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Douglas Naismith Senior Director Institutional Business

Y2K Retirement Forum Taiwan, 22 September 2000. Douglas Naismith Senior Director Institutional Business. Y2K 退休金計劃討論會 地點:台灣 時間: 2000年9月22日. Douglas Naismith 李德仕 Senior Director 高級董事 Institutional Business. Agenda. Fidelity at a glance Retirement Funds in Hong Kong

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Douglas Naismith Senior Director Institutional Business

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  1. Y2K Retirement Forum Taiwan, 22 September 2000 Douglas Naismith Senior Director Institutional Business

  2. Y2K退休金計劃討論會 地點:台灣 時間: 2000年9月22日 Douglas Naismith 李德仕 Senior Director 高級董事 Institutional Business

  3. Agenda • Fidelity at a glance • Retirement Funds in Hong Kong • Meaning of Risk • Internal Control at Fidelity • Global Compliance Standard

  4. 議程 • 富達投資集團簡介 • 香港退休基金概況 • 風險的意涵 • 富達內部控管制度 • 全球遵循標準

  5. Fidelity Commitment in Retirement Services • Founded in 1946 in Boston, USA • experienced in Hong Kong retirement services since 1980s • US$1 trillion in assets under management • over US$534 billion in retirement mutual fund assets • Servicing 16 million customers worldwide • the largest provider of 401(k) retirement plans in US • providing member choice plans to over 22,000 members in Hong Kong Source: Fidelity Investments, March 31, 2000

  6. 富達退休服務計劃的實行 • 1946年在美國波士頓成立 • 香港退休服務計劃自1980年代開始 • 管理資產超過一兆美金 • 超過5340億美金的退休金管理資產 • 服務全球1600萬個顧客 • 富達在美國的401(k)退休計劃法案中市場佔有率最大 • 在香港，提供超過22000個客戶參與“僱員自選計劃” Source: Fidelity Investments, March 31, 2000

  7. 30,000 Fidelity Employee in over 20 Countries Worldwide Jersey Ireland United Kingdom The Netherlands Sweden Germany Canada France United States Korea Serving 8,000,000 retirement scheme members & 8,000 companies worldwide Japan Bermuda Taiwan Brazil Hong Kong Chile Argentina Switzerland Luxembourg Australia Spain Current business in Member Choice Retirement Scheme

  8. 世界各地超過20個國家中共有30000位富達員工參與此計劃世界各地超過20個國家中共有30000位富達員工參與此計劃 澤西島 愛爾蘭 英國 荷蘭 瑞典 德國 加拿大 法國 美國 韓國 服務全球8,000,000位參與退休服務方案的客戶 與8,000家公司 日本 百慕達群島 台灣 巴西 香港 智利 阿根廷 瑞士 盧森堡 澳大利亞 西班牙 目前“僱員自選方案”的實行範圍

  9. US Member Choice League Table Source: CFO Magazine, April 2000

  10. 美國401(K)退休計劃方案排行 Source: CFO Magazine, April 2000

  11. Agenda • Fidelity at a glance • Retirement Funds in Hong Kong • Meaning of Risk • Internal Control at Fidelity • Global Compliance Standard

  12. 議程 • 富達投資集團簡介 • 香港退休基金概況 • 風險的意涵 • 富達內部控管制度 • 全球遵循標準

  13. Hong Kong Institutional Business Overview • Non-retirement business • Private funds • Charitable funds • Contingency funds • Retirement business • Employer sponsored scheme • Employee choice

