瑞士投资

《传承宝典》25与财富规划主管的两分钟访谈 苏茜-希利尔 财富规划主管 作为财富规划主管，苏茜拥有超过20年的经验，为众多专业人士、企业家和董事会成员提供值得信赖的咨询服务，并与她多年来提供咨询的众多家族持续合作。苏茜为Stonehage Fleming集团制定了高标准的、技术规范的咨询服务——她在市场上受到广泛认可，尤其是在英国的养老金条款这一复杂的领域。 苏茜于2012年加入该团队，此前，她的大部分职业生涯都在伦敦金融城的特许会计师事务所德勤(Deloitte)、安达信(Andersen)和罗布森罗德(RSM Robson Rhodes)的专业咨询环境中，为私人客户提供服务。 在财富规划方面，我们集战略家和技术人员于一身。如果你能了解清楚客户财富的整体情况和目的，你就能帮助他们考虑他们的退休计划、投资、以及税务结构的选择。我认为，那些只专注于可投资资产或退休计划的公司，错过了太多可以为客户增值的机会。而我们则不同寻常地采用这种更广泛、更全面的远景观点。我们使用的最重要的工具是我们的耳朵。通常，我们对潜在客户说的第一件事就是“介绍一下您自己”。我们想知道客户对关键问题的看法和感受，而不仅仅是了解他们的资金流入和流出。我们想知道是什么驱使着他们，又是什么让他们夜不能寐。我们倾听他们说什么，并利用他们的反应来辅助建立其财富的战略。这些对话可能会非常有趣，而且通常与金钱无关。 我们通常会从财务“健康检查”开始。我们这样做是为了客户，不管他们的财富水平如何。这使我们能够根据某家人当下的财务状况来制订他们的目标，并突出他们应该考虑的领域。我们会研究“假设性”的情景，并展示不同的人生事件可能产生的相对影响，比如：婚姻、孩子的出生、退休或慈善事业。这是任何战略对话的一种良好开端。我们的客户发现我们的方法令人耳目一新，这有助于我们区别于同行。我们的客户范围很广。在这条频谱的一端，我们照顾的是处于财富积累第一阶段的“创富者”。他们会有将要继承并接受教育的下一代；或者只是白手起家、可支配收入有限的企业家。在另一端，我们关注超高净值个人，包括私募领域的专业人士，或运营着数百万级业务的经理人。 作为一个更广泛的国际家族办公室的一部分，对我们的客户来说具有很多优势。我们集团自身广泛的内部专家，使我们能够以一种精简和有效的方式为复杂的客户提供咨询。我们的客户可以接触到许许多多的专家，他们不必从头开始建立关系就可以与他们接触。客户对于我们会把他们推荐给公司内外最适合这份工作的人，始终都充满信任。我们是一家以人为本的机构。技术正在彻底改变客户对于交割的期望，但我们与市场的部分区别在于：我们建立了令人难以置信的关系。我们真正了解我们的客户，并有能力分享多年来解决其他家庭面临的类似问题所积累的知识。我们很难用技术来取代这一点。 English Version Susie Hillier Head of Wealth Planning As Head of Wealth Planning, Susie brings over 20 years experience as a trusted adviser to a wide client base of professionals, entrepreneurs and Board Directors and continues to work with many families that she has advised for many years. Susie sets our high standard of technical regulated advice delivery - she is widely recognized in the market particularly in the complex area of UK pension provision. Susie joined the team in 2012 having spent the majority of her career advising private clients from within the professional consultancy environment at City Chartered Accountants Deloitte, Andersen and RSM Robson Rhodes. In wealth planning we are strategists and technicians in one. You can only help someone think about their retirement planning, investments or tax structuring options if you understand the big picture and the purpose of their wealth. I believe that those firms who focus solely for example on investable assets or retirement planning miss so many opportunities to add value for clients. We are unusual in adopting this broader, holistic perspective. The most important tool we use is our ears. Very often the first thing we say to a potential client is, “tell me about yourself”. We want to know what our clients think and feel about key issues rather than just understand their financial inflows and outflows. We want to know what drives them and what keeps them awake at night. We listen to what they say and use their responses to help build a strategy for their wealth. These conversations can be very interesting and often have very little to do with money. We generally start with a financial ‘health check’. We do this for clients, no matter what their level of wealth. This enables us to plot someone’s financial position today against their objectives and highlight areas they should consider. We look at ‘what if’ scenarios and demonstrate the relative impact different life