{"id":1006,"date":"2022-01-15T21:03:52","date_gmt":"2022-01-15T12:03:52","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1006"},"modified":"2022-01-15T21:04:13","modified_gmt":"2022-01-15T12:04:13","slug":"%e3%80%90%e7%bf%bb%e8%a8%b3%e3%80%91%e3%83%96%e3%83%a9%e3%83%83%e3%82%af%e3%83%ad%e3%83%83%e3%82%af-nyseblk2021%e5%b9%b4%e7%ac%ac4%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1006","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af (NYSE:BLK)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"},"content":{"rendered":"

\u4e16\u754c\u6700\u5927\u306e\u8cc7\u7523\u904b\u7528\u4f1a\u793e\u3067\u3042\u308b\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af (NYSE:BLK)\u306e\u6c7a\u7b97\u8aac\u660e\u4f1a\u3067\u3059\u3002<\/p>\n

i\u30b7\u30a7\u30a2\u30fc\u30baETF\uff08IVV\u3084PFF\uff09\u3067\u975e\u5e38\u306b\u6709\u540d\u3067\u8cc7\u7523\u904b\u7528\u3059\u308b\u4eba\u306a\u3089\u8ab0\u3067\u3082\u77e5\u3063\u3066\u3044\u308b\u9298\u67c4\u3067ETF\u3067\u3082\u304a\u4e16\u8a71\u306b\u306a\u3063\u3066\u3044\u308b\u4eba\u3082\u591a\u3044\u3067\u3059\u306d\u3002<\/p>\n

\u58f2\u308a\u4e0a\u3052\u3092\u30df\u30b9\u3057\u3066\u3044\u307e\u3059\u304c\u904b\u7528\u4f1a\u793e\u3068\u3057\u3066\u521d\u3081\u3066\u8cc7\u7523\u7dcf\u984d1,000\u5104\u30c9\u30eb\u7a81\u7834\u3057\u3066\u304a\u308a\u51c4\u3044\u3067\u3059\u306d\u3002<\/p>\n

\"\"<\/p>\n

\u524d\u56de\u306e2021\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306f\u3053\u3061\u3089<\/a>\u3067\u3059\u3002<\/p>\n

\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af (NYSE:BLK)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

2022\u5e741\u670814\u65e5\u5348\u524d8\u664230\u5206\uff08\u7c73\u56fd\u6771\u90e8\u6642\u9593\uff09<\/p>\n

Call participants:
\nChris Meade
\nGary Shedlin — Chief Financial Officer
\nLarry Fink — Chairman and Chief Executive Officer
\nAlex Blostein — Goldman Sachs — Analyst
\nCraig Siegenthaler — Credit Suisse — Analyst
\nRob Kapito — President
\nMichael Cyprys — Morgan Stanley — Analyst
\nBrian Bedell — Deutsche Bank — Analyst
\nMore BLK analysis<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u672c\u65e5\u3001\u4f1a\u8b70\u306e\u9032\u884c\u5f79\u3092\u52d9\u3081\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3001\u30b8\u30a7\u30ed\u30fc\u30e0\u3068\u7533\u3057\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u30fb\u30a4\u30f3\u30af\u306e2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u30c6\u30ec\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306b\u7686\u69d8\u3092\u304a\u62db\u304d\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u306e\u53f8\u4f1a\u306f\u3001\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u306e\u30ed\u30fc\u30ec\u30f3\u30b9\u30fbD\u30fb\u30d5\u30a3\u30f3\u30af\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\u306e\u30b2\u30a4\u30ea\u30fc\u30fbS\u30fb\u30b7\u30a7\u30c9\u30ea\u30f3\u3001\u793e\u9577\u306e\u30ed\u30d0\u30fc\u30c8\u30fbS\u30fb\u30ab\u30d4\u30fc\u30c8\u3001\u6cd5\u52d9\u8cac\u4efb\u8005\u306e\u30af\u30ea\u30b9\u30c8\u30d5\u30a1\u30fc\u30fbJ\u30fb\u304c\u52d9\u3081\u307e\u3059\u3002<\/p>\n

\u30df\u30fc\u30c9\u3067\u3059\u3002[\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u304b\u3089\u306e\u6307\u793a] \u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30df\u30fc\u30c9\u3055\u3093\u3001\u4f1a\u8b70\u3092\u59cb\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30af\u30ea\u30b9\u30fb\u30df\u30fc\u30c9<\/p>\n

\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306e\u9867\u554f\u5f01\u8b77\u58eb\u3001\u30af\u30ea\u30b9\u30fb\u30df\u30fc\u30c9\u3067\u3059\u3002\u59cb\u3081\u308b\u524d\u306b\u3001\u3053\u306e\u96fb\u8a71\u306e\u4e2d\u3067\u3001\u79c1\u305f\u3061\u306f\u3044\u304f\u3064\u304b\u306e\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3092\u884c\u3046\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u3092\u3001\u304a\u77e5\u3089\u305b\u3057\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306e\u5b9f\u969b\u306e\u696d\u7e3e\u306f\u3001\u5f53\u7136\u306a\u304c\u3089\u3001\u3053\u308c\u3089\u306e\u8a18\u8ff0\u3068\u306f\u7570\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u306b\u3054\u7559\u610f\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u3054\u5b58\u77e5\u306e\u901a\u308a\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306fSEC\u306b\u5831\u544a\u66f8\u3092\u63d0\u51fa\u3057\u3066\u304a\u308a\u3001\u305d\u3053\u306b\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306e\u696d\u7e3e\u304c\u672c\u65e5\u306e\u767a\u8a00\u3068\u5927\u304d\u304f\u7570\u306a\u308b\u539f\u56e0\u3068\u306a\u308a\u5f97\u308b\u8981\u56e0\u304c\u3044\u304f\u3064\u304b\u8a18\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306f\u3001\u3044\u304b\u306a\u308b\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3082\u66f4\u65b0\u3059\u308b\u7fa9\u52d9\u3092\u8ca0\u308f\u305a\u3001\u307e\u305f\u3001\u305d\u306e\u3088\u3046\u306a\u7fa9\u52d9\u3092\u8ca0\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u308c\u3067\u306f\u3001\u30b2\u30a4\u30ea\u30fc\u306b\u30d0\u30c8\u30f3\u30bf\u30c3\u30c1\u3057\u307e\u3059\u3002<\/p>\n

Gary Shedlin — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30af\u30ea\u30b9\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u305d\u3057\u3066\u7686\u3055\u3093\u3001\u3042\u3051\u307e\u3057\u3066\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7686\u3055\u3093\u3068\u305d\u306e\u3054\u5bb6\u65cf\u304c\u3001\u5b89\u5168\u3067\u5065\u5eb7\u306b\u904e\u3054\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u9858\u3063\u3066\u3044\u307e\u3059\u30022021\u5e74\u7b2c4\u56db\u534a\u671f\u304a\u3088\u3073\u901a\u671f\u306e\u6c7a\u7b97\u3092\u3054\u8aac\u660e\u3067\u304d\u308b\u3053\u3068\u3092\u5b09\u3057\u304f\u601d\u3044\u307e\u3059\u3002<\/p>\n

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\u7b2c 4 \u56db\u534a\u671f\u306e\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306e\u53ce\u76ca\u306f 51 \u5104\u30c9\u30eb\u3001\u55b6\u696d\u5229\u76ca\u306f 21 \u5104\u30c9\u30eb\u3067\u3001\u305d\u308c\u305e\u308c\u524d\u5e74\u540c\u671f\u6bd4 14\uff05\u300111\uff05\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u56db\u534a\u671f\u6bce\u306e\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\u306f\u3001\u5b9f\u52b9\u7a0e\u7387\u306e\u4e0a\u6607\u3068\u5f53\u56db\u534a\u671f\u306e\u55b6\u696d\u5916\u53ce\u76ca\u306e\u6e1b\u5c11\u3092\u53cd\u6620\u3057\u3066\u3001\u524d\u5e74\u540c\u671f\u6bd4 2\uff05\u5897\u306e 10.42 \u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u5f53\u56db\u534a\u671f\u306e\u55b6\u696d\u5916\u53ce\u76ca\u306b\u306f\u3001\u4e3b\u306b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6642\u4fa1\u8a55\u4fa1\u76ca\u306b \u3088\u308b\u6b63\u5473\u6295\u8cc7\u5229\u76ca 8,600 \u4e07\u30c9\u30eb\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u7b2c4\u56db\u534a\u671f\u306e\u8abf\u6574\u5f8c\u7a0e\u7387\u306f\u3001\u500b\u5225\u9805\u76ee\u306e\u5f71\u97ff\u3082\u3042\u308a\u3001\u7d0425\uff05\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

