As of now, 24 banking subsidiaries nationwide have been approved for the establishment of ——

　　Has Bank Wealth Management Subsidiary Embarked on a "New Road"

　　Our reporter Qian Qingni

　　Recently, the China Banking and Insurance Regulatory Commission announced the "Interim Measures for the Administration of the Sales of Wealth Management Products of Commercial Bank Wealth Management Subsidiaries (Draft for Solicitation of Comments)" (referred to as the "Measures"). In the eyes of industry insiders, the "Measures" serve as supporting rules for the new asset management regulations to further supplement All the shortcomings of the system.

In June 2019, my country's first bank wealth management subsidiary-CCB Wealth Management officially opened.

Today, the bank's wealth management subsidiary has gone through a year and a half.

What is the current development status of bank wealth management subsidiaries?

Has it embarked on a development path different from the past?

What new changes may appear in the future?

With these questions in mind, the Economic Daily reporter launched an investigation and interview.

Small and medium-sized banks are difficult to obtain licenses for wealth management subsidiaries As of the end of last year, 24 banking subsidiaries nationwide have been approved for establishment.

Among them, the number of financial management subsidiaries approved last year was 6.

Twenty of the 24 bank wealth management subsidiaries have been approved to start operations, including 6 state-owned banks, 6 joint-stock banks, 6 city commercial banks, 1 rural commercial bank and 1 joint venture wealth management subsidiary.

In addition to the aforementioned institutions, there are many local banks waiting "outside the door."

The reporter combed and found that many local banks, including Guangdong Shunde Rural Commercial Bank, Jiangsu Jiangnan Rural Commercial Bank, Ningbo Yinzhou Rural Commercial Bank, etc., have passed relevant proposals at their respective shareholders' meetings to establish wealth management subsidiaries.

　　However, this does not mean that small and medium banks are expected to successfully obtain licenses.

Yin Jianfeng, chief economist of Zheshang Bank and chairman of the Shanghai Finance and Development Laboratory, said, “Wealth management subsidiaries have a minimum registered capital requirement of 1 billion yuan, and a considerable number of small and medium-sized banks may not be able to obtain wealth management subsidiary licenses. 2021 transition period Later, these banks will gradually withdraw from the market or jointly establish subsidiaries with other banks."

According to the data, from the perspective of registered capital, the accumulated registered capital of the six major wealth management subsidiaries currently exceeds 60 billion yuan, while the registered capital of the remaining wealth management subsidiaries is mostly in the range of 1 billion to 5 billion yuan.

　　The Economic Daily reporter learned that the current development of bank wealth management subsidiaries mainly presents the following three characteristics: First, bank wealth management subsidiaries have begun to take shape, and as wealth management subsidiaries continue to be approved for establishment, the overall scale will continue Expansion; Second, the product layout of most wealth management subsidiaries is still dominated by "fixed income +", and the product homogeneity pattern is still obvious, but it is gradually exploring the issuance of equity investment products in the form of FOF, MOM and private equity ; Third, the development of each company's product system began to show a differentiated strategic layout, exploring and exerting their respective relative advantages.

For example, in terms of pension financial management, since 2020, two financial management subsidiaries have launched pension financial products, namely Xingyin Financial Management and Everbright Financial Management.

In addition, ICBC Wealth Management, Bank of China Wealth Management, CCB Wealth Management, CMB Wealth Management, Bank of Communications Wealth Management, and China Post Wealth Management also have plans to launch a series of retirement wealth management products.

Actively explore and increase equity investment

　　Affected by the recent rise in the A-share market, there has been increasing discussion about the distribution of equity-based wealth management products by wealth management subsidiaries.

From the actual situation, the proportion of equity financial products is still low.

According to public data from China Finance Network, as of the end of 2020, bank wealth management subsidiaries have issued a total of 2,923 products.

Among them, fixed-income products reached 2,278, accounting for nearly 80% of the total circulation; followed by hybrid products, with a total of 638; and public equity products only 5.

Moreover, most wealth management subsidiaries are also more cautious and are still in the research stage.

Wind data shows that as of the end of 2020, 5 companies including CMB Wealth Management, Bank of China Wealth Management, Ningyin Wealth Management, Xingyin Wealth Management, and Nanyin Wealth Management have conducted 19 surveys on listed companies, involving 16 A-share listed companies including Mindray Medical.

