2021年经济学人 外资银行抢滩中国市场,生存几何?(3)（在线收听）

Another benefit of the joint ventures is their links to China's largest financial firms. The banks and their tens of thousands of branches were key intermediaries during the first era of wealth management and, say experts, may also define the next. Their wealth-management subsidiaries have vast portfolios and huge numbers of clients. Take CCB. It has more than 14,700 branches; last year it managed 2.2trn yuan in wealth-management products and attracted more than 4.4m new investment and wealth-management clients. Access to customers is "one of the benefits of partnering with one of the largest banks in China", says Susan Chan of BlackRock.

成立合资公司的另一个好处是能与中国最大的几家金融公司建立联系。在财富管理的第一个时代，这些银行及其数以万计的支行是关键的中间环节，而且据专家们说，它们可能也会定义下一个时代。它们的理财子公司拥有大量投资组合和庞大客户群。以建行为例，它拥有超过1.47万家支行，去年它管理了2.2万亿元的理财产品，吸引了440多万名新的投资和理财客户。能接触客户是“与这家中国最大银行之一合作的一个好处”，贝莱德的陈蕙兰表示。

Yet success will depend on foreigners' ability to establish and market themselves. Goldman and BlackRock have some name recognition in China by virtue of their size. Amundi and Schroders, by contrast, are unknown outside financial circles. And teaming up with home-grown banks has some downsides. A potential customer at a bank branch will be offered a suite of products, which will include those designed and branded by the joint ventures, but also those designed solely by the bank. Online, joint-venture offerings will probably appear on smartphone apps on a list of commoditised products. The foreign groups will therefore have to make sure their offering is advertised sufficiently to clients— no easy task given that tens of thousands of banks' relationship managers will be responsible for sales. It can be done, but only with hefty investment in staff training, says Philip Leung of Bain, a consultancy.

然而，成功与否将取决于外国公司能否站稳脚跟并做好营销。高盛和贝莱德凭借自身规模在中国已经有了一定的知名度。相比之下，东方汇理和施罗德在金融界之外还鲜为人知。与本土银行合作也有一些缺点。银行的支行会向潜在客户提供一系列产品，其中既包括合资公司设计并冠以自己品牌的产品，也包括银行自己单独设计的产品。在线上，合资公司的产品可能会出现在智能手机应用里，与一长串同质化的产品并列。因此，外资公司必须确保能向客户充分宣传自己的产品。这绝非易事，因为会有数以万计的银行客户经理负责销售。贝恩咨询公司的梁霭中认为这是可以做到的，但前提是在员工培训方面投入巨资。

Another problem is competing with superstars such as Mr Zhang, who often manage money for giant mutual funds. Financial news in China is abuzz with stories on the performance of star managers. Many retail investors make decisions based on such information. Few clients are interested in a fund's risk controls, notes Fabrice Maraval, an executive who has worked at two Sino-foreign financial ventures. Instead, they ask, "What's your ranking on the list of top fund managers", he says.

另一个难题是与像张坤这样的超级明星们竞争，他们大多为大型共同基金管理资金。中国的财经新闻充斥着有关明星经理业绩的报道。许多散户投资者根据这类信息做决策。很少有客户关注基金的风险控制，曾在两家中外合资金融公司工作过的高管法布里斯·马拉瓦尔指出。相反，他说，他们常常会问，“你在顶级基金经理名单上排第几？”

Executives at several joint ventures bristle at the idea of hiring stars who market their funds. "It's just not our culture," says one. Instead they must slowly build trust with clients through solid performance and prudent risk controls. Zhong Xiaofeng of Amundi describes his group's strategy in China as a "long-haul effort". If foreigners are to give the stars a run for their money, it will have to be.

几家合资公司的高管对于聘请明星经理来营销基金的主意感到愤怒。“这就不是我们的文化。”其中一人表示。相反，它们必须通过稳健的业绩和审慎的风险控制逐步赢得客户的信任。东方汇理的钟晓峰用“漫长的努力”来描述自己的公司在中国的战略。如果外国公司不想输给这些明星，那将不得不如此。