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2021\u5e74\u306e\u7dcf\u8cbb\u7528\u306f\u3001\u4e3b\u306b\u5831\u916c\u3001G&A\u3001\u76f4\u63a5\u30d5\u30a1\u30f3\u30c9\u8cbb\u7528\u306e\u5897\u52a0\u306b\u3088\u308a20%\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u901a\u5e74\u3067\u306f\u3001\u55b6\u696d\u5229\u76ca\u306e\u4f38\u3073\u306b\u3088\u308b\u57fa\u672c\u7d66\u306e\u4e0a\u6607\u3068\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u5831\u916c\u306e\u5897\u52a0\u3001\u304a\u3088\u3073\u7e70\u5ef6\u5831\u916c\u8cbb\u7528\u306e\u5897\u52a0\u3092\u53cd\u6620\u3057\u3066\u3001\u5831\u916c\u8cbb\u7528\u304c20%\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u306a\u304a\u3001\u7b2c4\u56db\u534a\u671f\u306e\u5831\u916c\u8cbb\u7528\u306e\u524d\u5e74\u540c\u671f\u6bd4\u306f\u3001\u7b2c4\u56db\u534a\u671f\u306b\u6700\u7d42\u7684\u306a\u901a\u671f\u5831\u916c\u3092\u6c7a\u5b9a\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u3042\u307e\u308a\u610f\u5473\u304c \u3042\u308a\u307e\u305b\u3093\u3002\u7b2c4\u56db\u534a\u671f\u306e\u8ca9\u58f2\u8cbb\u304a\u3088\u3073\u4e00\u822c\u7ba1\u7406\u8cbb\u306f\u524d\u5e74\u540c\u671f\u6bd415\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001T&D\u8cbb\u306e\u5897\u52a0\u3092\u542b\u3080\u30de\u30fc\u30b1 \u30c6\u30a3\u30f3\u30b0\u304a\u3088\u3073\u30d7\u30ed\u30e2\u30fc\u30b7\u30e7\u30f3\u8cbb\u7528\u306e\u5897\u52a0\u3001COVID\u30c6\u30b9\u30c8\u8cbb\u7528\u306e\u5897\u52a0\u306b\u3088\u308b\u4e00\u90e8\u5165\u5c45\u8cbb\u7528\u306e\u5897\u52a0\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa \u30b5\u30fc\u30d3\u30b9\u304a\u3088\u3073\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u8cbb\u7528\u306e\u5897\u52a0\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u901a\u5e74\u3067\u306f\u3001\u30d5\u30a1\u30f3\u30c9\u7acb\u3061\u4e0a\u3052\u8cbb\u7528\u7dcf\u984d 2 \u5104 7,400 \u4e07\u30c9\u30eb\u3092\u542b\u3080\u7d04 3 \u5104 5,000 \u4e07\u30c9\u30eb\u306e\u975e\u4e2d\u6838 G&A \u8cbb\u3092\u9664\u304f\u3068\u3001\u4e2d\u6838 G&A \u8cbb\u306f 2020 \u5e74\u3068\u6bd4\u8f03\u3057\u3066 15%\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u8abf\u6574\u5f8c\u306e\u55b6\u696d\u5229\u76ca\u7387\u3092\u5831\u544a\u3059\u308b\u969b\u306b\u3001\u30d5\u30a1\u30f3\u30c9\u7acb\u3061\u4e0a\u3052\u8cbb\u7528\u306e\u5f71\u97ff\u3092\u9664\u5916\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u30b3\u30a2G&A\u8cbb\u306e\u524d\u5e74\u6bd4\u5897\u52a0\u306f\u3001\u53ce\u76ca\u6210\u9577\u3092\u727d\u5f15\u3059\u308b\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3001\u30c7\u30fc\u30bf\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30b5\u30fc\u30d3\u30b9\u8cbb\u7528\u304c\u4e3b\u306a\u8981\u56e0\u3067\u3059\u3002\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3068\u30c7\u30fc\u30bf\u8cbb\u7528\u306e\u5897\u52a0\u306f\u3001\u30a2\u30e9\u30b8\u30f3\u30fb\u30af\u30e9\u30a6\u30c9\u3078\u306e\u79fb\u884c\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3068 ESG \u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u305f\u3081\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u30c7\u30fc\u30bf\u6295\u8cc7\u3001\u751f\u7523\u6027\u5411\u4e0a\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u305f\u3081\u306e\u5e45\u5e83\u3044\u6280\u8853\u8cbb \u7528\u306b\u8d77\u56e0\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

2021 \u5e74\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30b5\u30fc\u30d3\u30b9\u8cbb\u7528\u306e\u5897\u52a0\u306e\u7d04 3 \u5206\u306e 2 \u306f\u3001OCIO \u306e\u5927\u5e45\u306a\u7372\u5f97\u306b\u95a2\u9023\u3057\u305f\u30b5\u30d6\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u8cbb\u7528\u306b\u95a2\u9023\u3057\u3001\u95a2\u9023\u3059\u308b\u57fa\u672c\u5831\u916c\u3067\u76f8\u6bba\u3055\u308c\u3066\u3044\u307e\u3059\u30022021 \u5e74\u76f4\u63a5\u30d5\u30a1\u30f3\u30c9\u8cbb\u7528\u306f\u3001\u4e3b\u306b\u5e73\u5747\u30a4\u30f3\u30c7\u30c3\u30af\u30b9 AUM \u306e\u5897\u52a0\u3092\u53cd\u6620\u3057\u3066\u3001\u524d\u5e74\u6bd4 24%\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u524d\u56db\u534a\u671f\u6bd4\u3067\u306f\u3001\u5e73\u5747\u30a4\u30f3\u30c7\u30c3\u30af\u30b9 AUM \u306e\u5897\u52a0\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u56db\u534a\u671f\u76f4\u63a5\u30d5\u30a1\u30f3\u30c9\u8cbb\u7528\u306f\u3001\u5b63\u7bc0\u7684\u306b\u7b2c 4 \u56db\u534a\u671f\u306b\u767a\u751f\u3059\u308b\u30ea\u30d9\u30fc\u30c8\u306e\u5897\u52a0\u306b\u3088\u308a\u3001\u6e1b\u5c11\u3057\u307e\u3057\u305f\u3002\u6700\u5f8c\u306b\u3001\u901a\u5e74\u306e\u7121\u5f62\u8cc7\u7523\u511f\u5374\u8cbb\u306f\u30012021 \u5e74 2 \u6708\u306b\u30af\u30ed\u30fc\u30ba\u3057\u305f Aperio \u306e\u8cb7\u53ce\u306b\u3088\u308a\u524d\u5e74\u6bd4 4,100 \u4e07\u30c9\u30eb\u5897\u52a0\u3057\u307e\u3057\u305f\u3002<\/p>\n

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Larry Fink — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

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\u79c1\u306f\u30012021\u5e74\u306e\u53d6\u308a\u7d44\u307f\u304c\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u304c\u3059\u3079\u3066\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u306b\u9577\u671f\u7684\u306a\u4fa1\u5024\u3092\u63d0\u4f9b\u3059\u308b\u305f\u3081\u306e\u4f4d\u7f6e\u3065\u3051\u306b\u306a\u308b\u3068\u56fa\u304f\u4fe1\u3058\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u8cea\u554f\u3092\u53d7\u3051\u4ed8\u3051\u307e\u3059\u3002<\/p>\n

