Asian Institutions Face Pressure to Lift Returns

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Many Asian institutions are struggling to meet their targeted portfolio returns or have recorded negative returns amid the global market turbulence since mid-2015. This has forced them to look beyond core asset classes for yield and search for more non-traditional strategies as they seek to boost returns and reduce fee expenses on their portfolios.

This is one of the key findings from global research and consulting firm Cerulli Associates‘ newly released Institutional Asset Management in Asia 2016 report. While the number of traditional mandate issuances from Asian institutions declined, the pace of alternative searches and use of other non-traditional avenues like smart beta strategies have markedly increased among asset owners in China, Korea, Hong Kong, and Taiwan.

Alternative allocations, in fact, gave institutions like Korea’s National Pension Fund and Korea Teachers Pension Fund the strongest returns on their respective investment portfolios last year. This has strengthened the resolve of many Korean institutions to beef up their alternative exposures, with some of them aiming to invest at least 20% of their portfolios in alternatives before 2020. Apart from the allure of alternative investments, the underperformance of active managers has also prompted Asian institutions to think more about passive products or smart beta products. In Taiwan, assets allocated by pension funds to smart beta strategies surged by 62.2% to US$10.9 billion, accounting for 31.9% of their total overseas mandates as of June 2016.

However, Asian institutions are unlikely to have full-scale expertise in these areas any time soon, and will have to rely on external managers. «This burgeoning demand for alternatives and passive products will provide more opportunities than ever to managers known for their strong alternative capabilities,» says Manuelita Contreras, an associate director with Cerulli, who led the report.

This certainly puts pressure on traditional asset managers. In Cerulli’s survey of institutional asset managers in Asia, they ranked competition from alternatives and passive products among their top five challenges over the next two years. Many traditional asset managers have even jumped on the alternative bandwagon and built their alternative capabilities.

The growing competition for assets from the usual institutional investors in the region has also prodded managers to find opportunities at smaller institutions, including private banks, smaller pension funds, benefit associations, and small and mid-sized insurers. «Nowhere is this more evident than in Korea, where a slew of them have poured money into overseas investments, with some having even leapfrogged from passive to alternative investments,» says Rui Ming Tay, an analyst with Cerulli, who co-led the report.

US Elections: The End of the Fed’s Independence?

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According to Philippe Waechter, chief economist at Natixis, on election day, the economic context continues to look uncertain. Growth in the US has been weaker in 2016, while the world economic outlook is on a moderate slope. World trade is not progressing much and fails to act as a growth driver for the US. In other words, if the US economy wants to get back on the path to growth, it will have to rely on its domestic market, rather than external impetus.

In this respect, he believes the two presidential candidates’ programs offer very different, and often vastly diverging, solutions:

  • In the Democrats’ program, as embodied by Hillary Clinton, the overall approach is based on the acknowledgment of the current long-term stagnation in economic growth i.e. a situation characterized by insufficient private demand to ensure robust growth, as well as by major revenue inequality. The solution put forward by Hillary Clinton is to implement an infrastructure investment program, which would be financed by more hefty income tax on the highest earners, thereby giving domestic activity a boost and hence reducing inequality in order to gradually eliminate the risk of long-term stagnation. The program’s aim is to put growth back on an upswing by reallocating resources towards infrastructure investment, and this increased investment should in turn heavily encourage private investment. The program would be financed by higher taxes, so the impact on the public deficit would be limited and the public debt profile would only increase very slightly, and probably not be much different to what is currently projected by the US authorities.
  • Donald Trump’s program takes a different take on the economy. It is based on two major principles: the first is to considerably cut back household and corporation tax in order to bolster domestic demand; the second is to give the United States back its power and independence of bygone days. This involves pulling out of trade commitments and treaties, and international political commitments, as well as the implementation of a more protectionist framework with a significant hike in customs duties, particularly with China. The overall aim is to drive the domestic market, while reinforcing the United States’ independence from the rest of the world.

