Monetary Fund has become a strong promoter of small and medium-sized fund companies on a large scale

Lin Jianrong

In the past year, the IMF has become a powerful promoter of small and medium-sized fund companies. The fund subsidiaries and special accounts are also important sources of profits for the fund companies. If you want to count the fine since last year, the industry make good use of monetary funds and fund subsidiaries two starting point for the public offering, Minsheng plus silver is one of them.

Minsheng Canadian Silver Fund General Manager Yu Taixi recently accepted the "First Financial Daily" interview, said: "Minsheng Bank will continue to enhance investment and research strength as the center, with the Monetary Fund and special account for the two grasps, bigger and stronger the company."

Cargo base: a new round of quiet before the outbreak

For public funds, perhaps the most notable feature of the past year was non-monetary funds. From the perspective of scale, for the first time, the Monetary Fund surpassed the Equity Fund and became the elite of the sub-division in the fund industry. From a formal perspective, the Monetary Fund's commercialization represented by Yu Ebao has infused unprecedented dynamism into the development of the Monetary Fund. From the perspective of the fund company, Celestica Fund relies on one balance of treasure, "Tianhong Zenglibao" Monetary Fund will scale beyond the industry boss for many years China Huaxia Fund.

"Monetary Fund brought to the fund company is not only the rapid expansion of the scale, more importantly, it is meaningful to the depository of the fund company." Yu Dai Xi believes that over the past year, Minsheng Bank raised the rankings of public offerings, more should be valued The significance is the increase in the number of customers.

From the current development of the industry point of view, talk about the scale of public offerings must look at the monetary fund, but talk about the development of monetary funds must not mention fund e-commerce. With the decline in the yield of precious products since the second quarter, the fund has been quiet for some time. At least from the media level, the reports on the development of fund e-commerce are ebbing. So, how should we treat the development of the monetary fund and the fund electricity supplier at present?

"The fund industry is objectively brewing a new business model, the monetary fund is far from over, and now is the market-oriented interest rates in the late .For the monetary fund, the interest rate liberalization is from C to B." Yu Da Xi said, Monetary fund E-commerce products actually helped to realize the C-terminal (personal) interest rate liberalization so that ordinary investors can enjoy the balance of wealth management. However, the marketization of the interest rate of the B-side (enterprise) by the monetary fund is just beginning to accelerate.

Yu Da Xi seems that the general business needs of the balance of money actually exist, and relatively individuals, the larger the size of the enterprise funds, which is the next important source of funding for the development of the Monetary Fund.

From the perspective of fund providers, over the past year, fund e-commerce has grown from nothing to a hundred schools of thought. It also reflects the subversion and impact of the mobile Internet on the entire fund industry.

In response to the current quietness of the fund's electricity supplier, Yu Daixi interprets this quiet atmosphere more as the quiet before a new round of eruptions. "Silence is a brewing process, the balance of wealth management is the basis for many new fund products, the interest rate liberalization is far from being accepted, the monetary fund is also promising." Yu Da Xi said.

Subsidiary business: Bank of wind control has advantages

After a period of development, fund accounts and fund subsidiaries have reached a certain scale.

With the growth of the size of the fund subsidiaries, the pace of regulation followed. By the end of April this year, the CSRC issued the Circular on Further Strengthening the Risk Management of Fund Management Companies and Their Subsidiaries Engaged in Asset-Specific Business of Specific Customers, which stipulated that the funds raised by the subsidiary's special-account products shall not be allowed to carry out capital pool business and the subsidiaries It is impossible to conduct channel business through "one-to-many" special accounts and require subsidiaries to establish and improve risk management system as soon as possible. Fund subsidiaries thus shift from the barbaric business growth to regulate the development.

Yu Daixi does not deny that the fund subsidiary as a fund company an important source of profit status, at the same time that the supervision of the subsidiary should have a clear understanding. "Regulators are now concerned about the risk of subsidiaries is very predictable." Yu Da Xi said.

However, Yu Daixi does not agree with a one-size-fits-all approach to the risk prevention of fund subsidiaries. He said: "Each subsidiary of the endowment of different assets, bank-based fund subsidiary risk prevention and business development and non-bank fund subsidiary there are some differences.Fund subsidiary risk prevention is not a team or recruit a few people Will be able to solve. "

Yu Daixi view, the advantages of bank-based fund subsidiaries is the diversity of anti-risk measures, the development of the various fund subsidiaries have accumulated a certain amount of personnel, financial resources and experience, but the ability to resist risks are still different.

Industry competition: to be good at "going out"

On June 29, China Securities Investment Fund Industry Association released the Q & A on Matters Concerning the Establishment of Fund Management Companies and Related Business Eligibility, clearly listing eligible securities companies, insurance asset management companies and private equity funds, equity investments, and entrepreneurship Investment and other asset management agencies may participate in public fund management business, may also apply for public fund management business. This means that traditional fund companies have lost the license advantage of conducting raised funds business.

"Now go to see fund companies, can no longer stay in the previous 'public offer' stage, should be more emphasis on the future of special accounts and subsidiaries." In Yu Dai Xi view, the traditional public offering is currently facing the bottleneck of scale growth, and this bottleneck In the future may not be able to break through. Therefore, for fund companies, diversified fund subsidiaries and special accounts will be the focus of future development.

Yu Daixi that how to treat the opening up of the fund industry just as before China's accession to the WTO, although a variety of capital can come in to snatch public offering cake, but the fund company through subsidiaries can also be carried out, such as trusts are not limited to public offering of business, in fact Is also a good thing.

Under the circumstances of interest rate liberalization, asset securitization and RMB internationalization, Yu Daixi believes that the fund industry is also facing a "potential" shift.

Yu Daixi said frankly: "The development of the monetary fund is to follow the trend of marketization of interest rates. The development of the fund's subsidiary business is to adapt to the trend of asset securitization. In terms of internationalization of the renminbi, the public offering industry is currently less involved, but fund companies here The same is promising. "