Wealth Management In The New Economy

A practical guide to managing wealth in modern times Wealth Management in the New Economy addresses a wide array of wealth management topics and established financial theories. Author Norbert Mindel has successfully advised his clients for more than three decades in the business. Now, with this new book, he shares the wisdom he has acquired and offers valuable insights into successful wealth management in an economy that has changed dramatically over the past year. Along the way, Mindel explores the essential aspects of this discipline, including the keys to wealth creation, properly managing risk, asset protection, planning for a prosperous retirement, and many other issues that you need to understand in order to survive and flourish in today's economy. While market forces are far too complex to be fully predicted or exploited, it is still possible to protect and grow your-or your client's-wealth. Wealth Management in the New Economy will show you how to achieve this important goal. Reveals how you can reduce market risk by using proven theories of portfolio management Written by accomplished financial advisor, attorney, and CPA Norbert Mindel Lays out strategies wealth managers and investors both can use to protect and grow wealth in the new economy For practical financial guidance you can count on, look no further than Wealth Management in the New Economy.

Mainstay reference guide for wealth management, newly updated for today's investment landscape For over a decade, The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets has provided financial planners with detailed, step-by-step guidance on developing an optimal asset allocation policy for their clients. And, it did so without resorting to simplistic model portfolios, such as lifecycle models or black box solutions. Today, while The New Wealth Management still provides a thorough background on investment theories, and includes many ready to use client presentations and questionnaires, the guide is newly updated to meet twenty-first century investment challenges. The book Includes expert updates from Chartered Financial Analyst (CFA) Institute, in addition to the core text of 1997's first edition endorsed by investment luminaries Charles Schwab and John Bogle Presents an approach that places achieving client objectives ahead of investment vehicles Applicable for self-study or classroom use Now, as in 1997, The New Wealth Management effectively blends investment theory and real world applications. And in today's new investment landscaped, this update to the classic reference is more important than ever.

Introducing a fresh perspective on wealth management, with proven solutions to the challenges of preserving wealth and investing well in turbulent times Family Wealth Management is coauthored by two experts in the field of private wealth - one, a former director of Bain & Company and the chairman of two of the world's largest family trusts, and the other, a CEO of a leading global family office and professor of finance from University of Toronto. The book introduces you to a unique model of wealth management that produces the desired return outcomes while being consistent with a family's overarching goals and values. The approach combines the best traditional investment and portfolio management practices with innovative new approaches designed to successfully navigate through economic climates both fair and foul. While the authors address the critical "hard" issues of asset management, they also emphasize important "soft" issues of working with families to ensure that actions are congruent with objectives, in alignment with family governance principles and designed to help sustain and grow family wealth over multiple generations. The authors provide clear guidance on how to master each component. How to establish clear family vision, values, and goals as a critical foundation to a sound wealth management strategy How to establish a practical, integrated investment framework that will ensure a consistent, disciplined approach in all environments How to set a long-term family wealth strategy and define an asset allocation model that will produce the desired results How to draft an annual investment policy statement and refine the investment tactics based on capital markets trends and changes in the family’s circumstance How to effectively monitor performance and respond to the need for change How to carefully select and manage an ecosystem of experienced, trusted financial advisors who will provide critical guidance through challenging period ahead How to successfully engage and educate the family to preserve and enhance the family’s financial wealth and human capital over the generations

