《传承宝典》26——与驻瑞士的家族办公室掌门人杰奎•切希尔之两分钟访谈
《传承宝典》26与驻瑞士的家族办公室掌门人杰奎•切希尔之两分钟访谈 杰奎•切希尔合伙人-驻瑞士的家族办公室掌门人 Jacqui是驻瑞士的家族办公室和客户支持服务掌门人，也是Stonehage Fleming集团法务分公司的负责人。杰奎是许多高净值国际化家庭的关键顾问。她于2000年加入集团，最初驻扎在伦敦，2009年搬到日内瓦。在加入集团之前，她在德勤的南非税务部门工作。Jacqui拥有开普敦大学的商学学士学位和威特沃特斯兰德大学的税法高级文凭。我的角色一分为二。我一方面对于客户负责，另一方面肩负着管理团队等内部职责。我对于在商务中建立关系并与客户合作有着天生的亲和力，但你只有在拥有了高效工作团队的情况下，才能妥善地照顾好客户。找到合适的人、并保持其作为一个团队的自驱力，才是至关重要的。 没有哪两天是一样的。在很多方面，我的角色类似于驻瑞士的家族办公室的首席运营官，但我也负责伦敦的StonehageFleming 集团法务分公司。我负责管理我们在瑞士纳沙泰尔、日内瓦和苏黎世三地的家族办公室业务，涵盖财务管理、客户服务、员工考评和业务发展。除了管理方面的工作，我还积极参与同客户们的日常直接交易。 我们关心的不仅仅是资产；我们照顾整个家族。多年来，我们与许多数代同堂的家族合作过，几乎没有什么情况是我们以前从未遇到过的。客户们也非常重视我们的建议。让他们宁静安心，这样才能赢得他们的信任。这就是为什么这份工作会如此有价值。我的建议？直面困难。它既适用于客户方面，也适用于我工作中的管理方面。沟通是关键；不要延迟。没有什么能代替与人进行真诚的对话，即使那些对话会让人不舒服。做真实的自己尤为重要。我一直是个积极主动的人。我努力工作以实现我的目标，并在机会显现时试图去抓住它们。这一点，再加上来自内部同事、外部专家网络以及客户们的大力支持，帮助并激励着我前进。 English Version Jacqui is head of family office and client support services in Switzerland as well as head of Stonehage Fleming Law Limited. Jacqui serves as a Key Adviser to a number of high net worth international families. She joined the Group in 2000, originally based in London, before moving to Geneva in 2009.Prior to joining the Group she worked for Deloitte & Touche in South Africa in their tax department. Jacqui has a Bachelor of Business Science degree from the University of Cape Town and a higher diploma in Tax Law from the University of the Witwatersrand. I wear two hats in my role. I have client responsibilities on the one hand and my internal responsibilities, including managing the team, on the other. I have a natural affinity with the commercial dynamics of building relationships and working with clients but you can only look after clients properly if you have an efficient working team in place. Finding the right people and maintaining their motivation as a team is essential. No two days are the same. In many ways, my role is akin to a chief operating officer for the Family Office in Switzerland, but I also oversee Stonehage Fleming Law in London. I have responsibility for running our three Swiss family office businesses in Neuchatel, Geneva and Zurich, be it financial management, client service, staff or business development. As well as the management side of things, I am still very involved in dealing directly with clients on a day-to-day basis. We are not concerned with assets alone; we take care of the whole family. We have worked with many multi-generational families over the years and there are few circumstances we have not previously come across. Clients really value our advice. We give them peace of mind and that is how we gain their trust. That’s what makes this job so rewarding. My advice? Confront difficult situations head on. It applies both to the client and the management sides of my work. Communication is key; don’t delay. There is no substitute for having honest conversations with people, even if those conversations are uncomfortable. It is so important to be authentic. I have always been a self-starter. I have worked hard to achieve my goals and have tried to grasp opportunities as they have presented themselves. That, along with fantastic support - both internally from my colleagues and externally from my professional network and clients - has helped propel me forward. 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9月资产管理月度简报