The choice of candidate will have lasting and very diverging consequences for the economy. For the rest of the world, the impact will also be very different depending on who wins. If the Democratic party wins, we know that Clinton is not opposed to free trade, although she is not a fervent supporter either (particularly the TTIP), so in other words she will not take protectionist measures but neither is she like to force greater trade agreements between countries or zones. From a political standpoint, the role the US plays in the worldwide equilibrium would continue.

If the Republican candidate is wins, then the situation will look very different. The shock on world trade would affect all participants in the world economy, driving activity down. No-one will escape this negative shock, and in particular China. Canada and Mexico, which do considerable trade with the US, would also be penalized, and Europe would also be affected by this radical change. The other point to note is that the Republican candidate does not want to see the US guarantee world security, contrary to the situation we have witnessed since the Second World War, and this would cast doubt over NATO membership. There is a risk that this situation would create a context for mistrust and suspicion, which is never good news for growth.

At Natixis, from a tactical standpoint, they maintain a considerably more positive stance on equities than bonds, based on:

  • projections for world growth that are still weak but downward risks are easing;
  • extreme valuations on the bond market, even after the rise in rates seen since the start of September;
  • the feeling that Eurozone investors should gradually factor in the upward inflationary trend out to mid-2017 and the likely announcement from the ECB in December of a less generous approach to its quantitative easing program during 2017, thereby promoting an upward normalization of long-term rates.

«In view of the likely Hillary Clinton victory, we maintain a positive view on emerging markets, particularly on emerging debt, once the rise in short-term US bond rates and the dollar has been processed.» Says Nuno Teixeira, Head of Institutional & Retail Solutions Investment and client solutions investment division.

The end of the Fed’s independence?

The two candidates’ attitude on the Federal Reserve is also very different according to Waechter. «We can expect few changes from Democrats: the candidate would guarantee the Fed’s independence and Janet Yellen could seamlessly continue to manage US monetary policy. The Republican candidate’s approach is radically different. This can be seen in the vast number of criticisms of Janet Yellen’s strategy. The danger is that he could attempt to reduce the Fed’s independence, either heavy-handedly by changing the law, or by revisiting an objective from Republicans in Congress to cut back the central bank’s leeway, all with the aim of forcing the Fed to follow precise rules in its management of monetary policy. The Fed could still be independent in legal texts, but in practice it would not be.» He concludes.

State Street Global Advisors Announces New Promotion Agent for SPDR ETF Business in South America

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State Street Global Advisors (SSGA), the asset management business of State Street Corporation, announced a partnership with Credicorp Capital which will serve as promotion agent for SPDR ETFs to institutional investors in Chile, Peru and Colombia. The partnership, which became effective September 12, 2016, will provide institutional clients throughout the region with local, dedicated SPDR ETF resources to help meet their portfolio management needs.

“Latin America is a strategically important market to the SPDR business and we are pleased to enhance our resources for clients throughout the Andean region,” said Nick Good, co-head of the Global SPDR business at State Street Global Advisors. “SSGA’s global ETF capabilities paired with Credicorp’s deep local relationships and expertise will result in an improved client experience.”

“We are thrilled to partner with State Street Global Advisors to represent their market leading family of SPDR ETFs. The Global SPDR business is the unquestioned ETF leader for institutional investors and we look forward to delivering enhanced resources to our clients across the Region,” said Alejandro Perez Reyes, head of Asset Management at Credicorp Capital.

Vanguard abrirá un centro de innovación en 2017

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Vanguard To Open an Innovation Center
Foto: Boegh . Vanguard abrirá un centro de innovación en 2017

Vanguard ha anunciado la creación de The Vanguard Innovation Center, una nueva operación totalmente enfocada al desarrollo de servicios para satisfacer las cambiantes necesidades de clientes individuales, financieros e institucionales. El centro de innovación, que se espera abra en el segundo trimestre de 2017, estará ubicado en Filadelfia, cerca de la sede mundial de la firma en Malvern.