\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u6700\u521d\u306e\u8cea\u554f\u306f\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u306e\u30a2\u30ec\u30c3\u30af\u30b9\u30fb\u30d6\u30ed\u30b9\u30bf\u30a4\u30f3\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u30a2\u30ec\u30c3\u30af\u30b9\u3002\u65b0\u5e74\u660e\u3051\u307e\u3057\u3066\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Alex Blostein — \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

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\u3053\u306e\u30c8\u30ec\u30f3\u30c9\u306f22\u5e74\u307e\u3067\u3069\u306e\u7a0b\u5ea6\u6301\u7d9a\u3059\u308b\u3068\u601d\u3044\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u4eca\u5f8c1\u5e74\u304b\u30891\u5e74\u534a\u306e\u9593\u306b\u91d1\u5229\u304c\u4e0a\u6607\u3057\u305f\u5834\u5408\u3001\u8cc7\u7523\u914d\u5206\u306e\u6c7a\u5b9a\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u306e\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

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\u305d\u306e\u5927\u90e8\u5206\u306f\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u3067\u3057\u305f\u304b\u3089\u3001\u6295\u8cc7\u30c1\u30fc\u30e0\u306e\u5f37\u5316\u3060\u3051\u3067\u306a\u304f\u3001\u8ca9\u58f2\u30b5\u30a4\u30c9\u306e\u30d3\u30b8\u30cd\u30b9\u3082\u5f37\u5316\u3057\u305f\u306e\u3067\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u4e16\u754c\u4e2d\u3067\u3088\u308a\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u3092\u9078\u629e\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u305f\u3081\u3001\u6709\u5229\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u78ba\u4fdd\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u305f\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001ETF\u306e\u30d5\u30ed\u30fc\u306e\u591a\u304f\u3082\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u306b\u3088\u308b\u3082\u306e\u3067\u3042\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u5168\u4f53\u3068\u3057\u3066\u30012,670\u5104\u30c9\u30eb\u306e\u8cc7\u91d1\u6d41\u5165\u306f\u3001\u512a\u308c\u305f\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u512a\u308c\u305f\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u306b\u3088\u308b\u3082\u306e\u306a\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u306f2022\u5e74\u306b\u3082\u7d9a\u304f\u3068\u601d\u3044\u307e\u3059\u3002\u3082\u3046\u4e00\u3064\u306e\u91cd\u8981\u306a\u70b9\u306f\u3001\u6e96\u5099\u66f8\u9762\u3067\u3082\u5c11\u3057\u89e6\u308c\u307e\u3057\u305f\u304c\u3001\u79c1\u305f\u3061\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002\u4fdd\u967a\u4f1a\u793e\u3067\u3042\u308c\u3001\u5e74\u91d1\u57fa\u91d1\u3084\u5bc4\u4ed8\u8ca1\u56e3\u3067\u3042\u308c\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u5927\u90e8\u5206\u3092\u30a2\u30a6\u30c8\u30bd\u30fc\u30b9\u3057\u3088\u3046\u3068\u3059\u308b\u7d44\u7e54\u306f\u307e\u3059\u307e\u3059\u5897\u3048\u3066\u3044\u304f\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u305d\u306e\u3088\u3046\u306a\u72b6\u6cc1\u306b\u5bfe\u5fdc\u3067\u304d\u308b\u7d44\u7e54\u3092\u63a2\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u5f53\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306f\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u5546\u54c1\u3068\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u5546\u54c1\u306e\u4e21\u65b9\u3092\u6301\u3061\u3001\u9867\u5ba2\u3068\u63a5\u3059\u308b\u305f\u3081\u306e\u6280\u8853\u3082\u5099\u3048\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u304a\u305d\u3089\u304f\u3053\u306e\u3088\u3046\u306a\u6a5f\u4f1a\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306b\u3001\u4e16\u754c\u3067\u6700\u3082\u9069\u3057\u305f\u7d44\u7e54\u3067\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u7279\u306bOCIO\u306e\u5206\u91ce\u3084\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u3067\u306f\u3001\u3053\u306e\u52e2\u3044\u304c\u307e\u3059\u307e\u3059\u52a0\u901f\u3057\u3001\u5f53\u793e\u306e\u6210\u529f\u306e\u539f\u52d5\u529b\u306b\u306a\u3063\u3066\u3044\u304f\u3068\u601d\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306e\u5206\u91ce\u306b\u3082\u6d41\u308c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u306f\u5f15\u304d\u7d9a\u304d\u3001\u975e\u6db2\u5316\u88fd\u54c1\u306e\u6210\u529f\u306e\u539f\u52d5\u529b\u3068\u306a\u308a\u30012021\u5e74\u306e\u696d\u7e3e\u306e\u790e\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u306f22\u5e74\u4ee5\u964d\u3082\u975e\u5e38\u306b\u697d\u89b3\u7684\u306a\u898b\u65b9\u3092\u3057\u3066\u3044\u307e\u3059\u3002\u91d1\u5229\u4e0a\u6607\u306b\u95a2\u3057\u3066\u306f\u3001\u91d1\u5229\u4e0a\u6607\u304c\u3069\u306e\u3088\u3046\u306a\u7d50\u679c\u306b\u306a\u308b\u304b\u306b\u3088\u308a\u307e\u3059\u3002\u91d1\u5229\u4e0a\u6607\u306b\u4f34\u3044\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u304c\u30d5\u30e9\u30c3\u30c8\u5316\u3059\u308b\u306e\u304b\uff1f\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u304c\u30b9\u30c6\u30a3\u30fc\u30d7\u5316\u3059\u308b\u306e\u304b\uff1f\u79c1\u306f\u3001\u3053\u306e\u5148\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306f\u3069\u3061\u3089\u304b\u3068\u3044\u3046\u3068\u30d5\u30e9\u30c3\u30c8\u306b\u306a\u3063\u3066\u3044\u304f\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4e2d\u592e\u9280\u884c\u304c8\u56de\u304b\u308910\u56de\u5229\u4e0a\u3052\u3092\u884c\u3048\u3070\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ab\u30fc\u30d6\u304c\u793a\u5506\u3059\u308b\u3088\u3046\u306b\u3001\u77ed\u671f\u91d1\u5229\u306f2\u5e74\u534a\u30012\u5e74\u534a\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u672c\u5f53\u306e\u554f\u984c\u306f\u3001\u305d\u308c\u304c10\u5e74\u91d1\u5229\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u3089\u306e\u7591\u554f\u3068\u305d\u306e\u7d50\u679c\u304c\u3069\u3046\u306a\u308b\u304b\u306f\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002\u6700\u5927\u306e\u30c1\u30e3\u30f3\u30b9\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u304c\u3069\u306e\u3088\u3046\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u3068\u3063\u3066\u3044\u308b\u304b\u3001\u305d\u3057\u3066\u3069\u306e\u3088\u3046\u306a\u6a5f\u4f1a\u304c\u3042\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u3082\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u304c\u5e73\u5766\u5316\u3057\u3066\u3082\u3001\u30b9\u30c6\u30a3\u30fc\u30d7\u5316\u3057\u3066\u3082\u3001\u79c1\u305f\u3061\u306f\u4e16\u754c\u4e2d\u306e\u3059\u3079\u3066\u306e\u6295\u8cc7\u5bb6\u3068\u306e\u5bfe\u8a71\u306b\u53c2\u52a0\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u4fe1\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n

