2021年经济学人 外资银行抢滩中国市场,生存几何?(3)

Another benefit of the joint¹ ventures is their links to China's largest financial firms. The banks and their tens of thousands of branches were key intermediaries during the first era of wealth management and, say experts, may also define the next. Their wealth-management subsidiaries have vast portfolios² and huge numbers of clients. Take CCB. It has more than 14,700 branches; last year it managed 2.2trn yuan in wealth-management products and attracted more than 4.4m new investment and wealth-management clients. Access to customers is "one of the benefits of partnering with one of the largest banks in China", says Susan Chan of BlackRock.

成立合资公司的另一个好处是能与中国最大的几家金融公司建立联系。在财富管理的第一个时代，这些银行及其数以万计的支行是关键的中间环节，而且据专家们说，它们可能也会定义下一个时代。它们的理财子公司拥有大量投资组合和庞大客户群。以建行为例，它拥有超过1.47万家支行，去年它管理了2.2万亿元的理财产品，吸引了440多万名新的投资和理财客户。能接触客户是“与这家中国最大银行之一合作的一个好处”，贝莱德的陈蕙兰表示。

Yet success will depend on foreigners' ability to establish and market themselves. Goldman and BlackRock have some name recognition in China by virtue³ of their size. Amundi and Schroders, by contrast, are unknown outside financial circles. And teaming up with home-grown banks has some downsides. A potential customer at a bank branch will be offered a suite⁴ of products, which will include those designed and branded by the joint ventures, but also those designed solely⁵ by the bank. Online, joint-venture offerings will probably appear on smartphone apps on a list of commoditised products. The foreign groups will therefore have to make sure their offering is advertised sufficiently⁶ to clients— no easy task given that tens of thousands of banks' relationship managers will be responsible for sales. It can be done, but only with hefty investment in staff training, says Philip Leung of Bain, a consultancy.

然而，成功与否将取决于外国公司能否站稳脚跟并做好营销。高盛和贝莱德凭借自身规模在中国已经有了一定的知名度。相比之下，东方汇理和施罗德在金融界之外还鲜为人知。与本土银行合作也有一些缺点。银行的支行会向潜在客户提供一系列产品，其中既包括合资公司设计并冠以自己品牌的产品，也包括银行自己单独设计的产品。在线上，合资公司的产品可能会出现在智能手机应用里，与一长串同质化的产品并列。因此，外资公司必须确保能向客户充分宣传自己的产品。这绝非易事，因为会有数以万计的银行客户经理负责销售。贝恩咨询公司的梁霭中认为这是可以做到的，但前提是在员工培训方面投入巨资。

Another problem is competing with superstars such as Mr Zhang, who often manage money for giant mutual⁷ funds. Financial news in China is abuzz with stories on the performance of star managers. Many retail⁸ investors⁹ make decisions based on such information. Few clients are interested in a fund's risk controls, notes Fabrice Maraval, an executive who has worked at two Sino-foreign financial ventures. Instead, they ask, "What's your ranking on the list of top fund managers", he says.

另一个难题是与像张坤这样的超级明星们竞争，他们大多为大型共同基金管理资金。中国的财经新闻充斥着有关明星经理业绩的报道。许多散户投资者根据这类信息做决策。很少有客户关注基金的风险控制，曾在两家中外合资金融公司工作过的高管法布里斯·马拉瓦尔指出。相反，他说，他们常常会问，“你在顶级基金经理名单上排第几？”

Executives at several joint ventures bristle¹⁰ at the idea of hiring stars who market their funds. "It's just not our culture," says one. Instead they must slowly build trust with clients through solid performance and prudent¹¹ risk controls. Zhong Xiaofeng of Amundi describes his group's strategy in China as a "long-haul effort". If foreigners are to give the stars a run for their money, it will have to be.

几家合资公司的高管对于聘请明星经理来营销基金的主意感到愤怒。“这就不是我们的文化。”其中一人表示。相反，它们必须通过稳健的业绩和审慎的风险控制逐步赢得客户的信任。东方汇理的钟晓峰用“漫长的努力”来描述自己的公司在中国的战略。如果外国公司不想输给这些明星，那将不得不如此。

1 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

2 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

3 virtue   

n.德行，美德；贞操；优点；功效，效力

参考例句：

• He was considered to be a paragon of virtue.他被认为是品德尽善尽美的典范。
• You need to decorate your mind with virtue.你应该用德行美化心灵。

4 suite   

n.一套(家具)；套房；随从人员

参考例句：

• She has a suite of rooms in the hotel.她在那家旅馆有一套房间。
• That is a nice suite of furniture.那套家具很不错。

5 solely   

adv.仅仅，唯一地

参考例句：

• Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
• The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。

6 sufficiently   

adv.足够地，充分地

参考例句：

• It turned out he had not insured the house sufficiently.原来他没有给房屋投足保险。
• The new policy was sufficiently elastic to accommodate both views.新政策充分灵活地适用两种观点。

7 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

8 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 bristle   

v.（毛发）直立，气势汹汹，发怒；n.硬毛发

参考例句：

• It has a short stumpy tail covered with bristles.它粗短的尾巴上鬃毛浓密。
• He bristled with indignation at the suggestion that he was racist.有人暗示他是个种族主义者，他对此十分恼火。

11 prudent   

adj.谨慎的，有远见的，精打细算的

参考例句：

• A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
• You must school yourself to be modest and prudent.你要学会谦虚谨慎。