"Ka real Mode" path revealed: Restore the first public offering "Gold control" map

2013 Internet financial turmoil, public offering funds to form the field of Huaxia, Tianhong and the new three-Jia pattern, but also formed an intriguing three kinds of development patterns of contention. The reason why Internet finance has been so sought after by the fund industry is that it provides a path for the fund industry to get out of stagnation. But before the internet financial boom, the fund has been groping the traditional fund industry development path. If Internet finance is still wedded to the changes in the sales side, the typical mixed model of Kerry is the competitiveness of the future or the structure of the financial sector. 21st century economic reporter through multi-channel verification, summed up the scale of a number of business sectors to understand that the fund public offering business, as well as social security, annuities and special accounts, the total management scale of about 303.5 billion yuan at the end of the year, This does not include KA Real Capital Management Limited (hereinafter: KA Real Capital) and the International Asset Management Co., Ltd. (hereinafter: Kerry International) the size of two subsidiaries, the industry forecasts that the size of the latter two modules are expected to reach a large tens of billions of magnitude. At the end of 2013, the Fund has been launched to register the establishment of a securities company news, before, Kerry has entered alternative investment, real estate investment and other fields. Through a lot of verification, 21st century Economic report to restore the layout of the fine, this similar to the development of gold-controlled model, may also bring more imagination space. There is a change in the embryonic model of Ka real mode. At the end of the first quarter of 2013, Cho Kong, general manager of the Fund, was invited to attend the seminar on "Asset securitization and mixed Capital Management innovation" convened by the Beijing financial assets Exchange, after which a non-public offering industry participant recalled that Cho Kong's gestures had already been a public offering. This is not entirely because at that time Huaxia Fund founder Fan Yonghong gradually retreat, or with Cho Kong a group of large fund company founder Liangyu, Xiaofeng, such as gradually leave. Before this, the market line of sight most around the fund industry "Van Wang match". Cho Kong's label, mainly one hand to create the country's second largest public fund management company, the company more emphasis on the long-term performance of the stable only. The company is well known by the market has 10-year partial equity fund performance champion Ka real growth, the net value from 1 yuan to 10 yuan of the KA Real fund Taihe, and the market only 11 consecutive quarters beyond the industry average of the fine research selected. But there are other reasons why Cho Kong is causing great concern. The story originated in the end of 2012, "Big Capital Management and mixed competition" has become a new trend in the development of asset administration industry, its participation in direct investment business for other fund companies is a novelty. The market suddenly found that the fund had already passed the offshore subsidiary of the Fine Alternative Investment Group (hereinafter: KA Real Alternative), in the domestic participation in a number of direct investment projects, the scope of business throughout the media industry investment, real estate investment and other fields, and even outgoing news and Beijing, Hainan and many local governments and electric business giants to engage in cooperation. Kerry for the layout of the large capital has been for many years, and therefore, Cho Kong has become a very small public offering in the field, most often by banks, trusts and brokerage circles to discuss the fund. The market has previously been able to grasp only sporadicInformation, June 2009, the establishment of the alternative, the direct shareholder for the Hong Kong subsidiary of Ka Real International. Ka Real Alternative market vision is in late September 2012, with the United Kingdom Gaufuno fund to establish a field production investment management company. In addition, there are repeated movement of the North Star capital and so on. At the beginning of the above news, Jia Shi International, Jia real alternative etc are difficult to be understood by the market, is considered to be restless children alarming. With the November 16, 2012, the fund was awarded the establishment of direct investment company Ka Real Capital, fine Alternative Investment group in the equity structure of the incorporation of Ka Real capital, the various projects in the early years of the layout of the obvious to become the first Army to be the name. Only from this layout can also be a glimpse of the full licence of the fund, in the earlier period has been out of the perfect public offering full product line category. At the end of 2013, the fund again said that it was reporting a brokerage licence. At present, within the fund, there is no official explanation for the plan. The industry has speculated that the fund may be interested in applying for a licence such as investment advisory or securities brokerage. Other sources show that Kerry has started recruiting for the securities companies that are about to be set up. This is currently the fund has not been declassified one of the projects, if coupled with the fund in the public offering, direct investment, sales and other multi-directional layout, the complex layout of the fund, the final development of the main line is what, just to build a "carrier" fleet? "Aircraft carrier" layout details revealed by the 21st century economic reporting reporters multi-party verification, the details of the layout of the fund and the logic gradually surfaced. At present, the fund has set up three direct subsidiaries, namely, Ka Real capital, ka real wealth and international, belong to "onshore finance" and "offshore finance" two financial services category. Ka Real capital is "in the shore Finance" one of the main body, this is the fund direct investment company after the opening of the business, KA Real alternative from the KA Real international transfer to the main reason of the capital. In addition, KA Real Capital also includes two areas of financing business and capital market investment. According to a source to provide information, with the investment business of Ka Real Capital Capital market, for example, since July 2013 a total of 14 structured products issued by households, the fund raised more than 2 billion. "The scope of other areas may be wider, because of the convenience of licences, the financing and Alternative investment operations provided by Ka Real Capital can basically cover most of the current primary market areas." "January 9, a beijing-based fund researcher predicted the visit. Prior to the visit, a market insider, KA Real capital financing business and alternative investment business mainly focused on equity-type or bond-type direct investment projects, the channel business is very small. Ka Real Capital's another "onshore platform" is Ka Real wealth management company, 2012 end of the line, and become the first "independent fund sales" licence of the public offering fund wholly-owned subsidiary, the demand for financial services, from wealth planning, asset allocation, financing solutions and risk management, to provide personalized solutions. and "Offshore financial" service platform is the most mysterious international, the information available in this newspaper shows that in 2009, the German capitalThe Asian and Chinese equity investment team managed by the group was incorporated into Ka International, prior to which the assets managed by the two teams were all entrusted to the same team as the international firm. By the end of September 2013, the assets managed and consulted by the international firm were more than USD 4.3 billion. According to the 21st Century Economic Report of the information, Jia Shi International 2012 by the German wealth and asset management commissioned to become DWS Invest Bonds fund managers. As of October 2013, these products have exceeded $2 billion trillion and are one of the largest offshore bond funds in the market. The latest news shows that in November 2013, the company also cooperated with Germany to issue the first U.S.-listed RQFII A-share ETF, which landed on the NYSE on 6th. This is also the domestic current leading RQFII product line. In addition, as early as 2011 years, the United States Securities and Futures Commission (SEC) registered as a U.S. registered investment adviser, and thus qualified as the United States mutual Fund Administrator. "In the Great Capital Management era, the first thing to see is the changes that have taken place from the two-tier market to the upstream, from the local to the global, from the value-added to the goal-oriented." The areas of investment become diversified and the corresponding customer needs are diversified. "A person close to Cho Kong this interpretation. According to this logic, if the conversion of the customer Asset Management category is done on a platform, the command and synergy advantages will be more obvious. For the fund industry as a whole, the turn of Ka-shi turned out to be of great sample value. The integrated asset management model represented by Jia Shi, or in the future, will subvert the competition pattern of the whole traditional financial field.