Unit 17 Money Management Business.docx
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Unit17MoneyManagementBusiness
Unit17MoneyManagementBusiness
MoneyManagement
Banking,stockbroking,andfundmanagementareconverging.Forinvestmentbankinghouses,moneymanagementbusinessisnotaquestionofwhethertoenter,butratherto"buy"orto"build".In1970,only7oftop15underwritershadaffiliationswithunitsthatranmoney.By2003,nearlyallmajorinvestmentbankshaddriftedintofundmanagement.Severalfactorshavecontributedtothegrowingimportanceofmoneymanagementoperationswithininvestmentbankingbusinessumbrella.
Moneymanagementbusiness资金管理行业
Banking,stockbroking,andfundmanagementareconverging.银行业、证券经纪业和资金管理业正逐渐趋同。
Converge:
tocomefromdifferentdirectionsandmeetatthesamepointtobecomeonething[≠ diverge]:
Forinvestmentbankinghouses,moneymanagementbusinessisnotaquestionofwhethertoenter,butratherto"buy"orto"build.".对投资银行来说,资金管理行业不是什么是否进入的问题,而是要去“买”还是去“新建”的问题。
In1970,only7oftop15underwritershadaffiliationswithunitsthatranmoney
1970年,顶级的15家承销商中只有7家拥有运营资金的附属机构。
By2003,nearlyallmajorinvestmentbankshaddriftedintofundmanagement.2003年,几乎所有顶级的投资银行都介入了资金管理业务。
Drift:
tomoveslowly
Driftintosth:
tomove,change,ordosomethingwithoutrealizingit.不知不觉的开始做某个事情
Shewasjustdriftingintosleepwhenherbossiscomingin.当她迷迷糊糊刚要睡着的时候,经理近来了。
(在这个句子中,nearlyallmajorinvestmentbankshaddriftedintofundmanagement.表达的意思是:
几乎所有的顶级的投资银行都在不知不觉中介入了资金管理业务。
)
Severalfactorshavecontributedtothegrowingimportanceofmoneymanagementoperationswithininvestmentbankingbusinessumbrella.
AContributetoB:
A导致B的发生,A是B的原因
Severalfactorshavecontributedtothegrowingimportanceofmoneymanagementoperations
有几个因素导致了资金管理业务的重要性,或者说有几个因素是资金管理变的越来越重要的原因。
(好,我们再来看一下这句话中umbrella的意思,umbrella本意是伞,在这里把investmentbanking比做一个大伞,在这个大伞下经营着很多的业务,moneymanagement就是其中之一.
译文:
资金管理业务作为投资银行业务的一个分支,其重要性正日益增强。
导致这一现象的原因有以下几点:
First,itistokeepupwithcompetitionbyprovidingaone-stopfinancialstore.Runningaffiliatedfundsexpandstherangeofproductsandservicesinvestmentbanksoffertoclients.Second,ithelpsbalanceoutbanks'volatileincomestreamswitharelativelystable.sourceofincome.AffiliatedfundsprovidesupportforWallStreetparents'underwritingbusinessaswell.Investmentbankstakeinrevenuestounderwritesecuritiesissuesandfeeincomewiththehelpoffundmanagementoperations.Itisoneofthemostattractivesegmentsofthefinancialservicesindustry.Thetotalindustrynetassetshavegrownfrom$135billionin1980to,$4.49trillionbyDecember1997.Bytheendof2003,theassetsoftheU.S.'smutualfundsgrewtonearly$7trillion.
First,itistokeepupwithcompetitionbyprovidingaone-stopfinancialstore.首先是出于通过提供一步到位式金融服务(one-stopfinancialstore,或称全方位金融服务)从而保持自己竞争力的需要。
Runningaffiliatedfundsexpandstherangeofproductsandservicesinvestmentbanksoffertoclients.运营附属基金可以扩大投资银行向客户提供的产品和服务的范围;
Second,ithelpsbalanceoutbanks’volatileincomestreamswitharelativelystablesourceofincome.