  14. 香港法人機構業務概述 • 非退休業務 • 私人基金 • 慈善基金 • 應急基金 • 退休業務 • 雇主贊助方案 • 員工選擇計劃

  15. Local Member Choice Retirement Scheme Experience Source: Industry Survey, December 31, 1999

  16. 本地“僱員自選方案”之經營 香港在“僱員自選方案”下管理的資產 Source: Industry Survey, December 31, 1999

  17. Products • Segregated Portfolio • Regional Mandates • Benchmark Specific • Pooled Funds

  18. 產品 • 分離式投資組合 • 地區性委託 • 特定基準市場 • 集合基金

  19. Fidelity Advantage Portfolio Fund FIDELITY Investment Management & Employee Services BANK OF BERMUDA Trustee - Custodian & Administrator Pooled Funds - Six life style funds Plus over 50 Authorised Funds HKD Money USD Money Capital Stable Stable Growth Balanced Growth Lower Expected Return and Volatility Higher Cash 100% Bond 0% Equity 0% Cash 100% Bond 0% Equity 0% Cash 10% Bond 60% Equity 30% Cash 5% Bond 45% Equity 50% Cash 5% Bond 25% Equity 70% Cash 3% Bond 7% Equity 90%

  20. 富達優越投資組合基金 富達投資 投資管理&員工服務 百慕達銀行 受託人 - 保管人 & 管理者 集合基金-六種型態基金 加上超過50種已 核准的基金 港幣 貨幣型基金 美元 貨幣型基金 資本穩定型 穩定成長型 平衡型 成長型 越低 預期報酬和風險 越高 現金100% 債券 0% 股票 0% 現金100% 債券 0% 股票 0% 現金10% 債券 60% 股票 30% 現金5% 債券 45% 股票 50% 現金5% 債券 25% 股票 70% 現金 3% 債券 7% 股票 90%

  21. Managing the Portfolio to the benchmarks Fidelity Advantage Portfolio Fund HKD Money USD Money Capital Stable Stable Growth Balanced Growth Fidelity range of Pooled Investment Funds HKD Money Market USD Money Market Global Bonds European Equity Americas Equity Japanese Equity Asia Pacific Equity Hong Kong Equity HK$5 billion in Asset Pools

  22. 管理投資組合以達目標水準 富達優越投資組合基金 港幣 貨幣型基金 美元 貨幣型基金 資本穩定型 穩定成長型 平衡型 成長型 富達集合投資基金系列 港幣 貨幣市場 美元 貨幣市場 全球債券 歐洲 證券市場 美國 證券市場 日本 證券市場 亞洲 環太平洋 證券市場 香港 證券市場 資產集合中有50億港幣

  23. Background of Changes : Reasons for MPF • Low Savings Rate • Inflation Pressures • Facing a Structural Concern • Voluntary basis • Only 1/3 workforce covered • No long term savings base

  24. 大環境變遷的背景:MPF強制性公積金出現的原因大環境變遷的背景:MPF強制性公積金出現的原因 • 低儲蓄率 • 通貨澎脹的壓力 • 面對人口結構的問題 • 自願的根據 • 只有1/3的員工投保 • 缺乏長期儲蓄基礎

  25. 25% 19.5% 20% 15% 12.5% % of population over 65 10.0% 10% 5% 2036 1996 2016 A Structural Concern

  26. 25% 19.5% 20% 15% 65歲以上人口佔總人口的百分比 12.5% 10.0% 10% 5% 2036 1996 2016 人口結構的問題

  27. Fidelity Retirement Master Trust FIDELITY Investment Management & Employee Services BANK OF BERMUDA Trustee - Custodian & Administrator The Fidelity MPF Solution - Six life style funds Capital Preservation Capital Stable Stable Growth Balanced Growth Hong Kong Equity Lower Expected Return and Volatility Higher Cash 100% Bond 0% Equity 0% Cash 10% Bond 60% Equity 30% Cash 5% Bond 45% Equity 50% Cash 5% Bond 25% Equity 70% Cash 3% Bond 7% Equity 90% Cash 3% Bond 7% Equity 90%

  28. 富達退休吉成信託 富達投資 投資管理&員工服務 百慕達銀行 受託人 - 保管人 & 管理者 富達MPF強制公積金方案-六種型態基金 資本維持型 資本穩型定 穩定成長型 平衡型 成長型 香港證券市場 越低 越高 預期報酬和風險 現金 100% 債券 0% 股票 0% 現金 10% 債券 60% 股票 30% 現金 5% 債券 45% 股票 50% 現金 5% 債券 25% 股票70% 現金 3% 債券 7% 股票90% 現金 3% 債券 7% 股票90%

