鉅派倪建達：2020三季度虧損收窄，縮小規模專注精英客戶

（原標題：鉅派倪建達：2020三季度虧損收窄，縮小規模專注精英客戶）

近日《亞洲私人銀行家》採訪在紐交所上市的中國第三方財富管理機構—鉅派投資集團董事長兼首席執行官倪建達後撰文,文中表示倪建達認爲,中國的百萬富翁和超高淨值人士數量並未受到新冠疫情的影響,仍在持續增長,中國財富管理行業在金融監管下正在變得更加理性和規範。未來鉅派將調整策略,更專注於精英客戶,爲更成熟的投資者提供服務。

紐交所上市的中國第三方財富管理機構——鉅派控股有限公司發佈業績報告,公司2020年第三季度的虧損較去年同期有所減少。隨着公司從戰略升級轉型和行業變革中慢慢恢復,鉅派將繼續縮減其理財顧問團隊的規模和國內理財中心的數量。對於公司能否走出2018-2020年間的嚴峻考驗,董事長兼首席執行官倪建達先生持樂觀態度:“鉅派已經持續降低虧損。2020年第三季度,我們距離盈虧平衡點更近了。”

提及中國億萬富翁的數量,倪董表示樂觀:“2020年上半年,中國的百萬富翁和超高淨值人士數量仍在增長,並未受到新冠疫情的影響。我們對市場的發展前景充滿信心,我們也相信,市場在金融監管下將變得更加理性和規範。”

截至2020年第三季度,鉅派運營虧損1500萬元人民幣(約合228萬美元),低於2019年第三季度的4020萬元人民幣(約合611萬美元)。值得注意的是,作爲公司節約成本措施的一部分,鉅派將運營成本和支出削減了一半以上。截至2020年9月,鉅派的業務網絡覆蓋了全國33個城市的35個理財中心,而一年前數量爲44個城市的54個理財中心。倪董向《亞洲私人銀行家》解釋了鉅派決定減少理財中心數量的幾大原因:“首先,我們精簡了理財顧問團隊的規模,提高了人均效率。其次,線上辦公模式使我們的理財顧問可以爲客戶提供遠程服務,從而節省了開支。”

此外,鉅派調整策略,更專注於精英客戶,爲更成熟的投資者提供服務。倪董表示:“我們希望進一步減少國內理財中心的數量,有望減少到20個以內,同時我們將繼續通過遠程辦公提高員工的工作效率。”

調整產品策略

鉅派2020年第三季度銷售的理財產品總募集金額下降至20億元人民幣(約合3億美元),較2019年同期下降26.3%。同一時期,公司的活躍用戶數量爲712,較去年同期的1058有所下降,略高於2020年第二季度的701。總資產管理規模達347億元人民幣(約合52.8億美元),去年同期爲451億元人民幣(約合68.6億美元)。

但倪董表示,客戶數量的減少反映了投資者已安全退出了許多非標準的債權產品,同時,對於這些非標準產品的再投資和新購數量也相應減少。倪董坦誠:“想要簽下曾現實遭遇過投資虧損的客戶變得越來越難。儘管如此,我們業務增長的約七到八成來自回頭客,他們在貨比三家後依然選擇了我們。”他認爲,客戶選擇鉅派並不是因爲公司理財中心的數量或總資產管理規模,而是因爲“鉅派始終致力於爲客戶確保資產透明化和信息的及時披露,以及積極建立行業新的價值標準”。

2019年第三季度,鉅派二級市場基金產品的募集金額佔其所有產品總募集金額的1%。截至2020年第三季度,得益於客戶對此類產品需求的不斷增長,這一比例已增至23%。不過倪董坦言,此類產品仍然只佔公司總資產管理規模的一小部分——截至2020年第三季度僅爲3%。“我們的大部分產品專注於PE/VC股權以及房地產的債權和股權。我們正在考慮增加保險產品的比例。”

地產行業去槓桿

倪董表示,最近中國政府出手整治房地產市場,實際上對財富管理機構來說是個好消息,而房地產市場一直是鉅派的投資重點。他解釋道:“目前,房地產行業的集中度很高,頭部公司使用的槓桿倍數也很高。而最近出臺的政策可以確保這一行業的健康穩定發展,也有助於財富管理機構排除某些風險。”

“房地產作爲高槓杆、高風險行業的時代即將結束。過去,中國的房地產投資主要是非標準的信貸資產,今後將逐步發展爲股權驅動的淨值型產品。”

倪董去年曾向《亞洲私人銀行家》透露,鉅派計劃出海發掘機遇。他坦言,中國國內投資者感受到中美緊張局勢帶來的刺痛,以及國內加強外匯管制後的艱難處境。“對於擁有國內資產的投資者來說,投資海外的渠道將變得更窄。因此,我們也要有針對性地調整策略。中國投資者擔心的是,中國經濟與傳統發達市場之間的聯繫將受到世界政治格局變化的限制。這方面仍然存在巨大的不確定性。”

轉型變革之年

倪董認爲,中國的財富管理行業正在走向成熟。他指出:“這一行業必將面臨兩極分化。一方面,一些公司將適應監管變化,繼續發揮自身優勢;另一方面,許多公司將黯然退出舞臺。2020年對中國的財富管理機構來說是不斷調整適應的一年。

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.”