Reeling from the rapid-fire succession of bankruptcies, distressed sales and nationalizations of some of the U.S. financial giants that dominated the landscape for decades, the rich are yanking their money out of Wall Street banks knee-capped by the financial crisis and moving it to trust companies, family offices and independent wealth managers once shunned for being conservative and boring.
“客户一般都是恐慌的，”信托信托公司国际信托信托公司国际总裁兼首席执行官亨利约翰逊说。“我们正在努力进入夜晚和周末，让客户交换。”
During the 1990s firms such as Goldman, Sachs & Co., Merrill Lynch & Co. and Lehman Brothers raked in new business as wealthy investors began to turn their backs on the old-line trust companies and traditional banks that had managed their money in a sleepy, but safe, way since the turbulence of the Great Depression. The Wall Street brokerage firms offered cachet, the promise of big returns and access to potentially lucrative new products, such as closed hedge funds, structured products and shares in initial public offerings.
那是。在2007年夏天爆发的信贷危机在其头上翻了一番。“这些都是动荡不安的时期，”纽约研究公司波士顿咨询集团的合伙人Bruce Holley。“富裕的人想知道为什么一个公司有管理自己的资产负债表的公司会更好地管理他们的钱。”在特拉华州威尔明顿信托公司的国家私营财富管理主管彼得（托尼）根塞西Jr.“曾经是质量的大型航班，我们和少数其他人是一个大人物。”他指出，与2007年同一季度相比，威尔明顿信托的咨询收入增长了14％。
Other winners include Bank of New York Mellon Corp., Northern Trust Corp., Bessemer Trust Co., JPMorgan Chase & Co. and Glenmede Trust Co. BNY Mellon Wealth Management logged $12 billion in net new assets in 2008. The parent company didn’t provide a comparable figure for 2007, but revenues in the wealth management group rose 3 percent in 2008 from the previous year. Client retention rates are also high, hovering between 95 and 97 percent, says David Lamere, the group’s CEO.
该公司自2007年7月的纽约公司银行合并以来，该公司一直致力于其分销部队，该公司于2007年7月，Lamere表示帮助增长了增长。它建立了一个系统，以避免利益冲突：销售部队获得为生成新客户而付出;然后将这些账户转换为支付基于客户满意度指标的管理人员。拉梅尔表示，该银行也会受益于信心投票，因为它被命名为联邦政府陷入困境的资产救济计划的管理员。
New York–based Fiduciary Trust, which is owned by Franklin Templeton Investments, is another beneficiary of Wall Street’s woes. As of September 30, 2008, investment management fee revenue was up 8.1 percent over the previous year, notes co-CEO Johnson. Although he wouldn’t disclose client numbers, Johnson says the firm brought in three times as many new clients in September as it does in an average month.
Robert Elliott, senior managing director at Bessemer Trust, says it’s been the best year on record since the firm opened its door to external clients in 1974, after having managed only the money of the family of Henry Phipps, one of the founders of Carnegie Steel Co. Bessemer brought in almost $4 billion from 170 new clients in 2008.
The shift from Wall Street to firms like Bessemer illustrates a back-to-basics trend, Elliott asserts. “It’s about trustworthiness, financial safety and soundness — not making quarterly earnings,” he notes. “Clients were drawn to brokerage firms for product access, the allure of their size, but people didn’t look at the underlying financials.”
It doesn’t hurt that Bessemer, a trust company known for its conservative due diligence, took a pass on investing with Bernard L. Madoff Investment Securities, whose founder allegedly ran a $50 billion Ponzi scheme. “Our clients pushed us, but we just couldn’t get comfortable with their investment process,” explains Elliott. The scandals over auction rate securities also made many clients cynical about firms that both underwrite securities and sell them to their clients, he adds. The auction rate mess left thousands of individual investors with illiquid investments when the market for those securities froze in early 2008. “You earn clients’ trust by being unconflicted,” he says.
Howard (Chip) Wilson, executive vice president at Glenmede, says his firm has attracted more new business this year than ever before in its 52-year history. “Clients are saying, ‘I need to sleep at night, and I need to know the organization I hired to manage my assets will be here tomorrow,’” he notes. Glenmede, a nondepository trust company that falls under the oversight of banking regulators but doesn’t offer regular deposit-taking accounts, wasn’t tempted by mortgage-backed securities and other illiquid assets, he says. The challenge going forward will be for the firm to find the best way of dealing with this new breed of clients, who are like “deer in the headlights and want to put their money under a mattress.”
最后，一些公司，如棕色兄弟哈里曼＆Co.，简单地通过促进他们的无褶边投资组合而赢得了突然回到了时尚。190岁的私人私营的银行私人财富约为160亿美元，主要是客户组合的大多数股票，市政债券和其他简单的工具。
Robert Gould是一家公司私人财富管理的合作伙伴，华尔街在过去的多年来的僵硬竞争中，求高净值客户，承诺获得高飞对冲基金和其他异国产品。
Times have changed. Although Brown Brothers won’t reveal specific figures, Gould says the bank is enjoying heavy inflows; “the pace is a record,” he allows, noting that the firm has relied on plain-vanilla portfolios for its clients, whose priority is to maintain the purchasing power of their money. Performance is also a factor in the firm’s success, Gould says, adding that Brown Brothers’ BBH Core Select Fund, a mutual fund proxy for the individual portfolios the bank creates for wealthy clients, is down 21.7 percent through the end of 2008, 16.1 percent better than its peers.
Indeed, maybe 20 percent down really is the new up.