瑞士投资

《传承宝典》7影响力投资 跨越代沟 影响力投资： 在产生财务回报的同时，产生可衡量的、对于社会和环境有益影响的投资。这类对社会负责任的投资，可成为让几代人走到一起的方式。Rebecca Gooch说，虽然一些家族办公室已经接受了影响力投资，但其他家族办公室则仍旧“一无所知”。 影响力投资是一种新兴的、活跃的、处于投资前沿的投资方式。家族办公室的观念往往陈旧、传统、保守。因此，这两者之间并不是显而易见的合作伙伴，但家族办公室对影响力投资正表现出了更大的兴趣，并表示：这一策略可以为整个家族带来好处。 Campden Wealth 机构的研究主管丽贝卡•古奇(Rebecca Gooch)女士表示，家族办公室对于影响力投资的关注趋势，在过去一年有所加速。她表示，该研究集团今年与瑞银(UBS)合作对全球家族办公室进行的年度调查反映了这一点。她指出：“影响力投资正成为家族办公室行业的一个热门趋势，目前约有三分之一的家族办公室参与其中。 全球领先的多家族办公室 Stonehage Fleming 的私人资本投资团队负责人理查德•克拉克-杰沃斯(Richard Clarke-Jervoise)也表示，客户对影响力投资正越来越感兴趣。他表示:“在过去12至18个月里，我们经历了一个台阶式的变化，感觉我们已经经历了一个转折点，人们的兴趣变得更具实质性。”高盛资产管理公司的环境、社会、治理和影响力投资部门的董事总经理——约翰•戈尔茨坦说：家族办公室正在增加影响力投资的份额，从他们投资组合中的5~10%，已上升至25~50%。他补充到：甚至Impact Network 签署到了100%的案例，一些家庭办公室和其他财富投资者都已经同意将他们所有的投资资源，都集中在影响力投资之上。 影响力投资的一个显著优势是，它可以是一个有效的方式，使一个家族的几代人走到一起。理财顾问们表示，通常情况下，最初的财富创造者们，很难让子女或孙辈对家族财富的投资感兴趣。但随着年轻一代倾向于更具有社会意识，影响力投资可以成为吸引他们加入的一种方式。“两代人之间存在着巨大的分歧，很难弥合这种分歧，”克拉克-杰沃斯指出。“影响力投资，通常是两代人之间，第一次就投资而进行的有意义的对话，因此，它提供了更多的巩固作用。它在让两代人都站在同一立场上，讨论对两代人都重要的问题方面，发挥了非常微妙但非常重要的作用。” 通常是年轻的一代，首次提出影响力投资的话题。古奇表示，对于从事影响力投资的家族办公室来说，目前约有一半的资金用于教育、环保或提高能源和资源的效率。 家族办公室的另一个趋势是，随着婴儿潮一代寿命的延长，年轻一代将在晚年继承财产。父母还健在的年轻一代现在已经三四十岁了。然而，这并不意味着他们无法做出投资决策；相反，顾问们表示，他们对投资的看法之所以受到尊重，是因为他们成熟，尽管他们自己无法控制资金。 English Version Impact investing crosses generation gap Impact investing refers to investments "with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return" . Socially responsible investment can be away of bringing the generations together. Rebecca Gooch, who says while some family offices have embraced impact investing, others are ‘in the dark’. Impact investing is new, dynamic and at the frontier of investment. Family offices are often old, traditional and conservative in their outlook. The two are not obvious partners, then, but family offices are showing more interest in impact investing, and say the strategy can bring benefits for a family as a whole. The move towards impact investing by family offices has accelerated in the past year, according to Rebecca Gooch, director of research at Campden Wealth. She says the research group’s annual survey ofglobal family offices, carried out with UBS this year, and published inSeptember, reflects this. “Impact investing is becoming a heated trend in the family office community, with about a third of family offices now engaged in it,” she notes. Richard Clarke-Jervoise, head of the private capital investment team at multi-family office Stonehage Fleming, also says impact investing has become of increasing interest to clients. “There has been a step change in the past 12-18 months where it feels like we have gone through a tipping point and the interest has become more material,”he says. John Goldstein, managing director of environmental, social and governance and impact investing at Goldman Sachs Asset Management, says family offices are increasing the amount of impact investing they do, from 5-10 per cent of their portfolio to 25-50 per