The second anniversary of the fund investment advisory pilot program: the number is expanded to 59 three-thirds of the world is gradually showing
Our reporter Wang Ning
Since the China Securities Regulatory Commission formally approved the pilot fund investment advisory business in October 2019, the business has now officially operated for the second anniversary.
In the past two years, the fund investment advisory business has achieved a breakthrough "from 0 to 1." The number of pilot institutions has increased from the first batch of 18 to the current 59.
On the whole, different institutions rely on their own advantages to compete fiercely between "investment" and "gu".
Recently, a reporter from the "Securities Daily" learned from visiting a number of institutions that in the past two years, the fund investment advisory market has gradually formed a "three-part world" pattern. Among them, public offerings and securities firms have become the current mainstream institutions, and third parties are concentrated in "Gu" In terms of efforts, banks remain relatively cautious.
The pilot institutions are more optimistic about the future development prospects of this business. Based on the expectation of the development trend of "wealth moving", the scale of service assets and the number of customers will increase even more.
Brokerage occupies nearly half of the country
Recently, China Merchants Securities stated that it has received regulatory approval and has been officially approved to launch fund investment advisory business. This is the first batch of securities companies in the Guangdong-Hong Kong-Macao Greater Bay Area to obtain fund investment advisory business qualifications.
Regarding the overall operation of the fund investment advisory business, many institutions, including Harvest Fund, China Asset Management, Tianxiang Investment Advisory and Yingmi Fund, etc., stated that the fund investment advisory pilot business has achieved remarkable results on the second anniversary of the pilot business operation, and all parties in the market have recognized it. This is due to the rapid expansion of pilot institutions, while the scale and number of assets serving customers are also increasing.
The pilot institutions have created different business models based on their own resource endowments.
According to relevant statistics, as of now, 59 institutions have obtained pilot qualifications, including 25 fund companies and their subsidiaries, 28 brokerage firms, 3 banks, and 3 fund sales companies and their joint venture subsidiaries.
From the perspective of the number of pilot institutions, brokerages account for nearly half.
At the same time, as of July this year, the total service assets of the first batch of 18 pilot institutions exceeded 50 billion yuan, serving about 2.5 million investors.
“At present, the company’s business covers more than 210,000 users. Among the customers who use the service for more than three months, the number of additional investment customers accounts for nearly 50%. In the past two years of operation, the company has provided investors with high-quality public fund products and products in the market. Asset allocation services have been widely recognized by investors and the market." A relevant person from China Fortune told the "Securities Daily" reporter that more and more institutions have joined the pilot investment advisory business, and most of the business forms are through investment advisory agencies and agency sales. The way institutions cooperate, the industry track is becoming more and more crowded.
A relevant person from Harvest Wealth told reporters that since the company's investment advisory business went online, the scale of fund management and the number of customers have grown steadily. As of the end of the third quarter of this year, the scale of managed investment advisors was nearly 2.5 billion yuan, and the number of customers served reached 60,000.
"At present, the direct customer reinvestment rate of the company's own platform services is nearly 60%. Last year, it created a total return of 58.85 million yuan for customers, and the positive income ratio of all customers was 90%."
In fact, the regulatory system is constantly being improved and refined.
From October 25, 2019, the China Securities Regulatory Commission officially issued the "Notice on Doing a Good Job in the Pilot Work of Publicly Offered Securities Investment Fund Investment Advisory Business" to the "Publicly Offered Securities Investment Fund Investment Advisory Business Data Exchange Technology" issued on September 1 this year. "Interface Specification (Trial)" has established a sound supervisory system for the system framework for regulating fund investment advisory business.
An industry insider told reporters that the supervision is improving and refining the supervision system based on the development of the market to ensure the healthy and steady development of the pilot fund investment advisory business.
"Investment" and "Gu" differentiated competition is obvious
In the current fund investment advisory market, public offerings and securities firms are the mainstream institutions for fund investment advisory pilot projects.
In addition, the third party focused on the homogenization of "Gu" competition, while the bank maintained a relatively cautious attitude.
