The Bull Market Has Come, But People Have Left The Public Fund.

In 2014, the fund company's non public offering business continued to develop at a high speed. According to the latest data released by the fund industry association, as of the end of September, the scale of non-public assets of fund companies, including special accounts, social security and enterprise annuities (excluding subsidiaries), amounted to 1 trillion and 860 billion yuan, an increase of 640 billion yuan over the end of 2013, an increase of 52%.

In fact, in the past few years, the special asset management plan of the fund company has been difficult to expand substantially. Many people in the industry have attributed the cause to "untimely": catching up with the big bear market in the past three years, the purse of the high net worth crowd has become shrunken, and has also hurt the way of selling channels such as banks. Another industry believes that public funds are accustomed to doing more in the two tier market, lack of effective short selling ideas.

Channel business is still the main force.

　　 Fund Industry Association According to the latest data released, as of the end of September 2014, the size of non-public assets including fund accounts, social security and enterprise annuity (excluding subsidiaries) reached 1 trillion and 860 billion yuan, an increase of 640 billion yuan over the end of 2013, an increase of 52%. Excluding social security and enterprise annuity, special accounts become the main engine of the growth of non-public assets.

According to the October statistics released by the company, the number of new stock accounts in the Shanghai and Shenzhen two cities was 321 households and 325 households, with a total of 646 households. So far, the total number of households in the fund has reached 7639, representing an increase of 97.95% over the 3859 households at the beginning of this year. This means that there are nearly 30 products on each trading day offering A share accounts.

Many analysts have attributed the outbreak of non-public fund assets to the A share earning effect and the number of private placement products that are surging due to the takeover and acquisition of listed companies.

Wind data show that from the beginning of 2013 to November 25, 2014, the number of listed companies carrying out targeted placement was 327, and the total amount of funds allocated to the fund companies (including public offerings and social security products) was 124 billion 640 million yuan. Although the earning effect of A shares is outstanding in 2014, this does not mean that the fund companies have made qualitative and quantitative leaps in the development of the managed account products.

A person in charge of a fund company in Shanghai said frankly to reporters: "it is better to sell than the bear market before, and mainly to promote private placement. The active management of special account products, especially stock accounts, is now mainly through the channels of brokerages. Banks either help sell goods or are solely responsible for trusteeship. But it is impossible to scale up. "

"The scale of the assets of a single household is generally tens of millions of yuan, and a little better is about 100 million yuan, which can be sold to 200 million yuan even if it is large." A large fund company's special account product manager told reporters.

The head of the account also indicated that according to his understanding, the size of the channel and active management in the business of a single public offering fund should be 4:1, that is, the assets scale of the channel will account for 80%, while the assets scale of the initiative management will account for 20%. In addition, many hedge funds that have been popular with fund companies are helping channel businesses such as private equity funds and brokerages.

It is not difficult to see that since 2014, the about 600000000000 yuan of non-public offering assets surged, after deducting the amount of private placement, the surge in size was mainly due to the continued expansion of the channel business.

　　 Institutional Profit Advantage no longer

In the era of big capital management, there are more and more investment platforms for high net worth people, such as real estate, investment insurance, trust scheme, private equity plan, sunshine private placement, securities dealers' collective financial management and special asset management plan of fund companies.

According to statistics from BCG (Boston consulting company) and private bank of China Construction Bank, in 2012, the total amount of private investable assets in China has exceeded 70 trillion yuan, while the scale of public offering funds is only about 3 trillion yuan.

With the real estate big cycle in the past, as well as the trust high yield and rigid payment is broken, a group of funds from the above two hot areas to withdraw, become other investment channels to compete for gold mining. However, some analysts believe that the fund company's one to many businesses in the five years since the formal opening of the business in September 2009 has seen rapid growth, but has not cultivated its core competitiveness.

A senior resident in Shanghai told reporters: "when the account is just born, there is still a bonus. In 2010, private placement and brokerage management were not enough. Public offering is the only platform for investment in Shanghai Securities Futures. Many Futures Company are looking for funds to make channels. But now there is no advantage in horizontal and other information management business. "

It is worth noting that the relevant data of the securities and Futures Commission show that as at the end of July this year, the scale of information management of securities companies has reached 7 trillion yuan, from 2012 only to 1 trillion and 900 billion yuan, and 2013 to 5 trillion and 200 billion yuan, and the scale of information management business has undergone a process of quantitative change.

Not long ago, the securities business management business has also been widened, can be directly invested in non - standardized assets and other related business. The head of a non-public offering company of a medium-sized fund company said, "it is certain that the supervision department will not restrict the development through the license plate. Everyone is on the same starting line. In terms of structure and regulation, (fund companies operate non standardized assets), they have no advantages or disadvantages. From the past development experience, they have certain advantages. Fund companies have publicly long term performance and are more likely to produce products.

Output is slow.

It is worth noting that from the right Fund company In terms of contribution profit, it is difficult for the active management department to compete with the public offering business and the subsidiary company.

The senior Hushang special account pointed out that from the perspective of input output ratio, the account business is obviously at a disadvantage. A public offering account requires one to two years of investment to create a good team with better results, so as to expand the scale of assets. Over the past two or three years, a fund company has managed to manage more than $1 billion in assets.

From the point of view of income, if a fund company has a proactive asset management scale of 1 billion yuan, then the fund company's special account product can achieve 20% of the revenue. The contract stipulate that more than 8% of the fund will get 10% of the performance compensation, so the nominal cost of the fund company will be only 12 million yuan.

In the sale of special accounts, we must share the sales channels. According to "daily economic news" reporter, usually banks are more powerful, if there is no account performance, often take performance pay 55 divided; if past performance is outstanding, it can get 70% from the fund company, and the affiliate channel is divided into 30%.

It is understood that the cost of a single fund channel is at least 300 thousand yuan start, if the fund companies hit several large single, the income of one to two million yuan. "By contrast, the fund subsidiary makes the channel business, which is easy to earn in a year. At present, the industry is willing to do the public offering fund of special account business. The scale of assets is between 40 billion yuan and 50 billion yuan. The original traditional accounts are basically burning money. This also doomed the fund company's resources to focus often on the account department. The above Shanghai special account senior people pointed out.

However, there are also some opponents in the fund industry. In their view, the fund company is very critical to its positioning, whether it can stand up to loneliness and create a long-term and excellent absolute income team, which requires the company to have a strategic vision.

Because the scope of specialized investment is mainly standardized products such as stocks, bonds and stock index futures, the scope is relatively narrow. The regulatory authorities allowed the fund to set up subsidiaries in 2012, which can invest in non standardized assets. This also constitutes a diversion to special account investment.