Volatile:
动荡不定的
Balanceout:
iftwoormorethingsbalanceout,thefinalresultisthattheyareequalinamount,importance,oreffect:
译文:
其二,资金管理可以带来相对稳定的收入流,从而有助于抵消银行收入流的不稳定;
AffiliatedfundsprovidesupportforWallStreetparents'underwritingbusinessaswell.附属基金也为其华尔街上的母公司的承销业务提供了支持,
Investmentbankstakeinrevenuestounderwritesecuritiesissuesandfeeincomewiththehelpoffundmanagementoperations.投资银行可以从承销证券发行得到收益,并通过经营资金管理业务获取费用型收入。
Itisoneofthemostattractivesegmentsofthefinancialservicesindustry.资金管理是金融服务行业中最具吸引力的业务之一,
Thetotalindustrynetassetshavegrownfrom$135billionin1980to,$4.49trillionbyDecember1997.其行业的总净资产已经从1980年的1350亿美元增加到了I1997年12月的44900亿美元。
Bytheendof2003,theassetsoftheU.S.'smutualfundsgrewtonearly$7trillion.到2003年年底,美国全国的共同基金资产已达到近7万亿美元。
Investmentmanagementbusinessitselfisundergoingradicalreshaping.AccordingtoawidelyreadreportfromGoldmanSachspublishedin1997,consolidationisthewaveofthefuture.Withinthenextfewyears,theindustrywillemergeasahandfulofdominantcompaniesandsomesmallernicheplayers.Toestablishandsecureapositioninthemarketplacequickly,WallStreetfirmsfavorbuyingoverthebuild-it-yourselfapproach.
Investmentmanagementbusinessitselfisundergoingradicalreshaping.投资管理行业本身正在进行彻底的洗牌。
AccordingtoawidelyreadreportfromGoldmanSachspublishedin1997,consolidationisthewaveofthefuture.根据高盛公司1997年发布的一项读者面较广的报告,合并将在未来掀起高潮。
Withinthenextfewyears,theindustrywillemergeasahandfulofdominantcompaniesandsomesmallernicheplayers.在接下来的几年内,该行业将出现由少数几家占主导地位的公司和一些较小的专业公司组成的局面。
Niche来源于法语。
法国人信奉天主教,在建造房屋时,常常在外墙上凿出一个不大的神龛,以供放圣母玛利亚。
它虽然小,但边界清晰,洞里乾坤,因而后来被引来形容大市场中的缝隙市场。
在英语里,它还有一个意思,是悬崖上的石缝,人们在登山时,常常要借助这些微小的缝隙作为支点,一点点向上攀登。
20世纪80年代,美国商学院的学者们开始将这一词引入市场营销领域。
NicheMarketing—利基市场,是指在市场中通常被大企业所忽略的某些细分市场,但是很有发展潜力的市场。
Player:
在这里指公司。
Toestablishandsecureapositioninthemarketplacequickly,WallStreetfirmsfavorbuyingoverthebuild-it-yourselfapproach.为迅速在华尔街上崛起并争得一席之地,华尔街上的公司更偏好买入(一家现成的投资管理公司)而不是采用自己新建(一家公司)的方法。
Thereareseveralimportantfactorsaboutthemoneymanagement.First,themoneymanagementindustryitselfhasbeenthroughrestructuringinrecentyears.Second,commercialbankshavebeenbuyingintoassetmanagementbusinessaswell.Third,investmentbankinghousesarealsoinplay.
Thereareseveralimportantfactorsaboutthemoneymanagement.在资金管理行业有几个重要的因素需要考虑:
First,themoneymanagementindustryitselfhasbeenthroughrestructuringinrecentyears.第一,资金管理行业本身近年来也一直在进行重组;
Second,commercialbankshavebeenbuyingintoassetmanagementbusinessaswell.第二,商业银行也在通过收购进入资产管理行业;
Buyinto:
tobuypartofabusinessororganization,especiallybecauseyouwanttocontrolit.收购
Third,investmentbankinghousesarealsoinplay.第三,投资银行业也已经参与进来。
TypesofMoneyManagementOperation
Therearemanytypesofinvestmentmanagement,includingmutualfunds,unitinvestmenttrusts,hedgefunds,privateclientservicesbusinesses,leveragedbuyoutfunds,andprivateequityfunds.Privateequityfundsarefundsthatinvestprimarilyinprivateequitysuchasventurecapital.Leveragedbuyoutfundsinvestincorporatebuyouts.Unitinvestmenttrust"isaregisteredinvestmentcompanythatbuysandholdsarelativelyfixedportfolioofsecuritiesorassets.Unitsinthetrustaresoldtoinvestorswhoreceiveashareofprincipalandinterestordividends.Unitinvestmenttruststypicallyhaveastateddatefortermination.Privateclientservicesbusinessmanagesmoneyforwealthyclients.Almostallinvestmentcommercialbanksrunprivateclientservicesbusinesses.Forexample,GoldmanSachshassome365brokerswhospecializeinmoneymanagementforwealthyclientsmanagingmorethan$200billionofinvestor’smoney.
