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Another benefit of the joint ventures is their links to China's largest financial firms. The banks and their tens of thousands of branches were key intermediaries during the first era of wealth management and, say experts, may also define the next. Their wealth-management subsidiaries have vast portfolios and huge numbers of clients. Take CCB. It has more than 14,700 branches; last year it managed 2.2trn yuan in wealth-management products and attracted more than 4.4m new investment and wealth-management clients. Access to customers is "one of the benefits of partnering with one of the largest banks in China", says Susan Chan of BlackRock.
合資企業(yè)的另一個好處是它們與中國最大的金融公司有聯(lián)系。在財富管理的第一個時代，這些銀行及其數(shù)萬家分支機構(gòu)是關(guān)鍵的中介機構(gòu)，專家們表示下一個時代可能也會由它們來決定。他們的財富管理子公司擁有龐大的投資組合和大量的客戶群。比如建行，它擁有14,700多家分支機構(gòu)。去年它管理了2.2萬億元的理財產(chǎn)品，吸引了超過440多萬的新投資和理財客戶。貝萊德的陳蕙蘭表示與客戶接觸是“與中國最大銀行之一合作的好處之一”。
Yet success will depend on foreigners' ability to establish and market themselves. Goldman and BlackRock have some name recognition in China by virtue of their size. Amundi and Schroders, by contrast, are unknown outside financial circles. And teaming up with home-grown banks has some downsides. A potential customer at a bank branch will be offered a suite of products, which will include those designed and branded by the joint ventures, but also those designed solely by the bank. Online, joint-venture offerings will probably appear on smartphone apps on a list of commoditised products. The foreign groups will therefore have to make sure their offering is advertised sufficiently to clients— no easy task given that tens of thousands of banks' relationship managers will be responsible for sales. It can be done, but only with hefty investment in staff training, says Philip Leung of Bain, a consultancy.
然而，成功將取決于外國公司建立和推銷自己的能力。高盛和貝萊德憑借其規(guī)模在中國獲得了一定的知名度。相比之下，阿蒙迪和施羅德在金融界之外并不為人所知。與本土銀行合作也有一些缺點。銀行分行的潛在客戶將獲得一套產(chǎn)品，其中包括由合資企業(yè)設計和品牌的產(chǎn)品，也包括由銀行單獨設計的產(chǎn)品。在線的合資產(chǎn)品可能會出現(xiàn)在智能手機應用程序的商品化產(chǎn)品清單上。因此，外資集團將必須確保向客戶充分宣傳自己的產(chǎn)品——這并非易事，因為數(shù)以萬計的銀行客戶關(guān)系經(jīng)理將負責銷售。貝恩咨詢公司的梁靄中表示這是可以做到的，但必須在員工培訓方面進行大量投資。
Another problem is competing with superstars such as Mr Zhang, who often manage money for giant mutual funds. Financial news in China is abuzz with stories on the performance of star managers. Many retail investors make decisions based on such information. Few clients are interested in a fund's risk controls, notes Fabrice Maraval, an executive who has worked at two Sino-foreign financial ventures. Instead, they ask, "What's your ranking on the list of top fund managers", he says.
另一個問題是與張勇這樣的超級明星競爭，他們經(jīng)常為大型共同基金管理資金。中國的財經(jīng)新聞充斥著關(guān)于明星經(jīng)理人業(yè)績的報道。許多散戶投資者基于這些信息做出決定。曾在兩家中外金融企業(yè)工作過的高管法布里斯·馬拉瓦爾指出很少有客戶對基金的風險控制感興趣。相反，他們會問：“你在頂級基金經(jīng)理名單上的排名是多少？”
Executives at several joint ventures bristle at the idea of hiring stars who market their funds. "It's just not our culture," says one. Instead they must slowly build trust with clients through solid performance and prudent risk controls. Zhong Xiaofeng of Amundi describes his group's strategy in China as a "long-haul effort". If foreigners are to give the stars a run for their money, it will have to be.
幾家合資企業(yè)的高管對聘請明星基金營銷人員的想法感到憤怒。其中一人表示：“這不是我們的文化。”相反他們必須通過穩(wěn)健的業(yè)績和審慎的風險控制慢慢與客戶建立信任。Amundi的鐘曉峰將其集團在中國的戰(zhàn)略描述為“長期的努力”。如果外國人想要和這些明星們一較高下，那就必須如此。
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