China-Singapore Jingwei client, May 19 (Wei Wei, intern Du Lunhui) On May 15, Yi Huiman, chairman of the China Securities Regulatory Commission, mentioned at the "5.15 National Investor Protection Publicity Day" event that he should actively create conditions Unblock all types of funds, especially medium and long-term funds, into the market, will continue to promote the establishment of fund management companies by commercial banks.

　　Industry insiders said that letting banks set up fund companies is conducive to the standardization of financial industry operations. For medium-sized banks that are expected to set up fund companies, how to improve their asset management capabilities will become the biggest challenge. The company's admission will also increase the competitiveness of the industry.

15 bank fund companies account for nearly a quarter of the scale of management

　　Wind statistics show that there are currently 148 companies (including securities firms and insurance asset management companies) with public fund management qualifications, of which there are only 15 bank fund companies. The earliest established bank fund company can be traced back to 15 years ago.

　　On February 20, 2005, the People's Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission jointly issued the "Measures for Pilot Management of Commercial Banks to Set Up Fund Management Companies", encouraging commercial banks to adopt diversified equity methods to establish fund management companies. The implementation of the "Administrative Measures" has made bank fund companies officially appear in the public fund industry.

　　Against this background, in 2005, three major state-owned banks, ICBC, Bank of Communications, and Construction Bank, took the lead in setting up fund companies, corresponding to ICBC Credit Suisse Fund, Bank of Communications Schroder Fund, and CCB Fund. These three fund companies became the first Approved bank fund company.

　　The second batch of bank fund companies was established from 2006 to 2008, including 2 state-owned banks, 3 head-end joint-stock banks, and 1 foreign-funded bank. Among them, the Agricultural Bank established the Agricultural Bank of China Fund Management Fund, the Shanghai Pudong Development Bank initiated the establishment of the Puyin AXA Fund, and the China Minsheng Bank initiated the establishment of the Minsheng Plus Bank Fund. In addition, the previously established Bank of China Fund and China Merchants Fund also changed their equity and introduced bank shareholders So as to become a fund company under the Bank of China and China Merchants Bank. At the same time, the China-Europe Fund introduced Italian bank Alian, the shareholder of foreign banks.

　　The third batch of bank fund companies was established in 2013, and a total of five were established. In addition to the Industrial Fund established by Industrial Bank, the city commercial banks established fund companies, including the Bank of Beijing China-Canada Fund and the Bank of Shanghai Shanghai Bank Fund. , Ningbo Bank's Ever Win Fund and Nanjing Bank's Xinyuan Fund.

　　In 2016, the Hang Seng Qianhai Fund was established and the company is controlled by Hong Kong Hang Seng Bank. Since then, there has been no news of the establishment of bank fund companies.

　　Although the number is relatively low, the development of banking fund companies is rapid. As of press time, the total funds managed by 15 banking fund companies amounted to nearly 3.7 trillion yuan, accounting for nearly a quarter of the public fund industry.

　　Except for the lately established Hang Seng Qianhai Fund, the scale ranking is relatively low, and other bank fund companies are relatively high in the industry.

　　According to data from the Flush Flush, as of May 18, among the top 20 fund companies, bank fund companies accounted for 5 seats, namely CCB Fund, ICBC Credit Suisse, China Merchants Bank, BOC Fund and Bank of Communications Schroder.

　　Banking department fund company size and time of establishment Data source: Flush Flush Drawing: Intern Du Lunhui

Supervision intends to standardize and transparentize mixed operations

　　Looking at the history of the establishment of bank fund companies, it is not difficult to find that the pace of establishment of fund companies by commercial banks is gradually slowing down, and only one has been established after 2013. After a lapse of many years, why did the doors of commercial banks establish fund management companies to open again?

　　In an interview with the Sino-Singapore Jingwei client, Wang Jianhui, director of the Capital Securities Research Institute, stated that the policy trend for banks to set up fund companies shows the attitude of regulators towards the operation of the financial industry, that is, they hope to be more transparent and standardized.

　　He analyzed that although it was not very common for banks to set up fund companies before, in fact, most banks, especially medium-sized banks and above, have involved in this regard. There may be various ways to circumvent some supervision, or say It may make the operation more convenient, which is not conducive to the prevention and control of system risks.

　　Chen Sijie, a special researcher of the National Finance and Development Laboratory, also wrote that in fact, the domestic financial system has developed rapidly and the structure has undergone major changes. The functional boundaries of financial institutions have also gradually blurred, resulting in the rapid improvement of financial micro-efficiency but the macro-risk resistance Continue to decline. In the mode of mixed operation, risks that cannot be justified by supervision gradually accumulate. Since the domestic regulatory model is separate regulation, under this regulatory system, many so-called “channel services” and “packaging businesses” have spawned. In fact, these businesses are essentially aimed at the middle ground of the regulatory layer, using complex transaction structures, This leaves gaps in supervision and causes risk events.

　　"Rather than let it curve mixed operations, it is better to legalize, standardize and transparentize these slightly marginalized or cross-border operations, which is conducive to the healthy development of the market." Wang Jianhui said bluntly.

　　He further stated that this policy orientation can encourage more banks to expand their business, that is, transform some original channel products into an active or passive transparent asset management product, so as to provide bank customers with more Diversified services.

Asset management capabilities and talent training are the biggest problems

　　"Mid-sized banks and above are likely to set up fund companies, but small banks are unlikely to be established." Wang Jianhui analyzed that the customer base and marketing ability of small banks are not very strong. Without taking advantage of all aspects, you will not rush into this field.

　　When talking about the challenges faced by banks in setting up fund companies, Wang Jianhui said that improving asset management capabilities will be the biggest challenge facing banks.

　　Wang Jianhui analyzed that many bank customers and large assets have advantages in sales channels and marketing. However, most of the bank ’s wealth management products used to rely on third-party management, including securities firms and fund companies. You need to take responsibility for your own management, but in fact, banks may still have a certain gap with public funds and securities companies in terms of asset management technology, which means that banks must make more progress in management capabilities.

　　He also said that a major direction for Chinese household wealth management in the future is to transform from savings to asset management services, and that asset management will develop in the direction of diversification and differentiation in the future. Customer characteristics, asset characteristics to find a more favorable entry point.

　　Qian Delong, chief economist of Qianhai Open Source Fund, also believes that banking funds have a strong shareholder background, commercial banks have a large number of customer resources, and banks also have channels to help their fund companies sell products first.

　　"However, the initial establishment of a bank fund company may face a talent dilemma. Historically, he has insufficient talent reserves and needs to be cultivated slowly, or recruit talents from the market." Yang Delong said.

　　In addition, in the opinion of industry insiders, the admission of banking fund companies will undoubtedly have a long-term impact on the entire industry and non-bank fund companies in the venue.

　　Yang Delong told the Sino-Singapore Jingwei client that there are now more than 140 public funds. If more bank fund companies are set up, it may increase the competitiveness of this industry and achieve survival of the fittest. Only those fund companies with real scientific research strength, brands, and channels can become bigger and stronger, and the survival space of small fund companies will become smaller and smaller. (Sino-Singapore Jingwei APP)

(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky and you need to be cautious when entering the market.)

All rights reserved by Sino-Singapore Jingwei, without written authorization, no unit or individual may reprint, extract and use in other ways.