Recently, Industrial Bank issued an announcement stating that a wealth management product released by the bank will be transferred to Xingyin Financial Management on October 26.
The reporter noticed that since the beginning of this year, many banks such as China Everbright Bank, Ping An Bank, and Bank of Nanjing have successively migrated their wealth management products.
Data show that as of October 20, a total of 1,340 bank wealth management products have been migrated to wealth management subsidiaries this year.
By Wang Chuhan, All Media Reporter, Guangzhou Daily
According to the "Announcement on the Change of Managers of Certain Wealth Management Products" issued by the Industrial Bank, on October 26, the Bank's "Industrial Bank Tiantian Wanlibao Wenli No. 6 Net Value Wealth Management Product" will be transferred to Industrial Bank Wealth Management .
On the day of the transfer, the rights and obligations assumed by Industrial Bank as the product manager will be automatically and fully transferred to Xingyin Wealth Management, and the wealth management product manager will be changed to Xingyin Wealth Management accordingly.
After the transfer, the start date, end date and start date of the product in the national banking financial information registration system will be changed to the day of the transfer, but the life of the product will not be affected by such changes.
Not only Industrial Bank, the reporter noticed that since this year, China Everbright Bank, Ping An Bank, Bank of Nanjing and other banks have successively migrated their wealth management products.
Puyi standard statistics show that as of October 20, a total of 1,340 bank wealth management products have been migrated to wealth management subsidiaries this year.
Individual banks’ difficult-to-dispose assets will be included in the case-specific special disposal
The reporter learned that the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" issued in 2018 stipulates that after the transition period, commercial banks with securities investment fund custody business qualifications should establish subsidiaries with independent legal person status to carry out asset management. For business, the commercial bank may custody the asset management products issued by the subsidiary, but it shall realize substantive independent custody.
In July 2020, the central bank issued an announcement stating that in order to smoothly promote the implementation of the new asset management regulations and the transformation of asset management business norms, the transition period of the new asset management regulations will be extended to the end of 2021.
It is worth noting that Wang Chaodi, Chief Inspector of the China Banking and Insurance Regulatory Commission, Director of the General Office, and spokesperson, stated at the third quarter banking insurance industry data information and supervision key work press conference that from the preliminary situation, It is expected that by the end of this year, most banking institutions can complete the rectification tasks as scheduled.
Including the establishment of the bank's wealth management subsidiary, which was previously promoted, is also a very important measure in the rectification and reform.
For the remaining small amount of difficult-to-dispose assets of individual banks, they shall be included in the special disposal of individual cases in accordance with relevant regulations until all are cleared.
At present, the stock disposal assets that have not been rectified are mainly invested in non-standardized debts, capital replenishment instruments and unlisted corporate equity, which generally exhibit features such as long maturity, poor liquidity, and greater difficulty in valuation.
In response, the China Banking and Insurance Regulatory Commission will urge relevant banking institutions to establish special accounts at the head office level, lock down detailed plans one by one, adopt centralized and unified management, separate statistics, and strict accountability management measures, and actively adopt various disposal measures to reduce pressure to ensure Dispose of as soon as possible.
In the future, bank wealth management and public funds will compete more fiercely in customer base resources
"The funds of standardized bank wealth management products cannot be invested in equity assets. The underlying assets of wealth management products of wealth management subsidiaries can be invested in equity assets. The overall product risk of wealth management subsidiaries is higher than that of traditional wealth management products." A bank financial analysis According to the teacher, since the domestic wealth management subsidiaries have just started, the corresponding wealth management products are relatively cautious and relatively low in the allocation of equity assets, and the risks are controllable. In the future, as the wealth management subsidiaries' investment and research capabilities and team building continue to mature, more wealth management will be launched. Investment products to meet the diversified needs of investors.
Yin Yanmin, an analyst at Rong360 Digital Technology Research Institute, said that the proportion of current net-worthy wealth management products has increased significantly, and the supervision of some legacy products has been gradually corrected through supervision and guidance. Following adjustments, the competition between bank wealth management and public funds in terms of customer base resources will become more intense in the future.
related data
Puyi standard statistics show that as of October 20, a total of 1,340 bank wealth management products have been migrated to wealth management subsidiaries this year, including:
City Commercial Bank 863
Share bank 457
19 State-owned Bank
Rural Commercial Bank 1
Investment reminder
Investors need to have a fuller understanding of the potential risks of the product
The transition period of the new asset management regulations is coming to an end. What should investors pay attention to?
Liu Yinping, an analyst at Rong360 Digital Technology Research Institute, reminded that compared with the net wealth management products issued by traditional banks, the overall risk of products issued by bank wealth management subsidiaries is higher, the net value fluctuates more, and the maturity is longer. Investors must Focus on understanding the risks of wealth management products, including risk levels, investment scope or asset allocation, and historical net worth fluctuations.
"Wealth management products break the new exchange. Investors need to understand the underlying assets of financial products when choosing, have a full understanding of the potential risks of the products, and try to choose products that match their own risk preferences." A bank financial analyst said.