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澳门网上赌博娱乐网址:Capital surge Chung Fund subsidiary staged transition "speed"

时间:2017/12/18 12:44:50  作者:  来源:  浏览:0  评论:0
内容摘要: With the tightening of regulation, the fund subsidiaries that used to own "omnipotent licenses" are facing three major problems o...

With the tightening of regulation, the fund subsidiaries that used to own "omnipotent licenses" are facing three major problems of insufficient capital, shrinking their scale and making the transition difficult.

After the dividend of the license disappeared, the channel business with huge volume before this year was almost completed. However, the development of new business is still in its infancy. The industry admitted that the current fund subsidiaries face the difficulty of transition as hard as when the original business. In particular, when the era of unified regulation of the asset management industry is approaching and other financial peers are on the same starting line, how can we find it out of the Red Sea to test the capabilities and perspectives of practitioners in the fund subsidiaries?

Fund Subsidiaries Raise Capital Surplus

By the end of 2016, "the most stringent new rules in history" imposed a net capital constraint on the fund's subsidiaries. With the approaching transitional period of 18 months, a wave of capital increase has taken place in the fund subsidiaries.

On December 15, 2016, the Provisional Regulations on the Management of Subsidiaries of Fund Management Companies and the Provisional Regulations for the Control of Risk Control Indexes for Specific Asset Management Subsidiaries of Fund Management Companies (the "New Regulation Regulations") came into effect on December 15, 2016, after Fund subsidiary rapid expansion of the pace of a halt.

According to the regulation of new regulations, the net capital of a fund subsidiary shall not be less than 100 million yuan, not less than 40% of the net assets and not less than 20% of the liabilities, and the adjusted net capital shall not be lower than the respective capital of the venture capital And 100%. This means that the new regulatory policy to start from the risk management, the most concerned about the focus of net capital constraints.

Access to relevant business information of the Fund Subsidiary It can be seen that since the initial incorporation, since the regulation does not require that the business be linked to capital, most of the fund subsidiaries have a registered capital of about 20 million yuan to 50 million yuan between. This registered capital is clearly not enough for the rapidly expanding business scale.

Reporters Combining The SFC's latest registered capital of 79 fund subsidiaries found that in order to meet the regulatory requirements, a considerable proportion of fund subsidiaries have opted for capital increase. As of December 13, 48 fund subsidiaries have registered capital of more than 100 million yuan, accounting for 60.76% of the overall. Among them, ICBC Credit Suisse Investment and CCB Capital ahead, the registered capital in the second quarter of this year by major shareholders increased by more than 1 billion yuan, the current were 1.2 billion and 1.05 billion yuan. The third is E Fund assets, the size of its capital amounted to 1 billion yuan.

Since the fourth quarter of the fourth quarter, the fund regulators have seen a surge in capital raising. According to incomplete statistics from the reporter, since October, as of now there are 15 fund subsidiaries to increase their capital, and there are many generous initiatives to increase their capital. For example, E Fund assets increased by 880 million yuan in one fell swoop in November, making its registered capital from 120 million yuan into 1 billion yuan. In October, Boshi Fund Capital increase of 750 million yuan to Boshi Capital, a wholly owned subsidiary, increased its registered capital from 100 million yuan to 850 million yuan at one go. Minsheng plus silver fund subsidiary Minsheng Bank also experienced substantial capital increase, the registered capital raised from 125 million yuan to 668 million yuan.

Insiders told reporters that the fund subsidiary in the fourth quarter of capital increase, mainly in order to catch the transitional period to meet regulatory requirements of the new regulations.

"In fact, the replenishment has been in the company's schedule .As of the end of the year, we are even more agile. Recently, many of our colleagues work overtime, that is, hedging for affiliates is busy." Shanghai Fund Company Person revealed to reporters .

There are fund affiliates in the industry believe that, for now, as long as the subsidiary business is doing better, most of the parent company will choose to increase their capital to ensure follow-up business and scale of growth. The person is more that the fund subsidiary is also closely related to the attitude of shareholders. Prior to the registered capital level of the industry, many subsidiaries increased the amount of capital at least 80 million yuan. "If you want to match the scale of business, it is estimated that many subsidiaries need to increase the capitalization of hundreds of millions of yuan, but if the shareholders are not optimistic about the follow-up to the development of subsidiaries, the subsequent replenishment may not be optimistic about the situation," the source said. So, just as there are always two sides to the coin, just as most fund subsidiaries choose to increase their capital to keep their business growing, about 40% of the registered capital of the fund still falls short of the regulatory requirements. standard. Reporter statistics found that as of now, there are 11 fund subsidiaries registered capital of 20 million yuan, compared with the initial level of the industry almost no change. As the time comes to an end near the end of the transition period, the time it takes to leave the fund subsidiaries that have not yet been replenished is short.

Shrinking the Cleanup Channel

"In recent years, our company has been clearing channel business and capital pool business in addition to carrying out some new businesses, which has almost become the focus of our work." A fund subsidiary disclosed to reporters.

What the person described is a microcosm of the fund's subsidiary industry.

Read the top 20 data of the monthly average size of managed assets of the fund subsidiaries released by China Fund Industry Association It can be found that except for individual companies, the average monthly asset size of most fund subsidiaries has dropped. In the second quarter of 2017, the top five asset management positions of China Merchants Wealth Assets, Puyin AXA Assets, Ping An Dahua Huitong Wealth, CCB Capital and Boshi Capital were RMB 576.01 billion, RMB 475.867 billion, RMB 452.453 billion and 4438.27 respectively 100 million yuan and 385.487 billion yuan.

