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Amassing wealth is terrific─as long as you can tap into it when you need to.
積累財(cái)富是件絕妙的事情──因?yàn)楫?dāng)你需要的時(shí)候就能夠利用它們。
But what if many of your assets are illiquid?
但是如果你的財(cái)產(chǎn)很多都是非現(xiàn)金性質(zhì)的，那該怎么辦呢？
That is a common problem among some wealthier investors. When the perfect investment opportunity comes along─say, a real-estate project or private-equity fund─these investors are unable to redeploy funds quickly.
在一些比較富裕的投資者中，這是一個(gè)普遍的問(wèn)題。當(dāng)絕好的投資機(jī)會(huì)到來(lái)時(shí)──比如，一個(gè)房地產(chǎn)項(xiàng)目或者私募基金──這些投資者無(wú)法迅速調(diào)動(dòng)資金。
To combat the problem, investors increasingly are turning to low-interest-rate loans from private banks or wealth-management firms to tap anywhere from $75,000 to hundreds of millions of dollars. They use a pool of their own securities, artwork or even aircraft as collateral.
為了應(yīng)對(duì)這個(gè)問(wèn)題，越來(lái)越多的投資者從私人銀行或財(cái)富管理公司申請(qǐng)低息貸款，借取75,000至數(shù)以百萬(wàn)計(jì)美元不等的資金。他們使用自己持有的有價(jià)證券、藝術(shù)品甚至飛機(jī)作為抵押。
Corporate executives have borrowed against their stock holdings for years using such loans. Known as 'structured lending' or 'borrowing against holdings,' the practice grew more popular among smaller investors in 2012, say executives at wealth-management firms and private banks.
公司高管們通過(guò)這類貸款用所持股票作抵押借取資金已經(jīng)有好些年了。財(cái)富管理公司和私人銀行的高管們說(shuō)，這種操作行為人稱“結(jié)構(gòu)性貸款”或“股份抵押借貸”，2012年在小投資者中越來(lái)越流行了。
At Raymond James Bank, a subsidiary of Raymond James Financial, a St. Petersburg, Fla.-based financial-services company, securities-based loans outstanding rose to $414 million at the end of 2012 from $41 million in March.
瑞杰銀行(Raymond James Bank)是總部位于佛羅里達(dá)州圣皮特斯堡(St. Petersburg)的金融服務(wù)公司瑞杰金融集團(tuán)(Raymond James Financial)下屬的子公司。該銀行以有價(jià)證券作抵押的未償貸款從2012年3月的4,100萬(wàn)美元上升到了年底的4.14億美元。
'People are feeling a lot more comfortable and want to re-enter business transactions,' says Anne McCosker, co-head of credit products at the Wealth and Investment Management division of Barclays . 'At the same time, banks are generally increasing their appetite for credit again.'
巴克萊銀行(Barclays)財(cái)富和投資管理部負(fù)責(zé)信貸產(chǎn)品的聯(lián)合主管安妮•麥科斯克(Anne McCosker)說(shuō)，“人們現(xiàn)在感覺(jué)輕松多了，想要重新進(jìn)入商業(yè)交易領(lǐng)域。與此同時(shí)，銀行也普遍重新增加了放貸量。”
Securities-based loans, or loans made against pools of securities, are increasingly attractive to clients because of their low interest rates and flexibility, says Jordan Waxman, a managing director and partner at HighTower's HSW Advisors, which has about $1 billion under management. Currently, annual interest rates fluctuate between 1% and 2%. He says loan liabilities comprise $60 million of assets under management at his practice.
HighTower公司所屬HSW Advisors的常務(wù)董事及合伙人喬丹•韋克斯曼(Jordan Waxman)說(shuō)，有價(jià)證券類貸款，也就是以有價(jià)證券為抵押獲取的貸款，因其低利率和靈活性的特點(diǎn)對(duì)客戶越來(lái)越有吸引力。HSW Advisors管理的財(cái)富達(dá)10億美元左右。目前此類貸款的年利率在1%和2%之間波動(dòng)。韋克斯曼說(shuō)他管理的資產(chǎn)中60%是貸款負(fù)債。
Clients have been using the loans for opportunistic investments that should return more than the cost of borrowing the capital to invest, Mr. Waxman says. Depending on the loan, there might also be no set 'due date' for when clients have to repay the loans.
韋克斯曼說(shuō)，客戶使用這種貸款進(jìn)行機(jī)會(huì)性投資，這些投資的回報(bào)高于借貸的成本。根據(jù)具體情況，有的貸款可能沒(méi)有設(shè)定客戶必須償還貸款的“到期日”。
The loans carry advantages and drawbacks.
這類貸款有利有弊。
On the positive side, the loans let people keep their portfolios intact, without having to forsake future profits in the market and having to incur capital gains, says Andrew Kaiser, chief operating officer of Goldman Sachs Bank USA, a unit of Goldman Sachs Group.