Gary Shedlin — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30e9\u30ea\u30fc\u3001\u30a2\u30ec\u30c3\u30af\u30b9\u306b\u3072\u3068\u3064\u3060\u3051\u3001\u91d1\u5229\u306e\u8a71\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u91d1\u5229\u306e\u4e0a\u6607\u3068\u5f53\u793e\u306eAUM\u306e\u6c34\u6e96\u3068\u306e\u95a2\u4fc2\u306f\u3001\u660e\u3089\u304b\u306b\u3088\u304f\u77e5\u3089\u308c\u3066\u3044\u308b\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u305f\u3060\u30012\u3064\u307b\u3069\u5f37\u8abf\u3057\u3066\u304a\u304d\u305f\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u30021\u3064\u306f\u3001\u79c1\u305f\u3061\u306e2.8\u5146\u30c9\u30eb\u306f\u4e3b\u306b\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5411\u3051\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u3089\u306e\u8cc7\u7523\u306f\u3001\u6226\u7565\u7684\u304b\u3064\u8ca0\u50b5\u306b\u898b\u5408\u3063\u305f\u3082\u306e\u3067\u3001\u975e\u5e38\u306b\u7c98\u308a\u306e\u3042\u308b\u8cc7\u7523\u3060\u3068\u601d\u3044\u307e\u3059\u30022\u3064\u76ee\u306f\u3001\u5e83\u7bc4\u306a\u50b5\u5238\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3068\u3044\u3046\u70b9\u3067\u3001\u660e\u3089\u304b\u306b\u975e\u5e38\u306b\u6709\u5229\u306a\u7acb\u5834\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u30a2\u30f3\u30b9\u30c8\u30ec\u30a4\u30f3\u30c9\u3001\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u3001\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\u3001\u30b7\u30e7\u30fc\u30c8\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306a\u3069\u3001\u3042\u3089\u3086\u308b\u7a2e\u985e\u306e\u50b5\u5238\u3092\u4fdd\u6709\u3057\u3066\u304a\u308a\u3001\u30ed\u30fc\u30c6\u30fc\u30b7\u30e7\u30f3\u306e\u6e96\u5099\u304c\u6574\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3055\u3089\u306b\u91cd\u8981\u306a\u3053\u3068\u306f\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308c\u3070\u3001\u5927\u91cf\u306e\u73fe\u91d1\u304c\u30b5\u30a4\u30c9\u30e9\u30a4\u30f3\u304b\u3089\u6d41\u51fa\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u305d\u3046\u306a\u308c\u3070\u3001\u305d\u306e\u8cc7\u91d1\u3092\u4ed6\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u3078\u79fb\u52d5\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u975e\u5e38\u306b\u91cd\u8981\u306a\u3053\u3068\u3068\u3057\u3066\u3001\u6628\u5e74\u306f\u73fe\u91d1\u30d3\u30b8\u30cd\u30b9\u30675\u5104\u30c9\u30eb\u306e\u624b\u6570\u6599\u3092\u514d\u9664\u3057\u307e\u3057\u305f\u3002FRB\u306b\u3088\u308b\u6700\u521d\u306e25\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u5909\u52d5\u306f\u3001\u591a\u304f\u306e\u4eba\u304c\u3001\u65e9\u3051\u308c\u3070\u7b2c1\u56db\u534a\u671f\u306b\u3084\u3063\u3066\u304f\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u3053\u306e25\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u79fb\u52d5\u306b\u3088\u3063\u3066\u3001\u3053\u308c\u3089\u306e\u653e\u68c4\u304c\u307b\u307c\u3059\u3079\u3066\u89e3\u653e\u3055\u308c\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u5834\u5408\u3001\u5e74\u7387\u63db\u7b97\u306e\u5b9f\u52b9\u624b\u6570\u6599\u306f\u7d040.5\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u7d04\u534a\u5206\u3092\u30c7\u30a3\u30b9\u30c8\u30ea\u30d3\u30e5\u30fc\u30bf\u30fc\u3068\u5171\u6709\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u53ce\u76ca\u6027\u304c\u5927\u5e45\u306b\u5411\u4e0a\u3059\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306e\u30af\u30ec\u30a4\u30b0\u30fb\u30b7\u30fc\u30b2\u30f3\u30bf\u30e9\u30fc\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u30af\u30ec\u30a4\u30b0\u3002\u65b0\u5e74\u660e\u3051\u307e\u3057\u3066\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Craig Siegenthaler — Credit Suisse — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30e9\u30ea\u30fc\u3001\u30ed\u30d6\u3001\u30b2\u30a4\u30ea\u30fc\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307f\u306a\u3055\u3093\u304c\u5143\u6c17\u3067\u3042\u308b\u3053\u3068\u3092\u7948\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u8cc7\u7523\u904b\u7528\u4f1a\u793e\u3068\u3057\u3066\u521d\u3081\u306610\u5146\u5186\u3092\u9054\u6210\u3055\u308c\u305f\u3053\u3068\u3092\u304a\u795d\u3044\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u307e\u3042\u3001\u305f\u3060\u306e\u6570\u5b57\u3067\u3059\u3051\u3069\u306d\u3002\u3067\u3082\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Craig Siegenthaler — Credit Suisse — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3053\u3067\u3001ETF\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u8cea\u554f\u3067\u3059\u3002\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u5dde\u306e\u4fdd\u967a\u5f53\u5c40\u304c\u3001\u50b5\u5238\u578bETF\u3092\u682a\u5f0f\u3067\u306f\u306a\u304f\u50b5\u5238\u3068\u3057\u3066\u6271\u3046\u969b\u306e\u8cc7\u672c\u7684\u306a\u53d6\u308a\u6271\u3044\u306b\u3064\u3044\u3066\u3001\u6700\u65b0\u60c5\u5831\u3092\u767a\u8868\u3057\u305f\u306e\u3092\u898b\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u4ee5\u524d\u304b\u3089\u6ce8\u76ee\u3055\u308c\u3066\u3044\u305f\u3053\u3068\u3067\u3059\u304c\u3001\u4fdd\u967a\u4f1a\u793e\u306e\u9867\u5ba2\u304c\u3088\u308a\u591a\u304f\u306eETF\u3092\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u304b\uff1f<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30ed\u30d6\u306b\u4ee3\u308f\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30ed\u30d6\u30fb\u30ab\u30d4\u30fc\u30c8 — \u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u30af\u30ec\u30a4\u30b0\u3001\u7d20\u6674\u3089\u3057\u3044\u8cea\u554f\u3060\u306d\u30022021\u5e74\u672b\u306b\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u91d1\u878d\u30b5\u30fc\u30d3\u30b9\u5c40\u304c\u3001\u4fdd\u967a\u4f1a\u793e\u304c\u5206\u6563\u578b\u6d41\u52d5\u6027\u50b5\u5238ETF\u3092\u50b5\u5238\u3068\u540c\u69d8\u306b\u30ea\u30b9\u30af\u30d9\u30fc\u30b9\u8cc7\u672c\u306e\u5bfe\u8c61\u3068\u3057\u3066\u6271\u3046\u3053\u3068\u3092\u8a8d\u3081\u308b\u898f\u5247\u3092\u767a\u8868\u3057\u305f\u306e\u3092\u3054\u89a7\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u50b5\u5238ETF\u306f\u4fdd\u967a\u4f1a\u793e\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4e2d\u3067\u50b5\u5238\u3068\u540c\u3058\u571f\u4ff5\u306b\u7acb\u3064\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u307e\u3067\u306e\u3068\u3053\u308d\u3001ETF\u306b\u5bfe\u3059\u308b\u6700\u521d\u306e\u304a\u5ba2\u69d8\u306e\u53cd\u5fdc\u3068\u95a2\u5fc3\u306b\u3001\u79c1\u305f\u3061\u306f\u672c\u5f53\u306b\u308f\u304f\u308f\u304f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u30eb\u30fc\u30eb\u306e\u304a\u304b\u3052\u3067\u3001\u5c06\u6765\u306e\u6210\u9577\u306b\u3064\u306a\u304c\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3001\u975e\u5e38\u306b\u697d\u89b3\u7684\u306b\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001ETF\u3078\u306e\u7406\u89e3\u304c\u6df1\u307e\u308b\u306b\u3064\u308c\u3066\u3001\u30ed\u30c3\u30af\u89e3\u9664\u304c\u9032\u3080\u3053\u3068\u3092\u793a\u3059\u3082\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u904e\u53bb\u306b\u79c1\u305f\u3061\u306f\u30012025\u5e74\u307e\u3067\u306bETF\u304c\u73fe\u5728\u306e10\u5146\u5186\u304b\u308915\u5146\u5186\u306b\u9054\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3068\u8ff0\u3079\u307e\u3057\u305f\u3002\u73fe\u5728\u3082\u305d\u3046\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u6c34\u6e96\u306b\u9054\u3057\u305f\u3068\u3057\u3066\u3082\u3001ETF\u306f\u8cc7\u672c\u5e02\u5834\u306e\u3054\u304f\u4e00\u90e8\u306b\u904e\u304e\u305a\u3001\u3053\u308c\u304b\u3089\u4f55\u5341\u5e74\u3082\u6210\u9577\u304c\u7d9a\u304f\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4fdd\u967a\u4f1a\u793e\u304c\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u8868\u73fe\u3059\u308b\u305f\u3081\u306b\u3001\u3088\u308a\u591a\u304f\u306eETF\u3092\u5229\u7528\u3059\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068\u3092\u3001\u79c1\u305f\u3061\u306f\u975e\u5e38\u306b\u3046\u308c\u3057\u304f\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u826f\u3044\u8cea\u554f\u3068\u826f\u3044\u6d1e\u5bdf\u3067\u3059\u306d\u3002<\/p>\n

