Our reporter Zhou Shangdian
2022 is the first year of the implementation of the new regulations on asset management. The transformation of asset management of securities companies continues to accelerate. The establishment of asset management subsidiaries, the application for public offering fund licenses, and the transformation of public offerings are "must have none".
At the same time, the increased market volatility has also increased the difficulty of making money. However, the number and performance of securities companies' collective wealth management products are still impressive.
In terms of the number of issuances, more than 1,000 securities companies’ products have been added for filing since the beginning of this year; in terms of income, 64% of the 2,875 products for which data can be checked have maintained positive returns.
Bond product yields lead
Due to the natural investment and research advantages of securities companies, their performance is acceptable under the background of intensified and continuous market volatility.
Wind data shows that since the beginning of this year, the average yield of 2,875 securities firms’ collective wealth management products for which data is available is -1.1%, significantly outperforming the Shanghai Composite Index over the same period.
Among them, 14 products have a return rate of over 10%; a total of 1848 products maintain positive returns, accounting for 64%.
From the perspective of main product types, since the beginning of this year, stock products have been greatly affected by the market, with an average yield of -10.56%, but there are also 6 stock products with a yield of over 10%; the average yield of hybrid products is -5.79% , there are 7 products with a yield of over 10%; the average yield of bond products is 1.9%; the average yield of FOF products is -5.5%.
At the same time, policies are also continuously promoting the transformation of asset management of securities companies. On April 26, the China Securities Regulatory Commission issued the "Opinions on Accelerating the High-quality Development of the Public Fund Industry", proposing to actively cultivate professional asset management institutions and strengthen the team of public fund managers. Adjust and optimize the public fund license system; since then, Guosen Securities and Guolian Securities have thrown out plans to set up asset management subsidiaries.
On May 20, the China Securities Regulatory Commission officially released the "Measures for the Supervision and Administration of Managers of Publicly Offered Securities Investment Funds" and its supporting rules to moderately relax the restrictions on the number of licenses for public offerings. Since then, Huaan Securities has also proposed a plan to set up an asset management subsidiary.
At present, a total of 20 securities companies have established asset management subsidiaries, and the team of securities companies that have started preparations or are willing to apply for the establishment of asset management subsidiaries is continuing to grow. Matters related to the establishment of asset management subsidiaries by 6 securities companies including China Securities, Huachuang Securities and Shenwan Hongyuan are still under approval.
Then, under the circumstance of intensified market fluctuations during the year, how did the securities companies perform public offerings to transform their products?
Wind data shows that since the beginning of this year, the arithmetic average return rate of 303 large-scale public offering transformation products (A/B/C/D shares are separately counted) with only data statistics is -3.63%, and the median is 0.3%.
Among them, 57% of the products achieved positive returns.
However, in the process of asset management transformation of securities companies, periodic problems have also been exposed. Since the beginning of this year, a number of securities companies and a number of relevant responsible persons have been punished for their asset management business, and a leading securities company’s asset management has received the first public offering transformation. fine.
Chen Li, chief economist of Chuancai Securities and director of the research institute, said in an interview with a reporter from "Securities Daily", "In the process of transformation, the first is to deal with the withdrawal of asset management products, and the second is to reasonably protect investors. All rights and interests, control related risks, and make investments in compliance with laws and regulations.”
More than 1,000 newly registered products
According to the statistics of public information, as of June 27, a total of 1,049 new securities companies' collective wealth management products have been registered, a slight decrease of 8% year-on-year.
Among them, Capital Securities has the largest number of registered products, with a total of 70 products; CITIC Securities, Huatai Asset Management, and China Securities Construction Investment followed closely with 63, 50, and 50 products filed respectively.
In terms of product types, the newly-reported collective wealth management products of securities companies since the beginning of this year mainly include four categories: fixed income, hybrid, equity, commodities and financial derivatives.
Among them, the number of filings for mixed and fixed income products is still the largest.
At present, there are 8,054 asset management stock products of securities companies, compared with 5,787 in the same period last year.
Since last year, the asset management business of securities companies has been performing well, and in the first quarter of this year, the overall performance of securities companies has been under pressure, showing full resilience.
Under the new asset management regulations, how should securities companies seize the opportunity to vigorously develop asset management business?
In this regard, Chen Li said: "After the new regulations, the asset management business of securities companies has become more and more inclined to active equity management, the process of public offering transformation has accelerated, and the proportion of channel business has become less and less. The core of developing asset management business is still to focus on Investment and market research capabilities, green and new energy asset management products have accounted for an increasing proportion in recent years, and we can focus on them.”
It is worth mentioning that under the new asset management regulations, the channel business of securities companies has been compressed, the active management ability has continued to improve, and the head effect has continued to increase.
At present, many brokerages have joined the team of allocating FOF, and regard FOF as the starting point for broadening the public offering business chain in the transformation of securities firms' asset management.
Among the 1,049 new securities companies’ asset management products registered this year, 87 FOF products are included. Among them, 17 of the 50 products registered by Huatai Asset Management are FOF products, accounting for 34%; CITIC Securities has also filed 7 Only FOF products.
The investment manager of the asset management department of a listed securities firm told the "Securities Daily" reporter, "From the perspective of the asset management institutions of various securities firms, the FOF product is a flexible combination product, and its flexibility can be used to make reasonable allocations to meet the needs of customers. individual needs.” (Securities Daily)Keywords: