<p>[纽约] 上周，在摩根大通位于纽约市的璀璨总部的 51 层，350 位富有的投资者聚集在一起，直接聆听埃隆·马斯克关于 SpaceX 公开募股的演讲。</p>
<p>前排就坐的是新英格兰爱国者队的老板罗伯特·克拉夫特和家得宝创始人肯尼斯·兰戈恩这两位亿万富翁。</p>
<p>摩根大通首席执行官杰米·戴蒙告诉当晚聚集的人们，他们是 “金融民主化” 的一部分，个人投资者正受到与对冲基金和其他大玩家相同的对待。“在我看来，这是一件美好的事情，” 戴蒙说。</p>
<p>这也展示了在少数个人积累了巨额财富的经济中，最富有的投资者对华尔街银行日益重要。</p>
<p>近二十家银行和经纪公司预计将从本周的 SpaceX 首次公开募股中获得超过 5 亿美元的费用，这是有史以来最大的此类支付。但或许同样重要的——或者对某些银行来说更重要——是此次 IPO 为他们提供了与最富有客户培养关系和发展新客户的机会。</p>
<p>该国最大的银行一直在积极扩展其财富管理业务。随着个人投资者在美国股市中所占份额越来越大，向客户提供参与最受关注的首次公开募股及其背后高管的机会，是银行在竞争日益激烈的市场中脱颖而出的一种方式，Nexus Strategy 的创始人蒂莫西·威尔士表示，该公司为财富管理行业提供咨询。</p>
<p>“那种独特性、那种奢华的门槛、那种声望因素验证了他们为何能够收取高额费用，并拥有作为其声誉的差异化财富产品，” 他说。“能够奖励你的最佳客户是非常重要的。”</p>
<p>在最大的投资银行中，财富管理长期以来被视为一种相对冷清的领域，而在大型企业交易中工作的华尔街高管被认为是最大的明星。但从客户个人财富中产生的费用以及交易的盛衰性质使得财富管理对银行来说变得更加重要。</p>
<p>而预计在未来 20 年内，随着老龄化人口的财富转移，竞争将加剧。摩根大通、摩根士丹利和其他金融巨头已经花费数十亿美元来扩展他们的财富管理部门，这些部门在他们的业务中所占的份额越来越大。</p>
<p>“在我 35 年的职业生涯中，我从未见过财富管理业务的竞争如此激烈，” 富国银行的分析师迈克·梅奥说。“他们一直在开设分支机构，招聘银行家，扩展私人银行业务。”</p>
<p>周一，摩根士丹利为其财富管理客户举办了一场活动，让他们聆听 SpaceX 管理团队的演讲。周四，美国银行为 5000 名客户举办了聚会，观看 SpaceX 高管格温·肖特韦尔和布雷特·约翰森，以及其联合总裁吉姆·德·梅尔的演讲。</p>
<p>在摩根大通上周对马斯克演讲的同步直播中，其客户在 90 个银行分支机构聚集。戴蒙将利用分支机构的想法带给了马斯克，两位知情人士表示。</p>
<p>该公司的银行家在过去六周内在 SpaceX 办公室工作，佩戴公司徽章，专注于战略。知情人士表示，银行还利用其高净值客户投资于之前的首次公开募股。</p>
