Ma Weihua, the most popular president of China Mer

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Ma Weihua, President of China Merchants Bank: the global wealth management center moved eastward

yesterday, Ma Weihua, President of China Merchants Bank, said at the 2012 China (Qingdao) wealth management forum that the international financial crisis that has lasted since 2008 has had a strong shock on the global wealth management market, "but this shock is a good thing, which makes us notice that there are six new trends in this traditional and emerging wealth management market". He said, "we have also noticed that the global wealth management center shows signs of moving eastward". PwC's research report also shows that Singapore will catch up with Switzerland and become the world's largest private banking center in 2013. Moving eastward is the most obvious trend

investment needs are becoming increasingly complex

Ma Weihua believes that customers' demand preferences for wealth management are becoming increasingly complex. After the financial crisis, investors have a deeper understanding of risk, and risk appetite tends to be neutral and stable. In terms of value preference, there is a lack of more wealth target performance indicators of wealth management, which is still the value preference of high net worth people, but its importance has increased from 38% in 2009 to 22% last year. At the same time, the preference for high-quality life, wealth security, wealth inheritance and children's education has increased significantly. In terms of product and service preferences, diversified configurations are shown in Table 4, especially the comprehensive financial management scheme across the markets of currency, capital, real estate, precious metals, derivatives, private equity and art, which is welcomed by the market

in addition, the wealth management portfolio has undergone profound changes. First, the proportion of real estate investment tends to decline, and the composition changes. In 2006, real estate accounted for 24% of the rich people's portfolio. But in 2012, it will drop to 15%. At the same time, the proportion of physical investment in real estate has decreased, while the proportion of real estate investment trust funds has increased rapidly. This is because the structure of real estate investment has changed

in addition, alternative investment has attracted attention. Although the proportion of alternative investment decreased to 5% in 2009, even if it was 5%, the decline in both speed and amplitude was smaller than that of stocks and real estate. And it has quickly rebounded to the level of 8% this year. Among them, the growth rate of private equity, hedge funds and structured products has rebounded particularly rapidly

the profit model of wealth management has changed quietly

when talking about the fourth trend, Ma Weihua said that the institutional adequacy of wealth management is emerging. The financial crisis has had a huge impact on wealth management institutions, and many traditional institutions are being reorganized. For example, the progress of biomaterials and 3D printing technology in the world has brought a brighter prospect to the automotive industry. UBS, the largest wealth management institution, announced that it would change its full business coverage from "bancassurance" to focus on the three core businesses of wealth management, wealth management, investment banking and asset management. third person "Minter company in the United States pays attention to wealth management under the technology background of IOT, cloud computing and mobile terminals, which is a new business opportunity. It has launched an account management system integrating bank accounts, credit cards, funds, personal pension accounts and housing loans on the Internet and intelligent platform. It also provides statistical analysis functions such as consumption, investment, cash flow and revenue and expenditure budget. Within two years, it has become the largest personal financial management network in the United States. ”

at the same time, the profit model of wealth management has quietly changed. In our past wealth management, the main source of profit for a long time was the commission charged by the customer exchange, which accounted for as much as 90%. However, in this way, Ma Weihua pointed out that it is prone to conflicts of interest between wealth management institutions and customers, so China Merchants Bank is now gradually changing it to charge according to the customer's asset size and the knowledge content of financial management schemes. This can effectively avoid such conflicts of interest and reduce the risks borne by customers. According to statistics in the United States, 50% of institutions have started this charging system. Ten years ago, the proportion was less than 3%, which is a change

Ma Weihua said that the concept and technology of financial supervision are becoming more and more mature. After the outbreak of the financial crisis, the international community has adopted the way of strengthening information disclosure on the problems of low transparency and moral hazard conflict in wealth management. Establish a firewall, and bring shadow banking into the scope of supervision, regulate derivatives transactions, and protect the interests of investors. For example, the United States signed the Dodd Frank act in 2001, which stipulates that institutions with investment above the amount must provide regulatory information



Li Yi, chairman and President of UBS China

the vigilance of wealth management is improving

now in China, after the financial crisis in recent years, there are several trends: on the one hand, in terms of the proportion of wealth, at present, the proportion of cash and commodities is still high, and the products are relatively low. On the other hand, customers pay more and more attention to the whole wealth management transaction process in the past. There must be some elements of domestic deception. Now customers' current vigilance, more and more requirements for the concept of wealth management, as well as the nature of processes and products, is actually a new promotion to the moral level and knowledge structure of practitioners in financial institutions from another perspective. In addition, in the past two years of wealth management, customers are still very vigilant, and the proportion of wealth is not like before. There are great new changes in product selection and in the theoretical understanding of product requirements

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