Unit 17 Money Management Business
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Unit17 Money Management BusinessMoney ManagementBanking, stock broking, and fund management are converging. For investment banking houses, money management business is not a question of whether to enter, but rather to "buy" or to "build". In 1970, only 7 of top 15 underwriters had affiliations with units that ran money. By 2003, nearly all major investment banks had drifted into fund management. Several factors have contributed to the growing importance of money management operations within investment banking business umbrella.Money management business资金管理行业Banking, stock broking, and fund management are converging.银行业、证券经纪业和资金管理业正逐渐趋同。
Converge: to come from different directions and meet at the same point to become one thing[≠diverge]:For investment banking houses, money management business is not a question of whether to enter, but rather to "buy" or to "build. ".对投资银行来说,资金管理行业不是什么是否进入的问题,而是要去“买”还是去“新建”的问题。
In 1970, only 7 of top 15 underwriters had affiliations with units that ran money 1970年,顶级的15家承销商中只有7家拥有运营资金的附属机构。
By 2003, nearly all major investment banks had drifted into fund management. 2003年,几乎所有顶级的投资银行都介入了资金管理业务。
Drift: to move slowlyDrift into sth: to move, change, or do something without realizing it. 不知不觉的开始做某个事情She was just drifting into sleep when her boss is coming in. 当她迷迷糊糊刚要睡着的时候,经理近来了。
(在这个句子中,nearly all major investment banks had drifted into fund management. 表达的意思是:几乎所有的顶级的投资银行都在不知不觉中介入了资金管理业务。
)Several factors have contributed to the growing importance of money management operations within investment banking business umbrella.A Contribute toB : A 导致 B 的发生,A是B的原因Several factors have contributed to the growing importance of money management operations有几个因素导致了资金管理业务的重要性,或者说有几个因素是资金管理变的越来越重要的原因。
(好,我们再来看一下这句话中umbrella的意思,umbrella 本意是伞,在这里把investment banking比做一个大伞,在这个大伞下经营着很多的业务,money management就是其中之一.译文:资金管理业务作为投资银行业务的一个分支,其重要性正日益增强。
导致这一现象的原因有以下几点:First, it is to keep up with competition by providing a one-stop financial store. Running affiliated funds expands the range of products and services investment banks offer to clients. Second, it helps balance out banks' volatile income streams with a relatively stable .source of income. Affiliated funds provide support for Wall Street parents' underwriting business as well. Investment banks take in revenues to underwrite securities is sues and fee income with the help of fund management operations. It is one of the most attractive segments of the financial services industry. The total industry net assets have grown from $135 billion in 1980 to ,$4.49 trillion by December 1997. By the end of 2003, the assets of the U. S. ' s mutual funds grew to nearly $7 trillion.First, it is to keep up with competition by providing a one-stop financial store. 首先是出于通过提供一步到位式金融服务(one- stop financial store,或称全方位金融服务) 从而保持自己竞争力的需要。
Running affiliated funds expands the range of products and services investment banks offer to clients.运营附属基金可以扩大投资银行向客户提供的产品和服务的范围;Second, it helps balance out banks’volatile income streams with a relatively stable source of income.Volatile: 动荡不定的Balance out: if two or more things balance out, the final result is that they are equal in amount, importance, or effect:译文:其二,资金管理可以带来相对稳定的收入流,从而有助于抵消银行收入流的不稳定;Affiliated funds provide support for Wall Street parents' underwriting business as well.附属基金也为其华尔街上的母公司的承销业务提供了支持,Investment banks take in revenues to underwrite securities issues and fee income with the help of fund management operations.投资银行可以从承销证券发行得到收益,并通过经营资金管理业务获取费用型收入。
It is one of the most attractive segments of the financial services industry.资金管理是金融服务行业中最具吸引力的业务之一,The total industry net assets have grown from $135 billion in 1980 to ,$4.49 trillion by December 1997.其行业的总净资产已经从1980年的1 350亿美元增加到了I 1997年12月的44 900亿美元。
By the end of 2003, the assets of the U. S. ' s mutual funds grew to nearly $7 trillion.到2003年年底,美国全国的共同基金资产已达到近7万亿美元。
Investment management business itself is undergoing radical reshaping. According to a widely read report from Goldman Sachs published in 1997, consolidation is the wave of the future. Within the next few years, the industry will emerge as a handful of dominant companies and some smaller niche players. To establish and secure a position in the marketplace quickly, Wall Street firms favor buying over the build-it-yourself approach.Investment management business itself is undergoing radical reshaping.投资管理行业本身正在进行彻底的洗牌。