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《传承宝典》19——可持续投资 一段旅程, 而不是目的地 投资于环境、社会和治理（ESG）指标排名最高的公司，往往无法获得最佳的社会效益。事实上，尽管可持续投资领域出现了许多新产品，并将资本配置给当今的“一流企业”，但有证据表明，最大的收益并非来自那些稳居一流水平企业的不断提高，而是来自那些不那么可持续的企业在其实践中所做出重大改变。通过逐步向它们分配更多的资本，并奖励那些正在拥抱其更可持续发展之路的企业，社会就能取得更好的成果。这种方法的缺点是，ESG（环境、社会和治理）的投资组合评分最初可能看起来不那么令人印象深刻，因为它们无法反映出机构投资者与管理团队之合作、以及将可持续政策进一步提上议程的幕后工作。新兴市场也需要同样的思维模式转变。投资者应该根据同行群体来判断企业，并小心谨慎地不要透过西方价值观来看待它们。作为一个行业，新兴市场的特点是强劲的潜在经济增长，尽管伴随着更大的政治和运营风险，但有望带来可观的潜在投资回报。考虑到这些市场的人均GDP要低得多，因而当谈到ESG（环境、社会和治理）时，投资者有责任帮助这些新兴市场经济体保持增长、改善他们的生活质量、为其公民创造机会、同时鼓励他们减少污染。 撇开ESG（环境、社会和治理）的成果不谈，与此方法相关的附加投资价值也是可观的。在今天的市场上，ESG资质较好的公司估值可能更高。通过寻找处于ESG之旅早期阶段的公司，活跃的经理人可以找到机会——只有当公司迅速增长的资历得到实现时，它们才可能吸引到更广泛市场的目光。那些制定了管理政策并参与被投资公司订约的少数被动投资者，在可持续投资组合中可以发挥作用。但对于那些在市场上淘洗被普遍忽视的公司、并准备在ESG问题上着眼长远的价值经理来说，是存在一些诱人的机会的。 English Version Investing in companies top-rated for environmental, social and governance (ESG) metrics is very often not where the best social outcomes can be made. Indeed, despite much new product in the sustainable investment world allocating capital to today’s ‘best in class’, evidence suggests that the greatest gains are made not when those already best in class improve incrementally, but when today’s less sustainable companies make big step changes in their practices. By incrementally allocating more capital to them and rewarding those companies who are embracing their journey towards greater sustainability, better outcomes are achievable for society. The downside of this approach is that the ESG scores for portfolios may look less impressive initially because they cannot reflect the work behind the scenes by institutional investors engaging with management teams and pushing sustainability policies further up the agenda. The same shift in mind-set is required with Emerging Markets. Investors should judge companies according to their peer group and take care not to view them through the filter of western values. As a sector, Emerging Markets is characterized by strong latent economic growth which, though accompanied by greater political and operational risks, promises impressive potential investment returns. Given GDP per capita is far lower in these markets, when it comes to ESG, the onus is on investors to help these economies grow and improve the quality of life and create opportunity for their citizens while also encouraging them to reduce pollution. ESG outcomes aside, the added investment value associated with this approach is considerable. In today’s market, companies with better ESG credentials are likely to have higher valuations. By seeking out companies early in their ESG journey, active managers can find opportunities - companies which may only otherwise have caught the eye of the wider market once their burgeoning credentials had been realized. Those few passive investors who have developed policies around stewardship and participate in engagement with investee companies have a role to play in sustainable portfolios. But for value managers who scour the market for companies generally overlooked by the market and who are prepared to take the long view when it comes to ESG, there are some compelling opportunities out there. 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》21——管理您与银行关系的价值(上) 迈克·穆迪 合伙人-全球业务发展主管 迈克负责全面管理整个Stonehage Fleming集团内外、所有战略和运营业务的发展与活动。他也是驻加拿大代表处的负责人，在那里他是一些全球超高净值家族的主要顾问（Key Adviser）。Mike于2017年4月正式加入Stonehage Fleming集团，担任合伙人以及加拿大家族办公室的负责人，任职于多伦多。此前，他在加拿大皇家银行(RBC)工作了30年，通过在5个国家任职，领导着横跨美洲、不列颠群岛和其他重要地区的国际财富管理业务。 一． 富裕家庭和家族办公室越来越意识到： 有必要在管理其与银行的关系方面更加积极主动.有些令人惊讶的事实是：随着银行在打击洗钱的斗争中，采取了越来越广泛的合规程序，以避免与监管机构发生冲突——如今，富裕的国际化家族开设一个银行账户，会比普通个人要困难得多。许多家庭恰恰经历过这一问题，而且常常感到震惊。他们的财富，通常使正常的生活障碍更容易克服，而不是更困难。他们习惯了被尊重，而不是被怀疑；他们也习惯了被人奉承以获得业务，而不是被要求通过审批程序。在过去的20年里，到目前为止，开立一个银行账户这件小事，已经成为一个费时、费钱和令人恼火的过程。监管机构的要求，特别是反洗钱法规的要求，涉及越来越多的文件、核查和参考资料，以便银行能够就拟议账户持有人的诚信度、及其资金来源等问题得到满足。出于非常充分的理由，这些检查已形成强制性程序，必须遵守这些程序，即使所涉及的人员已为相关银行所熟知，而且资金来源也很容易确定。 对一位个人来说，这个过程是令人厌烦的，有时似乎是荒谬的，但通常只是短暂的愤懑而已。而对于一个拥有众多家庭成员、横跨多个司法管辖区、以各种结构持有复杂资产的国际性富裕家族来说，这可能是一个需要耗费专业工作时日、持续数月的的重大工程。即便如此，相关银行可能也不会轻易满足，因为在许多不同国家、不同制度下收集的信息，都需要通过银行的主要合规部门进行整理和处理。是否开户的决定可能会由相关的银行总部来决定，而总部通常离“分行”非常远。 虽然建立一段与银行之间的新关系，现已是个众所周知的问题，但大多数家庭仍然认为他们现有的关系是理所当然的。但在银行内部，人们越来越多地对长期受人尊敬的客户提出质疑，因为这些客户在银行档案中的准确数据，已不符合他们目前的要求。理想情况下，当出现这种情况时，应该与客户进行一次对话，但是很难满足对交易历史证据的要求，也不能排除账户被突然关闭的可能性。在某些情况下，基金甚至可能因为一个错漏或曲解而被冻结，并向当局作出报告，这可能会给此家族的姓氏留下持久的印记。出于这个原因，我们强烈建议富裕家庭在管理现有的银行关系方面付出更多努力。仅仅让他们的客户关系经理、或账户所设立的分行了解到最新的发展、并假定他们能够管理好其组织内部相关数据的通信，已经不太足够了。家庭，特别是国际生意错综复杂的家庭，可能需要与其银行所有相关部门建立直接沟通的渠道，确保所有可能的决策者都能得到及时的信息和保证。这是关于家族在银行内部风险状况的管理。 Mike has responsibility for the overall management of all strategic and operational business development activities across the Stonehage Fleming Group. He is also Head of our Representative Office in Canada where he serves as a Key Adviser to a number of ultra and high net worth families globally. Mike joined Stonehage Fleming formally in April 2017 as Partner – Head of Family Office Canada, based in Toronto, following a 30 year career with Royal Bank of Canada (RBC) leading international wealth management businesses across the Americas, British Isles, and other key geographies through postings in five countries. 1. Wealthy families and family offices are increasingly aware of the need to be much more proactive in the management of their banking relationships. The somewhat surprising truth is that it is now much more difficult for a wealthy international family to open a bank account than for an ordinary individual, as banks put in place ever more extensive compliance procedures to avoid falling foul of the regulators, in the fight against money laundering. Many families have experienced precisely this problem and it has often come as a shock. Their wealth has generally made the normal obstacles of life easier to navigate rather than more difficult. They are used to being treated with respect, rather than suspicion and to people falling over themselves to get their business, rather than subjecting them to a demanding approval process. Over the last twenty years, the hitherto small matter of opening a bank account has become a time consuming, costly and irritating process. The requirements of regulators, particularly anti money laundering legislation, involve more and more documentation, verification and references, so that the banks may be satisfied as to the integrity