2019年9月资产管理月度简报临界点 美国、中国、日本、尤其是德国的出口订单下降、全球增长放缓、沙特阿拉伯石油基础设施遭受攻击、香港骚乱、猪流感、英国脱欧陷入僵局、特朗普总统即将遭到弹劾——这些都是9月份全球多数市场走弱的充足理由。随着美联储一如预期地再次降息，消费依然强劲，美国股市在九月中旬逆势上涨，然后掉头下跌。10月份的头几天，美国制造业采购经理人指数(PMI)意外疲弱，为47.8，表明需求正在萎缩。标准普尔500指数两天内下跌超过3%。美国和中国之间的贸易战已经严重损害了美国的农业，也开始影响到了美国的工业。 美国的银行业现金短缺 上述图表中的下半部分显示，美国各银行以政府债券为抵押相互拆借的“回购利率”出现飙升。上半部分显示，银行一直在购买债券，而不是发放贷款。尽管美联储通过向银行系统注入约1000亿美元并成功地稳定了美元货币市场，但这是一个令人担忧的事态发展。10年期的美国国债收益率跌至1.65%，为2009年6月熊市最深处以来的最低水平，表明投资者在避险。标准普尔500指数的高点是在7月份。从技术上讲，突破200日移动均线（下方的黄线）将会引发大幅回调。 我们的政策正如读者所知，La Soleille不会根据经济、行业或公司分析做市场预测，只按照市场行情和其它技术指标作出判断。在资产管理方面，我们遵循的原则是： • 鉴别并紧跟上涨行情（追逐风险）； • 出现下跌行情时立刻清仓（规避风险）； • 确认触底时逐步建仓（重新追逐风险）； • 利用指数基金进行分散投资，尽量降低投资一种股票或债券的风险。 我们利用价格-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）。La Soleille在趋势变化时采取相反立场，尤其是在止跌反弹时。 回顾和展望 到目前为止，2019年表现最好的国家股票指数仍然是俄罗斯(+29.2%)，其次是上海(+23.3%)和巴西(+17.7%)，全部以美元计价，美国标准普尔500指数上涨+17.5%。请注意，与平均年回报率相比，所有这些表现都非常好。在5月31日出售了所有头寸，并锁定了10%的收益后，我们保持着100%的现金。我们将耐心等待，直到股价出现可信的底部，或一个新的高点得到检验和确认。 James Cunningham Chief Investment Officer 首席投资官 La Soleille Family Office (Suisse) SA 瑞士雷梭勒家族办公室 2019年9月30日 English Version Tipping point？ Falling export orders in the US, China, Japan, and especially Germany, slowing global growth, attacks on Saudi Arabia’s oil infrastructure, Hong Kong in uproar, swine flu, Brexit stuck, an impeachment of President Trump in the offing: plenty of reasons for most world markets to be weaker in September. With the Fed cutting rates again as expected and consumption still strong, American stocks rose against that trend through mid-month before rolling over. In the first days of October, the US manufacturing purchasing managers’ index (PMI) came in surprisingly weak at 47.8, indicating contracting demand. The S&P 500 index lost more than 3% in two days. The US/China trade war, already ravaging American agriculture, is starting to bite industry. A cash shortage at American banks The foregoing chart shows, below, a spike in the “repo rate” at which US banks lend to each other short-term against Government bonds. The upper section shows that banks have been buying bonds instead of making loans.Although the Fed succeeded in calming the dollar money markets by injecting some $100 billion into the banking system, this is an alarming development. 10-year Treasury yields fell to 1.65%, the lowest since June 2009 in the depths of the bear market, suggesting a flight to safety. The S&P 500’s high was in July. Technically, a break through the 200-day moving average (the yellow line below) would trigger a sharp correction. Our Policy As our readers know, La Soleille does not make predictions but acts 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”. Summary And Outlook The best-performing national stock index thus far in 2019 is still Russia (+29.2%), followed by Shanghai (+23.3%) and Brazil (+17.7%), all in US dollars, with the US S&P 500 index up +17.5%. Note that all of these performances are very good compared to average annual returns.After the sale of all of our positions on May 31st, locking in a 10% gain, we are 100% in cash. We will be patient until a credible bottom in share prices builds, or a new high is tested and confirmed. 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
重磅！瑞士的师徒科学家, 荣获2019年诺贝尔物理学奖
中国常驻日内瓦使团，庆祝建国70周年！