发布时间：2019-09-29
《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.
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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
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