"Asset Management Elder Brother" Will Change Ownership? Public Fund Scale Or Catch Up With Financial Management

The year 2020 is coming to an end, and the news of hot money fund has occupied the hot spot of asset management circle for a whole year.

At the end of the year, good news came out again from the public fund industry, with the scale of new funds breaking through 3 trillion, catching up with and surpassing the sum of the past three years. The growth of the scale of public funds is closely related to the market situation. This year, the structural market of A-share market has given birth to an obvious profit-making effect. At the same time, the market is further developing in the direction of institutionalization and internationalization. The relevant policies and market environment have also been in line with the development of the fund industry. Considering various favorable factors, the rapid rise of public funds is reasonable and expected.

On the other hand, under the background of unified supervision and development of asset management, the transformation of bank financial management is orderly promoted according to the rhythm. 2021 is the deadline after the extension of the transition period of the new asset management regulations, which means that by the end of next year, all bank financial products must be transformed into net value financial products as required. With the transformation of bank's financial management and the construction of its financial subsidiaries, the market more and more compares its financial products with public funds.

Judging from the development of the asset management market this year, on the one hand, public funds are growing by leaps and bounds, while the performance of bank financial management is much bleak. However, bank financial management has maintained a stable development rhythm while exploring the transformation.

In November, a person in charge of a bank's financial management subsidiary pointed out at the 15th Asian financial annual meeting in the 21st century that under the current market conditions and in accordance with the growth rhythm of public funds, by the end of the year, the scale of public funds is likely to exceed the scale of Bank financing and occupy the first place in the asset management market.

Recently, a number of bank financial personnel told reporters that even if the scale of public offering catch up with or surpass, it is not surprising that bank financing is still in the process of transformation, transformation and transformation is still the most urgent task at present, and it is still in the transition period of new regulations, and new and old bank financial products coexist.

However, some bank financial researchers pointed out to reporters: "it is possible that (public funds will catch up with each other) in the short term. But in the long run, the bank's ability to invest in financial management will be improved. In addition, the bank's own channel advantage and resource integration ability may regain the position of the first brother again. "

Combined with various favorable factors, the rapid rise of public funds is reasonable and expected. Visual China

Fund explosion vs Financial Transformation

According to wind data, the issuance scale of new funds in this year has exceeded 3 trillion, which has exceeded the total number of new funds issued in the past three years, creating the highest number of new fund issuance in the past three years. This year, the popularity of public funds can be seen.

In terms of total scale, according to the data disclosed by the fund industry association, by the end of October 2020, the scale of public funds was 18.31 trillion yuan, the number of funds was 7682, and the managers were 145. By contrast, the scale and number of public funds at the end of 2019 are 14.77 trillion and 6544 respectively.

In other words, by the end of October this year, the size and number of mutual fund industry have increased by 24% and 17% respectively. The reasons for the rapid growth of public funds this year are: on the one hand, the policy orientation is conducive to the development of public funds. From the fund registration system to the fund evaluation, and then to the investment advisory pilot, various measures are intended to guide the medium and long-term funds to enter the capital market in the form of funds, creating a good institutional environment for the development of public funds.

On the other hand, according to the law of the market itself, after the unified supervision of asset management products in the new asset management regulations, in the asset management family, bank financing, trust products and other asset management products are faced with rectification requirements. In the process of transformation and rectification, the decline of product yield is inevitable, leading to some funds pursuing high yield turning to seek new substitutes. In the process of adjustment, public funds play an alternative role.

How about the growth of bank financial management?

The data disclosed by banks is not as timely and detailed as public funds. A bank financial person explained the difference to the reporter, "mutual fund trust is aimed at investors, and in the original mode, the investors of bank financing do not care about what the financial products actually invest, so there is no need to disclose detailed information for them. However, in fact, the regulatory information submitted by banks on financial management is very detailed, which also shows that the supervision pays attention to financial risk. From this point of view, with the net value transformation of bank financial management, the reform of information disclosure must be an important task

Wind data shows that in October 2020, the total number of financial products issued was 7539, including 7510 personal financial products and 32 institutional financial products. As of the end of October, the total stock of wealth management products was 39663, including closed non net worth financial products, accounting for 40.43% (due to incomplete disclosure, data may have errors).