events may have, such as a marriage, the arrival of children, retirement or philanthropy. This is a good start for any strategic conversation. Our clients find our approach refreshing and it helps to set us apart from our peers. We work with a huge range of clients. At one end of the spectrum, we look after ‘accumulators’ who are in the first stages of building their wealth. They could be the next generation who will inherit and require education, or entrepreneurs starting out with limited disposable income. At the other, we look after ultra-high net worth individuals, including private equity professionals or owner managers exiting businesses for multiple millions. Being part of a wider international family office has many advantages for our clients. Our broad in-house expertise allows us to advise complex clients in a streamlined and efficient way. Our clients have access to numerous specialists, who they can engage with without building relationships from scratch. They have confidence in us to refer them to the best person for the job, whether inside or outside of the firm. We are a people business. Technology is revolutionizing client expectations around delivery but part of what differentiates us in the marketplace is that we build incredible relationships. We truly understand our clients and have the ability to share knowledge built from years of addressing similar issues faced by other families. We would be hard pushed to replace that with technology. Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com

《传承宝典》24可持续投资放首位, 有助实现家族财富目的 莫娜-莎哈 投资策略与研究总监 莫娜是 CFA（特许注册金融分析师）执照持有人，拥有英国布里斯托尔大学经济学和政治学一级学位。在 Rathbones 投资管理公司担任集体研究主管并工作了11年之后，她于2018年9月在 Stonehage Fleming 家族办公室开始了新的挑战。莫娜是集团投资委员会的成员，并将于2019年下半年启动该集团多重 ESG 类（环境、社会和治理）资产的发行。她还负责对斯通哈格弗莱明的集体投资进行尽职调查，并致力于多资产投资策略和研究。她也是一家儿童慈善机构的受托人。投资于一个可持续的投资组合，是一个家族所能找寻到一个共同目标、并控制好其财富、用来做善事的、最简单的方法之一。根据我们最新的研究报告《变革时代的实用智慧和领导力》(2018年出炉的《资本的四大支柱》中的下一章)，在接受调查的约150名各大家族成员和顾问中，75%的人表示更喜欢广义上负责任的投资（responsible investment）。 有趣的是，在对远期家族财富构成威胁的榜单上，投资风险仅排在第六位，低于一系列非财务风险，包括缺乏领导力、家庭纠纷和未能吸引下一代融入。 传统的金融分析和估值技术的批评者也认同这一观点，即与家族一样，投资者仅关注财务成本时，便可能陷入更大的风险之中。很难不同意这一点。然而，就如何能将这一点做到最好以期达成共识，就不那么显而易见了。诚然，将环境、社会和治理(ESG)因素纳入传统的财务分析并不是一个坏的开始。作为一项事业，我们的关注点是为几代人保存延续财富，因此，我们自然而然地提出了代际公平的概念。充分考虑入各种外部因素，也是如何来描述我们全球可持续投资组合“影响力”的一个重要演变。我们相信它可以对地球和社会都产生积极的影响。虽然我们不认为将ESG因素纳入投资分析会降低投资的风险，但我们认为将ESG框架作为风险管理过程的一部分，则可以带来更好的风险调整回报。除了在投资组合中纳入影响力投资之外，我们还将资本配置给股票和固定收益基金经理，他们使用更广泛的大数据，将负面的外部性降至最低。通过这种方式，我们提供的投资组合能够超越“不造伤害”的领域，继而迈向“积极行善”。为您所代表的家族建立战略，需要许多工作。没有设立有意义的目标，就不可能产生共同的价值观。但随着一代又一代的人，成长在一个社会成果日益优先于投资回报的世界里，我们能够看到可持续投资在我们合作的家族议程上的地位越来越高，也就不足为奇了。 English Version Mona is a CFA charter holder and has a first class degree in Economics and Politics from the University of Bristol. After eleven years at Rathbones Investment Management where she was Head of Collectives Research, she embarked on a new challenge at Stonehage Fleming in September 2018. Mona sits on the Investment Committee and is launching the firm’s multi asset ESG offering in the second half of 2019. She conducts due diligence on collective investments at Stonehage Fleming and contributes to multi-asset investment strategy and