汇丰投资管理Nicolas Moreau：资产管理行业面临的四大挑战与应对之道

• 宏观经济冲击：能源价格上涨和供应链中断导致通胀飙升，考验着全球投资者的信心，这些因素也冲击企业的盈利和利润率，这导致我们在2022年看到了近年来最严重的几次市场回撤之一。
• 资产价值下降：从历史最低的利率环境转为利率上升，也给金融业带来了问题，包括资产价值的急剧下降，尤其是地产公司和科技公司，出现严重亏损和裁员。
• 监管压力：随着可持续投融资的快速增长，全球的监管机构都高度重视“洗绿”这一现象，要求资产管理公司加强或执行复杂的原则和披露要求，以满足客户不断变化的期望。
• 人才争夺：疫情期间，就业形势也发生了巨大变化，人们更换工作，开始远程办公，或者完全离开劳动力市场，这些改变了就业者的期望，也让招募合适人才变得更为困难。

• 重视实物资产：尽管有迹象表明，主要市场的通胀有所缓解，但我们不太可能在近期内很快回到低通胀环境。投资者和资产管理公司应对这一点，可能会在战略上重视实物资产，尤其是房地产和基础设施，因为对比其他权益类资产，它们收益率更有吸引力，增长可预期，能对冲通胀，以及波动性更低。
• 配置亚洲资产：西方市场的通胀危机导致主要央行连续加息，这与亚洲形成了鲜明对比，亚洲处在经济周期的不同阶段，增长前景更为乐观。这使得亚洲的投资市场不仅有跑赢大盘的潜力，而且因为其截然不同的环境能够增加投资的多元性。中国放开疫情管控和即将迎来的复苏，再加上印度经济在过去一年世界其他地区增长放缓的情况下持续扩张，这些都进一步支撑了配置亚洲的策略。
• 收益率回升：实际收益率或经通胀调整后的收益率大幅上升，这意味着固定收益类资产可以带来2008年后历史性低利率环境以来最诱人的收入和潜在回报。尽管通胀和经济增长的前景仍然不明朗，但精挑细选并谨慎管理利率风险是至关重要的，短期债券对利率变化更不敏感，因此也更受青睐。

• 对ESG投资的需求将与监管齐头并进：仅在过去几个月，我们已经看到对ESG投资越来越严格的要求。资产管理公司将备受关注，要准确披露其ESG投资方法，并更加严格地评估公司的非财务表现，特别是通过前瞻性的实时数据来评估。

• 工作方式要与时俱进：后疫情时代，仅靠弹性和高薪本身是不够的，留住人才越来越需要在情感和思想上赢得员工。

   

• 汇丰集团内的协同效应：我们继续与集团内其他板块和部门开展合作，发挥我们的优势。

• 充分利用中国放开后的机遇：在中国国内市场，我们将继续通过汇丰晋信合资公司提供公募基金产品和服务。

• 另类投资：汇丰投资管理在另类投资领域有三十多年的经验且屡获殊荣。

• 固定收益：我们目前管理的固定收益类资产总规模超过1,200亿美元，在全球有170名投资专业人员。

• 可持续投资：汇丰投资管理在ESG 领域有长期经验，能够提供远超投资本身的深厚专业能力，在这方面的历史可追溯至2001年发布第一支社会责任基金。

• 文化与人才：我们信奉赞扬个体差异、有自主权的团队，致力于打造一种每个人都被接纳、重视和尊重的文化。

1. Key challenges in the financial & asset management industry

The asset management industry has seen unprecedented growth in the past 20 years.

Despite the global economy experienced severe downturns due to the 2008 financial crisis and the COVID-19 pandemic, each decline was followed by a recovery that brought the industry to new heights.

However, the lingering effects of the pandemic are still being felt. Combined with geopolitical tension, 2022 has been a tumulus year of multiple shocks that created a highly uncertain and challenging environment.

Key challenges include:

• Macroeconomic shock: soaring inflation due to energy prices and supply chain disruptions are testing investors’ confidence globally, as these factors are also threatening corporate earnings and profit margins which led to one of the worst market retreats we have seen in recent years in 2022.

• Declining asset value: rising interest rate from a historical low interest rate environment is also causing problems for the financial industry, including the steep declines in asset value, most notably properties and tech companies, which have reported heavy losses and job cuts.

• Regulatory pressure: with the rapid growth of sustainable investments/financing, regulators around the world are placing heavy focus on ‘Greenwashing’, requiring asset managers to enhance or implement complex range of frameworks and disclosures in order to meet clients’ evolving expectations.

• War for talent: employment landscape also underwent major shifts during the pandemic, as people changed jobs, began working remotely or left the workforce altogether, shifting employees’ expectations and creating difficulties in finding the right talent.

These challenges created a rise in volatility and big changes compared with the relative stability of the past years, drastically shifting investors’ expectations and putting pressure on asset managers to respond.

2. Investors & asset managers’ response to key challenges

Against the backdrop of mounting challenges, market volatility may become a new normal in 2023 and may represent new opportunities for both investors and asset managers alike.

From an investment perspective:

• Focus on Real Assets: while there are signs that inflation is starting to ease across key markets, it is unlikely we will return to a low inflation environment any time soon.