高盛集團(tuán)(Goldman Sachs Group)下屬美國(guó)高盛銀行(Goldman Sachs Bank USA)的首席執(zhí)行長(zhǎng)安德魯•凱澤(Andrew Kaiser)說(shuō)，從有利的方面來(lái)看，這類貸款可以讓人保持投資組合的完整性，無(wú)須放棄未來(lái)的市場(chǎng)利潤(rùn)，也無(wú)須交納資本利得稅。
Borrowers should remember they must pay back the loan with interest─and might end up having to sell of a portion of their securities to do so if the value of the securities declines, warns Bill Geis, executive vice president of retail lending at Raymond James Bank. Typically, clients use the income generated by the investments made possible by the loan to pay it back. But if those investments sour, the borrower still is on the hook.
瑞杰銀行負(fù)責(zé)零售貸款的執(zhí)行副總裁比爾•蓋斯(Bill Geis)警告說(shuō)，借款者應(yīng)該記住，他們償還貸款時(shí)必須支付利息──如果證券的價(jià)值下跌，他們可能最終不得不賣掉部分證券來(lái)還貸。一般來(lái)說(shuō)，客戶使用成就他們投資的貸款所產(chǎn)生的收益來(lái)償還貸款，但是如果那些投資失敗，借款者便會(huì)陷入困境。
The interest rate on the loans tends to be floating, says Mike McPartland, head of investment finance for North America at Citi Private Bank, a unit of Citigroup. The rate is typically tied to the 30-day London interbank offered rate. If the interest rate is Libor plus one percentage point and the 30 day-Libor is 0.25%, then the interest rate on the loan would be 1.25%. Some firms offer fixed rates as well, says Ms. McCosker of Barclays.
花旗集團(tuán)(Citigroup)下屬北美花旗私人銀行(North America at Citi Private Bank)的投資財(cái)務(wù)負(fù)責(zé)人邁克•麥帕特蘭德(Mike McPartland)說(shuō)，這類貸款的利率往往是浮動(dòng)的。它的利率一般是和30天的倫敦銀行同業(yè)拆借利率(London interbank offered rate,簡(jiǎn)稱Libor)相關(guān)聯(lián)的。如果這種貸款的利率是Libor+1%，而30天的Libor是0.25%，那么它的利率就是1.25%。巴克萊銀行的麥科斯克說(shuō)，有些貸款也提供固定利率。
Loans differ depending on the nature of the collateral, Mr. McPartland says. For example, securities that are less volatile, like municipal bonds and Treasurys, will on average command an 'advance rate' of 85%. So, if you put up $50 million worth of securities, you would receive a loan worth $43 million. The advance rate would be lower if the securities were noninvestment grade.
麥帕特蘭德說(shuō)，貸款因抵押品性質(zhì)的不同而有差異。比如，像市政債券和國(guó)庫(kù)券這些穩(wěn)定性較好的證券平均會(huì)獲得85%的“放款率”。因此，如果你的抵押債券價(jià)值5,000萬(wàn)美元，你會(huì)得到4,300萬(wàn)美元的貸款。如果債券屬于非投資級(jí)債券，放款率就會(huì)低一些。
Banks are more likely to lend against more liquid offerings, like securities, than against assets like interests in a hedge fund or private-equity fund that are harder to value, says Mindy Rosenthal, executive director of the Institute for Private Investors, a New York group for high-net-worth families.
紐約為高凈值家庭服務(wù)的私人投資者學(xué)院(Institute for Private Investors)的執(zhí)行董事明迪•羅森塔爾(Mindy Rosenthal)說(shuō),相對(duì)對(duì)沖基金投資和私募基金投資這些比較難以估價(jià)的資產(chǎn)，銀行更愿意以證券等流動(dòng)性更強(qiáng)的資產(chǎn)為抵押發(fā)放貸款。
Still, Stephen Brodie, a partner at law firm Herrick, Feinstein in New York who represents six different private banks in lending to high-net-worth individuals, says art loans are 'far more common' today than they were three or four years ago.
六家向高凈值個(gè)人提供貸款的私人銀行的法律代表、紐約Herrick, Feinstein律師事務(wù)所的合伙人斯蒂芬•布羅迪(Stephen Brodie)說(shuō)，如今藝術(shù)品抵押貸款比三、四年前“常見(jiàn)多了”。
Works of art can be tough to sell quickly, and usually have advance rates from 40% to 50% of a conservative value estimate, Mr. Brodie says. Interest rates on those loans might be Libor plus two or three percentage points, says Scott Milleisen, a capital adviser at J.P. Morgan Private Bank, a unit of J.P. Morgan Chase.
布羅迪說(shuō)，藝術(shù)品很難快速出售，通常其放款率只有其保守估價(jià)的40%-50%。摩根大通(J.P. Morgan Chase)下屬摩根大通私人銀行(J.P. Morgan Private Bank)的資本顧問(wèn)斯科特•米萊森(Scott Milleisen)說(shuō),這類貸款的利率可能是Libor加2-3個(gè)百分點(diǎn)。
To use art as collateral, clients also must pay appraisal fees to the bank─but they usually get to keep the art on their walls.
要使用藝術(shù)品作抵押，客戶也必須向銀行支付估價(jià)費(fèi)──但是他們通常能把藝術(shù)品繼續(xù)掛在自家的墻上。
