The financial subsidiary wolf raised funds to deal with the enemy

In December 2018 06, 08:04 source: Beijing Business Today
 

In the public fund 20th anniversary milepost on the occasion, has ushered in a great rival, bank financial subsidiaries. In December 2nd, "measures for the administration of commercial bank financial subsidiaries" (hereinafter referred to as the "management measures") issued, at the same time, five for the establishment of financial subsidiary company's announcement also collect, relevant policies and the state-owned big firms so fast landing and layout, also let the public fund market crying wolf". Bank financial subsidiaries do not set sales starting point, not mandatory signed, to allow the classification, can invest in non-standard "super licence", further weakening the public fund license dividends, in the face of the former threat banking subsidiaries, after the capital supervision of the new regulations suspended public fund top, how the future of the in response to the crisis, to break the shackles, too much market attention.

"Super license PK public fund

Silver in December 2nd, the China Insurance Regulatory Commission issued the "management approach" officially landed, indicating that the bank financial subsidiaries will be officially reached the public offering of financial market, the banking system with a gold spoon born financial subsidiary, for information management profession cast envious eyes at the same time, the company raised funds is difficult to calm". From the "management measures" content, bank financial subsidiaries of a number of business and public fund company "homogeneous", even has more advantages than the latter.

Specifically, according to the relevant content, in the early stage has confirmed the basic banking financial products private direct investment stocks and the public offering of financial products investment shares indirectly through public fund, further allows bank financial subsidiaries issued public offering of financial products direct investment stock. While referring to other product information management regulations, "financial products sales management approach" in the starting point is not set, that is to say, the future of financial subsidiaries raised the issue of financial products, there will be 10 thousand yuan of sales starting point similar to commercial banks, in the aspect of target customer groups and the public fund on the same starting line. For the non institutional investors for the first time to buy financial products and public fund requirements are the same, no counter measure.

In capital investment, the original draft regulations of bank financial subsidiaries shall not buy financial products issued by the company to use its own funds. The "management approach" is the release of the restrictions, regulations "bank financial subsidiary of its own funds to invest in financial products issued by the company, shall not exceed 20% of its own funds, only financial products shall not exceed 10% of its net assets, may not invest in classification of financial products after inferior grade share". Market analysts said that in accordance with the above provisions, the establishment of sponsored public fund public fund industry is no longer the exclusive advantage, the future bank financial subsidiaries can also initiate raised the issue of financial products and investors can realize the "bundling of interests".

In addition, from the perspective of registered capital, according to the data into 360 Major Research Institute of statistics, as of now, more than 27 furniture have managed qualified commercial banks in 20 commercial banks announced that invested over 1 billion yuan to establish the financial subsidiary of their subsidiary, including the recent announcement of the industry, agriculture, in construction, over five lines, according to incomplete statistics, more than one hundred billion yuan total registered capital of 20 financial subsidiaries. In contrast, most of the registered capital of the company raised funds is only 100 million -2 billion yuan.

In the market analysts, according to the information management of the new requirements, with the transition period of custody qualification of commercial banks should set up subsidiaries to carry out asset management business, 27 commercial banks currently get custody qualification, no accident will have set up their own financial subsidiaries. In issue "launched the public offering of financial products, bank financial subsidiaries have more registered capital will undoubtedly have a greater competitive advantage.

In addition to the public fund license and have the same even greater advantage, the bank financial subsidiaries can invest in non standardized assets and issuing grade products in comply with the relevant requirements after. From the public fund, in addition to the Commission approval to invest in non-standard business, in addition, in the information management regulations issued after the classification of the fund is due to various reasons lead to no longer approve new product releases, and existing products are gradually moving toward liquidation and restructuring, according to the requirements of the public offering fund will completely withdraw from the existing classification the market at the end of 2020.

On the non-standard business, Huaan Fund chief economist Lincai Yi said, since the information management regulations, supervision to clean up non-standard business leads to non-standard financing shrinking, but the "management measures" on the banks of non-standard investment regulatory requirements have been relaxed, only requires all financial products to invest in non-standard assets in the balance any point shall not exceed the net assets of the product 35% (previously on bank parent company net capital investment in non-standard assets and financial institutions, the total assets of 4% 10% between year limit requirements). Therefore, the bank financial subsidiaries of large shareholders through the use of business resources, in the continuation of the non-standard financial business advantage.

In addition, long amount of funds to senior researcher Wang Hua stressed that the bank agency has long been the main channel for fund sales, after the introduction of management practices, banks tend to homegrown, raised funds will face greater pressure in terms of sales. At the same time, the average income of non standard can significantly higher rate of bank financial products, and for the public fund fixed income products squeeze. Thus, as a new member of capital market, commercial bank financial subsidiaries will have a huge impact on the public offering and other institutions.

Active management is still the core advantage

The face of financial subsidiary threats in registered capital, the investment scope of a number of favorable conditions, the Beijing Daily reporter noted that the public fund circle of experts, executives and even staff also attracted the attention of. Lin Caiyi, frankly, with the future of banking subsidiaries established all banking institutions, fund sales channels in the generation of sales will further weaken the future. The public offering fund fixed income products market share will also face a squeeze.

"" management measures "after landing, the establishment of a subsidiary bank financing will accelerate the pace of real test, the company raised funds to the competitive strength of the moment." Beijing, a fund company marketing person in charge of the Beijing Business Daily reporter lamented. However, worry about the public fund market share will be squeezed at the same time, some experts also analyses the conditions of the public fund company, the Beijing Daily reporter found that many market participants pointed out that the ability of active management is the core competitiveness of public fund, short-term financial subsidiaries are difficult to shake.

TX Irving investment research center responsible person Jia Zhi of Beijing Daily reporter said that since the public fund industry 20 years of development, has strong self-discipline, the investment research team building is more solid, in response to the selection and equity products, especially the accumulated stock investment is better than the bank. At the same time, the public fund and the net value of the standard time earlier, in bank financing subsidiary and commercial bank asset management department in response to the break just against the net asset value of and belong to the later, this raised the obvious advantages, and can keep ahead in a period of time.

Wang Hua also believes that in the short term, the traditional public fund still has many advantages such as information management mechanism research of the investment in infrastructure construction, and brand. The construction of a financial system is more emphasis on credit and bond investment business in the construction of basic system of stock investment initiative management business for financial subsidiaries will be not a small challenge. So in the short term, raised funds in the equity investment will still occupy the dominant position.

However, in the eyes of Wang Hua, with the future of financial subsidiaries within the system of reaching perfection, investment research capability by introducing talents and culture gradually improve, relevant professional skills gap will be narrowed. Therefore, the first public offering or play the talent advantage, will take the initiative to make good management, to become part of the indispensable chain information management. After 20 years of development, the public fund industry compared to other asset management industry is more mature, especially after the rose fell, the asset allocation concept is gradually accepted by investors, pension funds, FOF management become the most important asset management institutions. In addition, the asset management industry competition will eventually have to return to the ability to manage assets and products professional service capabilities, which also raised funds has advantages.

Need hard skills to achieve a breakthrough

As mentioned above insiders said, compared with bank financial subsidiaries, public fund is still in the leading position in the investment management. However, in order to avoid the license advantage has been further weakened, the public fund industry still has many problems to be solved and.

South of a large public fund marketing department told Beijing Daily reporter said, in general, by the investment threshold of bank financing subsidiary decline, investment scope of public fund to relax and advantage in the traditional areas may be weakened, but fund companies still follow based on active management advantages, at different time points, find the product docking strategy the corresponding. In the asset allocation business, through a variety of means, play public fund nested advantage, to further strengthen the ability to provide a package of solutions and services for the banking information management business. "The public fund is mainly practicing internal strength, strengthen the active management capabilities, in fact it is also the key of our follow-up force." The market department official says.

Wang Hua said that the information management regulations also bring challenges to the public fund, such as the cutting, breaking, property preservation industry arbitrage elimination, the impact on the survival and development of the fund classification, monetary fund, funds and other customized product form. But in the long term, the public fund has been in existence since the problem is "herding", namely the market on which products are hot, we get together and issue, and this year is an example of the short debt fund. Intra industry competition has been very intense, the current fund products, sales channels, strategy homogenization obviously, can maintain long-term good investment performance of the fund is very rare. How the future development of differentiation, specialize in their areas of expertise may be the development direction of the next step of the public offering.

In addition, Beijing, an industry analyst also said that the company raised funds to improve the industry system from many aspects of system, products, services and investment, expand the corresponding advantages. For example, from the system side, the fund company can further expand the scope of the incentive mechanism, so far, only a few companies do in the incentive system. But in the end product, or to accelerate the further promote the product characteristics and the fine line of product line innovation.

Qianhai Kaiyuan managing director and chief economist Yang Delong believes that the future of public fund and bank financial subsidiaries racing together bridle to bridle win-win cooperation. He said, raised funds relative to the financial subsidiary company has the talent and experience the advantages of the future bank financial subsidiaries and raised funds will form a cooperative and competitive relationship, promote the industry's survival of the fittest. Some excellent performance, can create long-term returns for investors in the Asset Management Co, including the raised funds, private equity funds, bank financial subsidiaries, will achieve faster development.

 

(commissioning editor Li Dong and Zhu Yifan)

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