cent. Some, he says, have even signed up to the 100% Impact Network, a group of family offices and other wealthy investors who have agreed to put all of their resources into impact investment. A significant advantage of impact investingis that it can be an effective way to bring generations of a family together. Often, advisers say, the original wealth creator finds it difficult to interest children or grandchildren in the investment side of the family wealth. But with the younger generation tending to be more socially minded, impact investing can be a way of drawing them in. “There is a huge divide between the generations and it is very difficult to bridge that divide,” notes Clarke-Jervoise.“Impact investment is often the first time that both generations have a meaningful conversation about investment so it is providing more of a cementing role. It plays a very subtle but very important role in getting both generations on the same page and talking about matters that are important to both of them.” It is usually the younger generation that raises the topic of impact investment for the first time. Gooch says that for family offices undertaking impact investment, about half the money is currently put towards education, environmentalism or energy and resource efficiency. Another trend at family offices is that the younger generation is inheriting money later in life as baby boomers live longer. The younger generation whose parents are still alive are now in their 30s or 40s. Yet this does not mean they are not able to make investment decisions; rather, advisers say, their views on investment are respected because of their maturity, even though they do not have control of the money themselves. 该文章为搜瑞士网站原创，部分图片摘引自网络媒体的公开资源，如需转载，敬请注明出处。 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

2019年4月资产管理月度简报四月份的新高 由于美国企业（尤其是银行）的季度收益好于预期，美国股指在4月底达到新高。其他利好消息包括：穆勒对于特朗普2016年总统竞选的非定罪调查报告，以及美国财政部长姆努钦（Mnuchin）一再保证，美国和中国非常接近达成一项贸易协议。尽管美国的失业率处于历史低位，工资水平不断上升，而且由于对中国进口商品征收关税以及与墨西哥和加拿大签订的USMCA协议，美国的通胀率仍保持在1.3%的低位。美联储确认了其中立立场。我们4月1日重启投资 就在我们3月份的资管报告发布后不久，标准普尔500指数（暗色线）修正了，但仍高于此前的反弹峰值。50天移动平均线穿过200天（蓝色）线也证实了这一点。纳斯达克指数（黄线）给出了同样的信号，罗素2000中型股指数和MSCI世界指数（未显示）也给出了同样的信号。我们投资的ETF（指数基金）涵盖了IT、工业、非必需消费品和通讯（包括迪士尼和Netflix）等最强劲的板块。全球增长加快 美国第一季度的GDP增长出人意料地强劲，为3.2%，中国为6.4%。两个经济体都显示出强劲的消费支出。甚至欧洲的增长预期也略有上升。这一利好消息并没有延续中国股市4月份的超常涨势。尽管美国对伊朗石油的进口国施加压力，并在利比亚发生战斗，但油价仍见顶。由于大型企业进入页岩开采领域，美国石油产量继续增长。美国现在是世界上最大的碳氢化合物生产国，预计最早将于明年成为净出口国。我们的投资策略 如读者所知，雷梭勒家族办公室不会根据经济、行业或公司分析结果进行市场预测。我们只按照市场趋势和其它指标判断市场走势。在资产管理方面，我们遵循以下四个原则：•确定并遵循利好趋势（追逐风险）；•下跌时迅速杀跌（规避风险）；•确认触底时再次建仓（再次追逐风险）；•利用行业、国家和区域指数跟踪基金和一篮子组合进行分散投资，尽量降低投资一种股票或债券的风险。我们采用价格-概率数学建模法判断市场是否显现利好或下跌趋势，是否走强或走弱，是否有可能在下一个周期（对我们而言是一个月）继续利好或下跌行情，以此控制“摩擦性”交易成本。雷梭勒家族办公室不随股市走势而决定是否投资，尤其是在股市从触底反弹之时。回顾与展望 在下跌之后，上海（+28.4%）仍然是2019年迄今为止表现最好的国家股票指数，紧随其后的是意大利（+18.6%）、俄罗斯（+18.6%）和沙特阿拉伯（+18.0%），全部以美元计价，领先于标准普尔500指数（S&P 500）的+17%。在我们的新持仓中，80%投资于股票，其余部分为现金。