  Investors and asset managers may respond to this with a strategic focus on Real Assets, particularly real estate and infrastructure due to their attractive yield and predictable growth, inflation hedging benefits and lower volatility than broad equities.

Allocation to Asia: the inflation crisis in the West has led to consecutive rate hikes from key central banks, this is a big contrast to Asia which is at a different stage of the economic cycle with a more positive growth outlook.

This makes Asia’s investment markets appealing not only for potential to outperform but also as a source of diversification given a much different environment.

The case of allocation to Asia is supported by China’s re-opening and an imminent recovery sets the stage for growth, combined with India’s continuous expansion even as the rest of the world slows in the past year.

• The return of Yield: the sharp rise in real or inflation-adjusted yields means that fixed income assets can offer the most attractive income and return potential since the historic low interest rate environment started since 2008.

While the outlook of inflation and economic growth remains uncertain, being very selective and managing interest rate risk carefully will be crucial, with short-term bonds being preferred due to less sensitivity to interest rate changes

From a sustainable investment standpoint:

• Demand for ESG investments will go hand-in-hand with regulation: in the past few months alone, we have already seen an increased degree of scrutiny of ESG investment.

Asset managers will be under the spotlight to accurately disclose their ESG investing approaches and move towards a more rigorous approach to evaluating companies’ non-financial performance, particularly the use of forward-looking, real-time data.

From a talent retention and acquisition standpoint:

• Modernise working practices: flexibility and high salaries alone are not sufficient in the post-pandemic world and talent retention is increasingly about the heart and minds of our people.

For example, a flexible working policy isn’t enough, it needs to be actively championed with senior leadership providing successful examples.

More importantly, employees now seek a bigger sense of purpose and value alignment with their employer, which means asset managers need to take steps to engage with its workforce, encourage open communications and engenders their loyalty and commitment.

3. HSBC’s response to key challenges

HSBC Asset Management (AM) is a specialist in emerging markets, Asia and Alternatives, therefore well-positioned to help our clients to navigate through today’s challenges and uncertainties.

• HSBC synergy: we continue to draw our strength through collaboration with the wider bank.

The Group currently manage c. US$1tn of invested assets across Retail Bank, Private Bank and Asset management, of which 50% is sourced from Asia, highlighting the importance of international connectivity.

HSBC AM has established experience in managing wealth for our HSBC clients and is a key partner for our retail and private bank in launching new funds and solutions across Asia, contributing to c. 30% of our retail AUM in Asia.

Capitalise on China’s re-opening: we will continue to provide onshore mutual fund capabilities through our JV with Jintrust.

Jintrust has over 17 years of experience with 34 funds, managing nearly US$7bn AUM as of 31 December 2022.

We will also continue to play an active role across all cross-border opportunity through our HK office, including MRF, QDII to the recently launched GBA Wealth Management Connect.

• Alternatives: HSBC AM has over 30+ years of experience and award winning capability.

In 2021, HSBC AM brought together all of its existing alternatives capabilities under a single business unit called HSBC Alternatives, with a team of 170 professionals covering nine direct and indirect capabilities and combined assets under management and advice of USD60.6 billion as of 31 December 2022.

In 2022, we appointed a Listed Infrastructure Equity team from AMP Capital. We also launched our Global Infrastructure Equity strategy which will invest in a diversified portfolio of listed infrastructure assets across both developed and developing equity markets, using a decision-making process which embeds Environmental, Social and Governance (ESG) considerations.

In January this year, we entered into a Business Transfer Agreement with Green Transition Partners Limited, bringing on board a team of specialists focused on Energy Transition Infrastructure.

This year, we have also launched a fund focusing on assets that tend to perform in an inflationary environment and deliver returns that exceed inflation over the long term

• Fixed Income: we currently manage over US$120bn of Fixed Income with almost 170 investment professionals located around the world.

We are a recognized leader in credit and emerging markets, with expertise in investment grade, high-yield and ABS, spanning across Global Emerging Markets debt and Asian bonds.

Last year, we have also won numerous awards in Asia for our Asia Credit and local currency bond capabilities.

• Sustainable investments: HSBC AM offers deep expertise that goes above and beyond investment, with our history in ESG dating back to the launch of our first Socially Responsible fund back in 2001.

Our experience includes being the lead investor in Climate Action100+ initiative and being a founding member of the Investment Leader Group, facilitated by the Cambridge Institute for Sustainability Leadership.

Our involvement in various ESG initiatives help shape the future ESG agenda and allow us to build credibility and leadership in this field.

Last year, we announced a new coal policy to phase out coal-fired power and thermal coal mining from our listed holdings, and we joined the Net Zero Asset Managers Initiative, committing to support the reduction to net zero by 2050 in line with global efforts to limit warming to 1.5°C.

Climate Asset Management, a joint venture between HSBC AM and Pollination, secured more than USD650 million in commitments across their two natural capital strategies.

• Culture & Talent: we believe in empowered teams that celebrate our differences and building a culture where everyone feels included, valued and respected.

Our focus on DE&I spreads from hiring and promotion to investment decision making.

We are focused on creating an environment where colleagues feel empowered to share the passion for investment debates and risk taking, helping to maximise the full potential of everyone involved and lead to superior client outcomes.