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The U.S. banking pension business

2018-11-20 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- The U.S. banking pension business,供大家参考学习,这篇论文讨论了美国银行业的养老金业务。养老金是美国银行业一项不断创新的传统业务,其特征之一是具有较高的综合性。养老金业务包含从在职雇员到退休者的一系列退休相关需要,其中投资管理是核心部分和关键盈利驱动因素。银行养老金投资管理有别于投资银行业务,它以收费为主要收入来源。这类业务种类繁多,但可划分为信托和非信托业务。

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Wealth management became one of the most promising and value-added businesses in the us banking industry after the financial crisis. While fund management is an important part of wealth management, the two largest types of funds are mutual funds and pensions. Pension is a special group in the fund family. It is special in legal supervision, customers, products and business treatment. The United States pension system has been relatively mature after decades of development, and the banking industry is an important operation author of the system, which has formed relatively perfect business and management experience in practice, which can enlighten the developing China pension system and banking services.

Pensions are a traditional business of continuous innovation in American banking. One of its characteristics is high comprehensiveness. The broad pension business includes a range of retirement-related needs from current employees to retirees: design and setup of retirement plans, account management, investment management, participants investing in education and communication, post-retirement fund distribution management, etc. The investment management is the core part and the key profit driver. Bank pension investment management is different from investment banking, which is mainly based on fees. There are many types of such business, but they can be divided into two categories: trust and non-trust. America's rules on pensions focus on the trust business. The regulations mainly include the employee retirement income security law and other trust, banking and securities laws. Accordingly, the bank is allowed to do pension business in two forms: as a trustee; To act as a limited trustee in the custody, agency and other non-trust management business.

American pension trusts mainly include: plan funders -- employers; Banking, independent trust institutions, asset management companies, insurance companies and other financial institutions. As a full trustee, the employer can undertake all the functions of the trust -- investment and management. But the usual practice is that the employer takes on some of the trust functions, and hires one or more financial institutions to hold the asset accounts and act as a trustee, taking on such trust investment functions as investment advisor, asset management and trading.

In addition to full trustees, the larger group engaged in the pension business is the limited trust - engaged in asset management, trading and custody only on the instructions of the scheme funders or participants. According to the us department of labor, limited trusts are also subject to the "prudential rule", which assumes the basic responsibility for the prudence of investment decisions, including making sure that investment directives are not included in prohibited transactions, based on prudent decision-making and due process, not in violation of ERISA and planning requirements, and not to blindly follow inappropriate directives.

The us banking industry can do a wide range of investment-related business, but there are not many. The development strategy adopted by Banks in the capital market business is mainly engaged in other services other than investment banking -- securities or investor services. Pension management is a major part of these businesses. Compared with investment banking, this type of business has the following characteristics: fees are the main source of income, and fees are mainly based on the proportion of assets under management; Business volume and income are sensitive to the size of transactions rather than the direction of market changes, which are less affected by the economic cycle; Business income is not affected by the pension balance sheets, many large companies such as the current us pension plans have huge deficits, make the company pension costs have risen sharply, but this means that the business and revenue opportunities for the Banks, because the company to make up for the deficit must to pension portfolio to adjust, need more investment consulting and management services; Since the business is dominated by fee income, credit and market risk are correspondingly low and risk-adjusted profit margins are higher, and the value of bank shares is usually overestimated by the market. For example, the safety and profitability of the main investment service Banks during the subprime crisis was higher than that of other Banks, and the decline in stock values was lagging behind other Banks.

American Banks adopt different business development models in the investment service. One is the transformation from traditional commercial Banks to investor service financial companies, the most typical youdao rich, New York Mellon, brown brothers Harriman, northern trust, etc. The second is to increase the portfolio of investor service products on the basis of the original commercial banking business.