James CunninghamChief Investment Officer首席投资官La Soleille Family Office (Suisse) SA瑞士雷梭勒家族办公室April 30th, 20192019年4月30日 English Version New Highs In April With better than expected quarterly earnings for American corporations, especially banks, the US stock indices reached new highs in late April. Other positive news included an inconclusive report from the Mueller investigation into the Trump presidential campaign in 2016 as well as repeated assurances from Treasury Secretary Mnuchin that the US and China were very close to an agreement on trade. Despite historically low unemployment, rising wages, and increased costs due to tariffs on Chinese imports and the USMCA treaty with Mexico and Canada, US inflation remains low at 1.3%. The Federal Reserve confirmed its neutral stance.We Reinvested On April 1st Just after our March Bulletin, the S&P 500 index (dark line) corrected but held above its previous rally peak. This was confirmed by the 50-day moving average crossing the 200-day (blue) line. The NASDAQ (yellow line) gave the same signal, as did the Russell 2000 index of mid-caps and the MSCI World (not shown). We took positions in ETFs covering IT, Industrials, Consumer Discretionary and Communications (which includes Disney and Netflix), the strongest sectors.Global Growth Picks Up US GDP growth for the first quarter was surprisingly strong at 3.2%, and China’s held at 6.4%. Both economies showed strong consumer spending. Even European growth estimates roses lightly. This positive news did not sustain the extraordinary run of the Chinese stock markets, which rolled over in April. Oil prices peaked despite US pressure on importers of Iranian oil and fighting in Lybia as American production continued to grow thanks to major companies entering the shale-extraction field. America is now the largest producer of hydrocarbons in the world, and is expected to become a net exporter as early as next year.Our Policy As our readers know, La Soleille does not make predictions based on economic, industry or company analysis. We act on market trends and other technical signals alone. In asset management we follow four principles: Identify and follow positive trends (risk on) Sell fast when they turn negative (risk off) Buy again when a bottom is confirmed (risk back on) Diversify by using index-tracking funds, thus minimizing exposure to any particular stock or bond We use mathematical modeling of prices and probabilities to determine if a trend is positive or negative, strengthening or weakening, and likely or not to continue for the next period (which for us is one month, to control trading cost “friction”). La Soleille is contrarian at the trend change, particularly when a down trend turns positive.Summary And Outlook After a retreat, Shanghai (+28.4%) remains the best-performing national stock index thus far in 2019 followed by Italy (+18.6%), Russia (+18.6%) and Saudi Arabia (+18.0%), all in US dollars and ahead of the S&P 500 at +17%. With our new positions we are 80% invested in equities, with the balance in cash. James CunninghamChief Investment OfficerLa Soleille Family Office (Suisse) SAApril 30th, 2019 该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 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》6 与家族办公室主任的专访 作为 Future is Now 《传承宝典》的一部分，我们新近采访了私募股权和风险投资领域的不同参与者，也包括：大企业、初创型公司和引人注目的并购交易撮合者，乃至本期的全球知名家族办公室主任。