受油價拖累 海灣國家主權基金掀起贖回潮

Sovereign wealth funds in the Gulf have been pulling money out of asset managers at the fastest rate on record as they rush to boost their economies following the collapse in the oil price.

海灣國家的主權財富基金正以史上最快速度從資產管理公司撤出資金。這些國家在油價崩盤後急於提振各自的經濟。

At least $19bn was withdrawn by state institutions during the third quarter, according to data provider eVestment, denting investment managers’ profits and raising concerns about the prospect of further outflows.

數據提供商eVestment的數據顯示，第三季度國家機構至少撤出了190億美元，影響了投資經理的利潤，並引發了人們對於資金撤退可能繼續的擔憂。

The true level of withdrawals this year is likely to be much greater as some asset managers, including BlackRock, the world’s biggest fund house, do not disclose their dealings with sovereign funds. Morgan Stanley estimates BlackRock suffered redemptions of $31bn from government institutions during the second and third quarters. BlackRock declined to comment.

今年以來真實的撤資水平很可能高得多，因爲一些資產管理公司——包括全球最大基金公司貝萊德(BlackRock)——不披露其與主權財富基金的交易。摩根士丹利(Morgan Stanley)估計，貝萊德在第二和第三季度遭遇了政府機構的310億美元贖回。貝萊德拒絕置評。

Governments in oil-rich countries have been forced to raid their wealth funds after the price of crude slumped by more than half to $43 a barrel.

油價暴跌超過一半，至每桶43美元后，產油國的政府不得不動用各自的財富基金。

Aberdeen Asset Management, Northern Trust, Franklin Resources and Old Mutual Asset Management have all said they have been hit by government funds redemptions this year.

安本資產管理(Aberdeen Asset Management)、北方信託(Northern Trust)、富蘭克林資源(Franklin Resources)和耆衛資產管理公司(Old Mutual Asset Management)都承認，今年以來它們遭遇了政府基金贖回的打擊。

Martin Gilbert, chief executive of Aberdeen, Europe’s third-largest listed fund house, which reported its 10th consecutive quarter of outflows last week, said: “If the oil price remains low, we will see more redemptions from sovereign wealth funds.”

歐洲第三大上市基金公司、上週報告連續第10個季度遭遇資金外流的安本的首席執行官馬丁吉爾伯特(Martin Gilbert)表示：“如果油價保持低迷，我們將看到主權財富基金的更多贖回。”

Four of the five largest sovereign funds in the world are based in oil-rich countries. More than three-quarters of oil-backed vehicles outside of North America expect governments to withdraw money due to sustained low oil prices, according to research by Invesco, the US fund manager.

全球五個最大的主權財富基金有四個位於產油國。根據美國基金管理公司景順(Invesco)的研究，由於油價持續低迷，北美以外逾四分之三以石油財富爲後盾的投資工具預計相關政府將撤出資金。

The Saudi Arabian Monetary Agency, the fourth-largest sovereign wealth fund in the world with $672bn in assets, has withdrawn about $70bn from external managers this year to support its economy.

全球第四大主權財富基金、擁有6720億美元資產的沙特阿拉伯貨幣局(Saudi Arabian Monetary Agency)，今年已從外部管理機構撤回約700億美元，以支持本國經濟。

If sovereign fund redemptions continue at the same pace, listed asset managers could see their earnings per share drop 4.1 per cent, according to Morgan Stanley.

據摩根士丹利表示，如果主權財富基金繼續按照這樣的速度贖回，上市資產管理公司的每股盈利可能下降4.1%。

Jeffrey Levi, a partner at Casey Quirk & Associates, an investment management consultancy, said: “There is big pressure on governments because of the oil price drop and they are looking to sovereign funds for cash flow.”

投資管理諮詢公司Casey Quirk & Associates的合夥人傑弗裏列維(Jeffrey Levi)表示：“由於油價下跌，有關國家的政府受到巨大壓力，他們寄望從主權基金獲得現金流。”

Most sovereign wealth funds are unwilling to discuss recent redemptions and asset managers are also being coy about their dealings with the funds due to confidentiality agreements.

多數主權財富基金不願討論近期的贖回，各資產管理公司也以保密協議爲由，不願透露相關業務往來。