of the proposed account holders and the origin of the funds. For very good reasons, these checks have been shaped into mandatory processes, which must be followed, even where the people involved are already well known to the Bank and the source of funds is readily identifiable. For an individual, the process is tiresome and sometimes seems absurd, but is generally only a passing irritation. For an internationally wealthy family with numerous family members, complex assets held through a variety of structures across several jurisdictions, it can be a major project requiring many hours of professional time, over a period of several months. Even then, the bank may not easily be satisfied, as information assembled in a number of different countries, each with different systems, is collated and processed through the lead compliance department of the bank. The decision on whether or not to open the account will likely be guided by the relevant head office, often very remote from the bank ‘branch’. Whilst the problems of starting a new banking relationship are now well known, most families still take for granted their existing relationships. But increasingly questions get raised within banks about long standing and highly respected clients, where the precise data on the bank’s files does not meet their current requirements. Ideally, when such a situation arises, a conversation will be opened with the client, but requirements for historic evidence of transactions can be difficult to satisfy and the possibility of accounts being precipitately closed cannot be ruled out. In some cases, funds may even be frozen as a result of an error or misunderstanding and a report made to the authorities, which may leave a lasting mark against the family name. For this reason, wealthy families are well advised to dedicate more effort to the management of existing banking relationships. It is no longer enough to keep their relationship manager, or account holding branch, abreast of developments and assume that they will be able to manage the communication of the relevant data within their own organization. Families, particularly those with complex international affairs, may need to open up direct communication channels with all the relevant departments of the bank, to ensure all potential decision makers are kept informed and reassured. This is about the management of the family’s risk profile within the bank. 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

瑞士小记者|Jane 的 SHMS 大学 SLC 语言夏令营心得 2019年夏，Jane 通过雷梭勒家族办公室的教育事业部，报名参加了 SEG 瑞士教育集团组织的酒店管理大学 SLC 语言夏令营。让我们随着她用中英文撰稿的心得体会，充分领略这一段丰富多彩的学习生活吧！ 小雨轻轻地飘在棕红色的屋瓦上，朦胧了沉没在绿意中的村庄，雾化着不远处乳白的山尖。 巴士在盘山公路上绕行，抵达位于 Leysin 小镇深处的 SHMS 大学（全称：瑞士酒店管理大学）已是傍晚时分。缠绕山峦的云雾随着雨停开始慢慢散去。太阳还未落下，鹅黄与淡紫的光晕相互交融地铺满了整片碧空。学校位于山头，瑞士的高山往往耸立在茂密的松林中，一抬头仿佛伸手就可以触碰到紫罗兰色的云天。 宽敞热闹的大理石柱前厅里，我坐在联排软沙发上，打量着聚集在此、来自于世界各地的外国人：我看到不同的肤色，倾听他们聊天时陌生的语言。热情的国际小伙伴们向我打来招呼，几声问候给内心尚属生分的我，带来了一丝被人接纳的温暖。 不知不觉间与同龄人攀谈了起来，我那金发碧眼的新朋友逐渐被古老而富有神秘色彩的东方文化所吸引，我则沉浸在她讲述关于西班牙皇宫的记忆描述之中。我爱这国际化的现代大厅，不多时便逐一结识到了将陪伴我在Leysin度过快乐一周的好朋友们：他（她）们来自于西班牙、波兰、俄罗斯、南非、伊朗和日本。 十几分钟后，我与大伙儿依依不舍地结束聊天又相约晚餐再聚。