透视他们的日常生活（day-to-day life），来为家族未来的接班人，提供创业榜样与职场借鉴。 请告诉我您在Stonehage Fleming家族办公室的角色? 2014年，我以高级顾问（Senior Associate）的身份加入公司，并于2017年成为瑞士纳沙泰尔（Neuchâtel）的家族办公室部门主管。我在Stonehage Fleming有三顶“帽子”：担任家族关系经理（relationship manager），使用我们的信托和家族办公室服务；担任我们公司的受托人/董事；并管理一个由七名信托专家组成的团队，为我们在瑞士境内的客户服务。作为一名有资质的英国律师，我审查和监督我的团队工作，同时在交易和起草方面提供指导和方向。我的任务还包括设计和实施IT的工作流程和方法步骤（workflows and procedures），以提高我们所服务家族的效率。编程和开发仍在进行中，但非常令人兴奋。 私人客户行业发生了怎样的变化? 我们现在的交易中，都在执行的反洗钱和KYC规则（即Know your Client/AML），已成为行业的驱动力。这一点在全球化的环境中更为明显：在全球环境中，您要与不同司法管辖区的许多方面打交道，尽管涉及相同的事务，并且为某一请求引用相同的理性(rational)，但是这些方面的需求常常会有显著的不同。对于“反洗钱（AML，即 anti-money laundering）”核查的贯彻实施，这一迫切需要已然对金融行业施加了积极的影响，对于未来可能产生的商誉损害，也应对会有所限制。然而，它同时创造了一个“逐项稽核”的（形式化）环境，基金、银行和其他机构必须向监管机构表明，他们已提出过了正确的问题。而有利的一面是，我们正在减少与我们所服务的家族相关的各方；允许使用可信的合作伙伴来简化流程。 您学到了什么? 我必须提出一些棘手的问题，无论是关于客户投资建议的可行性，还是关于继任的规划。避免这样的讨论可能是更简单的方法，但最终，它会为客户关系增加更多极具意义的价值。我们服务的一个家族是Stonehage Fleming 超过15年的客户，拥有一个信托机构，将家族的“储备金”资产（nest egg assets）与他们的交易业务分开管理。他们最近询问是：要将其中一名家庭成员迁往另一个国家，他们想在那里与共同投资者（co-investor）一起购买一座农场。 我们的做法如下：我们就客户拟议的迁居，征求了目的地国的意见，包括签证要求和税务状况，然后与家属讨论了各种选项，及其对信托架构的影响。在商定了今后的道路后，我们聘请了当地顾问，开始并随即完成了签证的申请程序。然后我们在不同的国家确定了两种选择。我们也从两国的法律顾问那里获得了法律和（信托）架构方面的建议；一个国家收集一次建议的做法，是为了确保不会产生不利的后果。在与该家族和共同投资者进行了数周的接触，并审阅了农作物历史、气候、运输和政治安全度之后，最终做出了收购该家农场的这一决定。我们聘请了该国的（信托）架构设计专家，与两家在当地注册的公司共同成立了一家控股公司（a holding company），以维护投资者各自的利益；并将迁居当地的家族成员，任命为董事会成员。 您的客户面临哪些挑战? 保护家族的财富和名誉是我们的职责。人们对富裕家庭的看法越来越负面，重要的是，他们要表现出他们在为社会做出了哪些帮助。我们的许多家庭都从事慈善活动（philanthropic activities），但意见或评论传播之易、速度之快都意味着：我们必须始终意识到可能会损害到更广泛家族声誉的那些活动。另外，在监管动向、接班计划和将责任移交给下一代、技术/网络犯罪等方面，我们也面临着诸多挑战。 您收到过的最好的建议是什么? 一知半解是件危险的事。作为一个多家族办公室，我们不断面临着新的挑战和经验，而能够独立地解决所有问题会更简便。作为一个集团，我们拥有广泛而深刻的知识储备，并且都是在一辈子的职业生涯中（over a lifetime of careers）所积累起来的，因此，我们会知道何时、向谁来寻求建议和帮助。 漫长的一天之后，您如何放松? 做饭、壁球、和我女儿享受在一起的生活。我也不会在晚上9点以后看手机，因为如若没有这个休息时间，我每天晚上都会把工作带到床上。——韦恩·埃利奥特（Wayne Elliott） English Version Tell me about your role at Stonehage Fleming? I joined the firm in 2014 as a Senior Associate and in 2017 became Director in the Family Office Division in Neuchâtel. I have three ‘hats’ at Stonehage Fleming; acting as relationship manager for families using our fiduciary and family office services; sitting on the board of our corporate trustee/director companies and managing a team of seven trust officers working for our Swiss administered clients. As a UK qualified Solicitor, I review and monitor my teams work whilst also providing guidance and direction on transactions and drafting. I have also been tasked with designing and implementing IT workflows and