\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306e\u30de\u30a4\u30b1\u30eb\u30fb\u30b5\u30a4\u30d7\u30ea\u30b9\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059<\/p>\n

\u30de\u30a4\u30b1\u30eb\u30fb\u30b5\u30a4\u30d7\u30ea\u30b9 — \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u65b0\u5e74\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30a2\u30e9\u30b8\u30f3\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u30a2\u30e9\u30b8\u30f3\u306e\u6570\u3005\u306e\u53d6\u308a\u7d44\u307f\u306b\u3064\u3044\u3066\u3001\u6700\u65b0\u60c5\u5831\u3092\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002Microsoft Azure\u3078\u306e\u79fb\u884c\u3001Snowflake\u3068\u306e\u63d0\u643a\u3001Aladdin Climate\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u53d6\u308a\u7d44\u307f\u304c\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u306d\u3002\u3053\u308c\u3089\u306e\u3055\u307e\u3056\u307e\u306a\u30a4\u30cb\u30b7\u30a2\u30c1\u30d6\u306e\u9032\u6357\u3068\u3001\u305d\u306e\u72b6\u6cc1\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u521d\u671f\u6bb5\u968e\u306e\u3082\u306e\u3082\u3042\u308c\u3070\u3001\u5f8c\u671f\u6bb5\u968e\u306e\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u3002\u4f55\u304c\u69cb\u7bc9\u3055\u308c\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u9867\u5ba2\u304b\u3089\u306e\u521d\u671f\u306e\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u304c\u3042\u308c\u3070\u3001\u305d\u308c\u304c\u4eca\u5f8c\u306e\u53ce\u76ca\u62e1\u5927\u306b\u3069\u306e\u3088\u3046\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u304f\u306e\u304b\u3001\u5c11\u3057\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