«La innovación forma parte del ADN de Vanguard, desde la singular estructura de nuestro accionariado hasta la oferta del primer fondo mutuo indexado al mercado de inversores individuales», dice Bill McNabb, CEO de Vanguard. «El centro de innovación es un compromiso tangible de que mantenemos nuestro sólido historial de creación de capacidades que creemos que dan a nuestros clientes la mejor oportunidad para triunfar en las inversiones, y estamos encantados de que este importante nuevo paso tenga lugar en Filadelfia».

Hoy en día, más del 90% de las interacciones de Vanguard con sus 20 millones de clientes se producen digitalmente, lo que permite a la compañía aumentar la productividad, reducir los costes y mejorar la experiencia de los inversores. Entre ellas, las del Vanguard Personal Advisor Services, una de las primeras ofertas de la industria de asesoría híbrida -que combina la apuesta por el mundo virtual, un plan financiero personalizado y los sofisticados modelos informáticos de los roboadvisors con el juicio y entrenamiento comportamental de un asesor financiero humano-, lanzada en mayo de 2015, que gestiona ahora 47.000 millones en activos.

Aunque todavía se encuentra en fases muy iniciales, está previsto que el Vanguard Innovation Center sea un equipo interno de carácter emprendedor formado inicialmente por 20 profesionales y que sirva como catalizador de nuevas ideas y soluciones. Su equipo también evaluará oportunidades de colaboración con empresas y universidades.

«Estamos en medio de una gran revolución tecnológica -desde automóviles autodirigidos y drones para la entrega de paquetes a teléfonos inteligentes e impresoras 3D- que está cambiando nuestra manera de vivir, trabajar y, en el ámbito de Vanguard, invertir. Con nuestro centro de innovación buscamos aprovechar las tecnologías emergentes y los nuevos procesos para crear valor para nuestros clientes, mejorando su experiencia y resultados de inversión», añadió McNabb.

 

Joséphine Verine Appointed COO Marketing of the Lombard Odier Group

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Lombard Odier announces the appointment of Joséphine Verine in the newly created role of COO Marketing in the Marketing and Communication Department of the Lombard Odier Group.

Joséphine Verine will report to Fabio Mancone, Executive Vice President and Chief Branding Officer of the Lombard Odier Group.

She will be responsible for ensuring that marketing operations and project management run smoothly across units, markets and departments. In her role, she will also directly oversee events, publications, editorial content and client experience.

Joséphine Verine has more than 20 years of experience in the luxury sector. She joins from Chanel where she has been Managing Director of the Haute Couture Division for the last three years. Prior to that, she occupied a number of senior management positions in marketing, communication and retail at Dior, Céline, Armani and Louis Vuitton.

Joséphine Verine brings to Lombard Odier her valuable expertise and sensibility to luxury clients’ relationship management and service.

Joséphine Verine will be based in Geneva. Her appointment is operational as of 15 November 2016.

 

Concerns About a Sharp EM Correction are Overplayed

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Looking at the potential impact of the incoming 45th US President on emerging markets, the AXA IM Emerging Market debt team believes that trade and immigration policy has proved among the most contentious topics in the US elections. According to Olga Fedotova, Head of Emerging Market Credit Research at AXA IM: “Trump may find punitive trade measures counterproductive.” During their campaigns, Trump has proposed increasing import tariffs, scrapping regional and global trade deals, blocking worker remittances to Mexico, and has hinted at the mass deportation of undocumented workers. In contrast, Clinton has largely promised to oversee a continuation of the status quo. Takinf this into consideration, the specialist believes that concerns about a sharp EM correction are overplayed – «the direct impact of US trade on EM economies is modest, with EM countries sending just 16% of their exports to the US. However, Mexico remains singularly exposed, with 81% of its exports going to the US.»

