瑞信银行（Credit Suisse）：全球资产与财富管理2021年展望（英文版）（147页）.pdf

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1、Asset S MSCI Effective Date add Index Addition Detail C-Corp Success to Date: The stock reactions to the conversions were stronger than we initially estimated and these catalysts are behind us now as APO, BX, CG and KKR have been added to all of the expected indices (see chart on right). Additionall

2、y, as expected, the Alts now trade with higher FRE multiples (25-30 x). Expectations for Future: While most of the C- Corp catalysts are behind us, there is potential for small corporate governance changes at BX in the future (Russell 1000 add potential) and the S DI could provide a new, diversifyin

3、g revenue stream DI capabilities drove 4 mergers in 2020: SCHW-Motif, GS-Folio, MS-EV, BLK- Aperio Focus for large e-brokers Not the major focus for fintechs (more focused on bank and robo-advisory products) EV getting ready for more competition Banks and IBDs will be slow followers due to dilutive

4、impacts of mix into DI Positive for wealth managers however, we believe wider asset tokenization will be a primary driver of industry acceptance. Blockchain Tech: Distributed ledger technology is a nascent but disruptive application of blockchain KKR pro-forma with Global Atlantic, CG with estimated

5、 Fortitude AuM Insurance AuM as % of Total AuM 44% 5% 5% 4% 4% 4% 7% 4% 4% 1% 2% 12% 1% 1% 2% U.S. corporates Foreign corporates RMBS CMBS ABS U.S. government Foreign government Munis Other Equities Policy loans Mortgage loans Real estate Derivatives Alternatives 21 57% 13% 11% 7% 33% 0% 10% 20% 30%

6、 40% 50% 60% APOKKRBXCG Insurance AuMPro-Forma Insurance AuM Expect Active-to-passive migration hence the material spending on tech to enhance existing capabilities and deepen client relationships. Rise of Alternatives: Toronto-based Brookfield is a global leader in alternative products and we note