Aladdin Climate\u306e\u898f\u6a21\u306b\u3064\u3044\u3066\u53d6\u308a\u7d44\u307f\u3001Azure\u3068Snowflake\u306e\u9032\u6357\u306b\u3064\u3044\u3066\u306f\u3001\u30b2\u30a4\u30ea\u30fc\u306b\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3082\u3089\u3046\u3053\u3068\u306b\u3057\u307e\u3059\u3002\u30a2\u30e9\u30b8\u30f3\u306b\u5bfe\u3059\u308b\u304a\u5ba2\u69d8\u306e\u30cb\u30fc\u30ba\u306f\u52a0\u901f\u3057\u3066\u304a\u308a\u3001\u7279\u306b\u30ea\u30e2\u30fc\u30c8\u30ef\u30fc\u30af\u306e\u5897\u52a0\u306b\u4f34\u3044\u3001\u5305\u62ec\u7684\u306a\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u6301\u3064\u3053\u3068\u304c\u3001\u30a2\u30e9\u30b8\u30f3\u306e\u30c1\u30e3\u30f3\u30b9\u3068\u5f37\u307f\u3092\u969b\u7acb\u305f\u305b\u3066\u3044\u307e\u3059\u3002\u30a2\u30e9\u30b8\u30f3\u304c\u6210\u9577\u3057\u3066\u3044\u304f\u904e\u7a0b\u3067\u3001\u30de\u30a4\u30b1\u30eb\u304c\u793a\u5506\u3057\u305f\u3088\u3046\u306b\u3001\u30a2\u30e9\u30b8\u30f3\u30fb\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u306f\u30a2\u30e9\u30b8\u30f3\u306e\u3059\u3079\u3066\u306e\u30e6\u30fc\u30b6\u30fc\u3068\u30ab\u30b9\u30c8\u30c7\u30a3\u95a2\u4fc2\u3092\u7d50\u3073\u3064\u3051\u3001\u305d\u308c\u3092\u4ea4\u5dee\u3055\u305b\u308b\u3082\u306e\u3067\u3059\u3002\u30a2\u30e9\u30b8\u30f3\u30fb\u30a6\u30a7\u30eb\u30b9\u306f\u3001\u30a2\u30e9\u30b8\u30f3\u3068\u30a6\u30a7\u30eb\u30b9\u30fb\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3092\u63a5\u7d9a\u3057\u3001\u4e21\u8005\u3092\u3088\u308a\u5bc6\u63a5\u306b\u7d50\u3073\u3064\u3051\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u73fe\u5728\u306f\u30d9\u30fc\u30bf\u7248\u3067\u3001\u30a2\u30e9\u30b8\u30f3\u306e\u30e6\u30fc\u30b6\u30fc\u306e\u4e00\u90e8\u306f\u3059\u3067\u306bClimate\u3092\u5229\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u4eca\u5f8c\u3082\u3001\u30a2\u30e9\u30b8\u30f3\u306e\u5229\u7528\u3092\u4fc3\u9032\u3059\u308b\u4e3b\u8981\u306a\u539f\u52d5\u529b\u306e1\u3064\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u5229\u7528\u304c\u62e1\u5927\u3057\u305f\u3053\u3068\u3067\u3001\u30a2\u30e9\u30b8\u30f3\u3068eFront\u306e\u7d44\u307f\u5408\u308f\u305b\u306f\u3001\u6295\u8cc7\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306b\u30a2\u30e9\u30b8\u30f3\u3092\u30a8\u30f3\u30c9\u30fb\u30c4\u30fc\u30fb\u30a8\u30f3\u30c9\u3067\u62e1\u5f35\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u30a2\u30e9\u30b8\u30f3\u30fb\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u3001\u30a2\u30e9\u30b8\u30f3\u30fb\u30a6\u30a7\u30eb\u30b9\u3001\u305d\u3057\u3066\u4eca\u56de\u306e\u30a2\u30e9\u30b8\u30f3\u30fb\u30af\u30e9\u30a4\u30e1\u30fc\u30c8\u3068\u3001\u3059\u3079\u3066\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3044\u3066\u3001\u30a2\u30e9\u30b8\u30f3\u306e\u6210\u9577\u3092\u52a0\u901f\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u4fe1\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u898f\u5236\u5f53\u5c40\u304c\u6c17\u5019\u306b\u95a2\u9023\u3057\u305f\u8cea\u554f\u3092\u3059\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u6c17\u5019\u3092\u30ea\u30b9\u30af\u3068\u3057\u3066\u3069\u306e\u3088\u3046\u306b\u5b9a\u91cf\u5316\u3059\u308b\u306e\u304b\u304c\u554f\u308f\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u30ea\u30b9\u30af\u3092\u4e00\u3064\u306e\u5c3a\u5ea6\u3068\u3057\u3066\u7406\u89e3\u3059\u308b\u3068\u3044\u3046\u610f\u5473\u3067\u3001\u30a2\u30e9\u30b8\u30f3\u306e\u5fc5\u8981\u6027\u306f\u975e\u5e38\u306b\u5927\u304d\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u4ed6\u306b\u3082\u4f7f\u3048\u308b\u30c4\u30fc\u30eb\u306f\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u304c\u3001\u4eba\u3005\u304c\u6d3b\u7528\u3067\u304d\u308b\u6e2c\u5b9a\u306e\u3072\u3068\u3064\u306b\u306a\u308b\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u3053\u306e2\u5e74\u9593\u306e\u30a2\u30e9\u30b8\u30f3\u306e\u5927\u304d\u306a\u5f37\u307f\u306e\u3072\u3068\u3064\u306b\u3001\u30aa\u30fc\u30d7\u30f3\u30fb\u30a2\u30e9\u30b8\u30f3\u306e\u6d3b\u7528\u304c\u3042\u308a\u307e\u3059\u3002\u73fe\u5728\u3067\u306f\u3001\u30a2\u30e9\u30b8\u30f3\u306e\u3059\u3079\u3066\u306e\u30e6\u30fc\u30b6\u30fc\u304c\u3001\u72ec\u81ea\u306e\u30e2\u30c7\u30eb\u3092\u5165\u308c\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u30ea\u30b9\u30af\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30b7\u30b9\u30c6\u30e0\u3068\u3057\u3066\u306e\u30a2\u30e9\u30b8\u30f3\u306f\u3001\u4e00\u679a\u5ca9\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u30a2\u30e9\u30b8\u30f3\u306f\u3001\u904b\u7528\u306e\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3068\u306a\u308a\u3001\u8cc7\u91d1\u306e\u6240\u6709\u8005\u3001\u8cc7\u91d1\u306e\u8cc7\u7523\u7ba1\u7406\u8005\u304c\u3001\u8cc7\u7523\u30ab\u30c6\u30b4\u30ea\u30fc\u3001\u9867\u5ba2\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u3001\u30ab\u30b9\u30c8\u30c7\u30a3\u9280\u884c\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u3001\u72ec\u81ea\u306e\u30ea\u30b9\u30af\u30b7\u30b9\u30c6\u30e0\u306a\u3069\u3092\u6a2a\u65ad\u7684\u306b\u30ca\u30d3\u30b2\u30fc\u30c8\u3067\u304d\u308b\u3088\u3046\u652f\u63f4\u3057\u3066\u3044\u307e\u3059\u3002\u3055\u3089\u306b\u3001Azure\u3084Snowflake\u306b\u95a2\u9023\u3059\u308b\u30a2\u30e9\u30b8\u30f3\u306e\u30a4\u30f3\u30d5\u30e9\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u3092\u7d71\u5408\u3057\u3001\u3088\u308a\u5f3e\u529b\u6027\u306e\u3042\u308b\u30a2\u30e9\u30b8\u30f3\u3092\u4f5c\u308b\u305f\u3081\u306b\u30a4\u30f3\u30d5\u30e9\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u3067\u4f55\u3092\u884c\u3063\u3066\u3044\u308b\u304b\u306b\u3064\u3044\u3066\u306f\u3001\u30b2\u30a4\u30ea\u30fc\u306b\u8a71\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Gary Shedlin — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30e9\u30ea\u30fc\u3001\u3042\u308a\u304c\u3068\u3046\u3002\u30de\u30a4\u30af\u3001\u7279\u306b\u30af\u30e9\u30a6\u30c9\u306b\u3064\u3044\u3066\u8cea\u554f\u3055\u308c\u3066\u3044\u305f\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u30012\u3064\u307b\u3069\u30b3\u30e1\u30f3\u30c8\u3092\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002\u30a2\u30e9\u30b8\u30f3\u3092\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u304c\u7ba1\u7406\u3059\u308b\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u304b\u3089\u30af\u30e9\u30a6\u30c9\u306b\u79fb\u884c\u3057\u3066\u3044\u308b\u306e\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u7279\u306b\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8\u3068\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u306f\u3001\u6211\u3005\u3068\u30a2\u30e9\u30b8\u30f3\u306e\u9867\u5ba2\u306e\u53cc\u65b9\u306b\u591a\u304f\u306e\u5f37\u5316\u3055\u308c\u305f\u6a5f\u80fd\u3092\u3082\u305f\u3089\u3059\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u91cd\u8981\u306a4\u3064\u306e\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u30c7\u30fc\u30bf\u30db\u30b9\u30c6\u30a3\u30f3\u30b0\u306e\u30ed\u30fc\u30ab\u30e9\u30a4\u30ba\u3067\u3059\u3002\u30e9\u30ea\u30fc\u304c\u8a71\u3057\u305f\u3088\u3046\u306b\u3001\u30a2\u30e9\u30b8\u30f3\u3092\u30aa\u30fc\u30d7\u30f3\u5316\u3059\u308b\u6226\u7565\u306e\u91cd\u8981\u306a\u90e8\u5206\u3068\u3057\u3066\u3001\u6210\u9577\u306e\u9375\u3092\u63e1\u308b\u3082\u306e\u3067\u3059\u3002\u304a\u5ba2\u69d8\u306f\u3001\u30c7\u30fc\u30bf\u3068API\u306e\u4e21\u65b9\u3092\u3001\u81ea\u793e\u306e\u5dee\u5225\u5316\u3084\u7af6\u4e89\u529b\u306e\u5f37\u5316\u306b\u3064\u306a\u304c\u308b\u5f62\u3067\u5229\u7528\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30af\u30e9\u30a6\u30c9\u3078\u306e\u79fb\u884c\u306f\u3001\u30c7\u30fc\u30bf\u6d3b\u7528\u306b\u5bfe\u3059\u308b\u304a\u5ba2\u69d8\u306e\u30cb\u30fc\u30ba\u304c\u660e\u3089\u304b\u306b\u9ad8\u307e\u3063\u3066\u3044\u308b\u4e2d\u3001\u304a\u5ba2\u69d8\u306b\u304a\u3051\u308b\u30b3\u30f3\u30d4\u30e5\u30fc\u30c6\u30a3\u30f3\u30b0\u306e\u30b9\u30b1\u30fc\u30eb\u3068\u5f3e\u529b\u6027\u306e\u5411\u4e0a\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u3053\u3068\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3088\u308a\u91cd\u8981\u306a\u306e\u306f\u3001\u30af\u30e9\u30a6\u30c9\u306b\u3068\u3069\u307e\u3089\u306a\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u79c1\u305f\u3061\u306f\u5c06\u6765\u306e\u6295\u8cc7\u5bb6\u306e\u30cb\u30fc\u30ba\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306e\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002eFront\u306e\u8cb7\u53ce\u306f\u3054\u5b58\u77e5\u306e\u901a\u308a\u3001\u516c\u5171\u3068\u6c11\u9593\u306e\u6a5f\u80fd\u30921\u3064\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u5b9f\u73fe\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306e\u30c7\u30fc\u30bf\u3068\u5206\u6790\u3082\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002<\/p>\n