Fedotova believes that if Trump were to keep to his Mexico trade agreements campaign promises, he may find punitive trade measures counterproductive given Mexico is the US’s second largest export destination and trade between the US and Mexico is interlinked. “China and South Korea take second place, with US imports making up 3%-4% of GDP. If Trump were to impose punitive tariffs against China, any counter action could inflict significant pain on US exports, whose third largest market is China. In EMEA, the trade ties with the US are modest, with Israel (1% of GDP) and Saudi Arabia (0.7% of GDP) the most exposed, although two-way links limit the risk to individual industries. For example TEVA, an Israeli pharma company which generates over half of its revenue in the US, produces Multiple Sclerosis drugs which current patents would make difficult to replicate. In Saudi, the trade account is balanced, with oil exports to the US offsetting imports of cars and machinery.»

In their view, the strength of the dollar is the main channel through which a US President affects EM. «Assuming some fiscal loosening, the Fed reaction determines the dollar impact. The new President inherits a strong dollar by historical levels and the major drivers of $/EM are turning favorable for EM. There could also be tension around «currency manipulation» and a high risk that the Trans-Pacific Partnership (TPP) is delayed or rejected.»

Meanwhile for Sailesh Lad, manager of the AXA World Funds Emerging Markets Short Duration Bonds fund “The severity of volatility and weakness in EM will depend on how quickly and what is implemented regarding the TPP. I recently attended the IMF meetings in Washington DC at which a panel debated whether Trump could rip up Nafta without government approval! This could have negative growth implications for not only EM but also US. If there is no room for fiscal expansion, then the Federal Reserve is the only institution who might be able to kick start the economy. Trade is clearly a point of contention, less so with Hilary than Trump, but it is important to note that US exports are a fifth of Mexico’s GDP, but only 4-5% in China and Korea and 2% or lower in the other manufacturing exporters. That said, a shock to global trade would clearly hurt all of EM.”

Overall they expect more volatility in markets in a Trump victory because of policy uncertainty. «In the medium term, the results of this election will have a global impact, not just an impact in EM countries. In my view countries with large external financing needs and high beta such as Turkey and South Africa may suffer and their debt underperform. Diverging foreign policy objectives could see shifts in geopolitical alignment. In our view Asia (ex- China) is least likely to be impacted. Ukraine may also suffer if Trump wins, as he is seen as being more pro-Russia, and therefore Russia could see more up-side than down-side. For example a victory for Trump could usher in a renewed détente with Russia, a relationship that has become increasingly strained under President Obama. While there are some fears about additional financial sanctions under Clinton, the marginal effect of further sanctions is likely to be limited.» Russian companies have largely adjusted through deleveraging, with total corporate external debt going down to USD 468bn in September 2016, from USD 678bn reported when sanctions were first imposed in 1Q 2014.2 Lastly, the Middle East could become more unstable with risk of more geo-political issues.

“A Clinton win should mean business as usual for Ukraine, as she doesn’t share Trump’s pro-Russia stance. We have been reducing our exposure to Mexico for both US election risk worries but overall we are slightly less positive on Mexico due to reform fatigue and concerns around certain Mexican corporate fundamentals. Also in Asia, we have been reducing overall exposure as we believe the region is expensive on valuation terms.»

Fedotova concludes: “Regardless of the winner, gridlock, pragmatism and self-interest are likely to prevent the market’s worst fears from materialising. Headline risk and volatility may increase, particularly with a Trump win, close trade linkages – 50% of US exports are destined for emerging markets, would make a fundamental shift in trade policy a case of beggaring thy self, rather than thy neighbour.”

Steering Portfolios Through the Current Uncertainty

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With the U.S. election now just 24 hours away, I’ve been recalling what it was like to sit in a car with each of my three teenage children when they were learning how to drive.

Quite early on you tackle the principles of steering safely. My advice was an exhortation to “Aim high!” whenever I sensed that eyes were drifting down toward the dashboard or out toward the sidewalk.

It’s counterintuitive advice—but that’s why it’s so useful. Your attention is inevitably drawn to the potential obstacles and dangers closest to you, in the foreground of your vision. But let it stay there and you end up swerving rather than steering, careering toward one obstacle as you try to avoid another. “Aim high,” keeping your eyes on the middle of the road well ahead of you, and you drive smoothly on your way.