<p>在上周对该小组的讲话中，戴蒙将观看马斯克演讲的 3500 人描述为摩根大通在美国的 “顶级个人投资者”。</p>
<p>这不仅仅是恭维。马斯克需要银行的富有客户来确保他的 IPO 成功：预计高净值个人将占据该公司希望从个人投资者那里筹集的 225 亿美元中的很大一部分，以支持这笔 750 亿美元的交易。</p>
<p>首次公开募股通常在首日交易中 “暴涨”，使得参与交易的投资者能够轻松通过出售其股份获得丰厚利润。分析师认为，SpaceX 的估值为 7800 亿美元，而其希望在市场上被估值超过 1.75 万亿美元，这可能在上市时并没有太多增长空间。</p>
<p>但晨星的分析师也表示，SpaceX 的股票可能会继续上涨，至少在短期内，部分原因是纳斯达克的新规则将有效迫使指数基金在上市后两周内购买其股票。</p>
<p>SpaceX 还希望向包括富达和罗宾汉在内的公司账户的普通投资者出售股票。许多专注于更广泛客户基础的经纪公司在上市后的几周内对 IPO 交易有限制。例如，富达在上市后 15 天内，如果投资者仅交易一次 IPO 中获得的股票，会暂时阻止其参与未来的首次公开募股。</p>
<p>摩根大通的富有客户没有这样的限制，知情人士表示。</p>
<p>预计今年的 SpaceX 和其他大型 IPO，包括 OpenAI 和 Anthropic，将创造一批新富人，包括这些公司的员工，因为他们最终会兑现在私营公司上市时的股份。这种新财富为银行提供了另一个巨大的商业机会。</p>
<p>“他们将 IPO 视为不仅仅是他们赚取的费用，而是作为一个乘数效应，以服务所有新百万富翁，有时是亿万富翁，” 梅奥说。</p>
<p>私人财富管理的经济学受到银行的青睐，部分原因在于它不需要银行投入自己的现金。银行通过管理费获利，这些费用通常是基于客户投资金额的一定百分比。银行还可以向这些客户销售其他服务，如遗产规划和以其房产、艺术品或股票持有为担保的信用额度。</p>
<p>“这就是财富管理的魅力，” 曾在查尔斯·施瓦布和美林证券工作的韦尔什表示。“它是无限可扩展的。”</p>
<p>这些动态部分解释了为什么银行一直在扩展这些业务线。2020 年，摩根士丹利表示，它支付了 70 亿美元收购财富管理公司 Eaton Vance，并以 130 亿美元收购折扣零售经纪商 E-Trade。其财富和资产管理业务现在约占银行业务的一半。</p>
<p>在 2023 年收购了第一共和国银行的摩根大通，财富顾问业务约占其业务的 13%。该银行与许多竞争对手一样，专注于使用 “统一公司战略”，利用其所有部门进行业务开发，梅奥表示。</p>
<p>该银行目前在面向个人投资者的业务中拥有超过 4.5 万亿美元的资产。该银行消费者和社区银行业务的首席执行官玛丽安·莱克在去年公司的投资者日上阐述了该银行的财富管理雄心：“我们坐拥一座金矿，” 她说。NYTIMES</p>

