

BOFA于2004年在2004年购买Fleetboston增加了一个更多元化的资产管理公司，具有复杂的历史。舰队于1995年和两年后开始了银河资金，以后购买了220亿美元的哥伦比亚管理有限公司，俄勒冈州俄勒冈州波特兰。它折叠在Shawmut National Corp.和Bankboston的金钱管理武器中。

By 2001, Banks, the newly installed CEO and CIO of money management, was proclaiming FleetBoston’s desire to rank among the top 20 managers in the world. That year the bank bought Liberty Financial, parent of Stein Roe & Farnham, Colonial Management Associates, Newport Pacific Management, Liberty Wanger Asset Management and other boutiques.

In 2002, Banks hired Colin Moore, then CIO of global and international value equities at Putnam Investments, to run equities and make sense of the diverse business lines. The business was a loose confederation of shops spread out across the country, whose managers rarely talked to one another. Multiple portfolio management teams oversaw similar investments and engaged in duplicate research efforts. Worse, there was no consistent and replicable investment process that could be conveyed to institutional consultants or distributors. Only about half of their equity funds were performing above the median.

开始，银行和摩尔决定将管理者纳入哥伦比亚品牌。摩尔从不同的商店汇集了投资组合管理人员和分析师，并将它们组合成新的价值，增长，混合和量化团队。他拥有明确的风险和返回目标的投资流程，并建立了一个单一的补偿系统，包括营造基准的奖金。他还建立了独立的研究小组，该组织商务人员可以用于股票挑选或获得无偏见的意见。基金家庭在2003年秋季的哥伦比亚名称正式重新安排三周后，美国银行同意购买舰队，其管理层约有1600亿美元的资产，股票45％，固定收入为40％，金钱资金为15％。

FleetboSton Money Management管理员是大奖赛，尤其是因为BOFA在市场时机丑闻之后推出了高级基金管理。银行负责综合资产管理臂 - 培育了哥伦比亚的名称 - 与Moynihan为他的老板作为财富管理的负责人。然后，2004年2月，FleetboSton被拉入了扩大的共同基金丑闻，由Spitzzer充电，具有市场时间滥用。晨星建议投资者对此阐明。2004年，哥伦比亚净流出37亿美元，不包括货币市场资金;上一年，它的净销售流量为43亿美元。2005年，由于机构集团流出了72亿美元，税前收入下降了1700万美元，或4％，在平坦收入。

银行和他的团队亨克拉德，重点是结合美国资本管理和哥伦比亚的Banc。简化产品线，将零售共同资金的数量从119降至76美元，金币市场基金从24比12减少。他们还巩固了后台运营和技术，以便估计为2亿美元储蓄。

银行也将注意力转向落后的固定收入业务。到2005年3月，他聘请了Putnam投资的Cio的斯蒂芬帕牧师的信用队，运营了应税固定收入。蜜蜂有很多做。“顾问会进来说，”向我们展示你的表现与雷曼聚合，“我们有三组数字来展示它们，”他说。

Peacher, now CIO of all fixed-income and cash businesses, eliminated duplication and, aligning managers by style, centralized research. Short term, the moves were costly; as redundant portfolio managers and analysts left and others took on new roles, some institutional investors balked.

Morningstar lifted its “Don’t send new money” warning after BofA reached a final settlement with regulators in April 2005. Performance picked up, as did business. In 2003 only 13 percent of Columbia’s equity funds had outperformed their benchmarks after fees and expenses; that figure rose to 77 percent by the end of the third quarter of 2007. Over the same period the percentage of equity funds in Morningstar’s top two quartiles climbed from 47 percent to 77 percent. The happy result: Through November 2007, retail net sales, excluding money market funds, rose to $7.6 billion from $3.1 billion for all of 2006.

Still, BofA remained heavily dependent on Marsico, whose shop, rare among other parts of the BofA empire, remained autonomous. Marsico never hesitated to go directly to Lewis with any issues. That irked Columbia’s management, but Marsico was in the catbird seat. In 2006, up to half of net income was attributable to Marsico’s funds, while approximately 85 percent of new inflows came from Marsico.

2006年12月，Marsico飞往夏洛特并告诉刘易斯，他想回到他的公司，所以他可以把他的家人带入业务并在员工之间传播股权。Marsico的增长风格已经回归 - 从2000年的120亿美元开始运营现在的管理层1100亿美元 - 并且他能够利用廉价信用市场来为回购提供资金。刘易斯人内部人士表示，厌倦了与Marsico打交道，同意卖。

Banks insists that BofA will do just fine without Marsico. Columbia will retain $40 billion of institutional assets subadvised by Marsico and will continue to sell Marsico’s retail funds. Banks expects to make up the lost profits in about a year by putting the 250-strong Columbia sales force behind its own products. He contends that the U.S. Trust’s Excelsior Funds will more than offset the Marsico loss. Excelsior fills a number of gaps in Columbia’s lineup and adds capacity in such styles as small cap, value, growth and international, including emerging markets. It boasts some highly regarded managers, including David Williams, who has run the five-star Morningstar-rated Excelsior Value & Restructuring Fund since 1992, and Richard Bayles, who has run the five-star-rated Excelsior Equity Opportunities Fund since 2004.

Banks has a point. With U.S. Trust’s asset management business included, third-quarter 2007 revenues of $488 million, up from $406 million in the third quarter of 2006, were the best in Columbia’s history. Net income before taxes rose to $181 million from $145 million.