procedures to increase efficiency for our families. The programming and development are still underway but is very exciting. How has the private client industry changed? The industry has become driven by the anti-money laundering and know your client (AML/KYC) rules in which we all now transact. This is more noticeable when working in a global environment, where you are dealing with numerous parties in different jurisdictions who can often have dramatically different requirements despite being involved in the same transaction and quoting the same rational for the request.The need to ensure AML checks are properly undertaken has had a positive impact on the industry and should limit any reputational damage going forward. However, it has created a‘box ticking’ environment where funds, banks and others must show to regulators that they have asked the right questions. The upside is that we are reducing the parties with whom our families are involved; allowing processes to be streamlined with trusted partners. What lesson have you learnt? I must ask difficult questions, whether it is about the viability of client investment proposals or about succession planning. Avoiding such discussions may be the easier path but ultimately, it adds significantly more value to the relationship. Tell us about any interesting client instructions? One of our families have been clients of Stonehage Fleming for over fifteen years and have a fiduciary structure to manage the familys ‘nest egg’assets separately from their trading businesses. They recently enquired about relocating one of the family members to a different country where they wanted to buy a farm with a co-investor.Our approach was as follows: We obtained advice from the country on the proposed move including VISA requirements and tax status and then discussed the options and their impact upon the fiduciary structures with the family. Having agreed the way forward we engaged local advisers to begin and subsequently complete the VISA application process. We then identified two options in different countries. We obtained legal and structuring advice from legal advisers in both; the advice in one country was to ensure no adverse consequences arose. After weeks of engagement with the family and the co-investor and having reviewed crop history, weather, transport and political security, a decision was made to acquire a farm.We engaged structuring specialists in the country to advise and establish a holding company with two locally registered companies to maintain the investors respective interests; with the local family member appointed to the Board. What challenges do your clients face? It is our job to protect family wealth and reputations. There is an increasingly negative perception of wealthy families and it is important that they demonstrate what they are doing to help society. Many of our families undertake philanthropic activities