Don't use too much marketing for explosive funds

　　Don't use too much in the marketing of hot funds

　　Scientifically control the intensity and pace of fund marketing to avoid excessive marketing and the phenomenon of "channel is king" from affecting the overall development of the industry.

On the one hand, it is necessary to consolidate the "long-term performance orientation" and use real asset management strength to attract more savings to move; on the other hand, it is necessary to scientifically control the scale of explosive funds and reasonably take into account the interests of new and old fund investors.

　　Nearly two years after the securities regulatory authorities have advocated vigorously developing equity funds, there has been a strange phenomenon in the recent public offering of securities investment funds: one side is a public equity fund that can only sell for 15 billion yuan, attracting record The 250 billion yuan subscription fund was forced to start the allotment model. The difficulty of "winning the lot" is comparable to the purchase of new shares; on the other side is the industry's first publicly offered MOM (manager's manager's fund) that has gathered many star fund managers. The upper limit was 5 billion yuan, and the result was only 2.7 billion yuan.

　　If you compare the fund-raising process to a banquet, then the subscription amount of "a lot of money" is equivalent to "a table of meals was prepared, but more than 10 tables of guests came." Most investors will obviously be disappointed-some A public fund company whose asset management scale and investment research strength ranks among the top in the industry, "self-directed and self-performed" uses commercial banks, third-party sales, securities companies and other multiple times the daily marketing force to induce several times or even ten times the upper limit of the fundraising amount The fund subscription is intended to prove the market appeal of his "big brother" and star fund manager.

This kind of over-strength violent marketing, apart from making commercial banking channels profitable and fund companies quickly becoming popular, there is actually no benefit to peers and investors.

　　Except for star fund companies, the emboldness of over-marketing of explosive funds relies more on commercial banks' channels, which creates a lot of subsequent problems.

　　It stands to reason that the funds during the “lock-in” period, especially the funds from commercial banks, generate interest that is shared by fund investors and commercial banks. However, many investors who have no spare money to buy new funds will “sell the old and buy the new” under the flick of the agent. "It has contributed a lot to commercial bank channels and fund companies in subscription and redemption fees and trailing commissions, which are actually the same as brokers' encouragement of stockholders to trade more, which may intensify the differentiation of the underlying market.

　　A large number of people who can’t buy funds have their funds "locked in" in the financial system, and they pay a large opportunity cost. However, those funds that "help" fund products to hedge may withdraw after the fund is established. This is not considered a waste of funds. ?

Explosive funds are almost all active equity funds, and other types of products are rarely involved. Behind the unbalanced development of products, investors blindly chase “stars” regardless of risks. What should I do if I lose money?

Originally to prevent funds from over-raising and the industry’s “Matthew Effect” allotment, it turned into a means of “hungry marketing” for explosive funds. Who will take care of the changes in investors’ expectations?

　　On the other hand, some small and medium-sized fund managers who have steadily improved their asset management capabilities are limited by channel disadvantages. In order to successfully issue new funds, they may even be forced to hand over the management fees they earn to consignment channels, otherwise once they leave the channel’s support , The failure of fund issuance, not to mention wasting people, money, and material, can easily cause regulatory concern.

　　Although such new fund issuance is not a common phenomenon, it shows from one aspect that there are still deep-seated contradictions between the supply and demand sides and channels on the investment side of the capital market.

In addition to scale, performance, and channel orientation, there are still many ways to enrich the fund market and even the entire residential wealth management "toolbox" so that "appropriate funds can flow into appropriate asset management products at the right time and through appropriate channels." Work to be done.

　　The Central Economic Work Conference pointed out that the formation of a strong domestic market is an important support for building a new development pattern, and effective institutional arrangements must be made in terms of rationally guiding consumption, savings, and investment.

These institutional arrangements are obviously not "starvation marketing" on household savings or blindly using explosive funds to induce savings to move.

To strengthen the construction of the investment side of the capital market and promote the conversion of residents' savings to investment, it is necessary to scientifically control the intensity and pace of fund marketing to avoid excessive marketing and the phenomenon of "channel is king" from affecting the overall development of the industry.

　　The urgent task now is to start with strengthening the coordination of securities, banking and other regulatory agencies, regulate fund agency channels, especially the marketing behavior of commercial banks, and scientifically formulate the trailing commission rate earned by agency funds.

In the long run, on the one hand, it is necessary to reduce the current situation of the fund industry's excessive dependence on some agency sales channels, consolidate the "long-term performance orientation", and use real asset management strength to attract more savings to move.

On the other hand, it is necessary to continue to strengthen investor education, scientifically control the scale of explosive funds, and avoid market risks caused by multiple homogenized explosive funds due to one-person management, group issuance, and holdings together, to prevent idling of funds in the financial system, and to take reasonable consideration The interests of new and old fund investors.

Zhou Lin