Capital guaranteed wealth management gradually leaves the bank to start improving the product

  Under the requirements of the new asset management regulations, bank capital-guaranteed wealth management products are accelerating the withdrawal, and many banks have cleared them.

According to the statistics of the semi-annual reports of listed banks, the reporter found that as of the end of June, Industrial Bank and Bank of Hangzhou had clearly stated that they would clear their principal-guaranteed wealth management products. Bank of Communications, Postal Savings Bank of China, Bank of Qingdao, and Bank of Guiyang had previously stated that they would clear principal-guaranteed wealth management products. zero.

  The growth rate of the overall scale of capital-guaranteed wealth management products has also fallen sharply.

Monitoring data from 360 Big Data Research Institute showed that in July this year, a total of 7,019 RMB wealth management products disclosed their income types, of which 629 capital-guaranteed wealth management products, accounting for 8.96%, dropped by 1.36 percentage points from the previous month, reaching a new low.

  "For a long time in the past, bank financial management was'depositing', and the hidden pressure was greater." Shang Fulin, member of the Standing Committee of the CPPCC National Committee and director of the Economic Committee, said that the traditional deposit and loan business of banks is the relationship between debt and debt, while the asset management industry is "Being entrusted by others, managing finances on behalf of clients", if the relationship between the two is confused, the division and determination of legal responsibilities will also be confused.

  In April 2018, the People's Bank of China and other departments jointly issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions."

In accordance with the requirements of the new asset management regulations, "deposit-based" principal and interest-guaranteed products must cease to be newly issued and gradually leave the market.

The purpose is to guide them to return to the business origin of "customer financing", break the rigid payment, and effectively prevent and resolve financial risks.

  According to the original arrangement, the transition period set by the new asset management regulations for financial institutions is as of the end of December this year. However, due to the impact of the new crown pneumonia epidemic and the complexity of financial business transformation, the supervisory authority decided to extend the transition period after comprehensively considering various factors. Until the end of 2021.

As a result, the issuance volume of principal-guaranteed wealth management products rebounded slightly in August, and their proportion increased slightly by 0.17 percentage points from the previous month.

  "From the perspective of short-term impact, the extension of the transition period of the new asset management regulations for one year will cause some banks to delay the withdrawal of capital-guaranteed wealth management products." said Liu Yinping, an analyst at Rong360 Big Data Research Institute. From a long-term development trend, after the end of December 2021 , Bank financial management still has to break the rigid payment, fully implement net value management, and investors should bear their own risks. It is inevitable that capital-guaranteed financial products will exit and clear.

  How should investors rationally choose products that suit them?

Many industry insiders said that it is necessary to focus on the asset allocation capabilities and investment R&D capabilities of financial institutions.

Pan Guangwei, full-time vice president of the China Banking Association, said that with the transformation of asset management business, it is necessary to enhance product attractiveness through diversified asset allocation. "The core of wealth management lies in assets, and the core of assets lies in configuration management."

  At present, many banks have begun to improve their product systems and continue to strengthen investor education.

For example, CMB Wealth Management reduced the duration and leverage of related products and used financial instruments such as treasury bond futures to hedge risks; for newly established or about to be issued wealth management products, it extended the period of opening positions and waited for the stability of the bond market and opportunities for correction.

Postal Savings Bank of China has established three major product systems of "inclusiveness + wealth + pension" and formed 11 product sub-brands in 7 major product series including currency, fixed income, equity, and hybrid.

As of the end of June, PSBC’s personal wealth management balance increased by 8.28% over the end of the previous year, of which net-worth products accounted for 38.74%, an increase of 6.57 percentage points from the end of the previous year.

  Our reporter Guo Ziyuan