but the ease and speed in which an opinion or comment can spread means we must always be aware of activities which may damage the wider family’s reputation. Navigating regulationSuccession planning and the transfer of responsibility to the next generation.Technology/ cyber crime. Whats the best piece of advice youve ever received? “A little bit of knowledge is a dangerous thing.” As a multi-family office, we are constantly facing new challenges and experiences and it would be easy to fix all problems independently. As a group we have a significant breadth and depth of knowledge, built up over a lifetime of careers, so it is about knowing when to reach out for advice and assistance and to whom. What was the last book youve read? I have an 11 month old baby who was struggling to sleep so “The Happiest Baby on the Block”. How do you relax after a long day? Cooking, squash and spending time with my daughter. I also don’t look at my phone after 9pm as without this break each evening I take my work to bed. ——Wayne Elliott 该文章为搜瑞士网站原创，部分图片摘引自网络媒体的公开资源，如需转载，敬请注明出处。 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》5 私募股权（PE）投资者的一天 本周，我们有幸采访了位于伦敦 Stonehage Fleming 家族办公室的私人资本（priate capital）部门主管（投资团队负责人）：理查德•克拉克-杰沃斯先生(Richard Clarke-Jervoise，如图)。该机构是全球最大的家族办公室之一（现为欧洲、中东、非洲地区最大的独立联合家族办公室企业，全球排名第二），管理着逾550亿美元的资产（其内部最为核心的财税、投资、法务和咨询等专家部门，以及针对大客户的资深服务团队，在瑞士境内的多个城市皆有分布，亦同 La Soleille 常年保持互动）。 对你来说，典型的一天是什么样的? 典型的一天开始得很早；大概需要先用一个小时来收发邮件。我们的大部分投资，涉及亚洲或美国等地的市场，所以往往一夜之间就存积了相当繁忙的电子邮件量。当我进入办公室后，经常发生的第一件事就是准备和我的同事开一次客户会议。 典型的一天，包括一两次与私募股权经理们（private equity managers）的会议或电话。这可能会是与一位现任经理的一次信息更新类电话会议（update call），以了解他们的投资组合（portfolio）进展如何，也可能是与某位准备在至多两三年内进行筹资（fundraise）的经理的电话会议。如果我们正在对一个商业机会进行尽职调查（due diligence），通常会与该经理举行特别会晤或视频会议，或向其他投资者、投资组合公司的首席执行官电话征求其建议及背景信息（reference call）。通常会有一个客户电话或会议，以便我们向客户更新我们为他们所管理的投资状态。最后一类，我想，是每天都会发生的特别事务（ad-hoc stuff）。尤其是随着监管的不断加强，这已逐渐占据了一之天中越来越多的时间。 是什么让你从事现在的工作? 我的职业生涯是从投资银行开始的，在此期间，我在私募股权公司（如 ACG 集团的 Quartilium 机构）工作过一段时间。从那以后，我在私募股权行业担任过各种各样的职务，但在加入 Stonehage Fleming 家族办公室之前，我一直是机构类客户。从那时起，我真的很想和各大家族一起工作。我以前从未与他们合作过，但我感觉到，家族对这一资产类别（asset class）的兴趣越来越大，这是一个天然适合他们的领域。当Stonehage Fleming家族办公室走近我时，我抓住了这个机会，没有回过头。和各大家族相处是一件非常有趣的事情，我也很幸运能做到这一点。在私募股权投资领域，有一个因素是，人们在一个回音室（echo chamber）里工作，只与那些把所有时间都花在这一资产类别上的人交谈。各大家族最大的好处是他们有完全不同的观点，这往往让人耳目一新。 你工作中最具挑战性的方面是什么? 我们的大多数客户都是非常成功的企业家，他们建立了非常成功的私人企业，所以他们非常了解私募股权所能扮演的作用。最困难的是帮助他们从经营者的心态（mindset），转变为投资者(investor)。进而帮助他们在作为被动投资者（passive investors，即：不对其投资全盘掌控）的情况下，对于回报和风险设定出更现实的预期。当一切顺利！当你跟踪一家你所支持的伟大公司的业绩，并看着它发展壮大，最终产生可观的回报。 你工作中最重要的部分是什么? 避免客户赔钱。非常大型的机构，往往更善于接受在他们的投资组合中，会出现有好有坏的投资，并且他们会随波逐流。而家族办公室并不是以同样的方式运作的，如果你为他们损失了钱，他们也不会很快原谅你。资本保全（Capital preservation）是贯穿我们投资选择的一个关键主题（key theme）。 工作之余你有什么兴趣爱好? 我有四个孩子，这限制了我的自由时间！和家人在一起总是很重要的；这可能是一份24/7的工作，所以平衡个人生活和职业生活并不是世界上最容易的事情。除此之外，我喜欢在厨房里卷起袖子做饭。我也会在时间允许的时候弹吉他，并且我喜欢旅行。 该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 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