AMUNDI加紧挺进亚洲

英国《金融时报》 林赛•维搏 东京报道

Amundi, Europe’s third-largest asset manager, is shifting its focus outside its French home market as it nears saturation and Asia will be one of the main recipients of this new attention.

欧洲第三大资产管理公司Amundi正把目光转向日趋饱和的法国本土市场以外,而亚洲将成为该公司的一大目标。

The move underscores a broader shift towards the region by asset managers hoping to snap up market share among some of the world’s biggest savers, living in some of the fastest-growing economies in the world.

此举突显出资产管理公司向亚洲地区转移的广泛趋势:他们希望打入一些全球增长最快的经济体,从一些全球最庞大的储蓄群体中争取客户,抢占市场份额。

Amundi, created out of a merger between the asset management arms of Crédit Agricole and Société Générale, is aiming for growth in assets under management of about 30 per cent in three years, as it expands its retail business in Japan and strengthens its joint ventures in markets including China and India.

Amundi由法国农业信贷银行(Crédit Agricole)和法国兴业银行(Société Générale)两家银行的资产管理部门合并而成。该公司的目标是,未来3年内将资产管理规模扩大30%左右。Amundi正在日本拓展零售业务,并在中国和印度等地致力于增强合资公司的实力。

Such growth would increase the Asian assets of the fund manager by €15bn to about €65bn. Amundi globally has €688bn (£571bn, $906bn) under management.

上述增长目标意味着,该公司管理下的亚洲资产将增加150亿欧元,至650亿欧元左右。在全球范围内,Amundi目前管理着6880亿欧元(合9060亿美元)的资产。

“It’s not a commitment but I’d be surprised if at the end of three years the global AUM in Asia had increased less than 30 per cent,” says Yves Perrier, chief executive of Amundi.

“这不是一个承诺,但如果3年后全球在亚洲的资产管理规模增幅不到30%,会令我感到惊讶。”Amundi首席执行官伊夫•皮埃尔(Yves Perrier)表示。

Amundi has €26bn under management in Japan, making its business there its biggest in Asia, and its second biggest after France. It aims to take this to €33.6bn over the next three years.

Amundi在日本的资产管理规模为260亿欧元,日本业务是该公司在亚洲最大的业务,规模仅次于其法国本土业务。Amundi希望3年内将日本资产管理规模扩大到336亿欧元。

Although Japan does not have a rapidly growing economy, it does have a huge pool of savings, of which more than half are locked up in bank deposits earning a paltry 0.05 per cent.

日本虽然经济增长并不迅猛,但拥有一个庞大的储蓄池,其中过半资金存放在银行存款账户中,利率仅为0.05%。

Amundi plans to expand the number of distributors it uses from its present six, and also expand the number of products it offers in order to meet its three-year goal.

为了实现上述3年目标,Amundi计划增加分销商数量(目前为6家),并扩大产品种类。

Given growing concerns about future pension pay-outs in Japan as the population ages, Japanese savers have been expected to switch to more risky investments in an effort to earn higher returns. That has yet to happen on a large scale, however.

在日本,随着人口老龄化,人们日益担心未来领取养老金的问题。在这种背景下,人们预计日本储蓄者为了获取更高的投资回报,将会倾向于转而选择风险更大的投资品种。但目前这种情况尚未大量出现。

For now, retail investors tend to either be highly conservative, or extreme risk takers, for example, by betting on the currency markets using leverage.

目前,日本散户投资者往往不是高度保守,就是极其冒险,比如,他们会借钱投资外汇市场。

Christian Romeyer, president of Amundi Japan, says he has seen more risk- taking over the past decade but that the shift has been “very slow”.

Amundi日本分公司总裁克里斯坦•罗梅耶(Christian Romeyer)表示,过去10年内,他看到日本投资者变得更加冒险,但这种转变“非常缓慢”。

“Sales forces [at distributors] are still under-experienced in terms of product knowledge and selling techniques,” Mr Romeyer says. Amundi provides sales training as well as product information as part of its service to help increase sales.

“(分销商)销售人员在产品知识和销售技巧方面仍缺乏经验。”罗梅耶表示。为促进销售,Amundi为分销商提供销售培训和产品信息。

Mr Perrier says Japanese clients want investment products that pay a regular income, which is often used to supplement their pensions.

皮埃尔表示,日本客户属意提供固定收益的投资产品,往往把这种产品作为养老金的补充。

Mr Romeyer adds that clients are so keen to maximise their income, they are prepared to accept that they may eat into their capital should yields fail to provide enough to pay the coupon.

罗梅耶表示,客户迫切希望实现收益最大化,因此能够接受以下情况:倘若收益不足以支付票息,他们可能损失部分本金。

He says this is very different from Europe, where clients investing in fixed income want their initial capital returned regardless of the yields that they receive over the term of the investment.

他指出,这与欧洲的情况大不相同。欧洲客户投资固定收益产品,不管整个投资期间的收益如何,首先是希望能够收回全部本金。

In China, Amundi’s joint venture with Agricultural Bank of China, established in 2007, has €3bn under management. It also has institutional business with the State Administration of Foreign Exchange and China Investment Corporation, the country’s fledgling sovereign wealth fund, worth about €1bn.

在中国,Amundi与中国农业银行(ABC)在2007年成立的合资公司目前管理着30亿欧元资产。该公司还与中国国家外汇管理局(SAFE)和中国投资公司(China Investment Corporation)合作开展机构业务,规模在10亿欧元左右。中投是中国成立不久的主权财富基金。

The group’s other Asian businesses include a joint venture with the State Bank of India, which has €6bn under management, and operations in Hong Kong, Singapore, Malaysia and Australia.

Amundi与印度国家银行(State Bank of India)的合资公司管理着60亿欧元资产。除此之外,该公司在香港、新加坡、马来西亚和澳大利亚等地都设有业务。

It is also developing plans to enter Vietnam.

该公司目前也在制定进军越南的计划。

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