  29. Agenda • Fidelity at a glance • Retirement Funds in Hong Kong • Meaning of Risk • Internal Control at Fidelity • Global Compliance Standard

  30. 議程 • 富達投資集團簡介 • 香港退休基金概況 • 風險的意涵 • 富達內部控管制度 • 全球遵循標準

  31. Risks are Everywhere A Royal Mess Britain’s Barings PLC Bets on Derivatives And the Cost Is Dear Venerable Firm CollapsesUnder $950 Million Loss By Young Trader in Asia Bank of England Rescue Fails Rogue Trader U.S. Branch of Daiwa Bank Incurs $1.1 billion lossby Rogue Trader Branch AccusedOf Hiding T-Bond Losses US Responds as does Japan Financial Casualty Capital Squeeze Results in LTCM Default Federal Regulators Orchestrate Bailout for Rescue Potential $125 billion wager Street FightSEC Accuses DrexelOf a Sweeping ArrayOf Securities Violations Top Officers Are Also Cited as Agency Files Its Civil Complaint Kidder DisclosesScam in Bonds,Fires Top Trader It Sets $350 Million Charge, Says Scheme Involved Government-Strip Deals

  32. 風險何時何處都有 A Royal Mess Britain’s Barings PLC Bets on Derivatives And the Cost Is Dear Venerable Firm CollapsesUnder $950 Million Loss By Young Trader in Asia Bank of England Rescue Fails Rogue Trader U.S. Branch of Daiwa Bank Incurs $1.1 billion lossby Rogue Trader Branch AccusedOf Hiding T-Bond Losses US Responds as does Japan Financial Casualty Capital Squeeze Results in LTCM Default Federal Regulators Orchestrate Bailout for Rescue Potential $125 billion wager Street FightSEC Accuses DrexelOf a Sweeping ArrayOf Securities Violations Top Officers Are Also Cited as Agency Files Its Civil Complaint Kidder DisclosesScam in Bonds,Fires Top Trader It Sets $350 Million Charge, Says Scheme Involved Government-Strip Deals

  33. What Key Lessons Have We Learned? • Know Your Business • Establish Checks and Balances • Set Limits and Boundaries • Keep Your Eye on the Cash • Use the Right Yardstick • Pay for the Performance You Want • Balance the Tangibles and Intangibles

  34. 我們學到了哪些重要的教訓? • 瞭解您的企業 • 建立核對和和均衡制度 • 設立限制和界線 • 小心控管現金 • 使用正確的判斷標準 • 對於所希望達到的績效要付出代價 • “有形”與“無形”要達到平衡

  35. Tangibles Risk Oversight Committees Policies & Procedures Risk Assessments Measures and Reporting Risk Limits Audit Processes Intangibles Risk Awareness People Skills Integrity Incentives Culture and Values Trust and Communications What are the Tangibles and Intangibles?

  36. 有形 風險監督委員會 政策和程序 風險評估 測量與報告 風險的限度 審查制度 無形 對於風險的察覺 人員 技術 正直 動機 文化和價值觀 信任和溝通 何謂“有形”與“無形“?

  37. How Inclusive is Risk Management? • Business strategy • Customer/product • Compliance • Business interruptions Business Risk Management Organizational Risk Management • Cash management • Transaction processing • Systems and reporting • Fraud Operational Risk Management • People • Skills • Integrity • Incentives • Culture and • values • Client investments • Trading liquidity • Balance sheet • Principal trading Market Risk Management • Direct debt • Counterparty • Settlement • Vendor credit worthiness Credit Risk Management

  38. 風險管理包括什麼? • 企業策略 • 顧客/產品 • 承諾 • 經營障礙 企業風險管理 • 現金管理 • 交易程序 • 系統和報告 • 疏失 • 人員 • 技術 • 正直 • 動機 • 文化和價值觀 組織風險管理 營運風險管理 • 顧客的投資 • 交易流通性 • 資產負債表 • 主要交易 市場風險管理 • 直接借款 • 交易雙方 • 結算 • 賣方信用價值 信用風險管理

  39. The R.I.S.K. Framework R is for Return Are we achieving an appropriate return for the risks we take? K is for Knowledge I is for Immunization Do we have the right people, skills, culture and values for effective risk management? Do we have the controls in place to minimize risk losses? S is for Systems Do we have the systems to measure and manage risk?

