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| Title: | 美國升息階段台灣財富管理趨勢與轉型 - 以國泰世華銀行為例
Wealth Management Trends and Transformation in Taiwan During the U.S. Interest Rate Hike - A Case Study of Cathay United Bank |
| Authors: | 謝明勳
Hsieh, Ming-Hsun |
| Contributors: | 陳明進
謝明勳
Hsieh, Ming-Hsun |
| Keywords: | 美國升息
高資產淨值客戶
投資等級債券
財富管理轉型
U.S. Interest Rate Hike
High-Net-Worth Individuals (HNWIs)
Investment-Grade Bonds
Wealth Management Transformation |
| Date: | 2024 |
| Issue Date: | 2025-01-02 11:41:32 (UTC+8) |
| Abstract: | 本研究探討美國升息階段對台灣財富管理市場的影響及策略轉型，並以國泰世華銀行為個案分析。自2021年至2023年間，美國聯邦儲備系統（Federal Reserve）積極實施升息政策，導致全球金融市場出現劇烈波動，尤其對於債券市場的評價產生顯著影響。高資產淨值客戶（High-Net-Worth Individuals, HNWIs）對於財富管理的需求在升息環境中也隨之轉變，逐漸偏向於以穩定收益為導向的低風險產品，特別是投資等級公司債（Investment Grade Bonds）。因此，本研究旨在分析台灣的財富管理在升息週期中，如何透過靈活的策略調整來滿足客戶的需求，並維持市場中的競爭優勢。
本研究發現，在高利率環境下，高資產淨值客戶的投資偏好從成長型資產如基金、股票逐漸轉向低風險且穩定的固定收益產品，如投資等級債券。這一轉變反映了高資產淨值客戶對於資本保值與穩定收益的重視，並希望在波動的市場環境中降低資產風險。國泰世華銀行財富管理針對此變化，積極擴展其投資等級債券產品線，並推出多樣化的固定收益產品，以滿足客戶在升息環境中的多元需求。研究顯示，國泰世華銀行的海外債券銷售額從2021年的6.89億美元顯著增長至2024年8月的59.93億美元，達到超過8倍的成長，進一步提升了其財富管理的市場地位。
本研究所探討國泰世華銀行的轉型策略可供台灣的其他財富管理機構參考，特別是在利率波動環境中，迎合高資產淨值客戶在不同市場環境中的投資需求。
This thesis studies the impacts of the U.S. interest rate hike on Taiwan’s wealth management market and its strategic transformation, using Cathay United Bank as a case study. From 2021 to 2023, the Federal Reserve implemented a series of aggressive interest rate hikes, affecting the valuation of bond markets. During this period, the wealth management needs of high-net-worth individuals (HNWIs) in Taiwan have also shifted, gradually favoring low-risk, stable-return products. This research aims to analyze how Taiwan’s wealth management industry has adapted its strategies during the rate hike cycle to meet client demands and maintain its competitive edge.
In this study discovered that, HNWIs have shifted their investment preferences from growth-oriented assets to low-risk and stable fixed-income products. This shift reflects HNWIs' increased focus on capital preservation and stable returns, with a desire to reduce asset risk in a volatile market environment. Cathay United Bank responded to this change by expanding its product line of investment-grade bonds to cater varied needs. The research shows that Cathay United Bank’s overseas bond sales have grown significantly and further enhancing its position in the wealth management market.
This study suggests that Cathay United Bank’s transformation strategies may serve as a reference for other wealth management institutions in Taiwan, especially in addressing the diverse investment needs of HNWIs under a fluctuating interest rate environment. |
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| Description: | 碩士
國立政治大學
國際金融碩士學位學程
112ZB1051 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1051 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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