research. She is also a trustee of a children’s charity. Investing in a sustainable investment portfolio is one of the simplest ways a family can find a common purpose and take control of the good they are able to do with their wealth.According to our latest research report, ‘Practical Wisdom and Leadership for Changing Times’ (Four Pillars of Capital: The Next Chapter, 2018), 75% of some 150 family members and advisers surveyed expressed a preference for responsible investment in its broadest sense.Interestingly, investment risk only ranked sixth on the list of threats to long-term family wealth, below a range of non-financial risks including a lack of leadership, family dispute and a failure to engage the next generation. Critics of conventional financial analysis and valuation techniques share this view that, like families, investors focus on financial costs alone at their peril. It is difficult to disagree with this. How to reach a consensus on how best to do this, though, is less obvious. Integrating environmental, social and governance (ESG) factors into traditional financial analysis, however, is not a bad start. At least it helps you to better consider the‘externalities’, both positive and negative. As a business, our focus is on preserving wealth through the generations, so it is only natural that we address ourselves to the concept of inter-generational equity. Considering the externalities is an important evolution for how we describe the ‘impact’ from our Global Sustainable Investment Portfolio.We believe it can have a positive impact both on the planet and society. While we don’t believe in corporating ESG factors into investment analysis results in lower risk investments, we believe that adopting ESG frameworks as part of a risk management process leads to better risk-adjusted returns. In addition to including impact investments in the portfolio, we allocate capital to equity and fixed income managers who use abroader array of data to minimize negative externalities. In this way, the offering is able to transcend the ‘do no harm’ territory and enter into “actively doing good”.Establishing what you stand for as a family takes work. Without setting meaningful objectives, engendering a sense of shared values will not be possible. But with successive generations growing up in a world where social outcomes are increasingly prioritized over investment returns it is unsurprising that we see sustainable investment moving ever higher up the agenda for the families we work with. Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com

中国企业家2019年瑞士商务参访纪略 纳沙泰尔州(Neuchatel)是瑞士重要的交通枢纽和产业中心之一。作为一个以钟表业和精密加工为主的州，纳沙泰尔在瑞士的国际贸易顺差中，所占比重高达四分之一。另一方面，作为一个以创新为导向的产业中心，纳沙泰尔近几年来不但吸引到了大量的高科技企业入驻，同时，也获得了瑞士联邦政府在基础建设方面的大力支持。一批国际知名的大企业和财团先后入驻，菲利普·莫里斯公司作为一家大型跨国公司，将全世界总部设在纳沙泰尔。它既是当今世界上第一大烟草制造商，同时也是世界上第二大食品制造商（控股卡夫食品）。除了在当地开办现代化工厂，还成立了由250位顶尖专家组成的全球研发中心。 雷梭勒家族办公室非常荣幸地与纳沙泰尔州政府合作，积极推动了纳沙泰尔中瑞中心项目的实施，帮助中国企业顺利落户中瑞中心，最大程度地发挥当地的产学研实力，并结合人才、资本、税收等优势。在本次陪同中国客商的参访活动期间，接待我们的州政府经济促进处官员们，非常热情地介绍了纳沙泰尔州的历史文化源流和经济环境，欢迎我们的客户落户这个仅有3万多人口、设施齐全、生活便利、安全友善（20多年未发生命案、社会和谐、治安极佳）、湖光山色的宜居之城。