These must wind down the old deposit-like products and design new ones based on net asset value.

这些子公司必须逐步减少过去那些类似存款的理财产品，并设计基于资产净值的新产品。

It is not just that fund-management fees are typically a fixed proportion of asset values and so lower prices mean lower earnings (though there is that).

不仅仅是因为资金管理费用占资产价值的固定比例，因此更低的价格意味着更低的收入（虽然确实如此）。

Usually, these trusts trade close to their underlying asset values, which are based on " fair value" assessments provided by the private-equity funds.

通常，这些信托基金的交易价格接近其标的资产价值，而标的资产价值基于私募股权基金提供的“公允价值”评估。

But although higher interest rates hurt asset values, they can also be helpful for pension schemes, because they reduce the present value of future payouts.

但是，尽管较高的利率会损害资产价值，但它们也可能对养老金计划有所帮助， 因为它们会降低未来支出的现值。

That's, of course, the raw material. Most people are going to rebuild those balance sheets through the earnings from work and savings, and, of course, some appreciation of asset values.

当然，那是原材料。大多数人将通过工作和储蓄的收入来重建这些资产负债表，当然还有对资产价值的一些升值。

Nathan Sheets, an economist at Citigroup, reckons that household debt, now running at 120% of disposable income, should be 100% to 110% given the current configuration of interest rates, unemployment and asset values.

一位花旗集团的经济学者南森? 史特斯估计到目前家庭负债已经达到了可支配收入的120%，其中100%-110%应该是由当前利率、失业率和资产价值的结构所造成的。