By contrast, the top five companies by the same period in Q3 2017 have their monthly asset sizes of 522.214 billion yuan, 463.538 billion yuan, 415.269 billion yuan, 386.299 billion yuan, and 343.509 billion yuan , All appear to varying degrees of shrinkage.

In addition to the channelization of subsidiaries and tightening of wind control, the size of newly-launched products also dropped. As a result, the overall asset management scale of the fund subsidiaries showed a downward trend.

Recalling the history of fund subsidiaries, it can be found that the Provisional Regulations on the Management of Subsidiaries of Securities Investment Fund Management Companies, which came into force on November 1, 2012, is undoubtedly the prelude to its rapid expansion. At that time, due to the establishment of a fund subsidiary has a clear legal basis, the fund subsidiary through the issuance of a special asset management plan, investment areas expanded to unlisted equity, debt and other property rights assets, the business scale began to grow rapidly.

Huabao Securities statistics show that as of the end of September 2013, the management of fund subsidiaries is about 4600 billion yuan. By the end of September 2016, the management scale of fund subsidiaries reached 11.15 trillion yuan. In just three years, the fund subsidiary's asset management scale has grown more than 20 times.

In this regard, one of the fund's affiliates who once ranked very high in scale of operations admits: "Although the fund subsidiaries were born with the mission of broadening the investment channels of fund companies and further supporting the real economy, in the actual operation, To the financing area, a bank off-balance sheet lending new channel. "

Analysis of the person said, channel business is copied to the fund subsidiaries, the fund has no capital constraints of the subsidiary quickly occupied the dominant position for its initial stage Quickly do large-scale, occupy the market, to solve the problem of survival has created an opportunity. However, the "brutal growth" of fund subsidiaries also raised the regulatory attention and concern.

Since then, with the introduction of a series of regulatory new regulations, the establishment of a set of fund subsidiaries set a series of thresholds, emphasizing the management and control of the parent company, a clear ban on the business of capital pool, asset management business to guide "to non-standardized, to the channel, go Leverage ", the implementation of wind power control with a net capital constraint as the core and regulatory requirements for classification and classification. At this point, the fund subsidiary companies started to adjust their business direction, clean up the stock channel business and capital pool business, and take the initiative to manage business transformation.

When innovation is in progress

When the traditional channel business is going to disappear, how to open up new businesses has become a new problem facing fund subsidiaries. "This has become an important determinant of the sustainability of many companies," said a bank affiliate fund affiliate.

"These are the few people who have gone through the sea," the aforementioned sources went on to say, "Many of the affiliates that have a shareholder background such as banking and insurance are now more reliant on shareholder resources." It is understood that such companies rely heavily on hope To take the initiative to manage the type of trust and ABS business.

For those fund affiliates that do not have a strong shareholder background, the market-oriented approach has become a key area of ??focus. Including fixed-increase business, equity investment business, FOF, PPP and other directions, are its focus on expanding business areas.

Despite the various types of innovative business in full bloom, but the fund subsidiaries revealed that most of the current main business subsidiary, the "investment and investment" type still exists. "Subsidiary is equivalent to a matching role, the asset side and the capital side of the connection, many companies will collectively refer to such business investment banking business." A subsidiary of a fund subsidiary told reporters.

In terms of the difficulty of transition, in addition to the strength of shareholders, active management of large-scale, asset-backed projects with strong subsidiaries, the future development and greater flexibility. And those who had large business channel before the initiative and management capacity is not strong, the prospects are worrisome.

In mid-November, the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the SAFE released the Guiding Opinions on Regulating the Asset Management of Financial Institutions (Draft for Comment) (Guidance Opinion). The "Guiding Opinions" formulated unified regulatory standards according to the types of assets under management and made consistent provisions on the same type of asset management businesses. Many industry insiders believe that in the unified regulatory era, the future regulatory agencies will face the same regulatory standards, will be standing on the same starting line competition.

However, for the new business areas where the current fund subsidiaries exert their efforts, many are also the "incense sticks" in the eyes of other asset management agencies. Similar to the ABS business, equity investment, business growth and other areas, has become the Red Sea. How to pinpoint positioning "blaze siege" to test the ability of practitioners and vision.

Looking forward to the future, return to the original source and take the initiative to manage the fund will become the main direction of the transformation of the subsidiary.

Jiang Zhixiang, general manager of Minsheng Bank, said that the current company's transformation practice can be summarized as "integrating resources to do management" and "focusing on industry to do finance" in two parts. Through the integration of resources, the Company has set up various funds to comprehensively upgrade the financial services needed for the expansion of the enterprise. At the same time, a financial and industrial alliance was established to help enterprises expand their business scope and Union Bank and other financial institutions provided enterprises with full-range financial services.

Many industry insiders agree that only by finding specialized, differentiated and differentiated development paths for fund subsidiaries can they become sustainable asset management companies. The fundamental development of fund subsidiaries is based on the financial-service ecosystem of industry-financial integration and stock-debt integration, exerting the effect of "financial marriage", integrating the resources of the platform and reducing the financing costs of the real economy.


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