瑞银资产管理公司（UBS Asset Management）正试图克服业绩不佳和客户流失的遗留问题。它能完成任务吗？
作者：Rich Blake
September 2001
亚博赞助欧冠机构投资者杂志
作为一名老派的价值经理，加里•布林森（garybrinson）喜欢发掘那些莫名其妙失宠的稳健股票。布林森去年退出了资金管理业务，但如果他仍在努力寻找一家重整旗鼓的公司，那么他可能不会比他的前雇主瑞银资产管理（UBS Asset management）更进一步。
这家瑞士银行的资产管理集团管理着3700亿美元的资产，在15个国家拥有3000名员工，拥有真正的全球规模；据报道，其全球私人银行业务拥有无与伦比的1万亿美元资产。
But UBS AM has proved to be no small headache for its Swiss parent. Institutional assets have fallen from a peak of $227 billion in 1999, to a recent $177 billion. Asset management, with a strong bias toward value investing, accounted for 4 percent of UBS's 2000 earnings. "In asset management we've had performance and client losses," said Luqman Arnold, the bank's CEO, at an April conference.
But now that value is resurgent, UBS AM may be as well. With a low-key leadership style, new global chief investment officer Jeff Diermeier has restructured equity teams along global sectors. It seems to be working: Through June 30 the flagship U.S. equity portfolio is up 12.5 percent, versus a decline of 14.8 percent for the Standard & Poor's 500 index. Net new institutional assets in the first half of 2001 reached $7.3 billion, with the first quarter marking the first inflow since 1998.
“这家公司在过去几年里几乎经历了所有可能发生在资金管理公司身上的坏事，而且它坚持了下来，”前美林资产管理销售主管罗伯特·莱克勒克（Robert LeClercq）表示，他最近加入瑞银资产管理公司，担任负责中部地区的机构销售主管。这是一个典型的扭转局面，令人兴奋。”
Spearheading that turnaround along with Diermeier is Peter Wuffli, formerly CFO of UBS, who took over as CEO of the asset management operation in September 1999, when Brinson stepped aside from day-to-day responsibilities. Wuffli's task was to create a single global investment platform, which he began working on in March 2000 with the integration of Brinson Partners and Phillips & Drew, the U.K.-based money manager acquired by UBS in 1986.
“我们致力于全球投资能力和专业本地客户服务的商业模式，”Wuffli说我认为我们的努力开始得到回报了。”他的员工似乎很确信：尽管发生了剧变，公司的营业额却少得可怜。
UBS's asset management arm was patched together out of several fund firms acquired by UBS or its predecessors over the past 15 years, most notably Brinson Partners, Phillips & Drew and Mitchell Hutchins (courtesy of last year's acquisition of PaineWebber Group). Since the mid-1990s all have been plagued by lackluster performance, client defections and staff departures.
In the late '90s Brinson and P&D stuck with value investing even as growth stocks soared. By the time the bubble burst, many clients had bailed out, costing Brinson alone $13 billion in withdrawn assets. Most of the hemorrhaging came after founder Brinson left amid a restructuring. Brinson, 57, insists that the reorganization merely gave him the opportunity to do what he wanted to do all along - take an early retirement.
2001年3月，瑞银进行了重组，以创建一个更加统一的全球品牌。随着机构的翅膀，结合Brimson和P&D，被称为BrimsOn合作伙伴（菲利普斯和德鲁品牌在英国幸存），瑞银增加了第二资产管理翼，布林森顾问，零售分销集团包围老米切尔哈钦斯。
"We had to harmonize the philosophies and approaches globally," says Wuffli. "What is now in place is a powerful platform we can build upon."
"Time passes, and wounds heal," adds CIO Diermeier, who took over for Brinson in January. "We've stabilized outflows, and many of the U.S. clients who stayed with us are starting to add new money."