Amid the global financial turbulence, the Mutual Market Access (MMA) programme, comprising the Shanghai Connect, the Shenzhen Connect and the Bond Connect, has solidified Hong Kong’s status as a unique financial hub connecting the East and the West and, in this process, has explored a new path for the opening-up of China’s capital market. In the face of economic structural changes across the globe, Hong Kong seeks to look into innovations in financing the new economy, and has built up experiences for reference in the Asian time zone. Hong Kong is gradually establishing a new ecosystem around new-economy enterprises and has made them new targets of investment for both Mainland and overseas investors trading under MMA. This book is the first bilingual title in the market that explains in detail the MMA model between Hong Kong and Mainland China and innovations in new-economy financing, in which experts and research teams who are experienced in these areas discuss in-depth on the key functional drivers of innovations in Hong Kong and the Mainland, including the “MMA”, “new-economy financing” and “global asset allocation”. Elaborating the unique concepts of the MMA model and summarising what HKEX has learned in its reforms in new-economy financing, this book shall come in handy for market participants to make better use of the MMA model and benefit from the latest reforms of Hong Kong’s listing regime. 透過「互聯互通」框架，利用香港上市融資優勢，接軌國際金融市場 市場上首本深入闡述內地與香港「互聯互通」和新經濟融資創新的中、英雙語著作 國際金融環境動蕩，以「滬港通」、「深港通」和「債券通」為代表的互聯互通機制，奠定了香港連接東西的獨特金融樞紐地位，也為中國資本市場的對外開放探索出一條新路徑。 全球經濟結構面臨轉型，香港在新經濟融資創新方面不斷探索，積累了亞洲時區可供參考的經驗，促進香港市場逐步形成圍繞新經濟企業的新生態圈，為參與「互聯互通」的海內外投資者提供了新的標的。 本書是市場上第一本深入闡述香港與內地的互聯互通和新經濟融資創新的中、英雙語著作，由在相關領域具有豐富業務經驗的專業人士和研究力量，圍繞近年來促進香港和內地金融業開放創新的最關鍵動能：「互聯互通」、「新經濟融資」、「全球資產配置」展開深入討論，系統梳理互聯互通的獨特設計理念，總結香港交易所新經濟融資的改革探索經驗，為市場參與者更好地把握「互聯互通」和新上市制度改革帶來的制度紅利，提供系統的專業研究支持。 序——在國際大變局中探索香港的獨特戰略定位 李小加 香港交易所 集團行政總裁 Preface –Exploring Hong Kong’s Unique Strategic Positioning in the Face of International Changes Charles Li Chief Executive, Hong Kong Exchanges and Clearing Limited 第一篇——互聯互通與新經濟融資的新趨勢 Part I – The New Trend of Connectivity and New-Economy Financing 第1章—互聯互通：香港成為連接中國與世界的金融樞紐 Chapter 1 – Mutual Market Access: Hong Kong as a Financial Hub Connecting China and the World 李小加 香港交易所 集團行政總裁 Charles Li Chief Executive, Hong Kong Exchanges and Clearing Limited 第2章—新經濟融資創新與香港的探索 Chapter 2 – Financing Innocation for the New Economy and Hong Kong’s Explorations 陸挺 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Ting Lu Chief China Economist, Global Markets, Nomura International (Hong Kong) Limited 王立升 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Lisheng Wang China Economist, Global Markets, Nomura International (Hong Kong) Limited 王競 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Jing Wang China Economist, Global Markets, Nomura International (Hong Kong) Limited 第3章—互聯互通開啟中國資本市場新紀元 Chapter 3 – Stock Connect Ushers in a New Era for China’s Capital Market 洪灝 交銀國際控股有限公司 研究部主管兼董事總經理 Hau Hong Head of Research and Managing Director, BOCOM International Holdings Company Limited 第二篇——新經濟公司的上市制度改革和融資創新 Part II–The Listing Reform and Financing Innovation for New-Economy Companies 第4章—香港聯交所的新股上市流程和重點 Chapter 4 – Initial Public Offering (IPO) and Listing Process on the SEHK with Highlights 香港交易所 首席中國經濟學家辦公室及環球上市服務部 Chief China Economist’s Office and Global Issuer Services, Hong Kong Exchanges and Clearing Limited 第5章—香港的新股上市制度改革與突破 Chapter 5 – Reform and Breakthrough of Hong Kong’s Listing Regime 香港交易所 首席中國經濟學家辦公室及環球上市服務部 Chief China Economist’s Office and Global Issuer Services, Hong Kong Exchanges and Clearing Limited 第6章—雙重股權架構的香港實踐 Chapter 6 – The Practice of Dual-Class Share Structure in Hong Kong 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第7章—同股不同權：對投資者是好？