摩根士丹利

摩根大通

美国银行

SPCX

JPMO

<p>主要银行如摩根大通、摩根士丹利和美国银行正在利用 SpaceX 的首次公开募股（IPO）来吸引和留住超高净值客户。通过举办以埃隆·马斯克和 SpaceX 高管为主角的独家活动，这些机构旨在加强财富管理关系并证明高额费用的合理性。这一策略突显了个人投资者在华尔街收入模式中日益重要的地位，因为银行在代际财富转移的背景下激烈竞争富裕客户</p>

<p>[NEW YORK] On the 51st floor of JPMorgan’s gleaming New York City headquarters, 350 wealthy investors gathered last week to hear directly from Elon Musk about his public offering of SpaceX.</p>
<div class="lb-trans"><p>[纽约] 上周，在摩根大通位于纽约市的璀璨总部的 51 层，350 位富有的投资者聚集在一起，直接聆听埃隆·马斯克关于 SpaceX 公开募股的演讲。</p>
</div><p>Seated in the front row were billionaires Robert Kraft, the New England Patriots owner, and Kenneth Langone, the Home Depot founder.</p>
<div class="lb-trans"><p>前排就坐的是新英格兰爱国者队的老板罗伯特·克拉夫特和家得宝创始人肯尼斯·兰戈恩这两位亿万富翁。</p>
</div><p>Jamie Dimon, JPMorgan’s CEO, told the people gathered that night that they were part of the “democratisation of finance,” in which individual investors are being treated the same as hedge funds and other big players. “In my view, it’s a wonderful thing to do,’’ Dimon said.</p>
<div class="lb-trans"><p>摩根大通首席执行官杰米·戴蒙告诉当晚聚集的人们，他们是 “金融民主化” 的一部分，个人投资者正受到与对冲基金和其他大玩家相同的对待。“在我看来，这是一件美好的事情，” 戴蒙说。</p>
</div><p>It also showcased the growing importance of the richest investors to Wall Street banks in an economy in which a few individuals have accumulated vast fortunes.</p>
<div class="lb-trans"><p>这也展示了在少数个人积累了巨额财富的经济中，最富有的投资者对华尔街银行日益重要。</p>
</div><p>Nearly two dozen banks and brokerage firms are set to reap more than US$500 million in fees from this week’s SpaceX initial public offering, the largest such payout ever. But perhaps just as important – or maybe more important to some banks – is the opportunity the IPO gives them to nurture their relationships with their richest clients and develop new ones.</p>
<div class="lb-trans"><p>近二十家银行和经纪公司预计将从本周的 SpaceX 首次公开募股中获得超过 5 亿美元的费用，这是有史以来最大的此类支付。但或许同样重要的——或者对某些银行来说更重要——是此次 IPO 为他们提供了与最富有客户培养关系和发展新客户的机会。</p>
</div><p>The country’s biggest banks have been aggressively building their wealth management businesses. As individual investors increasingly compose a larger share of the US stock market, giving clients access to shares in one of the most hyped initial public offerings, and the top executives behind it, is one way for banks to stand out in a sea of increasingly fierce competition, said Timothy Welsh, founder of Nexus Strategy, a consulting firm to the wealth management industry.</p>
<div class="lb-trans"><p>该国最大的银行一直在积极扩展其财富管理业务。随着个人投资者在美国股市中所占份额越来越大，向客户提供参与最受关注的首次公开募股及其背后高管的机会，是银行在竞争日益激烈的市场中脱颖而出的一种方式，Nexus Strategy 的创始人蒂莫西·威尔士表示，该公司为财富管理行业提供咨询。</p>
</div><p>“That exclusivity, that velvet rope, that prestige factor validates why they can charge premium fees and have that differentiated wealthy offering as their claim to fame,” he said. “It’s very important to be able to reward your best clients.”</p>
<div class="lb-trans"><p>“那种独特性、那种奢华的门槛、那种声望因素验证了他们为何能够收取高额费用，并拥有作为其声誉的差异化财富产品，” 他说。“能够奖励你的最佳客户是非常重要的。”</p>
</div><p>At the biggest investment banks, wealth management was long seen as something of a sleepy backwater, with high-flying Wall Street bankers working on large corporate deals considered the biggest stars. But the amount of fees that can be generated from clients’ personal fortunes and the feast-or-famine nature of deal-making has made managing wealth more vital for banks.</p>
<div class="lb-trans"><p>在最大的投资银行中，财富管理长期以来被视为一种相对冷清的领域，而在大型企业交易中工作的华尔街高管被认为是最大的明星。但从客户个人财富中产生的费用以及交易的盛衰性质使得财富管理对银行来说变得更加重要。</p>
</div><p>And a transfer of wealth from an ageing population, expected to take place over the next 20 years, is amping up competition for these customers. JPMorgan, Morgan Stanley and other financial giants have spent billions to build out their wealth units, which account for an increasingly large share of their businesses.</p>
