瑞士银行家，中国亿万富翁和首席执行官博彩

For Western wealth managers eager to feast on the China market, Wan Long qualifies as prime red meat. Known as China’s “No. 1 butcher,” Wan is the billionaire chairman and chief executive of WH Group, the world’s largest pig slaughterer and pork processor. And nearing 80, Wan is surely weighing how to preserve his vast wealth for family and favorite causes.

But a web of regulations in Chinese financial services keeps potential clients like Wan largely, tantalizingly, out of reach of foreign wealth managers. The rules make it almost impossible to deal directly with customers on China’s mainland, forcing foreign firms to lure smaller amounts of Chinese money offshore instead. And even if protectionist obstacles fell away, Western wealth managers would need to sink vast resources into competing against the big Chinese financial firms on their own turf.

Sergio Ermotti愿打赌。

“We are focused on the longer trend,” says Ermotti, chief executive officer of Swiss banking giant UBS Group, the largest wealth manager in Asia and the world, in an interview with亚博赞助欧冠.

Ermotti concedes that UBS won’t make any significant profits from onshore Chinese business over the next three to five years. And that’s bad news for other foreign wealth managers who lag well behind UBS. It is increasingly clear to them just how difficult it will be to gain onshore stakes in the world’s second-largest wealth management market.

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Nowhere is private wealthbeing generated faster than in China. That’s especially true for ultra-high-net-worth (UHNW) individuals, who are the most coveted clientele. As financial advisers never tire of pointing out, China mints two new billionaires every week.

中国财富管理也是诱人，因为它在整个金融服务范围都有收费的世界中提供了利润丰厚的费用。在其他地方，财富和资产经理抱怨他们的毛利润受到压力。共同基金，指数基金和交易费用是微型杀戮，被动投资普遍存在。美国和欧洲的传统投资顾问开始修剪他们的价格，华尔街公司正在推出更便宜的Robo顾问。

But entry into the China market — on- or offshore — takes deep pockets. Only large Western financial players have the combination of investment banking and wealth management prowess to service Chinese and other Asian UHNW clients. Besides UBS, the A-list includes its Swiss rival Credit Suisse Group, now the second-leading wealth manager in Asia. A few U.S. banks qualify: Citigroup, JPMorgan Chase, and Morgan Stanley. Goldman Sachs Group, a rising force in Asian wealth management, may be slowed by criminal charges and possibly huge fines linked to its involvement in the multibillion-dollar 1Malaysia Development Berhad (1MDB) scandal in Malaysia. Goldman did not respond to multiple requests for comment.

没有外国财富经理表明比瑞银更加确定，以破解中国市场。2016年，该银行于2021年宣布将其在中国的人员翻了一番 - 然后在2018年达成了这一目标。它成为第一个批准的外国银行批准中国在中国的证券合资企业中持有多数股权。

But UBS isn’t ready for a victory lap. Ermotti and his senior executives kept mention of their onshore China business to a minimum at their annual investor conference last year. “It’s true that the onshore China market is huge,” says Martin Blessing, UBS’s co-head of global wealth management. “But you have to be very patient.”

与此同时，西方银行已被迫蚕食中国在香港和新加坡的离岸预订中心的外围。利润在海上中国资产上升 - 以及比任何其他财富管理市场更快的夹子。但富裕的中国人仍然在大陆投资的每5美元中，其中包括由他们的创始人或由当地财富经理扣除的金融产品所拥有的公司。

瑞士两家大银行在离岸亚洲财富管理中领先，部分原因在其他地方的麻烦。UBS和Credit Suisse几乎在美国和若干欧盟国家的经营许可证，用于在大西洋双方与瑞士的秘密银行账户进行教唆避税人。

这两家银行,瑞银金融箍更可怕its. Not content with its sterling reputation for wealth management, UBS longed to be an investment bank on the scale of Goldman Sachs. In 2008, it ran up Sf21.3 billion ($24 billion at the time) in losses on U.S. subprime securities and needed a Sf43 billion Swiss taxpayer bailout.

当时ermotti于2011年被命名为瑞银首席执行官，分析师和投资者最初将他视为一个临时任命 - 董事会可以获得瑞银的殴打声誉。ERMOTTI被称为熟练的投资银行家（他在意大利的unicredit举行的一篇帖子），他毫无谈谈财富管理。

Following U.S. and EU attacks on Swiss banking secrecy, the wealth management division struggled to keep American and Western European clients. But on Ermotti’s watch, UBS wealth management has reached the No. 1 spot in Asia, Europe, and emerging markets — and a respectable fourth in the U.S. In all, it manages a whopping $2.26 trillion worldwide.