在Reception（接待部）老师亲切的带领下，我参观了整个校园，教室宽敞而整洁，柔和的夕阳透过巨大的落地窗，通过洁净的玻璃可以看到壮丽的景观；室外半空有轨缆车连接着两栋主教学楼，乘坐缆车时还可以眺望巍峨的群山和错落有致的村庄；宿舍阳台正对着远处翠绿的山林，每个房间都带有独立的卫浴；还有精致的西餐厅、温馨的学生中心、气派的礼堂……我深深地为即将开始的生活而感到期待和憧憬。 老师说着一口纯正的美式英语，在讲台上慷慨激昂地授课，每名同学都情绪高涨地聆听响应，教室里一派和谐的氛围。 吃过早餐，充实的一天从课堂开始。夏令营的学习主题是提升语言水平，根据学生的不同需求开设了英语、法语和德语三种课程。老师没有将语言学习仅限于英语语法教学，而是专注于培养我们自主查找外文资料、提取关键信息、运用素材论述的能力，以及独立思考和做出成果并展示的能力。 这一星期的课堂中，学习的主题是维护平权和世界和平。通过自主查到的资料，我了解到非洲裔美国人如何反抗种族歧视并且取得胜利，其他国家的和平运动领导人的经验经历，以及他们对世界的积极影响。使我烙下了深刻印象的，不仅仅是为了自我尊严而奋斗的精神，更让我意识到：即使人类是个体，在这个世界上却依旧有很多人去努力追求整个社会的和谐，去追求他人权利和价值的实现。 我和来自俄罗斯的三位伙伴共同开展了关于印度领导人甘地的演讲，这项活动锻炼了我在众人面前演说的胆量，并且通过老师的精心指点，我学习到了很多策划公众展示的知识。夏令营的课堂对我受益匪浅。 “天鹅和水禽搏戏水上，游艇和彩帆游弋湖中。一群群白鸽在湖畔倘佯，如此的平和宁静。” 贝克斯岩矿场，错综复杂的地下隧道，由巨大石柱支撑起的地下迷宫，石洞顶壁盘旋着岩石金属质地的花纹，偶尔还可以看到倒垂的盐柱。 卓别林博物馆，蜡像栩栩如生，真实还原了喜剧经典的拍摄场景，白房子内的置景带领游客走进了喜剧大师卓别林的一生。 一座鲜少有人的高山，去到秘境需要穿越一片草场，拨开丛生的绿叶和野花，在山顶平地处谛听盛装绅士们吹奏起瑞士号角。 重积雪给那光秃秃的山顶铺上了一张结满冰棱的毯子，师生们的欢声笑语伴随着雪地滑板的行驶洒满了一路。 西庸古堡，位于将瑞、法两国分界两岸的蒙特勒湖畔，陪伴着欧洲贵族走过700年的兴衰历史。蓝天、白云、青山、湖泊、还有作家拜伦笔下《西庸城堡的罪人》。 徜徉在大自然的怀抱中，我散发着活力与激情。这就是本次发现瑞士之旅，我最爱的夏令营活动！ 撰稿人：Jane 瑞士 SHMS，Leysin 2019年8月 该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 English Version —— Gentle rain floated lightly on the brown-red roof, drops of rain was hazy the village which sinking into green, also atomized the milk-white hilltop not far away. The bus detoured on the winding mountain road and arrived at the SHMS school (Swiss Hotel Management School) in the depths of the town of Leysin at 5 oclock in the evening. The clouds that entangled the mountains slowly dissipated as the rain stopped, and the sun did not fall. The halo of yellow and faint purple blended with a whole bluish sky. The school was located on the top of the hill, and the mountains of Switzerland often stands in dense pine forests. As if you can touch the violet sky when you raise your head. In the lively wide lobby, I sat on the soft sofa and looked at the foreigners from all over the world gathered in the hall: I saw all kinds of skin color and hair color, listening to the strange language they used for chatting. The enthusiastic international friends greeted me, and a few greetings brought a touch of warmth to me who was filled with strangers. Talking to people naturally just before I realized, my blond new friend is gradually attracted to the mysterious ancient oriental culture, I am immersed in her memory description of the Spanish palace. I love this modern hall. I soon met my good friends who accompanied me through the happy week in Geneva: they are from Spain, Poland, Russia, South Africa, Iran, and Japan... After ten minutes, we reluctantly ended the chat and reunited in dinner. Under the cordial guidance of the teacher from the reception, I visited the entire school. The classroom was spacious and tidy, the soft sunset penetrated the huge floor-to-ceiling windows, and the outdoor view can be seen through the clean glass; the outdoor cable car connected two school buildings, and you can see the giant mountains and the cute village; the dormitory balcony was facing the green forest in a distance, and each room had an independent bathroom; there is a fine western restaurant, a warm student center, the elegant auditorium... I was deeply happy to be here. —— The teacher was