州长先生以本州著名的制表业中心拉绍德丰（La Chaux-de- Fonds）得以创立的历史故事为引，向中国客人叙述了纳沙泰尔一向以精确创新的传统闻名于世，并如何吸引和帮助从欧洲其他国家（大部分是法国）而来的制表匠人在本地站稳脚跟，并把自己的事业发扬光大。如今，纳沙泰尔是瑞士的26个州中，外国人融入程度最高的地区。 瑞士纳沙泰尔1656年设市，是钟表王国的历史古都，也是被誉为“自动木偶人之父”的雅克·德罗兄弟(Jacquet-Droz)、世界著名建筑家勒·科布西耶(Le Corbusier)、瑞士的赛车手兼汽车工程师雪佛兰(Chevrolet)、作家布莱斯·桑德拉尔(Blaise Cendrars)的故乡。周边多起伏丘陵的汝拉山谷(Vallée de Joux)是名马的产地，这里每年都会举办马市及赛马活动。夏天很适合徒步、山地自行车运动，冬天则是越野滑雪的胜地。2009年，位于纳沙泰尔湖西北部的拉绍德封(La Chaux-de-Fonds)被列为联合国教科文组织世界文化遗址，自从十八九世纪一批法国贵族为逃避宗教迫害，迁来此地深谷小镇，潜心镂刻表盘指针，整座城市即与钟表结下不解之缘。至今仍完好地保存了数百年前的城市空间规划，它的街道、建筑和工厂均为钟表行业而建造，生产地紧邻住房，旨在提高经济能力和员工的生活质量，单一制造业城镇独有的高效样貌保存至今。许多享誉世界的瑞士名表的总部或工场都汇集于此，其中许多家族品牌甚至一百多年前皆发源于此——积家(Jaeger-LeCoultre)、萧邦(Chopard)、芝柏(Girard-Perregaux)、百达翡丽(Patek Philippe)、爱彼(Audemars Piguet)、卡地亚(Cartier)、尚维沙(Jean Richard)、百年灵(Breitling)、昆仑(Corum)、摩凡陀(Movado)、天梭(Tissot)、香奈儿(Chanel)、豪雅(TAG Heure)、LV、迪奥(DIOR)等。"世界机械手表的心脏"名不虚传！ 该市的国际钟表博物馆(Muse International d’Horlogerie)收藏着从古代计时器日冕到现代最精密钟表的4500件展品，其中包括2700支手表和700个挂钟，是瑞士乃至世界最大、引以为傲的钟表博物馆。不显眼的门梁上用法语镌刻着“人和时间”，点出了两者间的关系。这里附带一个古董表修复中心及一座钟表学校，让人感觉瑞士钟表业后继有人（馆长Regis也是一位80后）。 在欧洲，纳沙泰尔更像是一位大隐隐于市的蓝血贵族，定居于此的大使政要（瑞士1/3的外交官诞生于该州，擅长磋商和共赢的传统悠久）、品牌持有者（手表珠宝、名酒庄园不胜枚举）、研发工程师（制表行业涉及精密机械、天文数理、化工冶金等学科）、高级工匠们都习惯于保持家族相传的风格：低调务实、坚持本我、不喜炒作。这也是源于纳沙泰尔自古以来对于勤劳的外来者的热情，以及对于专业人士及其超群技艺的尊重。他坚信中国的企业家，在纳沙泰尔，也定能像当年创立拉绍德封小镇的外来制表师一样，在本州取得巨大的成功。 图为黄晓明和刘亦菲作为TISSOT手表的中国区代言人，今夏来瑞士钟表的发源地纳沙泰尔拍摄写真集。最后，参访在双方互赠礼物的欢快气氛下结束，我们的客户获赠的是精美的当地特产——美味的瑞士巧克力。 图为纳沙泰尔州长Mr. Alain Ribaux先生，向雷梭勒家族办公室中国区CEO孙晋玲女士和中国企业家客户颁发瑞士纳沙泰尔勋章。 Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com

《传承宝典》23固定收益信贷, 本年度展望 尼古拉是Stonehage Fleming家族办公室投资管理部门的领导人，他全面负责所有独立固定收益的管理、现金管控下的投资组合、以及对第三方固定收益基金投资的选择和监控。他还领导着基金与证券选择委员会，并拥有超过10年管理固定收益投资组合的经验。尼古拉于2013年9月加入Stonehage Fleming 集团并担任投资经理。2000年，他在苏黎世的瑞银(UBS)私人银行开始了自己的职业生涯。2002年，他跳槽到伦敦的瑞银财富管理公司，加入了投资组合管理团队，管理着多资产类别的投资组合。尼古拉拥有英国华威商学院的经济学和金融学硕士学位，以及IMC和PCIAM专业资格证书，同时还是英国特许证券与投资协会(CISI)的特许会员。 截至19年中期，固定收益市场——信贷和利率表现良好。今年上半年，高收益债券市场出现了20多年来的最佳表现。投资及债券也表现强劲，受益于政府债券的上涨。上述两者的整体回报率都在7%-9%。新兴市场的强势货币债券（即保值货币债券，多为欧美国债）的回报率为8%，而新兴市场本币债券也表现强劲——截至6月底上涨了约6%。如果我们把时钟拨回到2018年第四季度，信贷市场似乎正分崩离析。高收益债券和杠杆贷款市场都出现了大幅下跌，甚至投资级市场也出现了一些疲软。由于投资者们越来越担心全球经济状况、贸易战和货币政策收紧的影响，信贷息差扩大。在2019年的头几个月里，一切都变了。发达市场央行的措辞变得越来越温和（鸽派），允许了风险资产的止跌回升，以及政府债券收益率的下降。美联储(FED)主席杰罗姆•鲍威尔(Jerome·Powell)公开讨论了降息的可能性，市场则完全消化了7月底首次降息的预期。与此同时，欧洲央行(ECB)似乎也在着手转向降息，其结果是欧洲核心国家的国债收益率再次大幅下跌。 我们目前所处的环境是，约有12万亿美元资产(约占Bloomberg Barclays全球综合总基准的1/4)购买交易了收益率为负的债券。这不仅会将投资者赶出其自然栖息地，还会在投资者寻求正收益之际，为信贷市场提供支持。信用指标很好地反映了公司债券市场的健康状况。美国和欧洲企业的债务收益和利息覆盖率等指标表现良好，在总体上，企业都似乎相当健康（苹果公司、迪士尼、可口可乐等都正在忙于发债）。我们还注意到，“到期墙”(意指：某一年到期的债务数量) 间隔良好，短期内将仅存在有限数量的公司债务到期。我们再次处在利率不断走低的环境中，这对企业债务来说是件好事。企业将能够以较低的成本对债务进行再融资，并维持其利率覆盖率；我们预计违约率更不会大幅上升。尽管2019年剩余的时间不太可能出现这种回报，但我们迄今已看到，我们相信固定收益市场在未来一段时间内仍将受到支撑。 English Version Nicholas is a Director of Stonehage Fleming Investment Management, he has overall responsibility for both the management of all segregated fixed income and cash management portfolios, as well as the selection and monitoring of investments in third party fixed income funds. He also heads up the Fund and Security Selection Committee and has over 10 years’ experience managing fixed income portfolios. Nicholas joined the Stonehage Fleming Group as an Investment Manager in September 2013. He