<p><strong>今年，高现金持有量给许多资产管理公司带来了挑战。然而，诺底亚银行现在看到了隧道尽头的曙光。此外，这家芬兰银行的子公司在瑞士建立了新的立足点。</strong></p>
<p>当客户资金转移到现金时，这对业务并不好。无数私人银行在去年遭受了这一趋势的影响，诺底亚等资产管理公司也感受到了压力。<strong>Cristian Pappone</strong>，诺底亚瑞士区负责人问道：“关键问题是：客户何时会达到持有现金不再可取的临界点？” 他自己回答道：“在我看来，低利率环境清楚地表明，当低利率开始侵蚀现金持有量时，这一点就达到了。”</p>
<p>初步的降息确实引发了其他资产类别的活动增加。然而，到目前为止，利率调整过于温和，未能产生广泛的影响。</p>
<p><strong>对信贷解决方案的强劲需求</strong></p>
<p>Cristian Pappone 对已经达到转折点充满信心，并认为明年向现金类投资（如货币市场基金）的转变将继续。这些基金在过去两到三年中经历了显著的资金流入。</p>
<p>在诺底亚资产管理公司，信贷解决方案目前需求旺盛。根据 Pappone 的说法，跨信贷领域显得特别有前景。“我们还认为，与其他资产类别相比，欧洲担保债券是现金的良好且相对安全的替代品。”</p>
<p>鉴于地缘政治气候，建议将稳定性引入投资组合。Pappone 表示，投资担保债券可以对此有所贡献：“这一资产类别是政府债券和投资级公司债券的一个令人兴奋的补充。”</p>
<p><strong>与机构投资者的更紧密合作</strong></p>
<p>诺底亚认为，可以通过长期的自下而上的投资来构建投资组合，以应对各种经济和地缘政治情景。Pappone 补充道：“在我们看来，这种方法比对特定事件（如美国选举）做出反应更具前景。”</p>
<p>诺底亚自身也进行了多元化。除了批发业务外，这家资产管理公司还将注意力转向机构客户，并于 5 月在苏黎世成立了一支团队，_finews.ch_报道了这一消息。</p>
<p><strong>ESG 在养老金基金中获得关注</strong></p>
<p>这一举动是合乎逻辑的，因为 ESG——北欧公司关注的重点——在瑞士的机构投资者中也获得了显著关注。根据多项研究，越来越多的养老金基金希望根据 ESG 标准分配部分投资。</p>
<p>然而，最重要的是如何定义 ESG，Pappone 表示：“ESG 投资涵盖了广泛的范围——从简单的排除到完全融入投资过程之间有许多细微差别。” Pappone 指出，目前的重点是实施与《巴黎协定》一致的脱碳目标。</p>

诺底亚银行(ADR)

<p>诺底亚银行应对资产管理者高现金持有带来的挑战，并看到了增长潜力。该银行在瑞士的子公司专注于信贷解决方案，特别是欧洲担保债券，作为现金的替代品。随着机构投资者对 ESG 投资的关注日益增加，诺底亚正在多元化其投资策略，并在苏黎世建立团队以满足这一需求。该银行强调长期投资，以应对经济波动，而不是对特定事件做出反应</p>