除了Marsico之外，银行和他的高级管理人员在他们的现金业务中乱七八糟，通常是一个稳定和低利润但稳定的利润提供者。就像其竞争对手一样，哥伦比亚购买了结构化投资车辆的论文，为投资者提供了更好的机构现金和零售金钱市场基金的收益率。

As the subprime mortgage debacle hammered the value of SIVs, Bank of America decided that to protect its reputation and its investors — some of whom were also big corporate customers of the bank — it would step in to back up two funds. It has pledged $200 million to support Columbia Cash Reserves, a money market fund with nearly $60 billion in assets, which, as of December, held $644 million in the London-based Cheyne SIV that defaulted on interest payments in October, and it was also holding $250 million of Axon Financial Funding, an SIV that had been downgraded and put on watch by Standard & Poor’s in September.

BofA also moved to defend its Columbia Strategic Cash Portfolio, whose assets had reached some $40 billion in August to rank among the biggest enhanced cash funds; these are designed to provide higher yields, with slightly higher risk, by holding longer-duration securities than money market funds.

A few big investors, including the Kuwait Investment Authority, wanted to redeem their shares, an action that would have left remaining shareholders with a loss. BofA approached these investors about keeping their money at Columbia to ride out the storm, but shifting their funds into separate accounts; it offered to waive fees as well. The investors agreed.

Columbia cashed out less than $1 billion for small investors who each had less than $1 million in the fund, and has shifted $27 billion into separate accounts, giving investors their pro rata shares of the underlying securities. That left $6 billion in the fund, which Columbia has begun to liquidate. On December 21, Columbia redeemed 9 percent of each investment remaining in the fund — and all accounts remaining under $1 million — at an average price of 0.9881 cents on the dollar. The firm expects to make biweekly cash distributions from the fund until 90 percent is liquidated by this fall. There is no specific plan for the separate accounts at this point, but Columbia continues to manage them.

蜿蜒增强现金机构基金以费用。BOFA损失了3亿美元的资金，当它最初在美元100美分赎回投资者时;它还坐落在另一张超过3亿美元的未实现损失，从基金购买SIV文件。消除单独账户的管理费用，以及在这笔风中的基金上，可能会花费哥伦比亚的另一澳元超过3000万美元。

The problems may also dim the image of Columbia, which boasted that by managing its cash business separate from fixed income, unlike its rivals, it was able to attract the best cash managers and provide more focused risk management. Certainly its returns were enviable: Ninety-two percent of Columbia’s cash investments outperformed those of its peers over the one- and three-year periods through the end of March 2007. And customers buy money funds for yields.

自替代次锁爆炸以来，哥伦比亚总统琼斯将现金业务改为，将货币市场折叠成固定收入 - 它现在向蜜蜂报告 - 以便在具有更多结构化产品的经验中获取信用分析师。Cio Moore有日常监督股权，固定收益和现金。

This overhaul is crucial, because the cash business, which grew from $154 billion in assets in March 2005 to $208 billion in March 2007, has been a key driver for Columbia. It provides 33 to 40 percent of net income, and profits from the highly efficient unit, which has just 35 staffers, are often plowed into other initiatives. The cash business is important in other ways too: It accounts for 82 percent of Columbia’s institutional business, which the asset manager is relying on to power growth. And many of its clients are also customers of the corporate bank.

哥伦比亚高管仍然有高达到的增长计划。他们希望在高竞争激烈的制度业务中变得更大，并认为他们可以通过向与母公司拥有长期关系的客户来销售策略来实现。

“在20世纪80年代初，您可以冷静地致电Eastman Kodak的财务主管或控制器，并在手机上获取他。你现在不能做到这一点，“琼斯说，他正在为这次推动而增加他的员工。

In April 2007 he recruited Amanda Grant, head of global relationship management at Babson Capital Management, to run institutional client service. He is building a team, including Tucker Glavin, who ran the East Coast corporate pension plans business for Fidelity Investments’ institutional asset management group, to work directly with BofA bankers and is putting together a four-person consultant relations group to cultivate consulting firms, the gatekeepers to the pension funds and other institutions.

Some bank asset managers — and brokerage firms — that haven’t succeeded at cross-selling asset management to other clients have hived off their management arms: Merrill Lynch & Co. sold 51 percent of Merrill Lynch Investment Managers to BlackRock in 2006, and Citigroup swapped its asset management operations for Legg Mason’s brokerage a year earlier.

Why should Columbia succeed where others have failed? Jones says that compensation plans have been revised to reward cross-selling and notes that in 2007, bank referrals generated $20 billion in assets for the global wealth and investment management unit. Banks adds that cross-selling meets clients’ desires to reduce their number of service providers to get better pricing and service.

With much of the growth in asset management coming internationally, Columbia has added staff in London and Singapore to distribute U.S. domestic products overseas. Though Jones expects initially to build investment capabilities in Asia using in-house talent, he is also considering small acquisitions or liftouts of portfolio managers. He says only about $30 billion of the firm’s U.S. investments have been sold to non-U.S. investors, and Columbia is registering eight new funds in Dublin to increase its reach.

像许多传统的资产经理一样，哥伦比亚也想跳上替代品潮流。它最近推出了第一个多水土理基金，这是一个研究驱动的长短期基金和130/30基金。尽管哥伦比亚在该行业的经验中没有经验，但银行也是坚定的，他不想收购替代经理，并且该公司可以自己开发非传统产品。

“You’ll see more and more traditional managers getting into alternatives, and we’ll be no different,” he says.