McKinsey’s secret $5bn fund in spotlight
麦肯锡50亿美元秘密基金曝光
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McKinsey, one of the world’s most influential consulting firms, has built up a secretive $5bn internal investment arm that manages the fortunes of its past and present partners, raising questions over possible conflicts of interest.
麦肯锡(McKinsey)创建了一家50亿美元的神神秘秘的内部投资机构，管理其过去及现在合伙人的财富，令人质疑这可能存在利益冲突。麦肯锡是全球最具影响力的咨询公司之一。
Known as McKinsey Investment Office Partners, it is overseen by a 12-strong board of the consultant’s most senior partners and advisers, according to documents seen by the Financial Times.
英国《金融时报》获得的文件显示，这家机构名为“麦肯锡投资办公室合伙人”（McKinsey Investment Office Partners，简称MIO），受到由12名最资深合伙人和顾问组成的麦肯锡董事会的监督。
The firm’s partners on the board — which include the heads of the Americas, energy, investment banking, and private equity divisions — do not disclose their work at the fund in their corporate biographies, and they are not named on MIO’s website.
麦肯锡的董事合伙人——包括美洲地区、能源、投资银行业和私人股本部门的负责人——在各自的职业简介中没有披露他们在这家基金的工作，他们的名字也没有出现在MIO的网站上。广州金融翻译公司、金融英语翻译。
The existence, size and investments of the highly profitable internal trading fund, which was set up three decades ago, have until now remained largely unknown outside a circle of former and current McKinsey insiders. Ex-partners at the prestigious firm have gone on to run some of the world’s largest companies or have taken up important government positions.
这家盈利能力很强的内部交易基金是30年前创立的。麦肯锡前任以及现任内部人圈子以外的人至今基本上不知晓它的存在、规模和投资。这家颇具声望的公司的一些前合伙人经营着全球某些最大的公司或者占据着重要的政府职位。
“Given the size of the internal investment fund, it raises the question of whether there’s a conflict of interest here between McKinsey’s investment strategy and its clients’ needs,” said Fiona Czerniawska, director of Source Global Research, an authority on the consulting industry.
咨询业巨头Source Global Research的董事菲奥娜•切尔尼亚夫斯卡(Fiona Czerniawska)表示：“鉴于这家内部投资基金的规模，它令人质疑麦肯锡的投资策略与其客户需求之间是否存在利益冲突。”
MIO said the board delegated investment decisions to the division’s management, adding that it had “a rigorous policy to avoid conflicts of interest”.
MIO表示，麦肯锡董事会将投资决定授予该部门的管理层，并补充称，它制定了“严格的政策以避免利益冲突”。
The little-known partners’ investment group was designed to retain McKinsey’s top talent and has generated hundreds of millions of dollars in profits for its clients over three decades. Its flagship offering, called Compass Special Situations, has made money for 24 of the past 25 years — only suffering a loss at the height of the global financial crisis in 2008, according to an investor.
这家几乎不为人所知的合伙人投资公司旨在保留麦肯锡的顶级人才，并在30年里为其客户创造了数亿美元利润。据一位投资者介绍，它的旗舰产品Compass Special Situations在过去25年里有24年实现了盈利，只是在2008年全球金融危机最严重时期出现亏损。
MIO has total assets of $9.5bn — around half are partner investments while the rest is invested on behalf of the McKinsey group pension plan.
MIO总资产95亿美元，大约一半是合伙人投资，剩下的是代表麦肯锡集团养老金计划的投资。
“MIO is managed independently, and all its activities are separate from McKinsey’s consulting operations,” McKinsey said.
麦肯锡表示：“MIO独立管理，其所有活动都和麦肯锡的咨询业务分开。”
In its fund documents MIO said it was permitted to make investments in the securities of companies for which McKinsey acted as a consultant.
MIO在其基金文件中表示，它被允许投资于麦肯锡担任咨询顾问的公司的证券。
One disclosure stated: “MIO’s parent, McKinsey, is an internationally recognised consulting firm that has a variety of business engagements with numerous issuers of securities,” and that MIO’s funds were “not required to refrain from investing in such issuers”.
一份文件表示：“MIO的母公司麦肯锡是一家具有国际知名度的咨询公司，与众多证券发行方有着一系列的业务联系。”MIO的基金“没有被要求避免投资于此类发行方”。
MIO said it was regulated by the US’s Securities and Exchange Commission and the UK’s Financial Conduct Authority.
MIO表示，它受到美国证交会(SEC)和英国金融市场行为监管局(FCA)的监管。
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