“Sergio has done a terrific job in turning around UBS,” says Davide Serra, London-based head of Algebris Investments, a hedge fund focused on the financial sector.

The key to UBS’s turnaround was Ermotti’s decision, within months of becoming CEO, to shrink the investment bank and use it to support wealth management operations. The investment bank isn’t allowed to exceed one-third of UBS’s risk-weighted assets.

Last year, investment banking accounted for less than 30 percent of UBS’s pretax profits, while wealth management generated more than 60 percent.

But client capital seems to rise and fall like ocean tides. In the third quarter of 2018, net inflows hit an impressive $13.5 billion. Then in the last quarter, flows reversed. Clients pulled out nearly $8 billion net.

“We don’t need a bigger investment bank to create value for shareholders and clients,” Ermotti says. “We just have to keep working more closely to deliver the entire bank to our clients.”

特别是超富裕的人，他可能会增加。

ermotti抓住了一个公式in Asian wealth management: Woo entrepreneurs with early-stage financing for their startups, help them to IPOs, and then manage those personal fortunes, including via family offices.

此播放簿并不是ubs。“今天，所有在亚洲经营的主要西方银行都更加专注于Uhnw客户，”伦敦德国银行研究总部科涅兰兰尼说。财富管理是最零市的金融服务之一，35家银行持有50％的全球市场份额。专注于财富金字塔的顶端有意义，某些银行持有优势。只有相当大的投资银行可以通过贷款和各种金融产品诱使Uhnw客户，以便仅仅是HNW财富管理客户。

JPMorgan Chase uses its investment bank to target the $100-million-plus Asian client. Citigroup has a “mega-wealth” team aimed at customers with financial assets above $250 million. Goldman Sachs has the most productive Asia-based private bankers, with each relationship manager overseeing almost $1 billion in HNW client assets, on average, according toAsian Private Banker’s 2017 figures. Their counterparts at UBS averaged just $369 million. But the Swiss bank’s $383 billion in Asian assets under management was more than four times the Goldman Sachs total.

In the months or years ahead, Goldman must cope with fallout from its involvement in the misappropriation of billions of dollars from 1MDB, the Malaysian development fund. In 2012 and 2013, Goldman arranged $6.5 billion in bonds for 1MDB, of which $2.7 billion was allegedly stolen by cronies of then-Malaysian prime minister Najib Razak. Goldman collected $600 million in fees, according toThe New York Times.

The Malaysian government has filed criminal charges against Goldman. And the U.S. Justice Department and various Asian and European authorities have launched investigations into 1MDB. In August, Tim Leissner, Goldman’s former chairman of Southeast Asia, pleaded guilty to bribery and money laundering charges in connection with the 1MDB bond deals.

The fiasco could end up costing Goldman billions of dollars in penalties. The Malaysian government is seeking $7.5 billion in damages from the bank, which recently set aside $516 million to cover potential damages, including those related to 1MDB. According to some bank analysts, the scandal threatens to damage Goldman’s reputation and could slow its growth in the region.

目前，瑞银从大型美国银行的恐惧较少，而不是苏黎世的克罗斯敦竞争对手。瑞士斯最近在亚洲的瑞银最大的竞争对手才出现了瑞士。较小的瑞士贷款人在该地区的管理资产中占据了超过2000亿美元。

Credit Suisse successfully combined investment banking and wealth management services to snare the largest Chinese client of them all: e-commerce giant Alibaba. In 2012, it helped the company raise $8 billion in private financing, and bought a $50 million convertible bond as part of the deal. Alibaba picked Credit Suisse as one of six banks to manage its record-setting $25 billion IPO in 2014.

可换股债券转牌比IPO费用5000万美元更有价值。购买时，阿里巴巴价值450亿美元，债券在阿里巴巴公开后转为股权。信贷瑞士拒绝说，如果它持有全部或部分股权，现在价值超过4.5亿美元。

The investment bank’s relationship with Alibaba became a windfall for Credit Suisse wealth management. Scores of Alibaba’s so-called “gold-collar” executives — each owning multimillion-dollar stakes in their employer — have signed up with foreign wealth managers, among them Credit Suisse.

