传承宝典33 一种适应更广泛家族目标的投资策略
传承宝典33一种适应更广泛家族目标的投资策略 这是Stonehage Fleming集团的研究报告——《资本的四大支柱》中的明确结论，这一结论得到了实践经验的有力支持。各家族正籍此采取一种更具结构、更细致的方法，来制订其更广泛的长期目标，包括财务性及非财务性的目标，从其投资组合的管理中，也需要反映出这一远景。广义的家族财富通常可以分为四个要素：金融资本、智力资本、文化资本和社会资本。如果忽视了其他三项，金融资本将很难持续。 因此，如果不首先处理好更广泛的家庭问题，特别是商定家庭财富的目的、以及风险总控的框架（财务性和非财务性的风险），就很难制订适当的投资战略。如今，私人客户投资经理之间的竞争非常激烈，他们声称自己的投资业绩出众，以至于在许多情况下，他们的产品已变得相对标准化，适应个别客户家庭的特殊需求和情况的范畴有限，尤其是在考虑长期性因素的方面。相比之下，“财富管理公司”或“家族办公室”有着更广阔的视野，必须超越他们所直接负责的资金范畴。因此，他们更强调发展技能，以便更充分地全盘了解情况并提供投资办法，这是更广泛的家庭战略的一个组成部分。虽然优化业绩通常仍是主要目标，主流投资策略也将发挥核心作用，但财务回报以外的因素将影响到大多数重大的投资决策，而且往往影响立相当大。 财富的目的 有趣的是，大公司正由传统的“股东价值”模式，转向以《宗旨声明》为基础的管理方法，其中包括为更广泛的持股者和社会大众的利益服务。这一趋势已经在许多富裕家庭中得到了很好的发展，他们在一段时间内已经意识到：一份《宗旨声明》为其家族事务所有方面（包括投资管理）之决策所带来的价值。该声明可能相当详细，并将直接影响财富管理的战略。 保存遗产性资产 对于那些财富集中在遗产、家族企业或很小的某一方面的家庭，需要明确阐明这种集中的目的。他们还需要概述可能在未来的某一天需要改变政策的各种情况。例如，有些家庭坚持非常坚定的承诺，将其核心遗产性资产与业务世世代代由家族所有，因为他们认为这是其身份的一部分，也是他们在社区中扮演的角色，而不仅仅是经济回报的驱动因素。他们常常将这种遗产及其带来的所有责任，作为一种风险管理工具，与毫无目的地传承现金及流动性资产来相比较。另一些人则更愿意在情况合适的时候进行财富多元化，就像一份纯粹的财务评估报告通常会得出的结论那样（理财顾问们总是建议进行资产多元化，除非有充分的理由证明财富应重点集中于某一项资产或某个行业）。不管怎样，家族企业的存在带来了许多影响投资组合构建的因素。这是一个持续的过程，因为投资组合需要对业务中的任何重大变化做出反应，包括战略、盈利能力、现金流、股息政策、汇率与地缘风险、杠杆效率和市场情绪。这尤其适用于通过收购、重大投资或者转向不同的市场与货币、进而改变了家族企业风险状态的情况。投资组合至少需要避免复制业务中本已承担的那些风险，并可能有机会抵消掉其中的一些风险。即使是那些卖掉了家族企业的人，也有一些人认为，把一部分财富用于鼓励创新和支持成长型企业，既有利于社会，也有利于家族，这是对他们的遗产、对他们自己、对社会的回馈。他们认为这是他们的核心目标，他们更希望投资于企业而不是市场，这可能意味着所谓的“被动”投资的作用有限。 家族价值观——文化资本 《宗旨声明》将阐明家族的价值观，以及他们如何利用其财富为社会做出贡献，这将大大影响他们的投资决定。这意味着，对一些家庭来说，他们的期望超出了投资回报，还包括了非财务目标或“影响力目标”。对一些人来说，这些问题在ESG（环境、社会和治理）的标题下得到处理，而专门的ESG基金现已得到了投资经理的广泛推广，以应对日益增长的需求。然而，对于其他家庭，他们希望更主动、更独立地利用自己的财富，为符合自己价值观和目标的创业、项目和公司提供融资。这可能意味着对影响力投资和私募股权的高度承诺，但也可能涉及将投资集中到家族青睐的某些领域，以支持财富创造。 对社会的承诺——社会资本 一些家族在其《宗旨声明》中描述了家族如何利用其财富参与社会，特别是参与其所在社区的活动。这些关系和声誉可能需要几十年才能建立，它们将有助于最广泛意义上的家族财富的保存与增长，并有助于实现其既定的目标。同样，这可能意味着以一种特殊的方法、或投资集中于特定领域或地区，是家族所希望在社会中发挥其积极作用的。有些人希望活跃于当地社区或他们创造财富的行业，即使他们的核心业务已被出售。<未完待续> English Version An investment strategy to fit wider family objectives That is the clear conclusion of Stonehage Fleming’s research report ‘The Four Pillars of Capital’, a conclusion which is strongly supported by practical experience. Families are hence adopting a more structured and detailed approach to setting their broader long-term objectives, both financial and non-financial, and the management of their investment portfolios needs to reflect this perspective. The broader wealth of the family can usually be broken down into four elements: Financial Capital, Intellectual Capital, Cultural Capital, and Social Capital. Financial Capital will rarely be sustainable if the other three are neglected. It is therefore difficult to develop an appropriate investment strategy without first addressing the wider family issues, and in particular agreeing the purpose of family wealth and a framework for the management of total risk – financial and non-financial. Private client investment managers now compete so fiercely to claim superior investment performance that, in many cases, their offerings have become relatively standardized, with limited scope to adapt to the particular needs and circumstances of individual client families, especially in addressing long-term considerations. By comparison, ‘wealth managers’ or ‘family offices’ are there to take a broader view and must look beyond the pot of money for which they are directly responsible. They therefore place more emphasis on developing the skills to understand the context much more fully and to deliver an investment approach which is an integral part of a broader family strategy. While the optimization of performance will usually remain the prime objective and there will be a core role for mainstream investment strategies, factors other than financial return will affect most major investment decisions, often quite significantly. THE PURPOSE OF THE WEALTH It is interesting that large companies are now moving on from the traditional ‘shareholder value’ model towards a management approach based on a ‘statement of purpose’, which includes the need to serve the interests of wider stakeholders and the community in general. This trend is already well advanced in wealthy families, who have for some