Financial World (7) Fund, trust and Capital Management

(1) Fund (Found)

Broadly speaking, the fund refers to a certain amount of funds established for some purpose. Mainly includes trust investment funds, Provident Fund, insurance funds, retirement funds, funds of various foundations. Generally speaking, the fund mainly refers to the Securities Investment Fund.

* Investment Fund (Investment funds) is a collective investment system with benefit sharing and risk sharing. The investment fund concentrates the investor's fund, the fund trustee entrusts the professional manager Personnel Management, specializes in the investment activity.

Depending on the criteria, the securities investment funds can be divided into different categories:

1. Depending on whether the unit can be added or redeemed, it can be divided into open-end funds and closed-end funds.       

comparison between open-end funds and closed-end funds:　
1.1 duration varies
Open-end funds do not have a fixed period, investors can at any time to the fund manager Redemption fund units, and closed-end funds usually have a fixed closure period, generally 10 years or 15, approved by the beneficiary General Assembly and the competent authority can be appropriately extended period. 
1.2. Scale variability is different
Open-end funds usually do not have a limited issue size, investors can make a subscription or redemption applications at any time, the size of the fund increases or decreases, while the closed-end fund in the prospectus set out the size of its fund, after the issuance of the total fixed in the duration of the period, without the statutory procedures to increase the issuance of non-approval. 
1.3 different callable sex
Open-end funds are legally callable. An investor may make a redemption request at any time after the initial issue has ended for a period of up to 3 months. Closed-end funds in the closed period can not be redeemed, listed funds can be transferred through the stock Exchange transactions, the share remains unchanged. 
1.4 Trading Price calculation criteria are different
the transaction price of closed-end fund is affected by the market supply and demand, often the phenomenon of premium or discount is usually discounted, which does not necessarily reflect the net asset value of the fund, while the purchase price of open-end fund is generally the net asset value of the fund plus a certain purchasing fee, and the redemption price is the net asset value of the fund. and the market supply and demand situation is not very relevant. 
1.5 Different investment strategies
In order to meet investor redemption at any time, open-end funds must retain a portion of the portfolio of cash and high-liquidity financial products, and closed-end funds of fund capital will not be reduced, conducive to long-term investment, fund assets of the portfolio can be in a valid predetermined plan. 

2. According to the different organizational forms, can be divided into corporate-type funds and contract-based funds. The Fund is established in the form of an investment fund company, usually called a corporate fund, which is established by the fund manager, the fund custodian and the investor through the fund contract, usually referred to as the contractual fund. China's securities investment funds are contract-based funds. 3. According to the difference of investment risk and income, it can be divided into growth type, income type and balanced fund. 4. According to the different investment objects, can be divided into stock funds, bond funds, money market funds, futures funds and so on. (2) Trust            *The trust shall be entrusted to the person and the person shall administer the property. The trustee is entrusted with the right of property based on the trustTo the trustee, by the trustee in accordance with the trust of the client's wishes in his own name, for the benefit of the beneficiary (principal) or other specific purposes of management or disciplinary action. * Trust is a credit entrusted, trust business is a credit-based legal act, generally involves three parties, that is, the client who put credit, trusted by the trustee, as well as beneficiary beneficiaries. The trust business is by the client in accordance with the contract or the provisions of the visions, for himself or a third party (that is, the beneficiary) of the interests of the property to the trustee (natural or legal person), the trustee in accordance with the conditions and scope, to occupy, manage, use the Trust property, and deal with the proceeds. * Trust is a special property management system and legal act, but also a financial system, together with banks, insurance, securities constitute a modern financial system.* Detailed description of the trust: http://www.zybang.com/question/b8d51ab2fd34f1e322723c201ed9db26.html?fr=iks&word=%D0%C5%CD%D0 &IE=GBK(3) Asset ManagementAsset management business refers to the behavior of asset managers in the management and operation of clients ' assets according to the manner, conditions, requirements and restrictions stipulated in the asset management contract, and to provide the clients with the services of investment administration of securities and other financial products. Asset Management can be defined as the actual process by which assets collected by institutional investors are invested in capital markets. Asset Management refers to the act of entrusting a trustee with his or her assets to the trustee and providing financial services to the client. Financial institutions are agents of client assets in the financial market to invest in the acquisition of investment income for customers. In the domestic asset management is also called the valet financing.  (4) The difference between Capital Management and trust      Same point:　　1. The project issuers are financial institutions, all of which belong to the investment and financing platform, which can cross the capital market, the money market, the industrial marketfields and more. 　　2. Before the project is issued, the relevant supervision units must be reported, the funds supervision, information disclosure and other aspects are strictly stipulated. 　　3. The distribution of the project is essentially the same channel, the same subscription method, project contracts, manuals and so on. 4. There is no need to withhold personal income tax on investment gains currently obtained through either of these methods. 　different points: 　　1. Trust companies are supervised by the CBRC (China Banking Regulatory Commission) and the asset management company is supervised by the SFC (China Securities Regulatory Commission);
2. At present, there are 68 trust licenses issued by the CBRC, and asset management companies (all subsidiaries of the fund companies, licensed by the SFC) currently have more than 40;
3. The end of the Trust collection, the funds handed over to the custodian bank can be set up, after the completion of the Capital Management scheme, the SFC should be entrusted with the verification of capital, the verification is completed before the establishment;
4. The share of the future asset management plan may be transferred to other investors through the exchange, and the transfer of trust share must be handled by the Trust Company.
51,000-3 million individual investors, each trust plan only 50, the Capital management plan can have 200.
6. The Capital Management scheme is a newly emerging product of the market, so the channel fees charged by the brand are lower than that of trust, so the yield to investors is higher than that of trust products.
Unlike the issuer, the asset management program is generally a financial product issued by a securities firm or asset management company owned by a fund company. The main issue of the Trust plan is the Trust Company.      

Financial World (7) Fund, trust and Capital Management