The big Four change of fund industry

June 1 or will become a watershed in the restructuring of the domestic asset management industry competition pattern. China Securities Regulatory Commission has officially issued the "on the fund management companies to carry out a specific number of customer assets management business related issues" (that is, a one-to-many business management), and decided to formally implement on June 1. 　　The opening of the business will be the fund company investment, marketing, positioning and other aspects of far-reaching impact, and the survival of the sunshine private will be faced with a positive challenge from the fund company. Investment change the stability of the PK flexible despite the external investment of the flexible strategy has been heard, but when the Fund's financial management suddenly appeared in St shares, the investment of private investors appear bold radical strategy still let the outside world surprised.　　St in the 2009 quarterly release of Tungsten disclosed that a "Banrishin fund company-ICBC-specific customer assets," the account appeared in the top ten circulating shares list, which holds St 1 million shares in Tungsten, the seventh largest circulating shareholders in the St. At the same time, some of the private investment cases that have been disclosed have further demonstrated the complexity of the future market investment style. Xiamen Xinda recently released a quarterly bulletin also disclosed, Huaxia fund households "Huaxia fund-ABC-Yighihong flexible configuration portfolio" holding 1.32 million shares, Xiamen letter Tatsu The fourth largest circulation shareholders. In addition, the Great Wall Fund's special Account "Great Wall Fund company-China Merchants Bank-Zhongyuan Trust Investment portfolio" at the quarter of the season also appeared in the joint-Chinese technology, holding 201,900 shares, for the shares of the sixth largest circulation shareholders.　　Xiamen Xinda and the joint-China Science and Technology of the circulation of shareholders have a lot of similarities, are public offering funds less attention to the stock, and the top ten circulating shareholders are mostly trust agencies and natural persons. On the one hand, the fund to buy a bold "strange face" or even St shares, on the one hand, is the head of the Fund for the public offering heavy warehouse stock site research. The first quarterly report of the development of Qinchuan revealed that the deputy Director-general of the Jianxin Fund was to visit the company March 30 this year. The investment style of the special household is very different.　　Qinchuan Development for the construction machinery of the subdivision industry leading, the end of the first quarter of the ten circulating shares of shareholders almost exclusively for public offering funds. Market participants believe that more than one set of fund households after the introduction of private financing funds or further expansion of the Fund in the future in the market space will be more and more, but the fund will subvert the fund company's relatively stable value of the investment system is also a question. It is noteworthy that, although the fund holders have an independent investment system, the investment of private households is still an integral part of the whole investment Research system within the fund company, which indicates that the fund owners must comply with the general Investment Plan of the fund company. On the other hand, the fund special Account in the investment to pay attention to flexible grasp, eclectic. "The investment strategy of the Fund's investment every one months may be different, the stock may buy this week and sell next week."　　"said the chief investment officer of a large Shenzhen fund company. Therefore, the future of the Fund in the flexible strategy of the scale is also a major concern, the pursuit of the target of excess income to some extent will increase the special-account investorsThe requirement of the flexible strategy and the combination of the flexible strategy and the company's value investment will be the primary focus of the fund.　　The holder of the public offering PK Special Account in spite of the initial opening operation of the threshold up to 50 million, but the fund special account for public funds to raise the challenge from the beginning has existed, the choice of holders. "We had a qdii client who wanted to turn into a customer account, which invested 100 million in qdii funds," he said.　　"A domestic fund company told reporters that only because the QDII special account when the money has not yet opened the gate, the customer will be public funds into the private households of the desire to finance is also frustrated."　　In 50 million of the investment threshold constraints, even if there is a public offering fund clients into private households, will be one of the few, for most retail investors, 50 million is an astronomical figure, investment in private finance is also tantamount to fantasy.　　But the new Deal or the dream into reality, since June 1, with more than 1 million yuan investors can choose to participate in the fund's "One-to-many" Special Account business, the number of subscribers will not exceed 200 people. Market participants believe that the aggregate form of the fund is tantamount to the alternative version of the public offering funds, because the client has public offering fund customers can not enjoy a variety of "treatment", such as regular investment reports, telephone communication and better performance expectations, a pair of more than one business may shunt public open funds in the middle and high-end customers. "We lock up a couple of business customers will also consider the Fund's own resources, such as public offering funds.　　"Zhaofeng, Director-General of the Bank Schroeder Fund, said the Shanghai Securities Daily. However, from the recent annual subscription statistics, in March, for example, The average subscription amount of the new fund per capita is 83,000 yuan, which indicates the retail phenomenon of the new fund, but also revealed that after a bear market, investors to invest in the base is generally not high, customers from the high end of the threshold there is still a large distance.　　By contrast, some people believe that a pair of multiple businesses may have a greater impact on the potential target customers of the public offering, which may not be of interest to the investment fund, but may have a liking for the private account.　　