来源：全球财富管理论坛
野村控股执行董事饭山俊康参加全球财富管理论坛2021北京峰会并作主题发言时表示，随着人口老龄化和个人金融资产积累，结合日本经验，中国将会迎来经济增速放缓和金融资产持续增长的阶段，理财市场前景广阔。中国新理财和资管时代会迎来三大商机：第一，给全球资产管理公司和家族财富机构提供服务。第二，境内高净值人群的海外投资理财服务。第三：作为海外金融资产全球资产配置的重要领域。
以下是主题发言全文。
在GAMF2021北京峰会上的发言
饭山俊康
野村证券是一家专注于证券批发和零售业务的全球性金融服务集团。集团的财富管理和资产管理业务长期以来在日本证券行业中占据龙头地位，目前也在加大中国及亚洲的布局。2019年，野村集团以控股股东的身份开设了中国本土证券公司野村东方国际证券有限公司。
从这个角度，我想谈谈中国的商业机会和野村的全球经验。
首先，野村关注到中国个人金融资产的显著积累。尽管由于人口老龄化等因素，未来中国经济增长将有所放缓，但根据日本经验，中国市场的金融资产仍将保持不断增长的态势。
中国的财富管理市场前景非常广阔。根据招商银行和贝恩公司发布的《2021年中国私人财富报告》，2020年，中国富裕人口为262万人，近10年来年均增长率达18%。根据瑞士信贷发布的《全球财富报告》（The Global Wealth Report），中国拥有资产净值超过10万美元的大众富裕人群为1.13亿人，超过美国的1.03亿人和日本的5500万人，成为世界上最大的大众富裕人群。
另一方面，我们担心的是，如果中国继续允许大量资金流入所谓的“金融产品”或投机性房地产交易，个人金融资产将无法转变为创造有利于中国经济良性循环的动力，这将造成资产泡沫或经济滞胀。
这种担忧是基于20世纪80年代至90年代的日本不良贷款问题，以及21世纪初欧洲和美国的房地产泡沫。野村集团每次面临金融危机或经济滞胀时，都会努力调整业务模式以满足客户需求。
基于该经验，我们认识到中国将同样需要实施全面的财富管理，以保护其客户的财富免受投机性市场波动和金融危机的影响，并为客户提供符合中国的双循环战略的资产管理建议。
全面的财富管理”有几个要素。首先，保持现金和存款比率在合理的低水平，并尽可能多地投资于风险资产。其次，长期和多元化投资。多元化应包括外国资产和另类资产。最后，是专业的投资组合管理，包括持续的资产配置和再平衡。无论如何，野村在国外已经积累了理论和实践上的经验。
鉴于全球经验在中国扎根的趋势，未来大众富裕群体对于基金市场的投资将会增长，基金的长期持有也将呈爆发式增长，投资顾问服务将在高净值人群中普及开来。
在中国财富管理的新时代，我们在三个领域中发现了重大商机：
第一，我们将为在中国有巨大发展潜力的资产管理公司、基金和家族办公室提供有关全球投资机会的研究及执行服务。
第二，野村东方国际证券（NOI）会充分利用集团在日本乃至全球市场积累的经验，为中国高净值人群提供全面的财富管理服务。
第三，野村集团的零售及资产管理条线将把日本的个人投资者带入中国资本市场，以满足他们约19万亿美金资产的多样化投资需求。
无论如何，野村集团希望在抓住商机的同时，促进中国资产管理及财富管理市场的形成，并进一步支持中国经济的稳定发展。
最后，我想谈一谈野村集团在全球和本地市场的共赢战略。
野村东方国际证券创立时就非常注重本土化。管理工作委托给本土的管理层，近200名员工中，包括董事长和总经理在内，几乎所有人都是在中国本土招聘的。为了精准把握中国的商机，有必要大刀阔斧地采取本土化措施。
同时，我们鼓励本土员工了解野村的企业文化以及野村在日本、欧洲和美国的经验。通过这样的方式，他们才能够向中国客户传递野村集团在众多外国金融机构中独有的优势和无形资产。
在银行主导下发展起来的中国金融体系，其资本市场和财富管理行业都将“重获新生”。 在野村，我们秉持将野村差异化服务及国际化经验带入中国的理念，致力于为中国资本市场的扩大添砖加瓦，我们坚信这将是一个共赢的未来。
Speech at GAMF 2021 Beijing Summit
饭山俊康
Nomura is a global financial services group centered on the Wholesale and Retail Securities businesses． While Wealth Management and Asset Management have long held the top position in the industry in Japan， they are aiming to expand their business to China and Asia and opened Nomura Toho Kokusai， a Chinese local securities company， in 2019．
From that standpoint， I would like to talk about China‘s business opportunities and global experience．
First， we pay attention to the remarkable accumulation of personal financial assets in China． Although China‘s economic growth will slow down in the future due to the aging of the population and other factors， the accumulation of financial assets is expected to further progress in light of Japan’s experience．
Of course， the market for Wealth Management is very promising． In 2020， China‘s wealthy population numbered 2.62 million， with a growth rate of 18% per year in the past 10 years （Note： China Merchants Bank， Bain & Company， 2021 China Private Wealth Report）． According to Credit Suisse’s The Global Wealth Report， the number of mass affluents with net assets of over $100，000 in China was 113 million， surpassing 103 million in the U.S． and 55 million in Japan to become the world‘s largest．
On the other hand， we are concerned that if China maintains its conventional structure of massive inflows of funds into “financial products” or speculative real estate transactions， it will not be able to turn individual financial assets into an engine that creates a virtuous cycle advantageous to the Chinese economy， and that it will cause asset bubbles or cause economic stagnation．