giving a presentation generously on the podium with a pure American English. Everyone was emotionally and responsive, and the classroom was harmonious. Ended the breakfast and started the day formally in the classroom. The theme of the summer camp was to promote foreigners’ second language, and it offered three courses in English, French and German according to the different needs of the students. Instead of limiting language learning to English grammar teaching, the teacher focused on developing our ability to find information, extract data and use data independently, to think independently and to demonstrate results. The theme in this weeks class is to maintain affirmative and world peace. Through self-discovering information, I learned how African Americans were fighting against racial discrimination and they won in the end, the experience of peace leaders in other countries and the impact on the world. I was deeply impressed, not only the spirit of fighting for human dignity, but also let me realize that even if human beings are individuals, there are still many people in this world who are striving to pursue the harmony of the whole society and the world, pursuing the rights of others and the realization of others’ value. I and the three partners from Russia jointly gave a speech on Indian leader Gandhi. This activity exercised my courage when I give a speech before people, and through the guidance of the teacher, I learned a lot of knowledge about planning public display. The class has benefited me a lot. —— "Swan and waterfowl play on the water, yachts and colorful sails swim in the lake. Groups of white pigeons are peaceful and quiet at the lakeside." 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》20与Cora Binchy的两分钟访谈 我们找到了科拉•宾希(Cora Binchy)，她是我们在泽西岛家族办公室分部的合伙人，从事这一行已有30多年。她一直是泽西岛信托业的领军人物。她在与国际高净值家族合作方面有着丰富的经验，主要为这些家族提供受托人和遗嘱执行人的服务。她被任命为集团公司董事和受托人的董事会成员。Cora最初在1987年加入 Stonehage Fleming 集团，在搬到泽西岛之前，她首先在瑞士的纳沙泰尔（Neuchatel）办公室工作。她作为导师，一直是推动企业多元化经营和增强女性企业权能的关键驱动者之一。Cora拥有都柏林三一学院经济学学士(荣誉)学位，是信托与房地产从业者协会(STEP)的成员，并拥有STEP高级国际客户税务证书和英国CFA（特许注册金融分析师）的投资管理证书。多年来，她一直被列入 Citywealth IFC 评选的全球前200位（来自国际私人财富产业）成功女性，并入围前20名重要受托人名单；她还获得了该机构的编者之选大奖。 我们的客户群是非常多样化的。历史上，由于 Stonehage 和 Fleming 集团业务的传承，我们的客户基础是以南非和英国为中心的，但通过收并购和多年来显著地有机增长，我们的业务范围已变得更加全球化。我们现在与欧洲、中东和北非地区超过250多个富裕家族合作，这些家族通过消费品、金融服务、房地产、建筑、科技和媒体等各个行业领域创造了财富。我一直被我工作上的技术方面所吸引。我喜欢有条不紊地工作，为复杂的情况寻找解决方案。然而，我的角色是多方面的：一方面，我积极参与技术方面的工作，把各种结构组合在一起，经常从几个国际金融中心来合并（法人/会计）单位。另一方面，我花很多时间和客户在一起。我经常和本集团其他办公室的人一起工作，所以我的组织能力和团队精神会很重要。专业受托人的角色已经演变。作为受托人，你的责任对应的是你的受益人，你有责任采取一切必要的保障措施来满足他们的需要。从很多方面来说，自从我开始我的职业生涯以来，这个角色变得越来越苛刻。如今，受托人比以往任何时候都更需要遵守多个司法管辖区的规定，他们也具责任心，成果也更可衡量。 在StonehageFleming家族办公室，我们的独立性使我们与众不同。重要的是，它使我们能够将自身的利益与我们所服务的家族利益保持一致。它通过添加新的服务来响应客户的需求，从而影响了我们发展壮大集团的方式。例如，随着我们越来越多的客户对艺术收藏感兴趣，并在不同国家之间进行艺术品交流，我们显然需要艺术方面的专业知识，因此我们成立了艺术管理部门。我们所提供的许多服务皆是如此。透明度是影响该行业的最重要趋势之一。全球对透明度的期望越来越高。作为一个行业，我们的运营受到越来越多的审查。这是一个充满挑战的环境，但对细节的一丝不苟，一直以来是维系所有受托人关系的核心。 