In terms of scale, pan Guangwei, Secretary of the Party committee of the banking association, has publicly said that by the end of June this year, the surviving scale of net value financial products was 13.2 trillion, accounting for 53% of the total remaining balance of all financial products. It can be estimated that by the end of June 2020, the scale of bank financial management will be 24.9 trillion yuan. According to the data disclosed in the annual report of bank financial management, as of the end of 2019, the balance of bank financial management is 23.4 trillion. Therefore, it is estimated that in the first half of this year, the growth rate of bank financial management scale is 6.43%, which is slightly higher than the annual growth rate of 6.15% in 2019.

A number of bank financial figures told reporters of the 21st century economic report that the growth of bank financial management has remained stable this year, and the growth rate is slightly higher than that of last year. The information provided by people on the channel side also confirms this judgment.

A stock bank source told reporters that as of November, the bank's retail financing holdings increased by about 8% compared with the same period last year.

If we only look at the growth rate of scale and quantity, the performance of bank financial management this year is far inferior to that of funds. A number of bank financial customer managers reported that the sales of fund products were significantly better than last year, and the financial management sales remained stable.

The bank's fund sales so far this year have tripled compared with last year, the stock bank said.

Fund and financial management cooperation is greater than competition

With the construction of bank financing subsidiaries and the net value transformation of financial products, the market more and more compares them with public funds. However, many bank financial personnel said that due to the obvious differences in customer positioning and demand, there are fundamental differences between the two in their operation ideas, and the elements of cooperation are greater than those of competition.

A financial person of a bank thinks that the construction of financial management subsidiaries is definitely different from that in the banking system. There is a trend of public offering, but it is still different from that of public funds. The basic market of the two is different. The channel demand of bank financing for public funds will not be reduced. It is equivalent to that the bank has conducted a layer of screening for investors, one is for absolute income, the other is for mutual benefit On revenue. "Therefore, although a large number of retail customers have flooded into public funds in the past two years, in the long run, its institutionalization may be further improved."

In the process of transformation, the trend of strengthening inter agency cooperation is also very obvious in the trust industry. Under the guidance of supervision, the financing business of the trust industry is restricted, and the whole industry has vigorously developed the standard product business. In the early stage, it was very popular to cooperate with securities companies, fund companies and other institutions to carry out standard business.

A number of trust companies told reporters that at present, this is the most clear path. There are many complementary points among them. Trust institutions have the need to transform according to regulatory requirements, and they also need to provide rich product choices for high net worth customers. To a greater extent, trusts need to play the role of "configuration", while securities companies and other financial institutions have accounts And investment advantages.

In fact, the explosive growth of public funds this year also illustrates the difference between public funds and bank financial management, that is, they have a high correlation with the market situation. When the market is good, they sell new products crazily, but when the market is not good, there will be big fluctuations.

Judging from this year's situation, public funds not only grow rapidly in scale, but also have a "harvest year" in terms of income. According to Oriental Wealth choice data, since this year, the average return of all non monetary funds is close to 15%; among them, equity funds are the most outstanding, with a yield of 28%; followed by mixed funds, the yield is close to 25%.

Such a high rate of return for bank financing is unimaginable, there is no comparability. For example, wind data shows that in October of this year, the yield of one week and one-year financial products were 3.00% and 4.11%, respectively, which were 60BP and 1bp lower than that of the previous month; the yields of one month, three-month and six-month financial products were 3.58%, 3.78% and 3.85%, respectively. The yield of one-month products was the same as that of the previous month, and the yields of three-month and six-month products increased by 8bp and 14bp respectively compared with the previous month.