  40. R.I.S.K. 的架構 R 意指 Return -報酬 我們所得到的報酬 相對於所面對的風險 而言是否適當? K 意指 Knowledge-知識 I 意指 Immunization-免疫 我們是否有正確的人員,技巧,文化和價值觀以有效管裡風險? 我們是否適當的控管以達風險導致的損失最小? S 意指 Systems-系統 我們是否有系統來測量並管理風險?

  41. Best Practices RETURN • Link business and risk strategies • Allocate capital to reflect business risks • Measure performance on a risk-adjusted basis • Manage risk/return through relationship and product plans • Optimize overall risk/return on a portfolio basis Return Knowledge Immunization Systems Are you optimizing the risk/return of your business?

  42. 最好的實例 報酬 • 連結經營和風險的策略 • 配置資產以反映企業風險 • 以風險調整的基礎評估績效 • 以其相關性與產品計劃來管理風險/報酬 • 以投資組合的基礎來將所有的風險/報酬最適化 報酬 知識 免疫 系統 請問您的企業是否追求報酬和風險的最適化?

  43. Best Practices IMMUNIZATION • Establish an integrated risk framework • Set/communicate/implement risk policies • Segregation of duties and delegation of authority • Establish boundaries and exposure limits • Develop risk-control and contingency plans Return Knowledge Immunization Systems Are you protecting your franchise (reputation, customers, employees, business opportunities, and financial assets) against losses?

  44. 最好的實例 免疫 • 建立整體風險架構 • 設立/溝通/執行風險政策 • 責任分割和委任授權 • 建立界限和風險暴露的限制 • 發展風險控管和應急策略 報酬 知識 免疫 系統 您是否有保護貴公司之分支機構(包括名譽,顧客,員工,經營機會,和財務資產)以防止損失?

  45. Best Practices SYSTEMS • Integrate databases and systems • Aggregate firm-wide risk measures: losses, exposures, sensitivities • Reconcile mark-to-market prices, daily P&L, accounts and actual cash flows • Report on risk concentrations and exceptions • Establish early-warning systems Return Knowledge Immunization Systems Do you use technology to measure and monitor business/risk performance?

  46. 最好的實例 系統 • 結合資料庫和系統 • 全體企業的風險計算:損失,風險暴露,和敏感度 • 調整每日結算價格,每日損益,帳戶與實際現金流量 • 報告風險的集中和例外情況 • 建立早期預警制度 報酬 知識 免疫 系統 您是否使用科技來估測並監控 企業營運/風險的表現?

  47. Best Practices KNOWLEDGE • Communicate/demonstrate senior management commitment • Define clearly roles and responsibilities • Ensure the appropriate people and skills • Articulate desired behavior (culture & values) and reinforce through incentives • Share best practices and lessons learned Return Knowledge Immunization Systems Are you ensuring organizational effectiveness?

  48. 最好的實例 知識 • 溝通/實行高階管理者的託付 • 明確解釋職位和其責任 • 確保用人和技術得宜 • 清楚講述所希望達到的員工表現(包括文化和價值觀)並給予鼓勵性的動機來加強 • 分享所實行的經驗和心得 報酬 知識 免疫 系統 您能確保組織的有效性嗎?

  49. Agenda • Fidelity at a glance • Retirement Funds in Hong Kong • Meaning of Risk • Internal Control at Fidelity • Global Compliance Standard

  50. 議程 • 富達投資集團簡介 • 香港退休基金概況 • 風險的意涵 • 富達內部控管制度 • 全球遵循標準

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