Unit 17 Money Management Business.docx

1、Unit 17 Money Management BusinessUnit17 Money Management BusinessMoney ManagementBanking, stock broking, and fund management are converging. For investment banking houses, money management business is not a question of whether to enter, but rather to buy or to build. In 1970, only 7 of top 15 underw

2、riters had affiliations with units that ran money. By 2003, nearly all major investment banks had drifted into fund management. Several factors have contributed to the growing importance of money management operations within investment banking business umbrella. Money management business资金管理行业Bankin

3、g, stock broking, and fund management are converging.银行业、证券经纪业和资金管理业正逐渐趋同。 Converge: to come from different directions and meet at the same point to become one thing diverge: For investment banking houses, money management business is not a question of whether to enter, but rather to buy or to build

4、. .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。In 1970, only 7 of top 15 underwriters had affiliations with units that ran money 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。By 2003, nearly all major investment banks had drifted into fund management. 2003年，几乎所有顶级的投资银行都介入了资金管理业务。Drift: to move slowlyDrift into st

5、h: to move, change, or do something without realizing it. 不知不觉的开始做某个事情She was just drifting into sleep when her boss is coming in. 当她迷迷糊糊刚要睡着的时候，经理近来了。（在这个句子中，nearly all major investment banks had drifted into fund management. 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。）Several factors have contributed to

6、the growing importance of money management operations within investment banking business umbrella.A Contribute to B : A 导致 B 的发生，A是B的原因Several factors have contributed to the growing importance of money management operations 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，umbre

7、lla 本意是伞，在这里把investment banking比做一个大伞，在这个大伞下经营着很多的业务，money management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, it is to keep up with competition by providing a one-stop financial store. Running affiliated funds expands the range of products and services investment banks offer to

8、 clients. Second, it helps balance out banks volatile income streams with a relatively stable .source of income. Affiliated funds provide support for Wall Street parents underwriting business as well. Investment banks take in revenues to underwrite securities is sues and fee income with the help of

9、fund management operations. It is one of the most attractive segments of the financial services industry. The total industry net assets have grown from $135 billion in 1980 to ,$4.49 trillion by December 1997. By the end of 2003, the assets of the U. S. s mutual funds grew to nearly $7 trillion.Firs

10、t, it is to keep up with competition by providing a one-stop financial store. 首先是出于通过提供一步到位式金融服务(one- stop financial store，或称全方位金融服务) 从而保持自己竞争力的需要。Running affiliated funds expands the range of products and services investment banks offer to clients.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, it helps balan

11、ce out banks volatile income streams with a relatively stable source of income. Volatile: 动荡不定的Balance out: if two or more things balance out, the final result is that they are equal in amount, importance, or effect: 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；Affiliated funds provide support for Wall S

12、treet parents underwriting business as well.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，Investment banks take in revenues to underwrite securities issues and fee income with the help of fund management operations.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。It is one of the most attractive segments of the financial services

13、industry.资金管理是金融服务行业中最具吸引力的业务之一，The total industry net assets have grown from $135 billion in 1980 to ,$4.49 trillion by December 1997.其行业的总净资产已经从1980年的1 350亿美元增加到了I 1997年12月的44 900亿美元。By the end of 2003, the assets of the U. S. s mutual funds grew to nearly $7 trillion.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

14、。 Investment management business itself is undergoing radical reshaping. According to a widely read report from Goldman Sachs published in 1997, consolidation is the wave of the future. Within the next few years, the industry will emerge as a handful of dominant companies and some smaller niche play

15、ers. To establish and secure a position in the marketplace quickly, Wall Street firms favor buying over the build-it-yourself approach.Investment management business itself is undergoing radical reshaping.投资管理行业本身正在进行彻底的洗牌。According to a widely read report from Goldman Sachs published in 1997, conso

16、lidation is the wave of the future.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。Within the next few years, the industry will emerge as a handful of dominant companies and some smaller niche players.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

17、，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。Niche Marketing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。To establish and secure a position in the marketplace quickly, Wall Street firms favor buying over the build-it-yourself ap

18、proach.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。 There are several important factors about the money management. First, the money management industry itself has been through restructuring in recent years. Second, commercial banks have been buying into asset management business a

19、s well. Third, investment banking houses are also in play. There are several important factors about the money management. 在资金管理行业有几个重要的因素需要考虑：First, the money management industry itself has been through restructuring in recent years.第一，资金管理行业本身近年来也一直在进行重组；Second, commercial banks have been buying i

20、nto asset management business as well.第二，商业银行也在通过收购进入资产管理行业；Buy into: to buy part of a business or organization, especially because you want to control it. 收购Third, investment banking houses are also in play.第三，投资银行业也已经参与进来。Types of Money Management OperationThere are many types of investment manage

21、ment, including mutual funds, unit investment trusts, hedge funds, private client services businesses, leveraged buyout funds, and private equity funds. Private equity funds are funds that invest primarily in private equity such as venture capital. Leveraged buyout funds invest in corporate buyouts.

22、 Unit investment trust is a registered investment company that buys and holds a relatively fixed portfolio of securities or assets. Units in the trust are sold to investors who receive a share of principal and interest or dividends. Unit investment trusts typically have a stated date for termination

23、. Private client services business manages money for wealthy clients. Almost all investment commercial banks run private client services businesses. For example, Goldman Sachs has some 365 brokers who specialize in money management for wealthy clients managing more than $200 billion of investors mon

24、ey.Types of money management operations资金管理业务运营的类型There are many types of investment management, including mutual funds, unit investment trusts, hedge funds, private client services businesses, leveraged buyout funds, and private equity funds.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。Pr

25、ivate equity funds are funds that invest primarily in private equity such as venture capital.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。Leveraged buyout funds invest in corporate buyouts.杠杆收购基金投资于公司收购业务。Unit investment trust is a registered investment company that buys and holds a relatively fixed portfolio of sec

26、urities or assets.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。Units in the trust are sold to investors who receive a share of principal and interest or dividends.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。Unit investment trusts typically have a stated date for termination. 单位投资信托一般有一个规定的终止日。Private client serv

27、ices business manages money for wealthy clients. Almost all investment and commercial banks run private client services businesses. 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。For example, Goldman Sachs has some 365 brokers who specialize in money management for wealthy clients managing more t

28、han $200 billion of investors money.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2 000亿美元。 Hedge funds are unregistered, private investment pools bound by the investment agreement investors sign with the sponsors of the hedge funds. With the exception of anti-fraud standards, they are exempt from S

29、EC regulation. The sponsors of a hedge fund generally are not subject to any limitations in portfolio selection, and are not required to disclose information about the hedge funds holdings and performance, even though there has been drive for disclosure on strategies and portfolios. The typical fee

30、structure for a hedge fund is that the hedge fund manager takes a fee of 1% - 2 % of net assets, plus 20 % incentive fees. Some have front-end charges as well. Most hedge funds impose a high minimum investment; a minimuminvestment of $250 000 or $500 000 is typical, though some have lower minimums a

31、nd some have higher requirements. Hedge funds are unregistered, private investment pools bound by the investment agreement investors sign with the sponsors of the hedge funds.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: be bound by a law, promise,agreement 意思是：受的约束，负有的义务With the exception of

32、anti-fraud standards, they are exempt from SEC regulation.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The sponsors of a hedge fund generally are not subject to any limitations in portfolio selection, and are not required to disclose information about the hedge funds holdings and performance, even though there has been drive for disclosure on strategies and portfolios.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The typical fee structure for a hedge fund is that the hedge fund