是壞？ Weighted Voting Rights: Angel or Evil to Investors? 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第8章—海外債市支持新經濟公司發展 Chapter 8 – Overseas Bond Markets Support the Development of Chinese New-Economy Enterprises 邱志明 花旗環球金融亞洲有限公司 資本市場部董事總經理、亞洲債務發行部聯席主管 Adrian Khoo Managing Director, Capital Markets Origination and Co-Head of Asia Debt Origination, Citigroup Global Markets Asia Limited 蔣國榮 花旗環球金融亞洲有限公司 董事總經理、中國企業與投資銀行部主席兼主管 Jiang Guorong Managing Director, Chairman and Head of China Corporate and Investment Banking, Citigroup Global Markets Asia Limited 方寶榮 花旗環球金融亞洲有限公司 中國投資銀行部董事總經理 Katherine Fang, Managing Director, China Investment Banking, Citigroup Global Markets Asia Limited 茅駿翔 花旗環球金融亞洲有限公司 資本市場部董事總經理 Mao Junxiang, David Managing Director, Capital Markets Origination, Citigroup Global Markets Asia Limited 第9章—新經濟公司的海外併購與融資安排 Chapter 9 – New-Economy Companies’ Overseas Mergers and Acquisitions and Financing 吳衛軍 德勤中國 副主席兼金融服務業領導合夥人 David Wu Vice President and Financial Services Industry Leader, Deloitte China 許思濤 德勤中國 首席經濟學家兼德勤研究負責人及合夥人 Sitao Xu Chief Economist, Head of Deloitte Research and Partner, Deloitte China 余雲 德勤中國 風險諮詢兼司庫服務合夥人 Yun Yu Risk Advisory and Treasury Service Partner, Deloitte China 周穎 德勤中國 稅務服務兼全球基礎設施業務中心合夥人 Nina Zhou Tax Service and Global Infrastructure Services Centre Partner, Deloitte China 第三篇——互聯互通成為海內外資產跨境配置的新平台 Part III – The Connectivity Platform for Onshore and Offshore Cross-Border Asset Allocation 第10章—MSCI納入中國A股的歷程和影響 Chpater 10 – China A Shares inclusion into MSCI Indices: The Journey and Impact 魏震 MSCI中國研究主管 第11章—滬深港互聯互通上市公司可提供的「一帶一路」投資機遇 Chapter 11 – “Belt and Road” Investment Opportunities Offered by Stock Connect Companies 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第12章—投資亞洲生物科技市場的指標：中華交易服務香港生物科技指數 Chapter 12 – Investment Benchmark for Asia’s Biotechnology Sector: CES HK Biotechnology Index 香港交易所 首席中國經濟學家辦公室及中華交易服務有限公司 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited and China Exchanges Services Company Limited 第13章—內地及香港證券市場對大手交易需求漸殷 Chapter 13 – Rising Demand for the Block Trading in the Mainland and in Hong Kong Securities Markets 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第14章—香港ETF市場作為通向環球投資的用戶 Chapter 14 – Hong Kong’s ETF Market as a Door to Global Investment 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第15章—關於發展香港ETF市場和跨境資產配置的政策建議 Chapter 15 – Policy Suggestions for the Development of the Hong Kong ETF Market and Cross-Border Asset Allocation 丁晨 南方東英資產管理有限公司 總裁 Chen Ding, Chief Executive Officer, Chief Executive Officer, CSOP Asset Management Limited 後記——把握全球金融格局變化的大趨勢，促進互聯互通和新經濟融資創新 Afterword – Promoting Mutual Market Access and Innovation in New-Economy Financing by Riding on the Change in Global Financial Landscape 巴曙松教授 香港交易所 首席中國經濟學家 中國銀行業協會 首席經濟學家 Professor Ba Shusong Chief China Economist, Hong Kong exchanges and Clearing Limited Chief Economist, China Banking Association