Typesofmoneymanagementoperations资金管理业务运营的类型
Therearemanytypesofinvestmentmanagement,includingmutualfunds,unitinvestmenttrusts,hedgefunds,privateclientservicesbusinesses,leveragedbuyoutfunds,andprivateequityfunds.投资管理有许多类型,包括共同基金、单位投资信托、对冲基金、面向私人客户的服务行业、杠杆收购基金和私募股权基金。
Privateequityfundsarefundsthatinvestprimarilyinprivateequitysuchasventurecapital.私募股权基金是主要投资于私募股权的基金,如风险投资基金。
Leveragedbuyoutfundsinvestincorporatebuyouts.杠杆收购基金投资于公司收购业务。
Unitinvestmenttrust"isaregisteredinvestmentcompanythatbuysandholdsarelativelyfixedportfolioofsecuritiesorassets.单位投资信托是一家经登记的投资公司,它购买并持有相对较为固定的证券或资产组合。
Unitsinthetrustaresoldtoinvestorswhoreceiveashareofprincipalandinterestordividends.该信托中的各单位被出售给投资者,投资者则拿到一份本金和利息凭证或股利凭证。
Unitinvestmenttruststypicallyhaveastateddatefortermination.单位投资信托一般有一个规定的终止日。
Privateclientservicesbusinessmanagesmoneyforwealthyclients.Almostallinvestmentandcommercialbanksrunprivateclientservicesbusinesses.面向私人客户的服务行业是为富有的客户管理资金,几乎所有的投资银行和商业银行都经营私人客户的服务业务。
Forexample,GoldmanSachshassome365brokerswhospecializeinmoneymanagementforwealthyclientsmanagingmorethan$200billionofinvestor’smoney.
比如,高盛公司有大约365名经纪人,他们专门为富有的客户管理资金,其为投资者管理的资金超过了2000亿美元。
Hedgefundsareunregistered,privateinvestmentpoolsboundbytheinvestmentagreementinvestorssignwiththesponsorsofthehedgefunds.Withtheexceptionofanti-fraudstandards,theyareexemptfromSECregulation.Thesponsorsofahedgefundgenerallyarenotsubjecttoanylimitationsinportfolioselection,andarenotrequiredtodiscloseinformationaboutthehedgefund’sholdingsandperformance,eventhoughtherehasbeendrivefordisclosureonstrategiesandportfolios.Thetypicalfeestructureforahedgefundisthatthehedgefundmanagertakesafeeof1%--2%ofnetassets,plus20%incentivefees.Somehavefront-endchargesaswell.Mosthedgefundsimposeahighminimuminvestment;aminimum
investmentof$250000or$500000istypical,thoughsomehavelowerminimumsandsomehavehigherrequirements.
Hedgefundsareunregistered,privateinvestmentpoolsboundbytheinvestmentagreementinvestorssignwiththesponsorsofthehedgefunds.对冲基金是一种无须登记的私募投资基金,它受投资者与对冲基金主办人之间签订的投资协议的约束。
Bound:
beboundbyalaw,promise,agreement意思是:
受…的约束,负有…的义务
Withtheexceptionofanti-fraudstandards,theyareexemptfromSECregulation.除了必须受到反欺诈法的管辖外,它不受证券交易协会的监管。
Exempt免除,豁免
Thesponsorsofahedgefundgenerallyarenotsubjecttoanylimitationsinportfolioselection,andarenotrequiredtodiscloseinformationaboutthehedgefund’sholdingsandperformance,eventhoughtherehasbeendrivefordisclosureonstrategiesandportfolios.对冲基金的主办人在投资组合的方面一般不会受到任何限制,不必披露对冲基金的持仓情况和业绩表现方面的信息,尽管一直存在要求对冲基金披露策略和组合选择的倾向。
Disclose:
=elicit披露
Thetypicalfeestructureforahedgefundisthatthehedgefund