started his career at UBS Private Bank in Zurich in 2000 and moved to UBS Wealth Management in London in 2002 joining the Portfolio Management team to manage multi-asset class portfolios. Nicholas holds an MSc in Economics and Finance from Warwick Business School, as well as the IMC and PCIAM professional qualifications and is a Chartered Fellow of the Chartered Institute for Securities and Investments. Fixed income markets - credit and rates - have performed well to the mid-point of the year. The first half of the year saw the high yield bond market enjoying its best performance for over two decades. Investment grade bonds also performed strongly, benefitting from the rally in government bonds. Both have seen returns between 7%-9% across the board. Emerging market hard currency bonds have returned 8%, while emerging market local currency bonds also performed strongly up around 6% to the end of June. If we roll the clocks back to Q4 2018, credit markets seemed to be falling apart. The high yield and leveraged loan markets both saw significant falls and even, the investment grade market experienced some weakness. Credit spreads widened, as investors grew increasingly concerned about the state of the global economy, the impact of trade wars and monetary policy tightening. During the first months of 2019, everything changed. Developed market central bank rhetoric turned increasingly dovish, allowing risk assets to rally and government bond yields to drop. In the US, Federal Reserve Chairman Jerome Powell, openly discussed the potential for rate cuts with the market fully pricing in the first cut for the end of July. Meanwhile the European Central Bank too appears to be maneuvering towards lower rates and, as a result, yields across core Europe have once again gone deeply negative. We are now in an environment where there are circa $12tn of assets – around a quarter of the Bloomberg Barclays Global Aggregate benchmark – trading with negative yields. This has the effect of pushing investors out of their natural habitats but also lending support to credit markets as investors seek out positive yields. Credit metrics give a good indication of the health of the corporate bond market. Metrics such as earnings over debt and interest coverage for companies across the US and Europe are holding up well, and companies overall appear to be reasonably healthy (Apple, Disney, Coca-Cola and others are busy issuing bonds now). We also observe that the ‘maturity wall’- an indication of the amount of debt maturing in a given year - is well spaced out, with a limited amount of corporate debt coming due in the short term. It is positive for corporate debt that we are again in an environment where interest rates are moving lower. Companies will be able to refinance their debt at cheap levels and maintain interest coverage; we do not expect to see a significant increase in the default rate. Although the rest of 2019 is unlikely to see the sort of returns, we have seen so far, we believe fixed income markets will remain supported for some time to come. Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com