"Electronic Business Fund" first show: Tianhong "Solo" How to play?

Alibaba's shares or will make in the industry ranked after Two-thirds, just realize the profit of Tianhong fund instantaneous "reverse attack."





Beijing, a large public offering fund investment director of the "First financial daily" said that in the long term, Tianhong fund in the future is expected to launch a challenge to large fund companies to become public offering funds in the "first echelon."





However, some insiders pointed out that the core competitiveness of fund management companies is investment management capacity, not sales capacity, and only rely on a "money fund" can not really achieve success.





"Electric Business Fund" upstart





Tianhong Fund was founded in 2004, and many small and medium-sized fund companies, has struggled to the brink of profit and loss. According to the annual report data of its shareholder Nem Mongjun, 2011 Tianhong Fund loss of 20.3713 million yuan, 2012 years loss of 15.355 million yuan. Until the first half of 2013, Tianhong fund finally realized a profit of 8.5252 million yuan.





from the public offering business, Tianhong fund has a total of 14 funds, 2 ordinary equity funds, 2 mixed funds, 1 passive index funds and 9 fixed income products. Among them, this year June 13 and Alipay launched the "Balance Treasure", since the scale has been a rapid expansion, the current scale has been more than 50 billion yuan, become the industry's largest money market funds. Tianhong Fund has repeatedly declared that "balance treasure" has become its most profitable fund.





"Balance Treasure" fully demonstrated Alipay as a new channel strong absorption capacity, which is Alibaba after the industry's most "worried" place. Even some people jokingly, there are only three kinds of fund companies: the bank is the fund company, the Electric Business fund company and the General Fund company.





"It can be said that the fund field of internet finance business model has been basically established." The investment director of the above-mentioned fund company pointed out that, the Tianhong fund can rely on Alibaba's platform to expand the fixed Income fund scale rapidly, the breakthrough hundred billion scale is not a problem.





According to Haitong Securities statistics, as at the end of June 2013, Tianhong Fund's asset management scale of only 13.647 billion yuan, in 72 fund companies ranked 45th. Asset management scale of more than billion in China, Kerry, Yifangda, south, Bosera and Guangdong 6.





"Money market funds and bond funds are basically standardized products with low risk and relatively clear returns." "The investment director said that this and Alipay customer groups are very match, can be Alipay customers and traffic quickly into the scale of assets."





, chief analyst at Shanghai Securities Fund Evaluation and Research Center, Dehong also believes that future fund companies will not be comprehensive, comprehensive development, but will be more and more refined, will certainly appear in the field of Low-risk products or tool products in the field of the outstanding fund companies.





in fact, since 2011 Huaxia Fund, the former director of financial management Guo Shaqiang joined Tianhong, fixed Income fund has become the focus of its development, bond-grade funds have become its specialty products. Industry insiders believe that the future of Tianhong may further focus on the development of fixed income areas, with fixed income assets to become the forefront of the industry.





"Balance treasure" effect can extend?





however, at present, whether it is the fund company's official website direct sales platform or with the electric business cooperation, all with the money fund as the key promotion object, the bond fund "net" whether to obtain the huge success is not known.





"I personally think that the ' balance treasure ' success is not easy to replicate to other product types." "Money market funds are basically products that everyone can buy, and bond funds and equity funds have a certain amount of risk and are not for everyone," Dehong said. and internet investors generally do not have too much expertise and risk discrimination, money market funds thus become the best choice.





"The initial focus on promoting money market funds is to improve customer profitability experience." "The head of a Shanghai fund company's Electric Business said to this newspaper that the core of E-commerce is not a short-term scale, but can bring profits to customers." From this point of view, money market funds and some pure debt fixed income products are suitable for the promotion of Electronic business platform.





from now on, a number of fund companies plan to open a shop in Taobao, also will be included in the bond fund. However, the management fees for money market funds and bond funds are 0.3% and 0.7%, respectively, compared with the management fee of 1.5% of the stock fund, the same size, the fixed Income fund to the fund company's actual profit contribution is much lower than the equity fund.





Dehong that perhaps the future development of internet finance is not limited to existing types of products. "Through the support of IT technology, with the convenience of the Internet, there may be new innovative products we do not know, which may be the future direction of Tianhong." ”





rights class began to "recruit"





However, the field of equity investment has always been the "short board" of Tianhong Fund. 2012 due to heavy warehouse liquor stocks failed, Tianhong fund in the four quarter to become the industry's only loss of the company. 2013, the days of the Fund's Equity fund managers change, investment style also changed, struggling to chase the gem plate, but the results did not stand out in the industry. Many industry insiders said, Tianhong Fund equity investment style is not stable, has been keen to chase the market hot spots, this type of investment style in the long run it is difficult to obtain excess income.





So, the future Tianhong fund will continue to weaken the equity investment, or even abandon this area? The investment director of the fund company said that equity funds are not suitable for Internet users, but they can still retain a large number of users if they can absorb talents and make performance.





Tianhong Fund this time, in addition to "alongside on" Alibaba, but also is expected to achieve the fund industry's first equity incentive, will become its talent-attracting tool.





according to Nem Mongjun's announcement content, Tianhong fund Management level shareholding ratio will reach 11%. Although the fund said the equity incentive is only a framework, the specific plan has not yet been finalized. But there is no doubt that if the equity incentive is achieved, it will play an important role in stabilizing the management team and absorbing talents. Previously, under the lure of equity incentives, former rich-country fund general manager Shang Yuming has been transferred to the China-EU fund as chairman, and the original Silver China fund deputy Lu Wenjun will also join the Central European Fund.





"As far as I know, Tianhong has started to recruit in the field of equity investment, but the original hesitant attitude of the fund manager has undergone a subtle change, we are willing to go to the big platform." "The investment director of the fund company said that with sufficient capital and equity incentive mechanism, Tianhong fund wants to attract talent is not difficult."