【英语中国】中国信托业面临日趋激烈的竞争

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所属分类:双语中国

2014-1-3 22:14

小艾摘要: A property market crash or a government debt disaster are the most sensational risks facing Chinese trust companies, but they are distant prospects. The most immediate concern for trusts is the growin ...
A property market crash or a government debt disaster are the most sensational risks facing Chinese trust companies, but they are distant prospects. The most immediate concern for trusts is the growing array of financial institutions moving onto their turf.

Nearly 90 per cent of the trust sector’s revenue is at risk because of this competition, according to a report published late last year by consulting company McKinsey and Ping An Trust.

The first challenge is to their “conduit business”. Apart from making their own investments, trusts have played a crucial role as a conduit through which banks sell assets off their balance sheets.

This business has grown rapidly, accounting for three-quarters of the trust industry’s assets under management. But margins are tiny since trusts are just an intermediary, and securities brokerages are now also serving as conduits, further eroding revenues.

With banks themselves being allowed to do the same, McKinsey and Ping An predict the conduit business will eventually vanish.

The second challenge is to trust companies’ positions as China’s most flexible investment vehicles, and specifically their ability to finance sectors of the economy put off limits from banks. This is volatile, subject to shifting regulatory winds. Moreover, banks, brokerages and mutual fund managers are all now beginning to compete in this same space.

How to confront these challenges? McKinsey and Ping An say trusts should specialise in one of three different areas: boutique investment banking; alternative asset management; or private wealth management.

“Trusts can’t rely on having such a unique license that no one else can play against them. But they have a good starting point, with an existing capability for sourcing assets,” says Stephan Binder, a McKinsey director. “It might be that in 10 years you don’t actually talk about trust companies in China any more because they will have evolved into very different animals.”

楼市崩盘或政府债务灾难是中国信托公司面临的最具轰动效应的风险,但这些是很遥远的可能性。中国信托行业目前最直接的担忧是越来越多金融机构正进入它们的地盘。

据咨询公司麦肯锡(McKinsey)和平安信托(Ping An Trust)去年末发布的一份报告显示,信托行业近90%的收入面临这种竞争的威胁。

首先面临挑战的是他们的“管道业务”。除了自己投资外,信托公司还扮演着一个重要角色,即作为银行从资产负债表上卖掉资产的“管道”。

该业务近年增长迅速,占信托行业旗下管理资产的四分之三。但利润率很低,因为信托公司不过是中间人,而券商现在也提供管道服务,进一步侵蚀了收入。

随着银行本身也被允许这么做,麦肯锡和平安信托预测,管道业务最终将消失。

其次面临挑战的是信托公司作为中国最灵活的投资工具的地位,尤其是他们为难以从银行融资的经济部门提供资金的能力。这是极不稳定的,受制于监管风向的变化。此外,银行、券商和基金经理们现在都开始在这一空间展开竞争。

如何应对这些挑战?麦肯锡和平安信托表示,信托公司应专注于三个不同领域之一:精品投资银行、另类资产管理,或私人财富管理。

“信托公司不能指望依赖一张独特的牌照霸占市场。但他们有很好的起点,具备寻购资产的现有能力。”麦肯锡董事白德范(Stephan Binder)说,“可能10年后你实际上不会再谈起中国的信托公司,因为他们可能已经演变成完全不同的东西了。”

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