　　However, from the perspective of the industry, speeding up the allocation of equity assets, improving the product system, and building the core competitiveness of wealth management subsidiaries are all the future development directions of wealth management subsidiaries.

"Currently, the current financial supervision rules have no institutional barriers for financial management funds to enter the capital market. To a certain extent, the supervisory authorities support bank financial management subsidiaries to increase the proportion of equity products and encourage more qualified fund managers to be included in banks List of financial cooperation institutions." Yin Jianfeng said.

　　"Bank wealth management products are the largest basic market in the asset management industry. For a long time, they have continued to use fixed-income products such as bonds and non-standard products as investment positions. The actual allocation ratio of equity has remained low. On the one hand, it is relatively decoupled from the development of China's capital market. On the other hand, it also resulted in weak product design capabilities, single product forms, and excessive reliance on the bond market for performance stability.” The relevant person in charge of CNCB Wealth Management said that with the development of multi-level capital markets, the stock market is the most important One of the direct financing channels will play an increasingly critical role in the allocation of resource elements.

At the same time, with the continued profitability of Chinese listed companies, the steady growth of the total market value of China's stock market is expected to bring huge market opportunities.

　　"Regardless of the trend of the capital market, wealth management subsidiaries should actively explore to increase equity investment and gradually increase the proportion of equity assets." said Dong Ximiao, chief researcher of China Merchants Union Consumer Finance Corporation.

There are many industry experts who hold the same views as him. They all believe that increasing the proportion of equity asset investment is an important way for banks to transform their financial management into net worth.

Some industry experts said frankly that for a long time, bank wealth management products have given investors the impression of "deposit-like", and the corresponding investment targets are also fixed-income investment targets such as bills and bonds.

To break this "rigid redemption", it is necessary to vigorously develop net-worth wealth management products, and banks' investment in equity assets can realize the net value of bank wealth management products in a greater sense.

Complementary cooperation between market parties

　　It is worth noting that, in the eyes of the above-mentioned person in charge of wealth management of CNCB, the understanding of equity products should not be limited to the relative return products of stock funds, but also the design of absolute return products, quantitative risk control capabilities, etc. In terms of strengthening construction, continue to provide people with higher risk-benefit ratio and more precise product selection.

In addition, net-worth products, especially equity-containing strategies, are facing breaking the label of “just redeeming” and need to continue to guide and educate investors, which requires the participation and efforts of relevant parties in the market.

　　At the same time, the person in charge of the relevant department of China Post Finance stated that the positioning of different wealth management subsidiaries in the market and within the parent bank and their respective resource endowments are not the same, especially the risk appetite of the main and customer groups of each wealth management subsidiary. "Because there were few equity products in the products of banks and wealth management subsidiaries before, it is worthwhile to appropriately enrich the product types. However, if there is no customer group that matches the risk and return attributes of equity products, focus on'fixed income + 'Or hybrid products may be a better choice."

　　While the asset allocation of wealth management subsidiaries is further diversified, the reporter has noticed that the cooperation between wealth management subsidiaries and with fund companies, securities firms and insurance asset management has become more frequent.

"Wealth management subsidiaries have both competition and cooperation. The cooperation is mainly manifested in mutual agency sales of wealth management products." Yin Jianfeng said that in addition to relying on the parent bank to expand customers, wealth management subsidiaries are "moving" products into other commercial bank apps for sales.

For example, the mobile banking app of China CITIC Bank sells "Xingyin Wealth Management Wenli Hengying F section (half-year)", and the mobile banking app of Bank of Jiangsu sells the wealth management products of "Bank of China Wealth Management'Wenfu' Fixed Income Enhanced (Closed) 2020 09 period" .

　　Not only that, the industry previously judged that with the continuous increase in the number of bank wealth management net worth products, there will be business overlaps with fund companies in the future, but as far as the current situation is concerned, there is only cooperation between wealth management subsidiaries and fund companies.

"Currently, the cooperative relationship between wealth management subsidiaries and fund companies is greater than the competitive relationship. According to information from the China Securities Investment Fund Industry Association, CCB Wealth Management, ICBC Wealth Management, Bank of China Wealth Management, China Post Wealth Management, etc. have established collective assets in cooperation with fund companies. The management plan entrusts funds to fund companies for management." said Zheng Zhehan, a researcher at Puyi Standards.