金融学院知识库

       随着中国经济近二十年来爆发式的增长中国的高净值人群也越来越多，而作为专门 为高净值人群服务的私人银行也成为了目前我国商业银行发展的重点。同时我国经济进 入了新常态的发展阶段，发展私人银行业务则成为了商业银行产业结构调整与转型升级 的有效抓手。私人银行业务的核心是对于高净值人群的资产配置，而资产配置的核心则 是对于产品的选择与风险的把控，如何构建满足高净值客户需求的产品组合成为了当前 各商业银行私人银行部门首要解决的问题，因此私人银行需要不断提升其资产配置水 平，使用更加先进合理的配置策略来为高净值客户提供更加多样化的服务。

       本文首先参阅国内外私人银行理财业务的发展现状和资产配置原理，在此基础上得 出提升私人银行资产配置能力的必要性，并借鉴国外私人银行资产配置的流程模式，选 取 Black-litterman 模型为主要手段，在分析之前对变量参数进行设定；其次，参照我 国私人银行理财产品的类别，挑选出五项基本资产进行数据处理，并利用宏观经济指标 构建资产回归模型；最后在中国当前的经济背景下对高净值客户资产配置的结果进行分 析，为我国银行业私人理财部门提供相关的资产配置建议，为高净值客户提供合理可行 的资产配置策略。

       在当前经济背景下，本文以私人银行高净值客户为研究对象来探讨资产配置的相关 问题有着十分重要的意义。首先，资产配置策略可以为高净值客户提供高效合理的投资 组合，有利于高净值客户资产的保值增值；其次，对于策略的研究不仅可以为私人银行 高净值客户提供有效的投资组合，还能够提升整个市场的配置效率；最后，尽管本文将 研究对象定在高净值人群，但资产配置策略的普遍适用性也能够对非高净值人群的资产 配置起到非常重要的指导作用。

With the explosive growth of China's economy in the past two decades, there are more and more high net worth people in China, and as a private bank specially serving high net worth people, it has become the focus of the development of China's commercial Banks. At the same time, China's economy has entered a new normal stage of development, and the development of private banking business has become an effective starting point for the adjustment, transformation and upgrading of the industrial structure of commercial Banks. Is the core of the private banking business for high net worth population of asset allocation, and the core of asset allocation is the product of choice and risk control, how satisfying demand of high net worth clients to build product portfolio to become the current commercial Banks and private banking sector for solve the problem of the primary, so private Banks need to constantly enhance the level of their asset allocation and use of more advanced and reasonable allocation strategy for high net worth clients with more diversified services.

Firstly, this paper refers to the development status and asset allocation principles of private banking services at home and abroad. Based on this, it comes to the necessity of improving the asset allocation ability of private Banks. Besides, it also learns from the asset allocation process model of foreign private Banks. Secondly, five basic assets were selected for data processing by referring to the types of financial products of private Banks in China, and a regression model of assets was constructed by using macroeconomic indicators. Finally,  under the current economic background of China, the author analyzes the asset allocation results of high net worth clients, and provides relevant asset allocation Suggestions for the private financial management departments of China's banking industry, and reasonable and feasible asset allocation strategies for high net worth clients.

In the current economic context, it is of great significance for this paper to take the high net worth clients of private Banks as the research object to discuss the relevant issues of asset allocation. First of all, asset allocation strategy can provide efficient and reasonable investment portfolio for high net worth clients, which is conducive to the maintenance and appreciation of high net worth clients' assets. Secondly, the study of strategies can not only provide effective investment portfolios for private Banks' high net worth clients, but also improve the allocation efficiency of the whole market. Finally, although the research object of this paper is high net worth individuals, the general applicability of asset allocation strategies can also play a very important guiding role in asset allocation of non-high net worth individuals.