This edited collection of Professor Joseph Cherian's past writings covers his translational research, observations, and hands-on practice from a unique career spanning both academia and the financial industry. Written in easy-to-understand layman's terms, this first edition comprises his contributions to areas of finance as wide-ranging as asset management, life-cycle savings and investing, infrastructure finance, digital currency, disruption and the economy, and macro, debt, sustainable and political economy. It can serve as a resource to professionals, policymakers, regulators, finance practitioners, and academics from all walks of life who are interested in the practice of modern finance theory.

Wealth Management has two themes: Private Banking and investment decisions regarding Structural Financial Products. Dr. Dimitris Chorafas examines in a rigorous way whether structured financial products are advisable investments for retail and institutional investors and, if yes, which risks they entail. As our society becomes increasingly affluent, and state-supported pension schemes find it difficult to survive, a growing number of high net-worth individuals, and families, have become retail investors – looking for ways and means to optimize wealth management, and Private Banking deals with these sorts of clients. Private banking also deals with clients that are institutional investors, such as pension funds, mutual funds, and insurance companies, as well as not-for-profits, foundations and companies explicitly set up for wealth management. Both institutional and retail investors are being offered by the banks they work with structured products. Typically, these are securities that provide them with a redemption amount, with may be either with full or partial capital protection, and some type of return. The book examines structured financial products, their polyvalent nature, and the results which could be expected from them. Return on structural instruments, which are essentially derivatives, is paid in function of a specific investment strategy on selected underlying asset(s). This essentially means on the performance of the underlyings, obtained by asset managers, which may be banks or hedge funds, through purchase or sale of embedded options. But there are risks. Both risk and return from structured products are related to three main issues: the volatility of future value of an underlying, the uncertainty of future events, and the exposure of the product. Every type of investment is subject to market forces, and the more leveraged a portfolio is, the greater will probably be both the assumed risk and the expected reward. The fact that structured financial products appeal, or at least are being marketed, to both retail investors and institutional investors makes the dual approach deliberately chosen in this book most advisable. This book addresses all these issues in a practical manner with numerous case studies and real-world examples drawn from the author’s intensive research. Because it is based on intensive research, the book is rich in practical examples and case studies Addresses the growing trend towards the use of structured financial instruments in private banking Thorough treatment of structured financial products that keeps maths to a minimum

We have spent the last three decades engaged in a pointless and irrelevant debate about the relative merits of privatization or nationalization. We have been arguing about the wrong thing while sitting on a goldmine of assets. Don’t worry about who owns those assets, worry about whether they are managed effectively. Why does this matter? Because despite the Thatcher/ Reagan economic revolution, the largest pool of wealth in the world – a global total that is much larger than the world’s total pensions savings, and ten times the total of all the sovereign wealth funds on the planet – is still comprised of commercial assets that are held in public ownership. If professionally managed, they could generate an annual yield of 2.7 trillion dollars, more than current global spending on infrastructure: transport, power, water, and communications. Based on both economic research and hands-on experience from many countries, the authors argue that publicly owned commercial assets need to be taken out of the direct and distorting control of politicians and placed under professional management in a ‘National Wealth Fund’ or its local government equivalent. Such a move would trigger much-needed structural reforms in national economies, thus resurrect strained government finances, bolster ailing economic growth, and improve the fabric of democratic institutions. This radical, reforming book was named one of the "Books of the Year".by both the FT and The Economist.

A complete guide to sovereign wealth funds written by and for industry practitioners Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In this book, expert authors who work in the industry present a comprehensive look at SWFs from the perspective of western investors.