On the Nature of Uncertainty

This is a paradox we’ve tackled in a few of our recent CIO Perspectives. Investors have a lot of politics clouding their peripheral vision right now. It’s not as though politics are irrelevant to investment portfolios, any more than sidewalks and parked cars are irrelevant to the learning driver. But the safest way to address them is to acknowledge that they are there while looking past them, focusing on the long-term center ground to which they are likely to converge rather than the short-term extremes where they now sit.

This is the nature of events loaded with uncertainty. In the lead-up to such events and in the immediate aftermath, the uncertainty is high; as time passes, some of that uncertainty diminishes.

For example, it’s now 20 weeks since the Brexit referendum. Before the vote, uncertainty was high, and in the immediate aftermath, the U.K. government’s position that “Brexit means Brexit” kept us guessing. But by last week we had an important High Court judgment that, while adding uncertainty to the timing of the U.K.’s exit from the European Union, reduced the uncertainty around the type of exit it might be—more “soft” than “hard.”

Tomorrow’s Election Results Are Only the Start

Faced with events of extreme uncertainty that diminish over time, the investors who drive most smoothly are usually the ones who recognize that their greatest advantage is their long-term time horizon.

I suspect this will be one of the main messages to come out of a webinar that Joe Amato, Tony Tutrone and I will hold on Wednesday to discuss our initial thoughts on tomorrow’s U.S. election results.

By then, we should have more information than we do now, but it’s not a certainty. The shape of Congress will be clearer. But the presidential election polls are close and one candidate has been calling the integrity of the process into question; recall that it took a month to confirm who won in 2000.

As I suggested back in February, when Brexit and candidate Trump still seemed like low-probability outcomes, exploiting your long-term time horizon in an environment like today’s involves hedging specific risks where possible, reducing whole-portfolio risk, and taking contrarian positions when market pricing moves too far. Those able to adopt options strategies can almost literally sell short-term uncertainty in exchange for long-term certainty via put writing. I believe that’s a compelling opportunity at the moment.

In other words, “aim high.” The time to hold fast to rational argument, a calm outlook and high principles is precisely when others are swayed by innuendo, hyperbole and low rhetoric. While they swerve from one outrageous revelation to the next, we can look further down the road to the time when the checks and balances of the political and the economic systems have restored some equilibrium. If you ever learned to drive, you know it’s the right thing to do.

Neuberger Berman’s CIO insight by Erik L. Knutzen

Seis razones de la última oleada de ventas en deuda

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Six Reasons for the Recent Bond Sell-Off
CC-BY-SA-2.0, FlickrFoto: Lynn Greyling. Seis razones de la última oleada de ventas en deuda

Octubre fue un mal mes para los mercados de bonos. La deuda alemana ha incrementado su rentabilidad en 30 puntos básicos, haciendo al pasado su peor mes desde 2013, mientras que el papel de Estados Unidos ha llevado su rentabilidad a sus niveles más altos desde mayo de 2016. Según Pioneer Investments, las principales razones de las ventas en estos mercados son las siguientes:

  1. Aumento de la probabilidad de una subida de tipos por parte de la Fed en diciembre (ahora del 73%). Los datos económicos recientes en los Estados Unidos (y globalmente) han sido lo suficientemente fuertes como para permitir que la Fed suba en diciembre sin trastornan los mercados.
  2. La inflación. Las tasas verdaderas no se han movido. Sin embargo, ha habido un aumento de las expectativas de inflación, debido al aumento del precio del petróleo en los últimos 12 meses.
  3. Los datos más fuertes del Reino Unido anticipan un alza de tipos. Los datos del PIB del tercer trimestre en el Reino Unido fueron lo suficientemente fuertes como para hacer que el mercado considere que podrían no ser necesarios nuevos recortes de tasas.
  4. El índice Euro OverNight Average (EONIA por sus siglas en inglés) dejó de anticipar recortes de tipos. Como en el Reino Unido, los sólidos datos económicos en Europa (como los de la encuesta IFO y números de la producción industrial alemana), junto con el aumento de la inflación hacen improbable que el BCE reduzca su tasa de referencia.
  5. El posicionamiento de los inversores. Los datos de los futuros en Eurex sugieren que muchos inversores estaban largos. Al recortar estas posiciones, cuando subieron las tasas de los bonos exacerbó la presión de venta.
  6. La volatilidad de los bonos estuvo cerca de mínimos históricos. El índice MOVE de Volatilidad de las opciones de Merrill Lynch mostró que la volatilidad del mercado de bonos había retrocedido hacia los bajos niveles observados en mayo de 2013 y agosto de 2014. En ambos casos, la volatilidad repuntó rápidamente poco después.

Con todo, y aunque en Pioneer simpatizan en cierto modo con el alza en los rendimientos, y están ejecutando una posición corta en duración en Europa, David Greene explica que en la gestora «no suscribimos la creencia de que éste sea el comienzo de otro taper tantrum”.

 

Thomson Reuters lanza la app Eikon Election para ofrecer datos sobre las elecciones estadounidenses

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Thomson Reuters Has Launched a U.S. Election App
CC-BY-SA-2.0, FlickrFoto: VectorOpenStock. Thomson Reuters lanza la app Eikon Election para ofrecer datos sobre las elecciones estadounidenses

Thomson Reuters ha lanzado una aplicación para ofrecer datos relacionados con las elecciones estadounidenses sobre Eikon, su producto estrella, que facilita a los profesionales financieros datos de mercado, noticias, comentarios y análisis antes y después de las elecciones del 8 de noviembre.

La app de las elecciones proporciona análisis intradía y apoyo gráfico específico de Estados Unidos y global, a través de los segmentos clave de los mercados de capitales, incluyendo divisas, renta variable, renta fija y materias primas. La aplicación está dividida por segmento financiero e incluye comentarios sobre las noticias de actualidad relacionadas con el mercado específico realizados por Reuters. Los usuarios tienen, además, acceso a una selección del contenido del Chartbook de la Thomson Reuters financial time series database Datastream.

La aplicación ofrece además un servicio de noticias de Reuters relacionadas con las elecciones, y enlaces a las encuestas de Reuters, al “Reuters Election 2016 Live Blog”, a la televisión de Reuters, y a la aplicación “Reuters States of Nation”, un producto interactivo que permite a los usuarios crear sus propios escenarios electorales.

«Las elecciones presidenciales estadounidenses tradicionalmente crean ramificaciones a corto y largo plazo para todos los segmentos de la economía global y mercados financieros», dice Debra Walton, managing director global en el departamento de propuestas a clientes de Thomson Reuters Financial and Risk. «A los profesionales financieros les llega una enorme cantidad de información de diferentes fuentes, por lo que fusionando contenido de todo Thomson Reuters, proporcionamos a nuestros clientes una amplia cartera de noticias, datos y análisis en un único sitio, lo que les permite tomar decisiones de inversión más informadas».

La plataforma Eikon de Thomson Reuters es una plataforma abierta para el consumo de datos en tiempo real e históricos, que permite transacciones en los mercados financieros y conecta con la comunidad de los mercados financieros. Sus noticias, análisis y herramientas de visualización de datos ayudan a los usuarios a tomar decisiones de trading e inversión más eficientes en todas las clases de activos e instrumentos, incluyendo commodities, derivados, renta variable, renta fija y divisas.

Una parte importante de los HNWI chinos tienen en mente emigrar, y Estados Unidos es su opción preferida

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Chinese HNWI Choose The USA As Most Suitable Country For Emigration
Foto: Paul Arps . Una parte importante de los HNWI chinos tienen en mente emigrar, y Estados Unidos es su opción preferida

El Hurun Research Institute y Visas Consulting Group han publicado un informe -en su tercera edición- sobre inmigración y el HNWI chino (Immigration and the Chinese HNWI 2016). El informe de 2016 incluye un ranking sobre los países que los HNWI del país oriental consideran más apropiados para emigrar y una lista de las ciudades preferidas en las que comprar casas y a las que emigrar.