\u5148\u307b\u3069\u3001\u67d4\u8edf\u306a\u6280\u8853\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3068\u63a5\u7d9a\u6027\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u307e\u3057\u305f\u304c\u3001\u7d71\u5408\u30c7\u30fc\u30bf\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306b\u3088\u3063\u3066\u3001\u304a\u5ba2\u69d8\u306f\u30a2\u30e9\u30b8\u30f3\u306e\u30c7\u30fc\u30bf\u3082\u30a2\u30e9\u30b8\u30f3\u4ee5\u5916\u306e\u30c7\u30fc\u30bf\u3082\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u3053\u308c\u304c\u91cd\u8981\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u304a\u5ba2\u69d8\u306e\u79fb\u884c\u306f3\u5206\u306e2\u307b\u3069\u5b8c\u4e86\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u5f53\u521d\u306e\u8a08\u753b\u3088\u308a\u65e9\u304f\u30012022\u5e74\u524d\u534a\u306b\u306f\u6b8b\u308a\u306e\u79fb\u884c\u3092\u5b8c\u4e86\u3055\u305b\u308b\u4e88\u5b9a\u3067\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306e\u30d6\u30e9\u30a4\u30a2\u30f3\u30fb\u30d9\u30c7\u30eb\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3084\u3042\u3001\u30d6\u30e9\u30a4\u30a2\u30f3\u3002<\/p>\n

Brian Bedell — \u30c9\u30a4\u30c4\u9280\u884c — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7d20\u6674\u3089\u3057\u3044\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u65b0\u5e74\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u6301\u7d9a\u53ef\u80fd\u306a\u6295\u8cc7\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u307e\u3059\u3002\u6301\u7d9a\u53ef\u80fd\u306a\u6295\u8cc7\u306f\u3001\u8cb4\u793e\u306e\u6709\u6a5f\u7684\u6210\u9577\u306e20\uff05\u8fd1\u304f\u3092\u5360\u3081\u7d9a\u3051\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u306d\u3002\u3053\u306e\u30da\u30fc\u30b9\u304c\u7d9a\u3051\u3070\u300110\u5e74\u4ee5\u5185\u306b1\u5146\u5186\u306e\u5927\u53f0\u306b\u4e57\u305b\u308b\u3053\u3068\u3082\u5341\u5206\u53ef\u80fd\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30e9\u30ea\u30fc\u3001\u6700\u8fd1\u306e\u7c73\u56fd\u3068\u6b27\u5dde\u306e\u9700\u8981\u306e\u52e2\u3044\u3092\u3069\u3046\u898b\u3066\u3044\u308b\u304b\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u3082\u3061\u308d\u3093\u3001\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6295\u8cc7\u306b\u3064\u3044\u3066\u306f\u3001\u9577\u671f\u7684\u306b\u306f\u6b27\u5dde\u306e\u65b9\u304c\u6210\u9577\u30a8\u30f3\u30b8\u30f3\u3067\u3042\u308b\u3053\u3068\u306f\u9593\u9055\u3044\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u305d\u308c\u304b\u3089\u3001\u70ad\u7d20\u306e\u79fb\u884c\u306b\u3064\u3044\u3066\u3082\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u3053\u308c\u306f\u975e\u5e38\u306b\u767a\u5c55\u9014\u4e0a\u306e\u5e02\u5834\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u5206\u91ce\u306eAUM\u898f\u6a21\u304b\u3089\u898b\u3066\u3001\u6295\u8cc7\u5546\u54c1\u306e\u9577\u671f\u7684\u306a\u5e02\u5834\u6a5f\u4f1a\u306f\u3069\u306e\u7a0b\u5ea6\u3042\u308b\u306e\u304b\u3001\u307e\u305f\u3001\u3069\u306e\u3088\u3046\u306a\u5546\u54c1\u3092\u30bf\u30fc\u30b2\u30c3\u30c8\u306b\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u304a\u8003\u3048\u304c\u3042\u308c\u3070\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af\uff08Larry Fink\uff09 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30d6\u30e9\u30a4\u30a2\u30f3\u3002\u3055\u3066\u30012020\u5e74\u306b\u3001\u79c1\u305f\u3061\u306f\u6295\u8cc7\u306e\u4e16\u754c\u3067\u8d77\u3053\u308b\u3067\u3042\u308d\u3046\u5730\u6bbb\u5909\u52d5\u306b\u95a2\u9023\u3057\u305f\u5927\u304d\u306a\u58f0\u660e\u3092\u51fa\u3057\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u4e16\u754c\u7684\u306b\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u3078\u306e\u95a2\u5fc3\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u5b9f\u611f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

2021\u5e74\u306b\u306f\u3001\u7c73\u56fd\u3067310\u5104\u30c9\u30eb\u3001EMEA\u3067650\u5104\u30c9\u30eb\u3001APAC\u306780\u5104\u30c9\u30eb\u306e\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306b\u95a2\u3059\u308b\u30d5\u30ed\u30fc\u304c\u767a\u751f\u3057\u307e\u3057\u305f\u30022019\u5e74\u306b\u306f\u7d041,000\u5104\u30c9\u30eb\u3060\u3063\u305f\u3082\u306e\u304c\u3001\u73fe\u5728\u3067\u306f5,000\u5104\u30c9\u30eb\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u306f\u3001\u3042\u306a\u305f\u304c\u793a\u5506\u3057\u305f\u3088\u3046\u306b\u3001\u3053\u308c\u3089\u306e\u30d5\u30ed\u30fc\u306b\u3088\u3063\u3066\u8a3c\u660e\u3055\u308c\u308b\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u7570\u306a\u308b\u5834\u6240\u306b\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u306f\u3001\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306e\u30ec\u30f3\u30ba\u3092\u6301\u3063\u3066\u3044\u306a\u3051\u308c\u3070\u3001\u4eca\u65e5\u3001\u3069\u306e\u3088\u3046\u306a\u6848\u4ef6\u3082\u53d7\u6ce8\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n