<p><strong>This year, high cash holdings posed challenges for many asset managers. Nordea, however, now sees light at the end of the tunnel. Additionally, the subsidiary of the Finnish bank has established a new foothold in Switzerland.</strong></p>
<div class="lb-trans"><p><strong>今年，高现金持有量给许多资产管理公司带来了挑战。然而，诺底亚银行现在看到了隧道尽头的曙光。此外，这家芬兰银行的子公司在瑞士建立了新的立足点。</strong></p>
</div><p>When client funds are shifted into cash, it’s not good for business. Countless private banks suffered from this trend last year, and asset managers like Nordea also felt the pressure. «The key question is: When do clients reach the tipping point where holding cash is no longer desirable?&#34; asks <strong>Cristian Pappone,</strong> Nordea's Switzerland head <strong>.</strong> He answers his own question: «The low-interest environment has shown quite clearly, in my opinion, that this point is reached when low rates begin to erode cash holdings.»</p>
<div class="lb-trans"><p>当客户资金转移到现金时，这对业务并不好。无数私人银行在去年遭受了这一趋势的影响，诺底亚等资产管理公司也感受到了压力。<strong>Cristian Pappone</strong>，诺底亚瑞士区负责人问道：“关键问题是：客户何时会达到持有现金不再可取的临界点？” 他自己回答道：“在我看来，低利率环境清楚地表明，当低利率开始侵蚀现金持有量时，这一点就达到了。”</p>
</div><p>The initial rate cuts have indeed triggered increased activity in other asset classes. However, the rate adjustments so far have been too modest to create widespread effects.</p>
<div class="lb-trans"><p>初步的降息确实引发了其他资产类别的活动增加。然而，到目前为止，利率调整过于温和，未能产生广泛的影响。</p>
</div><p><strong>Strong Demand for Credit Solutions</strong></p>
<div class="lb-trans"><p><strong>对信贷解决方案的强劲需求</strong></p>
</div><p>Cristian Pappone is confident that a turning point has been reached and that the shift into cash-like investments, such as money market funds, will continue next year. These funds have seen significant inflows over the past two to three years.</p>
<div class="lb-trans"><p>Cristian Pappone 对已经达到转折点充满信心，并认为明年向现金类投资（如货币市场基金）的转变将继续。这些基金在过去两到三年中经历了显著的资金流入。</p>
</div><p>At Nordea Asset Management, credit solutions are currently in high demand. The cross-credit space appears particularly promising, according to Pappone. «We also consider European covered bonds a good and relatively safe alternative to cash compared to other asset classes.»</p>
<div class="lb-trans"><p>在诺底亚资产管理公司，信贷解决方案目前需求旺盛。根据 Pappone 的说法，跨信贷领域显得特别有前景。“我们还认为，与其他资产类别相比，欧洲担保债券是现金的良好且相对安全的替代品。”</p>
</div><p>Given the geopolitical climate, bringing stability into portfolios is advisable. Investments in covered bonds can contribute to this, says Pappone: «This asset class is an exciting complement to government bonds and investment-grade corporate bonds.»</p>
<div class="lb-trans"><p>鉴于地缘政治气候，建议将稳定性引入投资组合。Pappone 表示，投资担保债券可以对此有所贡献：“这一资产类别是政府债券和投资级公司债券的一个令人兴奋的补充。”</p>
</div><p><strong>Closer Collaboration with Institutional Investors</strong></p>
<div class="lb-trans"><p><strong>与机构投资者的更紧密合作</strong></p>
</div><p>Nordea believes portfolios can be structured through long-term, bottom-up investments to withstand a range of economic and geopolitical scenarios. «In our view, this approach is more promising than reacting to specific events, such as the U.S. elections,» Pappone adds.</p>
<div class="lb-trans"><p>诺底亚认为，可以通过长期的自下而上的投资来构建投资组合，以应对各种经济和地缘政治情景。Pappone 补充道：“在我们看来，这种方法比对特定事件（如美国选举）做出反应更具前景。”</p>
</div><p>Nordea itself has also diversified. In addition to its wholesale business, the asset manager has turned its attention to institutional clients, establishing a team in Zurich in May, as reported by <em>finews.ch</em>.</p>
<div class="lb-trans"><p>诺底亚自身也进行了多元化。除了批发业务外，这家资产管理公司还将注意力转向机构客户，并于 5 月在苏黎世成立了一支团队，_finews.ch_报道了这一消息。</p>
</div><p><strong>ESG Is Gaining Traction with Pension Funds</strong></p>
<div class="lb-trans"><p><strong>ESG 在养老金基金中获得关注</strong></p>
</div><p>This move is logical, as ESG—a key focus for Nordic companies—has also gained significant traction among institutional investors in Switzerland. According to various studies, a growing number of pension funds are keen to allocate a portion of their investments based on ESG criteria.</p>
<div class="lb-trans"><p>这一举动是合乎逻辑的，因为 ESG——北欧公司关注的重点——在瑞士的机构投资者中也获得了显著关注。根据多项研究，越来越多的养老金基金希望根据 ESG 标准分配部分投资。</p>
</div><p>What matters most, however, is how ESG is defined, says Pappone: «ESG investing encompasses a broad spectrum—from simple exclusions to full integration into the investment process. There are many nuances in between.» Currently, much of the focus is on implementing decarbonization goals aligned with the Paris Agreement, Pappone notes.</p>
<div class="lb-trans"><p>然而，最重要的是如何定义 ESG，Pappone 表示：“ESG 投资涵盖了广泛的范围——从简单的排除到完全融入投资过程之间有许多细微差别。” Pappone 指出，目前的重点是实施与《巴黎协定》一致的脱碳目标。</p>
</div>

诺底亚银行：芬兰的难题是如何解决的