Small banks have reluctantly abandoned the business of capital Management? The transition channel distribution is the general trend

Small banks have reluctantly abandoned their capital management business. The transition channel distribution is the general trend

I Capital Management Club

2018-05-09
Author Yangxiaoyu

Article/21st Century Economic Report Yangxiaoyu

With the April 27 "guidance on regulating the asset management business of Financial Institutions" (hereinafter referred to as "the new rules of Capital control"), small banks with less than tens of billions of dollars in business may face the dilemma of "whether or not to give up" the business of managing capital.

On the one hand, investment in standardized assets is not the length of small banks in the investment side, after the "non-standard" of the class credit is limited, and on the other hand, the advantages of small banks are often inferior to the big one. More crucially, regulatory requirements for the implementation of net-worth management products, in order to smooth fluctuations, the products must be decentralized investment, and smaller banks are "Ching", coupled with the demand for IT systems behind the increase, a counting, some small banks may consider the direct abandonment of the financing of business.

"Small banks with more than 10 2 billion of financial resources should be more clear that there is no need to do the management business, and the future of small banks to sell big banks may be a trend." "A person in a city firm is said to be in charge of management.

Will a bank give up?

In the case of the Capital Management Department of the above city firms, it seems that under the background of the new regulation, the branch of the head office will be weakened relative to the branches, and the future small banks would face the problem of "repositioning".

According to the city's Investment management Department of the analysis, at the end of investments, the original Capital Management department of the main assessment, branches to the Department of recommended assets, to give the branch of the reward is also relatively in place, and the new regulations on financial investment "non-standard" to do a strict limit, basically cut off the branch to the Department of the recommendation of non-standard assets access , the profit model of bank finance is changed from spreads to management fee, even if the branch recommends standardized assets to the Department of Management, it is difficult to obtain the previously recommended "non-standard" intermediate income distribution, from this perspective, the Department's ability to rely on branches to acquire assets is greatly reduced, but on the sales side, the department still relies on branches, Some kind of two-way demand balance is being broken.

Puyi standard statistics show that by the end of the quarter of 2018, the city firm and the agricultural firm, the financial scale of less than 10 billion of the total of 380, the total number of issued financial management 80.7%.

Wei, a Puyi standard researcher, said for small banks, whether to abandon the management of the business is determined by a number of factors, in particular, the bank's independent investment and research capacity, system construction, investor education, product research and development capabilities, will have an impact on the development of the bank's capital management business, including independent investment and research capacity (or managerial ability The impact of product development capability is most direct. At present, in the absence of the above factors, the small commercial banks to carry out financial management business transition costs are too high, even if the smooth transition, in the market competitiveness is relatively weak, this type of banks completely abandon the possibility of the most of the capital management business.

In addition, both small and medium-sized banks, as well as large banks, in the process of net product management, system construction and investment is a long-term problem, and small banks can pay a relatively small cost.

Everbright Bank Capital Management Department general manager Pantone April 27 in an interview with the 21st century Economic report, citing an example, the new regulation requires concentration, it is impossible to rely on manual control, and need to add similar parameters in IT systems. The bank reform IT system, need long-term insistence and input, on this basis, only then may build the new product system according to the regulation request.

"Sell" in the running-in

However, even if a bank abandons the management business, it may also continue to develop its financial business through "consignment".

In the capital management of all sectors, the bank to channel and customer base, but this year also clearly showed the need to broaden channels. According to the 21st century economic reports of reporters in many ways, the current number of shares are increasing the interbank distribution channel cooperation, consignment product types are more comprehensive.

The main agent earns the handling fee, which is paid by the investor. A share of the Ministry of Management, the sale of sales may also be supporting the incentive system, in accordance with sales assessment distribution to the channel.

Wei to the 21st century Economic report reporter said that small banks to sell money products with low risk, low cost characteristics, more stable profit. Therefore, the future of small banks to carry out the sale of business will be the general trend, channels for the king's characteristics will be further reflected. At the same time, even if its own financial management business banks, there are also the need to introduce business, to complement their own product line can not cover the region.

However, in terms of effectiveness, three of the participants surveyed said that they were still at the "start-up" stage and were "very successful".

"Channel to sell leaders more attention, several are also on the sidelines." "A South China Equity Bank Capital Management department personage said.

From the perspective of small banks, on the one hand, there are city business people expressed interest in increasing the size of the consignment; On the other hand, there is also a city store retail department admits that small banks and shares of the bank's bargaining power is very limited, and the stock Bank's general wealth management products "less than the bank's products, middle income is also low", but because of its own no investment derivatives qualification , the structured financial products of the stock bank still have some attractions.

The so-called "structured financial products", generally the bottom of the investment in bonds and other standardized fixed income assets, with some of the proceeds of investment in OTC options or income swaps and other derivatives, so the final product investment income depends more on the investment of derivatives. "This is why we are looking for a big line, hoping to increase the likelihood of a touch through their professional investment ability." Said the retail department of the city firm.

In addition, a South China shares in the Ministry of Capital Management disclosed that the brokerage is also the bank's choice to sell an important channel. According to the past experience, to sell securities brokerage products for the closed-end products. Especially in the establishment of bank-funded pipe company, the future does not preclude further widening the distribution channels. (Edit: Machun, E-mail: macy@21jingji.com)