\u30e8\u30fc\u30ed\u30c3\u30d1\u306b\u304a\u3051\u308b\u3059\u3079\u3066\u306e\u6295\u8cc7\u306e\u69cb\u6210\u8981\u7d20\u3067\u3042\u308b\u3053\u3068\u3092\u5f37\u8abf\u3057\u305f\u3044\u3002\u7c73\u56fd\u3067\u306f\u3001\u6a5f\u95a2\u306b\u3088\u3063\u3066\u307e\u3060\u304b\u306a\u308a\u3070\u3089\u3064\u304d\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u6210\u9577\u3057\u3066\u3044\u307e\u3059\u3002\u306a\u305c\u304b\u3068\u3044\u3046\u3068\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3055\u308c\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3089\u3067\u3001\u3053\u308c\u304c\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u306e\u30a2\u30e9\u30b8\u30f3\u306e\u30d1\u30ef\u30fc\u306a\u306e\u3067\u3059\u3002\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u3092\u6295\u8cc7\u6a5f\u4f1a\u3068\u3057\u3066\u3001\u307e\u305f\u6295\u8cc7\u30ea\u30b9\u30af\u3068\u3057\u3066\u6349\u3048\u59cb\u3081\u3088\u3046\u3068\u3059\u308b\u9867\u5ba2\u306b\u5bfe\u3057\u3066\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3055\u308c\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u3053\u306e\u3053\u3068\u304c\u4eca\u5f8c\u6570\u5e74\u9593\u3001\u30d5\u30ed\u30fc\u3092\u727d\u5f15\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u306e\u5206\u91ce\u3067\u306e\u5927\u304d\u306a\u30c1\u30e3\u30f3\u30b9\u306f\u3001\u65b0\u3057\u3044\u6280\u8853\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u6e96\u5099\u6bb5\u968e\u3067\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u3082\u3057\u660e\u65e5\u304b\u3089\u30b0\u30ea\u30fc\u30f3\u7d4c\u6e08\u306b\u79fb\u884c\u3059\u308b\u3068\u3057\u3066\u3082\u3001\u65b0\u3057\u3044\u6280\u8853\u306a\u3057\u3067\u306f\u3001\u4e0d\u516c\u5e73\u3067\u4e0d\u516c\u6b63\u306a\u79fb\u884c\u306b\u3064\u306a\u304c\u308b\u3067\u3057\u3087\u3046\u3002\u307e\u305f\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u306e\u4e0a\u6607\u306b\u4f34\u3044\u3001\u3059\u3067\u306b\u591a\u304f\u306e\u5834\u6240\u3067\u76ee\u6483\u3055\u308c\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u653f\u5e9c\u304c\u6d88\u8cbb\u8005\u3078\u306e\u30a8\u30cd\u30eb\u30ae\u30fc\u30b3\u30b9\u30c8\u306b\u4e0a\u9650\u3092\u8a2d\u3051\u3066\u3044\u308b\u306e\u3092\u76ee\u306b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30d5\u30e9\u30f3\u30b9\u3084\u30b9\u30da\u30a4\u30f3\u306a\u3069\u3001\u6301\u7d9a\u53ef\u80fd\u6027\u3092\u91cd\u8996\u3059\u308b\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u56fd\u3005\u3067\u3055\u3048\u3001\u6696\u623f\u8cbb\u306a\u3069\u306e\u4e0a\u9650\u3092\u8a2d\u3051\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u306f\u975e\u5e38\u306b\u9577\u3044 — \u9577\u5e74\u8b70\u8ad6\u3057\u3066\u304d\u305f\u3088\u3046\u306b\u3001\u975e\u5e38\u306b\u9577\u3044\u79fb\u884c\u671f\u3067\u3001\u3068\u3066\u3082 — \u4e00\u7b4b\u7e04\u3067\u306f\u3044\u304b\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u305d\u3053\u3067\u3001\u5f93\u6765\u306e\u70ad\u5316\u6c34\u7d20\u30e1\u30fc\u30ab\u30fc\u3068\u5354\u529b\u3057\u3001\u89e3\u6c7a\u7b56\u3092\u8b1b\u3058\u308b\u6a5f\u4f1a\u304c\u751f\u307e\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u89e3\u6c7a\u7b56\u306e\u4e00\u7ffc\u3092\u62c5\u3046\u8fb2\u696d\u95a2\u9023\u4f01\u696d\u3068\u3082\u5354\u529b\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u30d6\u30eb\u30fc\u307e\u305f\u306f\u30b0\u30ea\u30fc\u30f3\u6c34\u7d20\u3001\u30d6\u30eb\u30fc\u307e\u305f\u306f\u30b0\u30ea\u30fc\u30f3\u30a2\u30f3\u30e2\u30cb\u30a2\u306e\u88fd\u9020\u3001\u30b0\u30ea\u30fc\u30f3\u30bb\u30e1\u30f3\u30c8\u3084\u9244\u92fc\u306e\u305f\u3081\u306e\u65b0\u3057\u3044\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u767a\u898b\u3001\u70ad\u5316\u6c34\u7d20\u306e\u65b0\u3057\u3044\u6a5f\u4f1a\u3084\u9694\u96e2\u3078\u306e\u6295\u8cc7\u306a\u3069\u3001\u65b0\u3057\u3044\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u65b0\u6280\u8853\u3092\u5229\u7528\u3057\u305f\u518d\u751f\u53ef\u80fd\u30a8\u30cd\u30eb\u30ae\u30fc\u306b\u3088\u308b\u6c17\u5019\u5909\u52d5\u306e\u6a5f\u4f1a\u306f\u3001\u975e\u5e38\u306b\u5927\u304d\u306a\u3082\u306e\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u73fe\u5728\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u30ec\u30f3\u30ba\u3068\u3057\u3066\u6d3b\u7528\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u70ad\u5316\u6c34\u7d20\u7cfb\u4f01\u696d\u3084\u65b0\u3057\u3044\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3084\u65b0\u8208\u4f01\u696d\u3078\u306e\u6295\u8cc7\u3082\u8996\u91ce\u306b\u5165\u308c\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u30b2\u30a4\u30ea\u30fc\u3001\u7d9a\u3051\u3066\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306e\u8a71\u3082\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30b2\u30a4\u30ea\u30fc\u30fb\u30b7\u30a7\u30c9\u30ea\u30f3 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30e9\u30ea\u30fc\u3001\u3042\u306a\u305f\u306e\u8a00\u3046\u3068\u304a\u308a\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u30d5\u30ed\u30fc\u3060\u3051\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u8cea\u554f\u306e\u91cd\u8981\u306a\u90e8\u5206\u3092\u3059\u3079\u3066\u62bc\u3055\u3048\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30d6\u30e9\u30a4\u30a2\u30f3\u3001\u4f55\u304b\u7279\u5225\u306b\u30d5\u30ed\u30fc\u306b\u3064\u3044\u3066\u88dc\u8db3\u3057\u3066\u307b\u3057\u3044\u3053\u3068\u304c\u3042\u308c\u3070\u5225\u3067\u3059\u304c\u3002\u30e9\u30ea\u30fc\u306f\u305d\u308c\u3092\u7406\u89e3\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

EMEA\u306f\u3001\u57fa\u672c\u7684\u306b\u5e74\u9593\u30d5\u30ed\u30fc\u30fb\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306e65%\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002\u30e9\u30ea\u30fc\u306f\u3001\u7c73\u56fd\u304c\u7d04300\u5104\u30c9\u30eb\u3067\u3042\u308b\u3068\u8a00\u3044\u307e\u3057\u305f\u3002\u7c73\u56fd\u306f\u524d\u5e74\u6bd450%\u5897\u3067\u3057\u305f\u304c\u3001\u305d\u308c\u3067\u3082\u30d5\u30ed\u30fc\u5168\u4f53\u306e3\u5206\u306e1\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u4ee5\u5916\u306f\u3001\u30e9\u30ea\u30fc\u3001\u3042\u306a\u305f\u304c\u3088\u304f\u6349\u3048\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Larry Fink — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u308c\u3067\u306f\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002OK\u3067\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7686\u69d8\u3001\u3054\u8cea\u554f\u306e\u6642\u9593\u304c\u8feb\u3063\u3066\u307e\u3044\u308a\u307e\u3057\u305f\u3002\u30d5\u30a3\u30f3\u30af\u3055\u3093\u3001\u6700\u5f8c\u306b\u4f55\u304b\u3054\u6328\u62f6\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n

\u30e9\u30ea\u30fc\u30fb\u30d5\u30a3\u30f3\u30af — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u65b9\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u672c\u65e5\u3054\u53c2\u52a0\u3044\u305f\u3060\u3044\u305f\u7686\u69d8\u3001\u305d\u3057\u3066\u3044\u3064\u3082\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306b\u3054\u95a2\u5fc3\u3092\u304a\u6301\u3061\u3044\u305f\u3060\u3044\u3066\u3044\u308b\u7686\u69d8\u306b\u611f\u8b1d\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002\u5f53\u793e\u306e\u7b2c4\u56db\u534a\u671f\u304a\u3088\u3073\u901a\u5e74\u306e\u696d\u7e3e\u306f\u3001\u304a\u5ba2\u69d8\u306e\u30cb\u30fc\u30ba\u3092\u5148\u53d6\u308a\u3057\u305f\u9577\u671f\u7684\u306a\u6295\u8cc7\u3092\u884c\u3044\u3001\u304a\u5ba2\u69d8\u306b\u8ca2\u732e\u3059\u308b\u3068\u3044\u3046\u5f53\u793e\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u76f4\u63a5\u7684\u306a\u6210\u679c\u3067\u3042\u308b\u3068\u8a00\u3048\u307e\u3059\u3002\u307e\u305f\u3001\u30b2\u30a4\u30ea\u30fc\u3068\u79c1\u3001\u305d\u3057\u3066\u30ed\u30d6\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u4eca\u5f8c\u5927\u304d\u306a\u30c1\u30e3\u30f3\u30b9\u304c\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3053\u3068\u3092\u304a\u4f1d\u3048\u3067\u304d\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

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\u307e\u305f\u3001\u6570\u30ab\u6708\u5f8c\u306b\u304a\u4f1a\u3044\u3057\u307e\u3057\u3087\u3046\u3002\u30d0\u30a4\u30d0\u30a4\u3002<\/p>\n

 <\/p>\n

\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u304c\u3042\u308c\u3070\u3054\u9023\u7d61\u3044\u305f\u3060\u3051\u308c\u3070\u691c\u8a0e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

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\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
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\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
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\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
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