<div class="lb-trans"><p>而预计在未来 20 年内，随着老龄化人口的财富转移，竞争将加剧。摩根大通、摩根士丹利和其他金融巨头已经花费数十亿美元来扩展他们的财富管理部门，这些部门在他们的业务中所占的份额越来越大。</p>
</div><p>“In my 35 years, I’ve not seen competition for the wealth management business any more intense,” said Mike Mayo, an analyst at Wells Fargo. “They’ve been opening branches, hiring bankers, expanding private banks.”</p>
<div class="lb-trans"><p>“在我 35 年的职业生涯中，我从未见过财富管理业务的竞争如此激烈，” 富国银行的分析师迈克·梅奥说。“他们一直在开设分支机构，招聘银行家，扩展私人银行业务。”</p>
</div><p>On Monday, Morgan Stanley is hosting an event for its wealth management clients to hear from the SpaceX management team. On Thursday, Bank of America hosted parties for 5,000 clients to watch presentations from SpaceX executives Gwynne Shotwell and Bret Johnsen, as well as its co-president, Jim De Mare.</p>
<div class="lb-trans"><p>周一，摩根士丹利为其财富管理客户举办了一场活动，让他们聆听 SpaceX 管理团队的演讲。周四，美国银行为 5000 名客户举办了聚会，观看 SpaceX 高管格温·肖特韦尔和布雷特·约翰森，以及其联合总裁吉姆·德·梅尔的演讲。</p>
</div><p>At JPMorgan’s simulcast of Musk’s presentation last week, its clients gathered across 90 bank branches. Dimon brought that idea of using the branches to Musk, said two people with knowledge of the company’s discussions about the IPO.</p>
<div class="lb-trans"><p>在摩根大通上周对马斯克演讲的同步直播中，其客户在 90 个银行分支机构聚集。戴蒙将利用分支机构的想法带给了马斯克，两位知情人士表示。</p>
</div><p>The company’s bankers have spent the past six weeks in SpaceX offices with company badges working on the strategy, the people said. The bank has also tapped its high-net-worth clients to invest in prior initial public offerings.</p>
<div class="lb-trans"><p>该公司的银行家在过去六周内在 SpaceX 办公室工作，佩戴公司徽章，专注于战略。知情人士表示，银行还利用其高净值客户投资于之前的首次公开募股。</p>
</div><p>In his remarks to the group last week, Dimon described the 3,500 people watching Musk’s presentation on the simulcast as JPMorgan’s “top individual investors” across the US.</p>
<div class="lb-trans"><p>在上周对该小组的讲话中，戴蒙将观看马斯克演讲的 3500 人描述为摩根大通在美国的 “顶级个人投资者”。</p>
</div><p>There is more than flattery on the line. Musk needs the banks’ wealthy clients for his IPO to succeed: High-net-worth individuals are expected to make up a large portion of the US$22.5 billion the company is looking to raise from individual investors to support the US$75 billion deal.</p>
<div class="lb-trans"><p>这不仅仅是恭维。马斯克需要银行的富有客户来确保他的 IPO 成功：预计高净值个人将占据该公司希望从个人投资者那里筹集的 225 亿美元中的很大一部分，以支持这笔 750 亿美元的交易。</p>
</div><p>Initial public offerings typically “pop” in first day trading, giving investors who bought into the deal an easy way to turn a big profit by selling their shares. The fact that SpaceX, which analysts at Morningstar say is worth US$780 billion, is looking to be valued at upward of US$1.75 trillion may not give it much room for growth when it hits markets.</p>
<div class="lb-trans"><p>首次公开募股通常在首日交易中 “暴涨”，使得参与交易的投资者能够轻松通过出售其股份获得丰厚利润。分析师认为，SpaceX 的估值为 7800 亿美元，而其希望在市场上被估值超过 1.75 万亿美元，这可能在上市时并没有太多增长空间。</p>
</div><p>But Morningstar’s analysts also say shares of SpaceX may continue to trade up, at least in the short term, partly because of a new Nasdaq rule that will effectively force index funds to buy its shares a little after two weeks following its listing.</p>
<div class="lb-trans"><p>但晨星的分析师也表示，SpaceX 的股票可能会继续上涨，至少在短期内，部分原因是纳斯达克的新规则将有效迫使指数基金在上市后两周内购买其股票。</p>
</div><p>SpaceX is also looking to sell to everyday investors with accounts at firms including Fidelity and Robinhood. Many brokerages that focus on a broader client base have restrictions on IPO trading in the weeks following a listing. For example, Fidelity temporarily blocks investors from future initial public offerings if they trade the shares they received in the IPO just once during the 15 days following a listing.</p>
<div class="lb-trans"><p>SpaceX 还希望向包括富达和罗宾汉在内的公司账户的普通投资者出售股票。许多专注于更广泛客户基础的经纪公司在上市后的几周内对 IPO 交易有限制。例如，富达在上市后 15 天内，如果投资者仅交易一次 IPO 中获得的股票，会暂时阻止其参与未来的首次公开募股。</p>
</div><p>JPMorgan’s wealthy clients are under no such restrictions, the two people with knowledge of the IPO discussions said.</p>
<div class="lb-trans"><p>摩根大通的富有客户没有这样的限制，知情人士表示。</p>
</div><p>SpaceX and other mega IPOs expected this year, including OpenAI and Anthropic, are likely to create a cadre of newly wealthy individuals, including the companies’ employees, as they eventually cash out their shares in the private companies going public. This new wealth presents another big business opportunity for the banks.</p>
<div class="lb-trans"><p>预计今年的 SpaceX 和其他大型 IPO，包括 OpenAI 和 Anthropic，将创造一批新富人，包括这些公司的员工，因为他们最终会兑现在私营公司上市时的股份。这种新财富为银行提供了另一个巨大的商业机会。</p>
</div><p>“They’re looking at the IPOs not as just the fees that they earn, but with a multiplier effect for them to serve all the new millionaires, in some cases billionaires,” Mayo said.</p>
<div class="lb-trans"><p>“他们将 IPO 视为不仅仅是他们赚取的费用，而是作为一个乘数效应，以服务所有新百万富翁，有时是亿万富翁，” 梅奥说。</p>
</div><p>The economics of private wealth management is coveted by banks in part because it does not require banks to invest their own cash. Banks earn management fees, which are often based on a percentage of the amount of money a client invests. Banks can also sell other services to these clients such as estate planning and extending credit lines backed by their homes, artwork or stock holdings.</p>
<div class="lb-trans"><p>私人财富管理的经济学受到银行的青睐，部分原因在于它不需要银行投入自己的现金。银行通过管理费获利，这些费用通常是基于客户投资金额的一定百分比。银行还可以向这些客户销售其他服务，如遗产规划和以其房产、艺术品或股票持有为担保的信用额度。</p>
</div><p>“That’s the beauty of wealth management,” said Welsh, who previously worked at Charles Schwab and Merrill Lynch. “It’s infinitely scalable.”</p>
<div class="lb-trans"><p>“这就是财富管理的魅力，” 曾在查尔斯·施瓦布和美林证券工作的韦尔什表示。“它是无限可扩展的。”</p>
</div><p>Those dynamics explain in part why banks have been building out these lines of work. In 2020, Morgan Stanley said it was paying US$7 billion to acquire wealth management firm Eaton Vance and US$13 billion for discount retail broker E-Trade. Its wealth and asset management business is now about half the bank’s business.</p>
<div class="lb-trans"><p>这些动态部分解释了为什么银行一直在扩展这些业务线。2020 年，摩根士丹利表示，它支付了 70 亿美元收购财富管理公司 Eaton Vance，并以 130 亿美元收购折扣零售经纪商 E-Trade。其财富和资产管理业务现在约占银行业务的一半。</p>
</div><p>At JPMorgan Chase, which acquired First Republic bank in 2023, wealth advisory makes up about 13 per cent of its business. The bank, like many of its competitors, has been focused on using a “one firm strategy,” using all of its arms for business development, Mayo said.</p>
<div class="lb-trans"><p>在 2023 年收购了第一共和国银行的摩根大通，财富顾问业务约占其业务的 13%。该银行与许多竞争对手一样，专注于使用 “统一公司战略”，利用其所有部门进行业务开发，梅奥表示。</p>
</div><p>The bank now has more than US$4.5 trillion in assets across its businesses catering to individual investors. Marianne Lake, the bank’s CEO of consumer and community banking, laid out the bank’s wealth management ambitions at the company’s investor day last year: “We are sitting on a gold mine,” she said. NYTIMES</p>
<div class="lb-trans"><p>该银行目前在面向个人投资者的业务中拥有超过 4.5 万亿美元的资产。该银行消费者和社区银行业务的首席执行官玛丽安·莱克在去年公司的投资者日上阐述了该银行的财富管理雄心：“我们坐拥一座金矿，” 她说。NYTIMES</p>
</div>

How banks are using SpaceX to woo the super rich

- 近期，JPMorgan 举办活动，吸引富裕投资者关注 SpaceX IPO。
- 银行希望借此机会巩固与客户关系并扩大财富管理业务。
- SpaceX IPO 成功依赖高净值客户，预计募集 225 亿美元。

Businesstimes News

SpaceX

YieldMax JPM Option Income Strategy ETF

Defiance Daily Target 2X Long JPM ETF

富国银行

Robinhood

晨星信息

家得宝

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A DD

WELLS FARGO & COMPANY 7.5% PERP CONV PRF CLS 'A' SERIES 'L'

WELLS FARGO & COMPANY DEP SHS REP 1/1000 INT PER PFD SER Y A

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A CC

WELLS FARGO & COMPANY 4.75% DEP SHS 1/1000 NCUM PFD CL A SR Z

WELLS FARGO & COMPANY DEP SHS REP 1/1000TH INT PFD SR AA (CLA)

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

银行如何利用 SpaceX 来吸引超级富豪