Estados Unidos lidera por segundo año el ranking, seguido por Reino Unido, que mantuvo su segundo puesto a pesar del Brexit, mientras Canadá fue tercero, seguido por Australia y Singapur que completan el Top 5. Irlanda aparece por primera vez en el Top 10, ocupando el sexto puesto y haciendo que seis de los Top 10 países sean europeos.

El informe también pone de manifiesto que las compras de propiedades en el extranjero son la forma más popular de inversión fuera de sus fronteras. La Costa Oeste de Estados Unidos es el destino más atractivo para el HNWI chino de cara a instalarse en él, particularmente Los Ángeles, San Francisco y Seattle. «Seattle ha subido en el ranking de Preferred Destinations para el HNWI chino por segundo año consecutivo, incluso superando a Nueva York, para situarse entre los tres primeros este año», explica Rupert Hoogewerf, presidente e investigador jefe de Hurun Report.

Durante los próximos tres años, el 60% de los HNWIs tienen la intención de invertir en propiedades en el extranjero. «Actualmente, China tiene 1.340.000 individuos en este grupo definido como individuos con 1,5 millones de dólares, lo que significa que estamos mirando a 800.000 personas que quieren comprar propiedades en el extranjero durante los próximos tres años», añade Hoogewerf.

Asignación de activos internacionales
Más de la mitad de los HNWI tiene la depreciación del yuan entre sus principales preocupaciones, que incluyen el tipo de cambio del dólar estadounidense y la gestión de activos en el extranjero. «La tendencia de este año va más allá de la emigración, llegando a la asignación global de activos. Para los chinos ricos de hoy, el objetivo es tener un tercio de su riqueza en el extranjero. La adquisición de viviendas y los depósitos de divisas lideran esta tendencia», señala.

La inversión financiera en el extranjero representa ya el 15% del patrimonio de los individuos encuestados. «Las principales razones para invertir en el extranjero son la diversificación del riesgo de sus inversiones, y la educación de sus hijos, siempre con la emigración en mente».

Al invertir en el extranjero, la seguridad de los activos es la máxima prioridad. El 64% de los entrevistados eligió «control de riesgos» como su principal consideración. Los depósitos en divisas son la primera opción, pues la eligió el 31%, seguidos por los fondos -el 15%- y los seguros -más del 10%-. Hoogewerf explica que para los HNWI chinos de hoy, “sus inversiones en el extranjero las incluyen en la cesta de las inversiones conservadoras y no en las de riesgo”.

Otro dato que revela el trabajo es que ocho de cada diez HNWIs realiza ‘inversiones por pasión’, y las dos más populares, pinturas y relojes, están en las carteras del 24% y 16% de ellos respectivamente. Sellos (7%), vino (4%) y coches clásicos (2%) son otras opciones populares. En comparación con el año pasado, la proporción que invirtió en pintura mostró un aumento considerable, un 33%, mientras que las inversiones en vino disminuyeron un 2%.

El ranking de abajo refleja los países que los HNWI chinos consideran más adecuados para emigrar, teniendo en cuenta un conjunto de ocho factores, incluyendo educación, facilidad de inversión, política de inmigración, reglas de inversión inmobiliaria, impuestos, atención médica, visas y facilidad de adaptación para los emigrantes chinos.

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Destinos favoritos para emigrar y adquirir propiedades en el extranjero

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El informe se basa en una encuesta realizada entre agosto y octubre de 2016, a individuos con una riqueza media de 27 millones de yuanes, que han emigrado o considerado emigrar. Un HNWI chino se define como una familia con una riqueza neta de 10 millones de CNY, equivalente a US $ 1,5 millones.