钜派倪建达：2020三季度亏损收窄，缩小规模专注精英客户

（原标题：钜派倪建达：2020三季度亏损收窄，缩小规模专注精英客户）

近日《亚洲私人银行家》采访在纽交所上市的中国第三方财富管理机构—钜派投资集团董事长兼首席执行官倪建达后撰文,文中表示倪建达认为,中国的百万富翁和超高净值人士数量并未受到新冠疫情的影响,仍在持续增长,中国财富管理行业在金融监管下正在变得更加理性和规范。未来钜派将调整策略,更专注于精英客户,为更成熟的投资者提供服务。

纽交所上市的中国第三方财富管理机构——钜派控股有限公司发布业绩报告,公司2020年第三季度的亏损较去年同期有所减少。随着公司从战略升级转型和行业变革中慢慢恢复,钜派将继续缩减其理财顾问团队的规模和国内理财中心的数量。对于公司能否走出2018-2020年间的严峻考验,董事长兼首席执行官倪建达先生持乐观态度:“钜派已经持续降低亏损。2020年第三季度,我们距离盈亏平衡点更近了。”

提及中国亿万富翁的数量,倪董表示乐观:“2020年上半年,中国的百万富翁和超高净值人士数量仍在增长,并未受到新冠疫情的影响。我们对市场的发展前景充满信心,我们也相信,市场在金融监管下将变得更加理性和规范。”

截至2020年第三季度,钜派运营亏损1500万元人民币(约合228万美元),低于2019年第三季度的4020万元人民币(约合611万美元)。值得注意的是,作为公司节约成本措施的一部分,钜派将运营成本和支出削减了一半以上。截至2020年9月,钜派的业务网络覆盖了全国33个城市的35个理财中心,而一年前数量为44个城市的54个理财中心。倪董向《亚洲私人银行家》解释了钜派决定减少理财中心数量的几大原因:“首先,我们精简了理财顾问团队的规模,提高了人均效率。其次,线上办公模式使我们的理财顾问可以为客户提供远程服务,从而节省了开支。”

此外,钜派调整策略,更专注于精英客户,为更成熟的投资者提供服务。倪董表示:“我们希望进一步减少国内理财中心的数量,有望减少到20个以内,同时我们将继续通过远程办公提高员工的工作效率。”

调整产品策略

钜派2020年第三季度销售的理财产品总募集金额下降至20亿元人民币(约合3亿美元),较2019年同期下降26.3%。同一时期,公司的活跃用户数量为712,较去年同期的1058有所下降,略高于2020年第二季度的701。总资产管理规模达347亿元人民币(约合52.8亿美元),去年同期为451亿元人民币(约合68.6亿美元)。

但倪董表示,客户数量的减少反映了投资者已安全退出了许多非标准的债权产品,同时,对于这些非标准产品的再投资和新购数量也相应减少。倪董坦诚:“想要签下曾现实遭遇过投资亏损的客户变得越来越难。尽管如此,我们业务增长的约七到八成来自回头客,他们在货比三家后依然选择了我们。”他认为,客户选择钜派并不是因为公司理财中心的数量或总资产管理规模,而是因为“钜派始终致力于为客户确保资产透明化和信息的及时披露,以及积极建立行业新的价值标准”。

2019年第三季度,钜派二级市场基金产品的募集金额占其所有产品总募集金额的1%。截至2020年第三季度,得益于客户对此类产品需求的不断增长,这一比例已增至23%。不过倪董坦言,此类产品仍然只占公司总资产管理规模的一小部分——截至2020年第三季度仅为3%。“我们的大部分产品专注于PE/VC股权以及房地产的债权和股权。我们正在考虑增加保险产品的比例。”

地产行业去杠杆

倪董表示,最近中国政府出手整治房地产市场,实际上对财富管理机构来说是个好消息,而房地产市场一直是钜派的投资重点。他解释道:“目前,房地产行业的集中度很高,头部公司使用的杠杆倍数也很高。而最近出台的政策可以确保这一行业的健康稳定发展,也有助于财富管理机构排除某些风险。”

“房地产作为高杠杆、高风险行业的时代即将结束。过去,中国的房地产投资主要是非标准的信贷资产,今后将逐步发展为股权驱动的净值型产品。”

倪董去年曾向《亚洲私人银行家》透露,钜派计划出海发掘机遇。他坦言,中国国内投资者感受到中美紧张局势带来的刺痛,以及国内加强外汇管制后的艰难处境。“对于拥有国内资产的投资者来说,投资海外的渠道将变得更窄。因此,我们也要有针对性地调整策略。中国投资者担心的是,中国经济与传统发达市场之间的联系将受到世界政治格局变化的限制。这方面仍然存在巨大的不确定性。”

转型变革之年

倪董认为,中国的财富管理行业正在走向成熟。他指出:“这一行业必将面临两极分化。一方面,一些公司将适应监管变化,继续发挥自身优势;另一方面,许多公司将黯然退出舞台。2020年对中国的财富管理机构来说是不断调整适应的一年。

原文版:

Jupai sees loss narrow in 3Q20, downsizes for a more focused approach

NYSE-listed Chinese wealth manager Jupai Holdings has reported a narrower loss in 3Q20, compared to the same period last year. As the firm slowly recovers from a major transition and industry-wide overhaul, it continues to reduce its team of wealth management advisors and the number of domestic service centres.