UBS first made asset management a growth priority back in 1991, when the bank acquired New York-based Chase Investors, with about $17 billion in assets, from what was then Chase Manhattan Corp. The firm became UBS's U.S. investment management division. Still, by the beginning of 1997, UBS reported assets of just $22 billion in its U.S. money management group. Hoping to spur growth, it spun the division out into a wholly owned but legally separate unit, UBS Asset Management.
但瑞银破解美国资金管理业务的努力却一波三折，直到1998年6月瑞银与瑞士银行（Swiss Bank Corp.）合并，瑞银才获得进入美国机构领域的第一张入场券。伴随着SBC而来的是Brinson Partners，这家瑞士银行在1995年收购的知名机构。
Brinson,芝加哥巴士司机的儿子,他去了on to receive his MBA from Washington State University and to build a leading money management shop, took charge of the new $340 billion operation, renamed UBS Brinson. Brinson defiantly clung to value investing, and the decision cost: In 1999 Brinson's core equity portfolio trailed the S&P 500 by 25 percentage points.
宝洁在1997年索赔1500亿美元，但同时也受到了价值投资承诺的影响。在1999至2000年间，该公司失去了超过50名英国养老金客户，资产总额为120亿美元。截至1999年底，宝洁5年期股票回报率为11.5%，在58只同类基金中排名倒数第一。
2000年3月，瑞银为其众多的货币管理业务建立了一个单一的全球投资平台。明确的目标是提高绩效。未声明的假设：转向成长股是正确的。时机再糟糕不过了。
在3月10日纳斯达克综合指数（Nasdaq）见顶的一周内，布林森（Brinson）和宝洁（P&D）投资主管托尼•戴（tonydie）双双宣布退休。业内观察人士怀疑染料是被挤出的。
在美国，许多多年来一直与布林森在一起的养老金客户，尽管表现欠佳，但他们认为布林森的离职是他们集体掏钱的一个很好的理由。从2000年3月到那一年年底，养老金客户抽走了128亿美元，几乎占了布林森大盘股价值股票投资组合的一半。
2000年11月，瑞银收购了Painewbber及其Mitchell Hutchins资产管理公司，开始了另一项举步维艰的资产管理业务。
就在交易结束前不久，米切尔·哈钦斯（Mitchell Hutchins）的平庸表现已经激怒了PaineWebber，迫使其解散了大部分投资组合管理业务，并将资金分给了十几家外部公司，其中包括Alliance Capital management和惠灵顿管理公司（Wellington management Co.）。
Faced with a sprawling organization, earlier this year UBS Asset Management reorganized again, adding a second business for retail distribution. Brinson Partners remains the institutional distribution arm, and Brinson Advisors, absorbing the old Mitchell Hutchins, became the retail distribution arm. In August UBS added a third piece with its acquisition of RT Capital Management in Toronto, a firm with $20 billion under management. It will operate under the name Brinson Canada.
Brian Storms，Painewbber资产管理集团前总裁，担任Brinson Advisors首席执行官；Benjamin Lenhardt，Brinson Partners营销和客户关系总监，自1995年起担任Brinson Partners首席执行官。
Of UBS's $370 billion in total assets, $177 billion are institutional and $193 billion are retail. Brinson Advisors is now embarking on a major effort to sell its retail mutual funds and other products through banks and other intermediaries. Brinson Partners, meanwhile, hopes that stronger performance will help recapture some of the old magic.
尽管如此，随着全行业对货架空间的竞争愈演愈烈，即使回报率更高，分销仍然至关重要。当然，瑞银有这样的规模，但这样一个庞大的、完全不同的组织能有效地集中精力吗？
"I don't know if they've righted the ship," says Michael Flynn, president of Stratford Advisory Group, a pension consulting firm in Chicago that terminated Brinson from a number of assignments two years ago.
“规模越大并不意味着资产管理越好，”伯克希尔资本（berkshirecapital）总裁H.brucemcever表示。伯克希尔资本是一家专门从事资产管理行业的投资银行你可能在这里看到的只是一个更大、挣扎的巨像。”