Goldman Sach Asset Management’s recent exit from South Korea illustrates the problems global asset managers face in trying to build a viable presence in the country. The dearth of domestic investment platforms and limited sales opportunities are proving a real stumbling block, experts say. 高盛资产管理公司(Goldman Sach Asset Management)不久前退出韩国，表明全球性资产管理公司尝试在该国市场立足时面临诸多问题。专家们表示，事实证明，这些公司缺乏韩国本土投资平台、销售渠道有限，是真正阻碍它们发展的绊脚石。

Eight of the 22 foreign asset managers active in South Korea suffered losses in the final quarter of last year. There is fierce competition over fees, with 84 fund management companies jostling for a bigger share of Asia’s third-largest funds market – a market dominated by local heavyweights that include Samsung Asset Management and Mirae Asset. 在活跃在韩国的22家外国资产管理公司中，有8家在去年最后一季度出现亏损。为在韩国这个亚洲第三大基金市场抢占更多市场份额，84家资产管理公司在管理费上展开了激烈的价格战。在这一市场占据主导地位的是韩国本土的重量级公司，比如三星资产管理公司(Samsung Asset Management)和未来资产(Mirae Asset)。

But while foreign managers have suffered, the large domestic players, which include KB Asset Management and Korea Investment Management, made millions of dollars in profits during the final three months of last year, despite challenging market conditions. 然而，尽管外国资产管理公司在韩国经营困难，韩国国民银行资产管理公司(KB Asset Management)和韩国投资管理公司(Korea Investment Management)等韩国本土大型资产管理公司在去年最后一季度却克服了不利的市场环境，取得了丰厚的利润。

“Most foreign asset managers do not have the domestic investment platforms needed and just focus on selling their offshore products,” says one executive at a global asset manager in Seoul. “They have failed to cope with changing market conditions because of a limited product line-up, while domestic players sell various funds.” “大多数外国资产管理公司缺乏必需的韩国本土投资平台，因此只把精力集中在销售离岸产品上。”一家全球性资产管理公司驻首尔高管表示，“由于产品品种有限，它们无法适应不断变化的市场环境，而国内资产管理公司却有各种基金产品在售。”

But thanks to the popularity of offshore equity funds certain global asset managers, including Franklin Templeton, Fidelity and Schroders, were able to make some inroads into the market before the financial crisis took hold. Since then, however, offshore equity funds have increasingly lost their appeal due to poor performance. 不过，得益于其海外股票基金的广受欢迎，富兰克林邓普顿(Franklin Templeton)、富达(Fidelity)和施罗德(Schroders)等全球性资产管理公司在金融危机愈演愈烈之前，曾在韩国市场取得了不俗的业绩。但自那以后，离岸股票基金由于业绩糟糕而日益失去投资者的青睐。

The result is that many foreign houses have since suffered; Goldman Sachs being the latest high-profile victim. Goldman entered the market in 2007 through its Won160bn ($144m) acquisition of a joint venture set up by Macquarie and IMM Asset Management. But the business suffered a net loss of Won8bn in the October-December period of 2012 alone. It exited after five lossmaking years in 2012. 结果是，许多外国资产管理公司自那以后一直经营困难，高盛是其中引人注目的最新一例。2007年，高盛斥资1600亿韩元（合1.44亿美元），收购了麦格理(Macquarie)和IMM资产管理公司(IMM Asset Management)共同出资成立的一家合资公司，借此进入韩国市场。但仅在2012年最后一季度这段时间，该公司就录得80亿韩元的净亏损。连续亏损5年之后，高盛韩国资产管理业务于2012年关闭。

After Goldman announced its withdrawal, other foreign asset managers, such as Deutsche and BlackRock, which have experienced slowing growth in assets under management, have been the subject of speculation that they too will leave. Both companies have denied such rumours. 高盛宣布退出韩国资产管理市场之后，外界纷纷猜测，德意志银行(Deutsche)和贝莱德(BlackRock)等其他外国资产管理公司也将退出韩国。这两家资产管理公司所管理的资产规模一直增长缓慢，但它们均对退出传闻予以否认。