This concern is based on Japan‘s bad loan problem from the 1980s to the 1990s and the experience of the housing bubble that occurred in Europe and the United States in the 2000s． Each time Nomura Group faced a financial crisis or economic stagnation， it struggled to adapt its business model to the needs of its customers．
Based on this experience， we recognize that China will also be required to implement full-fledged Wealth Management to protect its customers‘ wealth from speculative market movements and financial crises and to provide advice on asset management in line with the Dual circulation （economic） strategy of the Chinese economy．
There are several elements to what makes a “full-fledged Wealth Management”． First， keep the cash and deposit ratio at a reasonably low level and invest as much as possible in risk． Second， long-term and diversified investment． Diversification should include foreign and alternative assets． The third is professional portfolio management， with ongoing asset allocation and rebalancing． In any case， they have accumulated experience in both theory and practice overseas．
Given the trend toward global experience taking root in China， the growth of the investment trust （fund） market in the Mass Affluent segment， the explosive growth of long-term funds， and the spread of discretionary investment services in the High-Net-Worth segment are expected in the future．
In China‘s new era of Wealth Management， we see three areas as big business opportunities：
First， we will provide research and execution services on global investment opportunities for asset management companies， funds and family offices， which will grow and grow in China．
Second， Nomura Eastern International （NOI） will provide comprehensive Wealth Management services to wealthy Chinese． I want to make the most of my experience in Japan．
Third， Nomura Securities Retail and Nomura Asset Management should take the diversified investment needs of Japanese individual financial assets totaling approximately US $19 trillion and bring them into the Chinese capital market．
In any case， Nomura Group‘s Business Opportunities will contribute to the formation of the AM and WM markets that support China’s stable growth．
Finally， I would like to say a few words about win-win in the global and local markets．
Nomura Toho Kokusai launched with a strong focus on localization． Management is entrusted to local management， and all but a few of the nearly 200 employees， including the chairman and president， are newly recruited in China． In order to accurately capture business opportunities in China， it is necessary to take drastic steps to localize．
At the same time， local employees are encouraged to learn about Nomura‘s corporate culture and Nomura’s experiences in Japan， Europe and the United States． This is a channel in which only human resources can deliver the strengths and intangible assets that only Nomura has among many foreign financial institutions to customers in China．
In China‘s financial system， which has developed under the leadership of banks， both the capital market and the WM industry will be “created．” At Nomura， we believe this is a win-win， as we can differentiate ourselves from the competition， while helping to expand the overall size of the capital market in China by delivering the experience we have cultivated in Japan and globally．
责任编辑：马青
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