English Version We caught up with Cora Binchy, Partner in our Family Office division in Jersey and has been with the business for over 30 years. She has been a leading figure within the Jersey fiduciary community. She has extensive experience of working with international high net worth families where she has mainly provided trustee and executor services. She is appointed to the Boards of the Group’s Corporate Directors and Trustees. Cora originally joined the Stonehage Fleming Group in 1987 and was first based in the Neuchatel office before moving to Jersey. She acts as mentor and has been one of the key drivers behind diversity and empowering females within the business. Cora has a BA (Hons) degree in Economics from Trinity College, Dublin and is a member of the Society of Trust and Estate Practitioners (STEP) and has a STEP Advanced Certificate in UK Tax for International Clients and an Investment Management Certificate from the CFA UK. She has been listed in the Citywealth IFC Power Women top 200 and their top 20 Leading Trustee lists for many years; she has also received the Editor’s Choice award. Our client base is hugely varied. Historically our client base was South African and UK centric due to the heritage of the Stonehage and Fleming businesses, but through acquisitions and years of significant organic growth, our reach has become more global. We now work with over 250 substantial families across the EMEA region who have generated their wealth through various sectors including consumer, financial services, real estate, construction, technology and media. I have always been attracted to the technical aspects of my work. I like working methodically and finding solutions to complex situations. My role, though, is multifaceted: on the one hand, I am very involved in the technical side, putting structures together, often incorporating entities from several international financial centers. On the other, I spend a lot of time with clients. I work a lot with people in our other offices so it is important that I am organized and have a great team around me. The role of the professional trustee has evolved. As a trustee, your duty is to your beneficiaries and you are responsible for putting in place all the safeguards necessary to serve their needs. In many ways, the role has become more demanding since I started my career. Today trustees need more than ever, to comply with regulations in multiple jurisdictions, they are also more accountable and the outcomes measurable. At Stonehage Fleming, our independence differentiates us. Importantly, it allows us to align our interests with those of the families we serve. It has affected the way we have grown the group through adding new services in response to client needs. For instance, as more of our clients became interested in acquiring art and moving art between countries, it became evident we needed expertise in art so we established our Art Management department. The same is true of many of our service offerings. Transparency is one of the most important trends affecting the industry. There is a growing expectation globally for transparency. As an industry, we are operating under increasing scrutiny. It is a challenging environment but meticulous attention to detail has always been at the heart of any trustee relationship. 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