UBS can’t point to such a high-profile relationship of its own. But it runs the most streamlined and effective offshore wealth management operations in Asia. In 2018, Asia generated more than two-thirds of the total $24.7 billion in net new money inflows into UBS wealth management. And offshore Chinese clients alone accounted for an estimated $11 billion of those inflows.

The region’s business is almost equally divided between Hong Kong and Singapore. “Hong Kong is more a magnet for capital markets,” says Edmund Koh, president of UBS Asia Pacific. “And asset management is clearly stronger in Singapore.” Wealthy mainland clients funnel assets into both places. They increasingly send their children to schools in Mandarin-speaking Singapore, which is considered more international than Cantonese-speaking Hong Kong. Singapore is also viewed as more politically reliable than Hong Kong, where pressure to conform to Beijing’s authority is mounting.

瑞银和其他西方财富经理无处可去实现竞争中国工商银行和其他庞大的家庭银行所需的批判性群众，这是统治财富管理。只有少数纯粹的中国财富经理，外国公司无法获得临界群众。

“Foreign wealth managers are scratching their heads on the onshore China opportunity, which requires significant investment to break into without any certainty of a payback,” says Deutsche Bank’s Lakhani.

Few foreign firms would be willing to match the most popular Chinese wealth management products, which typically offer a fixed rate of return, a set maturity date, and guarantees on principal. Beijing recently moved to cut back these products, which have already reached $4.35trillionoutstanding.

But the biggest complaint from foreign wealth managers remains the bureaucratic maze of onshore China operations. Receiving a license for one business activity is only a step to seeking approval for the next license, and so on. Koh, UBS’s Asia head, finds solace in the fact that his native Singapore took years to open up its financial system to foreign competition. “China is moving in the same direction,” he says. “But such a big country must have its own financial institutions ready to go regional and global before allowing foreign players into the market.”

与此同时，瑞银在中国的存在局限于资产管理和证券。陆上中国有望贡献很少，如果有的话，到底线。

Offshore, UBS and its peers offer UHNW Chinese investors opportunities they cannot readily access with their mainland wealth managers, such as hedge funds, private equity funds, bespoke products from BlackRock and Goldman Sachs, and more. “We can even ask firms to create mutual funds that can only be purchased by UBS clients,” says Blessing, the co-head of wealth management. “We promise them enough volume if they lower their management fees for our clients.”

Family offices have become an essential part of the UBS wealth management strategy. According to the bank’s surveys, Europe and the U.S. each have twice the number of family offices as Asia does, where they are a more recent phenomenon. Most Asian family offices still belong to the family patriarch — usually an entrepreneur who commingles his personal wealth management with corporate financial operations. As a result, the company’s chief financial officer often runs it instead of a professional wealth manager. “That will change as wealth shifts from the first to the second generation,” Koh predicts.

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Will a more sophisticated generation超级富裕的中国人继续赞成瑞士财富经理，超过他们的较大的，弗斯赫的美国竞争对手？

American banks benefit from their enormous base of retail clients, who bring down funding costs and help improve operating leverage. But with a tiny home market of 8.5 million Swiss, neither UBS nor Credit Suisse will ever generate the retail banking revenue to offset the higher costs of their investment banking and wealth management operations. Little wonder that the cost-income ratio last year at both Swiss banks was above 78 percent, compared to JPMorgan’s 58 percent.

在浮力市场期间，瑞银的收入增长和成本仍然相对平坦。“投资者不得不问自己：如果瑞银在市场上升时没有改善运营杠杆，我们将在市场下降时预期的是什么？”Zurich的瑞士投资银行Vontobel Zurich型银行研究负责人Andreas Venditti。

Ermotti delivered his response to doubters at the October investors’ conference. “It is true that our geographic and business diversity comes at a cost, which — when measured on a cost-income ratio basis — is structurally higher than our peers’,” he said. “But we are happy to make that choice, because the model offers stability and superior returns on capital.”

它可能让投资者预留寡糖r usual yardsticks for bank performance. But Ermotti and his team tout their UBS wealth management model as unique. “If you look at our competitors, you find two kinds: other Europeans who are strong in Europe and Asia but have no real presence in the U.S.,” says Blessing. “Or you have our American rivals, who are bigger in the U.S. but are hardly present in Europe and Asia. So if you want a wealth manager with a significant presence in all the main markets of the world, we are the only one.”

But Blessing missed one main world market: onshore China.