Some people in the industry believe that this may be caused by the long-term supervision of business and personnel, the crossover of fund investment advisory solutions and bank wealth management products in some areas, and the investment risk and regulatory scenario considerations of fund investment advisory solutions.
For example, the current supervisory authorities are relatively cautious about banks' pilot qualifications for fund investment advisory business. There are only three banks in the two batches of pilot institutions, and the progress of their business development is average.
In addition, fund investment advisory strategies, program design and packaging are differentiated, which is also one of the focuses of business competition.
At present, there are two major types of strategies that are more mainstream in the entire market and that pilot institutions will basically go online, namely fixed income and equity (derived according to different target returns, asset allocation ratios, etc.). The business development of each institution is on the platform and product There are certain differences in management and decision-making situations.
Some public fund sources told reporters that for public offerings and securities firms, the advantage of fund investment advisory business lies in "investing". Asset management institutions have rich investment capabilities in serving customers, but for third parties, "investing" It may be its disadvantage.
Although the third party has enriched many scenarios, such as using the advantages of "big V" to provide investment strategy services for various customers, it still has shortcomings compared with professional asset management institutions.
Next, mainstream investment advisory institutions will gradually turn to the "gu" aspect to fill in the shortcomings.
"From the perspective of the current fund investment advisory market, pilot institutions are basically engaged in fierce competition between'investment' and'gu'."
Relevant persons of China Wealth said that since most institutions are asset management institutions, their superior experience and strength are in investment strategies, and there is insufficient investment in investor behavior guidance and demand research.
At present, various institutions are trying to change from "investment" to "gu".
Harvest Wealth stated that the company focuses on long-term development and firmly deploys the construction of high-quality equity fund managers.
With the increasing volatility in the secondary market in recent years, the company has paid great attention to the guidance of investor behavior and launched the holding period portfolio "Maximum" to guide investors to invest in the products of some outstanding managers for a long time and reduce the impact of short-term market fluctuations.
Priority is given to the use of holding period portfolios to solve the problem of “funds make money, but citizens do not make money”.
The future development will be the blue ocean
The current fund investment advisory business is still in the early stages of development, and it is basically difficult for pilot institutions to achieve large profits.
However, from the perspective of most interviewed institutions, based on the optimistic expectations of "wealth moving", the fund investment advisory business will be a trillion-yuan market, and the scale of assets and the number of customers it will serve in the future will also be greatly increased.
People from Harvest Wealth believe that the fund investment advisory business is beneficial to further serve more people to participate in the sharing of economic transformation and growth dividends, and to increase residents' property income.
In the context of the bank’s net wealth management transformation and the “no speculation in housing”, “wealth moving” is a trend, and the equity and debt capital market is a very important direction. The professionalism of investment advisors allows investors to invest rationally and scientifically. Expected return.
Manlin Gong, a senior fund analyst at Tianxiang Investment, told the "Securities Daily" reporter that fund investment advisory has broad room for development. As the per capita income of Chinese residents continues to grow, it is expected that the asset allocation of Chinese residents will gradually be transferred to financial assets, which is expected in the future. The ratio of Chinese residents' asset allocation in real estate and deposits will gradually decrease, while the ratio of financial asset allocation will gradually increase.
Therefore, the fund will also be recognized by more and more investors, and the value of investment advisory will be further highlighted.
From the perspective of development direction, combined with overseas experience, on the one hand, investment advisory will further transform from seller investment advisory to buyer investment advisory; on the other hand, investment advisory culture will gradually form.
The market space forecast of fund investment advisory business is different from the forecast of virtual currency, meta universe, and even shared bicycles, because these business forecasts are impossible to refer to.
However, the investment advisory business has many years of development experience in mature markets, and has a very complete development track and data.
Lin Jiecai, vice president of Yingmi Fund and head of Chiman, said, “The core of fund investment advisory business is to help customers maintain and increase the value of their assets. However, there is still a big gap between the current business format and the target. The last mile of the project requires professional institutions to help complete it. This is the driving force behind the continued development of the investment advisory business.” (Securities Daily)