time realized the value which a statement of purpose brings to decision-making across all aspects of their affairs, including the management of investments. The statement may be quite detailed and will directly feed in to the wealth management strategy. RETENTION OF HERITAGE ASSETS For those families whose wealth is concentrated in a heritage asset, a family business or in a narrow sector, the purpose of this concentration needs to be explicitly stated. They also need to outline circumstances which may, at some future date, necessitate a change of policy. Some families, for example, maintain a very strong commitment to keeping their core heritage assets and business in family ownership, through the generations, because they see it as part of their identity and their role in the community, rather than just a driver of financial returns. They often see such a legacy, and all the responsibilities it brings, as a tool of risk management, by comparison to handing down cash and liquid assets with no sense of purpose attached. Others are far more open to diversifying their wealth when the circumstances are right, as a purely financial appraisal will often conclude (advisers invariably recommend diversification unless there are good reasons for wealth being heavily concentrated in a single asset or sector). Either way, the existence of a family business throws up numerous considerations which affect the construction of an investment portfolio. This is an ongoing process, as the investment portfolio will need to respond to any significant changes in the business, including strategy, profitability, cash flow, dividend policy, currency and geographic exposure, leverage and market sentiment. This will apply particularly where the risk profile of a family business is changing through acquisitions, major investments or shifting exposure to different markets and currencies. The investment portfolio needs, at the very least, to avoid replicating the risks being taken in the business and may have the opportunity to offset some of those risks. Even among those who have sold their family businesses, some believe they owe it to their heritage, to themselves and to the community to use a portion of their wealth to encourage innovation and support growth companies, which benefit society as well as the family itself. They see this as a core element of their purpose and they want to invest in businesses rather than markets, which may suggest a limited role for so called ‘passive’ investments. FAMILY VALUES Cultural capital The statement of purpose will articulate the values of the family and the way they use their wealth to contribute to society, which will significantly affect their investment decisions. This means that, for some families, their expectations go beyond investment returns to include non-financial aspirations or ‘impact goals’. For some, these issues are dealt with under the heading of ESG (environmental, social and governance) and dedicated ESG funds are now widely promoted by investment managers in response to growing demand. For other families, however, they want to use their wealth far more proactively and individually to finance ventures, projects and companies, which match their values and purpose. This may mean high levels of commitment to impact investment and private equity, but can also involve concentration of investment into certain sectors favored by the family, to support wealth creation. ENGAGEMENT WITH COMMUNITY Social Capital Some families describe in their statement of purpose the way the family uses its wealth to engage with society and in particular with the communities in which they operate. The relationships and reputation, which can take decades to build, will contribute to the preservation and growth of family wealth in its broadest sense and to achieving its stated objectives. Again, this may suggest a particular approach or concentration of investment in specified sectors or geographies where the family wants to play an active role in society. Some have a desire to be active in ...
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