Its chairman of the board and CEO, Ni Jianda, was nevertheless sanguine about the outlook for the company coming out of the grim tests between 2018 to 2020: “Jupai  managed to narrow its losses on a consecutive basis. In 3Q20, our balance sheet moved closer to breakeven point.”

Referring to the population of Chinese billionaires, Ni said he was optimistic: “The number of millionaires and UHNWIs in China still grew in 1H20, unhampered by the outbreak of COVID-19. We are fully confident about the development of the market, and we believe financial regulations will lead it to become a more rational and regulated space.”

By the end of September 2020, Jupai Holdings recorded a loss from operations of RMB 15.0 million (US$2.28 million), down from RMB 40.2 million (US$6.11 million) in 3Q19. Notably, the firm cut operating costs and expenses by more than half, as part of the firm’s cost-saving measures.Jupai’s coverage network at the end of September 2020 included 35 client centres across 33 cities, compared to 54 client centres in 44 cities one year earlier.

Ni explained to Asian Private Banker that the company decided to cut back on the number of service centres for a number of reasons: “First, , we downsized our team of financial planners and improve on productivity.. Secondly, the online working regime enabled financial planners to serve the clients remotely and saved expenses.”

In addition, the firm has adjusted its approach to focus on a more elite clientele and serve a group of more sophisticated investors.“We expect to further cut down the number of local service centres, possibly to less than 20, while we continue to upgrade employee productivity through remote working arrangements,” Ni said.

A product changeover

The value of wealth management products (WMPs) distributed by Jupai in 3Q20 saw a steady decline to at RMB 2 billion (US$0.3 billion), down 26.3% from the corresponding period in 2019.

During the same period, the number of active clients at the firm was 712, down from 1058 from a year earlier and slightly up from 702 in 2Q20. Assets under management (AUM) sat at RMB 34.7 billion (US$5.28 billion), as compared to RMB 45.1 billion (US$6.86 billion) a year earlier.

However, Ni remarked that the decline in the number of clients reflected the safe withdrawal by investors from many non-standard credit products, and a corresponding reduction in the number of reinvestments in and new purchases of such non-standard products.

“It is increasingly difficult to onboard clients who have encountered investment losses,” Ni conceded. “Nonetheless, 70% of our business growth is attributed to returning clients who have chosen us after making crosscomparisons.”

He does not believe that client choose Jupai because of the number of its service centres or the size of its AUM, but because of “its continued focus on maintaining asset transparency and information availability for the clients, as well as establishing new industry standards”.

The value of the secondary equity market products distributed by the firm in 3Q19 made up 1% of the total value of all products. Growing client demand for such products saw this expand to 23% by the end of 3Q20. Yet Ni admitted that such products still take up a small proportion of clients’ AUM — only 3% by 3Q20.

“The majority of our products are focused on PE/VC Equity, real estate credit and equity . We are thinking of increasing the proportion of insurance products.”

Less leveraged real estate

Ni said the recent clampdown on China’s real estate market — where Jupai’s traditional focus lies — was in fact

good news for wealth managers.

“At present, the concentration of the real estate industry is very high, and the leverage multiples used by leading companies are equally very high. The recent policies ensure the stable development of the industry, and help wealth managers to screen out certain risks,” he explained.

“The era of real estate as a highly leveraged and risky industry will come to an end. In the past, real estate investments in China were mostly non-standard credit-backed assets, but it will gradually develop towards equitydriven, NAV product types.”

While Ni revealed to Asian Private Banker last year that the firm would explore opportunities in the overseas market, he admitted that Chinese domestic investors have been feeling the sting of Sino-US tensions as well as headwinds from tightening foreign exchange regulations at home.

“The channels for investors with domestic assets to invest overseas will become narrower. We need to adjust our product strategies accordingly. Chinese investors are concerned that the connection between the Chinese economy and traditional developed markets will be restricted by changes in the political landscape. There are still immense uncertainties in this area.”

Transformative year

Ni believes that China’s wealth management is being transformed into a fully fledged industry. “The industry is bound to face polarisation,” he pointed out. “On the one hand, a few firms will adapt to regulatory changes and continue to grow their respective strengths. On the other hand, a number of firms will be pulling out. 2020 has been a year of continued adaptation for China’s wealth managers.”