Bank of America generally adopts two kinds of investors' service product portfolio development strategies. First, it adopts the vertical strategy, i.e. from post-transaction processing, mainly in securities clearing and settlement custody to trading, mainly in transaction execution, and further in transition to pre-transaction, mainly in transaction decision-making. The second is the horizontal combination strategy, that is, rearrange the traditional commercial banking business around the service of investors, and connect the original corporate banking business with investment-related business to form a more three-dimensional product portfolio.

In practice, the bank has formed a complex pension business model and portfolio according to its business strategy. The following perspectives help to better understand the pension business of the us banking industry.

According to the trust relationship, it can be divided into trust business and non-trust business

Large U.S. Banks that serve investors typically divide their business into two groups: pre-trade and partial in-trade services, such as asset management and investment management -- trust and non-trust businesses with investment decisions at their core; Investment services, corporate services and other post-transaction and part of the transaction non-trust services.

The bank ACTS as a trustee to manage the pension. Investment criteria, according to the prudential rules, a bank must take into account the following factors when making pension investment decisions: ensuring investment liquidity, forecasting the cash flow demand of pension plans, investment risks and expected return on investment. The us banking sector's pension portfolio is divided into two categories: direct investment -- into financers, including stocks, bonds and other short-term investments. Collective investment instruments - invest in a collection of direct investment instruments or intermediate products, including mutual funds, hedge funds, collective investment funds, insurance products, etc. The collective investment vehicle is the unique asset portfolio of the bank, which is divided into two categories: first, the bank provides its own trust fund asset portfolio, which will disperse a small number of small and medium-sized clients' pension funds into a collective investment fund to invest in profitable assets. Second, invest in mutual funds. As the range of investment vehicles expands, Banks face more choice in pension investments, of which mutual funds are the fastest growing and most important. It is a proxy for the bank's pension investments, which are regulated by securities investment laws and the securities and futures commission. American mutual funds and pension funds are two main members of the fund family, both providing investment management for fund owners, and both are buyers in the capital markets and facing the same sellers: stock, bond, money market instruments, and so on. But there are big differences: pension funds are merely sources of funds rather than investment instruments, and mutual funds are both sources of funds and intermediates -- a portfolio of seller's tools; Pensions are regulated by ERISA and the department of labor, the internal revenue service, and mutual funds are regulated by securities, investment and other regulations as well as the securities and exchange commission. Pension fund is an institutional investor. The procedure of selecting fund manager is more professional and standardized. Mutual fund is mainly individual and individual. Pension investments are more heavily regulated, disclosure requirements are higher, risk aversion is higher and duration is longer. From the perspective of business, it is quite complicated and difficult for the bank to participate in pension management as a trustee. Because individuals and corporate clients have different goals, financial status, risk and return preferences, and restrictions, trusts must consider these elements when designing their portfolio of investments to avoid significant losses. From a regulatory perspective, Banks are more heavily regulated in their pension trust services than they are in other non-trust businesses. So many Banks are opting for non-fiduciary pensions. The management of pensions by Banks as limited trusts. Appointed by the trustee, the limited trust is mainly engaged in the agency business such as custody, account management and communication with participants education. It is another major category and important source of income in the banking pension business. In particular, after ERISA asked Banks to separate their pension assets from their corporate assets, many employers began to turn their retirement plan assets over to professional institutions, boosting the business. The limited trust has individual clients, but its largest customer base is institutional investors - corporate retirement plans. The bank may act as a trustee and a limited trustee at the same time, or may act as a limited trustee only, with other institutions as trusts. The Banks have limited investment functions, mainly providing non-fee investment advisers, introducing brokers and custodians, while participants instruct trusts to select portfolios and trades. Banks were primarily involved in post-trade and partial transaction processing, but now they have developed into pre-trade - investment decision-making businesses. In practice, the line between the two functions of trust and trust is sometimes blurred. In general, large Banks are more likely to be both trust and non-trust businesses; Small and medium-sized Banks are more likely to engage in trust business and outsource some or all of the custody business to big Banks. Because in terms of technology and cost, middle and back line processing like hosting requires more scale and system support. This has led to a growing concentration of custody operations in a few big Banks.

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