Although the private finance has not the advantage of public offering fund, but considering that the Fund is unable to carry out public fund-raising form to absorb investors, the special household finance to the public fund holders stability challenges remain a small variable. Financial market Change Bureau Sunshine Private Equity PK fund at the same time a pair of multiple product requirements to enter the threshold of 1 million, the number of not more than 200 people, raising more than 50 million can be set up, and at present in the Trust Company issued by the Sun private, the threshold requirements similar to the same sales methods (are private placement), there are restrictions on the number, The investment scope is also more flexible, and sunshine private placement has formed the direct competition relations. Of course, there are still some differences between them, such as the number of private placement limited to 50 people, and the special account is 200 people, private placement conditions are generally 30 million, while the special account is 50 million. For a large number of households opened the door, some private equity managers admitted that there is competition to the market often "we do not worry about the competitive pressure, the capital market to accommodate a large number of special households, a pair of competition will promote better diversification of the market." Said He Zhen, investment director of Shanghai Huili Asset Management Co., Ltd. He Zhen leave public offering to private start-up time is also that is the special household finance gate. Compared with some public offering funds, which are only 50 million of the special-account contracts, the He Zhen in the start-up phase has received about 200 million of the contract funds. "We do not see how much pressure on us to develop our new products, and the market space is very large."　　"He Zhen said. Market people believe that more than a couple of special households may not produce one-sided effect, public offering fund companies also face the corresponding concept, structure, wind control, talent preparation problems. For example, in the framework of some companies may set up a special household division, from product design to investment research, sales completely independent of the original structure, but some of the framework will be relatively simple. And the structure, wind control, talent preparation problem, will also trigger the market for business independence, investment research team strength and so on debate.　　In the concept, public offering needs to adjust the original emphasis on ranking and performance benchmark concept, to pay attention to absolute income, such as last year, the best products also fell more than 30% of the situation, with the concept of absolute income can continue to improve. A good Buy fund research Center analysis says, for investors, the introduction of a pair of special-purpose households, enriched the portfolio of investment funds product line, so that investors in the current trust issued by the Sun Private securities investment funds, there is a new product category to choose from, of course, for the current sunshine Private,　　Then more than a heavyweight competitor: Public offering platform generally than private have advantages, will certainly divert some investors. "But private equity still has its own advantages: a flexible system, fast decision-making, in-depth tracking of stocks, better investor communication services." "Good buy funds think, for investors, it is important not to explore the mechanism of private equity or a pair of multiple households in which a better, it is important to choose a clear structure, the strength of the research team, the core characters in the past outstanding performance of managers, choose the right products,　　Keep track of their performance and driving forces behind their performance.　　Marketing change the overall development PK focus on the fund company, a pair of more than a business, the fund company competition and marketing and add variables.　　On the one hand, the fund companies need to solve the problem of marketing business-how to expand and lock the target customers in the non-public environment, on the other hand, how should the fund company view the Special Account business, is ancillary business, the development of Wings or the flagship brand? "The most effective way is to work with the Bank channel. Zhaofeng, the investment director of the Bank's Schroeder Special account, said to the Shanghai Securities daily. Obviously, the cooperation with the Bank channel has become the fund companies to expand their clientsMain selection method. China Merchants Fund Special Account Department of People told the newspaper reporter, at present, the investment fund and ICBC, CCB, ABC, China Merchants Bank and other banks have close ties, which for the future of the company's business development lay a solid foundation for the current, the company's main thrust of the partial-stock type, flexible type, capital preservation type, such as three types of products,　　Will be in a more than a few private households in the official gate after the launch in several cities nationwide. Says Yang Lei, deputy director of the Finance department, said to the Shanghai Securities News that, as a result of cooperation with the Bank channels, the fund successfully converted its investment advisory business customers into Special Account clients. Says Yang Lei that the fund company is responsible for investment in the bank's financial products holders will be the key to the fund company marketing, that is to say, the investment consultancy business will be able to input the money into the blood. "Investment and research capacity is weak small and medium-sized brokerages will become potential clients of the fund, the large foundation to lock this group."　　Says Yang Lei said recently. At the same time of the business marketing, how the fund company locates the special household finance business is also the hot spot that all parties pay attention to. Shenzhen, a large fund company deputy general manager of the "Shanghai Securities newspaper," said the company's business focus is still public funds, special-account business can be used as a supporting business to help the company achieve business diversification. "The current public offering fund to the fund company's importance is self-evident, the fund company's income mainly from the public offering fund."　　He said to reporters. With a number of fund companies to locate the difference is that many of the fund industry believes that the future may appear in the domestic financial management business as the main asset managers. Investment fund obviously for the above positioning has a strong interest, the investment fund concerned people also said that the company's business focus in the future will be inclined to the field of financial management. First of all, the company's existing marketing force will tilt to the special account, and the current public offering fund marketing work will rely more on the bank channels.　　Secondly, the company will further increase the number of investment staff of the special Account. Yang Yi, assistant general manager of China Merchants Fund, said in an interview with Shanghai Securities Daily as far as investment managers and custodians are concerned, there is a clear recognition of the potential of the market for private households, but at present the amount of management fee earned is small because of the size of a single account, but the workload is equivalent to a common fund portfolio. "But with the further development of the market in the future, we believe that the mutual fund industry may be divided, some companies focus on public offering funds, while the other part of the fund companies are mainly engaged in household finance services, the fund company's profit model more diversified." Yang Yi said.