Six foreign asset management companies monopolize the qdii market of foreign banks

Source: Internet
Author: User
Keywords Financial products QDII foreign banks Templeton
Tags asset asset management banking channel clear company financial financial management
Known as the "financial products supermarket," said the foreign banks, has always been the Chinese investors to invest in foreign financial products, an important channel. Yet behind the scenes of flashy qdii products are six offshore asset managers.  From the public information of the major foreign banks, it can be found that six foreign asset management companies ' monopoly on the qdii market of banks is very obvious. According to incomplete statistics, in foreign-funded banks outside the 298 qdii products, there are 145 products, but in fact for Schroeder Investment Management Company, Templeton Asset Management company, BlackRock Asset Management company, Fidelity fund Management company, Baring Investment (Hong Kong) Limited,  Invesco Asset Management Company's 21 funds. These highly homogeneous funds are mainly concentrated in HSBC, Citibank, Standard Chartered Bank, Bank of East Asia and Deutsche Bank.  There are two types of identities of these funds, one being structured instruments linked to the Fund and the other being open-end funds. Diverse, pointing to the same HSBC in the domestic sales of qdii products in a variety of patterns. In fact, HSBC's offshore funds are linked to more than 100 structured-paper products, linked only to 12 open-end funds.  For example, one is linked to the "Schroeder Global Fund Series-Hong Kong stock" of structured products, and another linked to the "Baoyuan Global Hong Kong Equity fund" products are actually linked to the same product. By the Schroeder (Hong Kong) investment Company's people to verify that "treasure Source" is "Schroeder" is the original name. After many verified, the Treasure source Hong Kong Fund's establishment Day is January 26, 1988, and has transferred to the Schroeder Global Fund series-Hong Kong stock in August 9, 2002.  In other words, in 2007, the Hong Kong fund had been replaced by Schroeder. Similarly, the linked to the Schroeder Global Euro Equity fund, BlackRock GEF-Global asset allocation, BlackRock World Mining Fund, Fidelity Fund Asia-Pacific dividend, Baring Hong Kong China Fund, Invesco Asia pillars of the structural products, are linked to the same product, but the name of the qdii financial products.  It's just a vest.  A wealth management manager said that bank Qdii was a kind of bill in a sense, and it was the most direct way to bypass the regulatory provisions by making the offshore fund linked to structured paper. According to Xing, a researcher at the Southwest Institute of Financial Products, the reasons for commercial banks to launch structured bills linked to overseas funds are mainly commercial banks are bound by two regulations--"interim measures for the administration of commercial banks to operate foreign financial services for clients" and "  Notice of the Office of China Banking Regulatory Commission on adjusting the overseas investment scope of the commercial Bank's overseas financial management business, these two regulations, for the Customer Financing fund made a clear stipulation, the commercial bank's valet financing product must be the Portfolio investment product, in order to disperse the risk. The first page of HSBC's plan to open a foreign finance scheme was written with a clear investmentdirection and product characteristics. "Various types of investment products", "diversification of investment risk", "transparent operation mechanism", "independent custody" and other leap.  In fact, many products are linked, or directly invested in a small number of offshore funds. Other foreign banks sold a number of products, are also linked to the same products, according to the reporter's statistics show. 6 of these institutions are the ultimate destination of hundreds of qdii products, or the linked side.  That is to say, while hundreds of of products are being sold that are dazzling to investors, investors are actually investing only a few of their final goals. Market of six fund companies However, there are more than 1700 funds in Hong Kong, and the number of global configurable funds is Heng, why is the choice of foreign banks so concentrated?  Where are the determinants?  According to the notice of the Office of China Banking Regulatory Commission on adjusting the overseas investment scope of the commercial Bank's overseas financial management business, the foreign investment administrator of the Commercial bank shall be an institution approved or approved by the foreign regulatory authority of the CBRC who has signed a memorandum of understanding with the China Banking Regulatory Commission on foreign financial Services. Citigroup's choice of fund companies was mainly about two, the first being that the asset management companies belonged to a fund company with a long history abroad, and the performance was consistently superior, according to Citigroup.  On the other hand, these companies and Citigroup have a successful long-term cooperation experience.  In choosing funds for these funds, Citi is primarily concerned with its own client needs and whether the performance of the fund managers can withstand the test. According to the Lipper Hong Kong data, the logic of the funds chosen by foreign banks has been very clear.  That is, in the same type of funds, the overall rate of return and stability rate of return ranked in the One-fourth block of funds. As of June 30, 2009, among the 21 funds of 6 fund companies, 7 funds were the leading fund in the total return of the same type of fund, and they also had the same stable rate of return.  For example, the Schroeder Global Fund series-Hong Kong Equities, Schroeder Global Fund series-BRIC, Franklin Mutual European Fund, BlackRock Global Fund-Global power stock, Fidelity Fund Asia-Pacific dividend, Baring Hong Kong China Fund, Invesco Asia pillars. However, in the opinion of Schroeder, the vast majority of offshore fund companies are not able to directly sell their funds in mainland China, so the most readily available sales channel is to sell the funds to banks eligible for qdii products.  He also stressed that, strictly speaking, the qdii products that Chinese investors buy from banks are a kind of banking product. In the case of capital project control, domestic investors choose qdii products, with the intention of decentralized investment in the global scope. However, foreign banks have become the first choice for domestic investors by virtue of their innate advantages.  However, through the carding of existing products, it is found that foreign banks offer domestic investors a much smaller choice than expected. After the funds have been cast,I found it in the same basket.
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