【双语新闻】Investment banks see sharp rise in hedge business

rf_001

Investment banks see sharp rise in hedge business

　　对冲基金业务成投行盈利亮点

　　2005年11月28日 星期一

　　对冲基金业务成投行盈利亮点 Investment banks see sharp rise in hedge business

　　全球最大投资银行在对冲基金服务业务中获得的收入大幅增长，因而在未来的利润及增长方面，它们越来越依赖于这一类新型投资者。

　　The world‘s largest investment banks have seen a sharp increase in revenues from servicing hedge funds， underlining their growing dependence on the new breed of investors for future profits and growth.

　　根据摩根士丹利（Morgan Stanley）将于今日发表的报告，2005年投行大宗经纪业务收入将超过50亿美元，较2004年增长28%.尽管对冲基金回报率不断下降，且资金募集放缓，但大宗经纪业务似乎将成为2006年投行发展最为迅速的业务领域，收入增幅将为11%. According to research to be published today by Morgan Stanley， investment banks‘ prime brokerage operations will generate revenues of more than $5bn in 2005， an increase of 28 per cent from 2004. Despite shrinking returns and slower fundraising by hedge funds， prime brokerage also looks set to be one of the fastest-expanding parts of the investment banking business in 2006 with revenue growth of 11 per cent.

　　然而，上述报告预计，由于固定收益业务放缓，且其它业务的利润率将继续承受压力，明年投行整体收入的增幅将仅为3%. However， the report predicts that investment banks‘overall revenues will expand by just 3 per cent next year as a result of slowing activity in fixed income and continued pressure on margins in other parts of the business.

　　上述预期是在与业内高管进行深入讨论基础上作出的，显示出许多投行之所以继续将大量资源投入大宗经纪业务的原因。这些预期同时凸显出，来自对冲基金收入的重要性日益提高，因其它较为成熟业务的利润率受到挤压。

　　The forecasts， based on in-depth discussions with senior industry executives， show why many investment banks continue to devote substantial resources to prime brokerage. They also highlight the growing importance of revenues from hedge funds as margins in more mature areas of the business are squeezed.

　　人们普遍认为，高盛（Goldman Sachs）、摩根士丹利和贝尔斯登（Bear Stearns）的大宗经纪业务规模最大。但花旗集团（Citigroup） 、 瑞士信贷第一波士顿 （Credit Suisse First Boston） 、德意志银行 （Deutsche Bank） 、美林 （Merrill Lynch） 和瑞银集团 （UBS） 都在大举投资，试图赶超它们。

　　Goldman Sachs， Morgan Stanley and Bear Stearns are widely acknowledged to have the largest prime brokerage businesses.But Citigroup， Credit Suisse First Boston， Deutsche Bank， Merrill Lynch and UBS are all spending heavily in an attempt to catch up.

　　摩根士丹利分析师休#范斯蒂尼斯（Huw van Steenis）表示，为了获得更高的回报率，对冲基金寻求进行更为复杂且流动性较差的投资，这些投行正因此获益。

　　Huw van Steenis， analyst at Morgan Stanley，said banks were benefiting as hedge funds pursue more complex and illiquid investments in an attempt to achieve better returns.

　　“大宗经纪业务之所以一直势头强劲，不仅仅因为对冲基金的影响力日益增强，同时因为它们处在投资前沿，在寻找更具创新力的证券业务，这对于投行来说利润率较高。”

　　“The reason prime brokerage has been so strong is not only the growing influence of hedge funds but also the fact that they are at the investment frontier， looking for more innovative securities which will be higher-margin for the investment banks，”he said.

　　对于大宗经纪业务的预期，尚不足以说明对冲基金对于投行的重要性，因为其中未计入来自股本衍生产品的收入，而对冲基金在这一领域表现活跃。摩根士丹利称，今年股本衍生产品收入将增长25%，至150亿美元，2006年将进一步增长11%. The forecasts for prime brokerage understate the importance of hedge funds for investment banking because they exclude revenues from equity derivatives， which are actively traded by hedge funds. According to Morgan Stanley， revenues from equity derivatives are set to rise 25 per cent to $15bn this year， and grow by a further 11 per cent in 2006.