“Local investors are more interested in domestic equity funds they are familiar with, while foreign funds continue to lose their popularity because of low investment returns from the so-called Brics and China funds,” says Lee Eun-kyung, a fund analyst at market research company Zeroin. She adds that domestic equity funds posted average investment returns of 19.8 per cent over the past three years while offshore equity funds reported returns of minus 0.3 per cent on average. 市场调研公司Zeroin的基金分析师Lee Eun-kyung表示：“韩国国内投资者对自己熟悉的本土股票基金更感兴趣，而由于旗下所谓‘金砖国家’(Brics)和中国题材基金的投资回报率偏低，外国基金正在失去投资者的青睐。”她补充称，过去三年里，韩国本土股票基金平均投资回报率为19.8%，而离岸股票基金的平均投资回报率为-0.3%。

The decline in popularity of offshore funds has been exacerbated by the removal of tax benefits for such vehicles, while the absence of a sales distribution network has also hindered the asset growth of foreign fund managers. The large domestic players, meanwhile, sell their investment products through the many branches of their affiliated banks and brokerages. 外国基金所享受的税收优惠被取消，进一步削弱了此类投资工具的吸引力，而缺乏国内分销网络，也阻碍着外国基金管理公司所管理资产规模的增长。同时，韩国本土的大型资产管理公司则通过关联银行和经纪行的众多分支机构销售自己的投资产品。

“It is hard for foreign asset managers to crack the Korean market because local giants dominate via the sales networks of their affiliates,” says Lee Gye-woong, a fund analyst at Shinhan Investment. “Companies content with their role as marketer of just their offshore products, which do not develop alternative funds, will continue to be marginalised.” “由于韩国本土大型公司通过关联公司的销售网络占据了市场主导地位，外国资产管理公司很难打入韩国市场。”新韩投资(Shinhan Investment)的基金分析师Lee Gye-woong表示，“那些只满足于销售自己的离岸产品、而不开发其他基金产品的公司，将继续被边缘化。”

Foreign asset managers control 17 per cent of the market. Their combined net assets fell by Won60bn to Won53tn at the end of last year, while the assets of local asset managers increased by Won150bn to Won264tn over the same period. 外国资产管理公司在韩国市场占据17%的份额。去年底，这些公司的净资产总额累计减少600亿韩元，至53万亿韩元，同期韩国本土资产公司的净资产总额则增加了1500亿韩元，至264万亿韩元。

But experts maintain the market retains an attraction for global asset managers, given the country’s increasing wealth, rapidly ageing population and ever-growing pensions market. They predict that the financial assets of Korean households will continue to grow. Indirect investment in funds is also expected to increase as Koreans prepare for life after retirement. 但专家们仍认为，考虑到韩国的财富在不断增加、人口快速老龄化以及养老金市场不断增长，该国市场对全球性资产管理公司仍具有吸引力。他们预测，韩国家庭的金融资产规模将继续增长。随着韩国民众为退休后的生活做准备，预计他们对基金的非直接投资规模也将增长。

Indeed, among the foreign companies present in Korea, some groups, such as Allianz and Macquarie, have made sustainable profits by specialising in activist and infrastructure funds. 事实上，在目前已经进入韩国的外国资产管理公司中，也有一些公司通过专营进取型基金(activist fund)和基础设施基金(infrastructure，一般投资于基建项目——译者注）取得了可持续收益，比如安联集团(Allianz)和麦格理。

BNP Paribas is also one of the more successful global asset managers in Korea thanks to its local partnership with Shinhan Bank. 法国巴黎银行(BNP Paribas)是另一家在韩国市场经营比较成功的全球性资产管理公司，其成功得益于它与韩国本土银行新韩银行(Shinhan Bank)的合作。

“The Korean market still has growth potential but foreign asset managers will struggle unless they diversify their businesses and engineer products tailored to local tastes,” advises another executive at a global asset manager. 前述那家全球性资产管理公司的另一名高管认为：“韩国市场仍有增长潜力，但外国资产管理公司未来的日子仍不会好过，除非它们扩大业务种类、并设计出迎合韩国当地需求的产品。”