"Dajin Master" gradually leaves the market, the custom fund is difficult to round the "curve overtaking" dream
Leveraging the outsourcing of banks and other institutions, the scale of customized funds in the public fund industry has expanded rapidly in recent years, and some small and medium-sized funds have even created the dream of “overtaking the curve”. However, with the new regulations on asset management, the scale of investment funds and other institutions has been limited. As a result, the scale of these small and medium-sized fund companies that are intended to “turn over the road” has been ups and downs, and the development strategy has been in trouble.
Insiders pointed out that the benefits of customized funds are “too fast”, especially for money-based custom funds, which is tens of billions of dollars, which meets the needs of some small and medium-sized fund companies for short-term ultra-high-speed development, but “quick money” The negative factors are volatility due to policy influence, and too many "hidden rules" have contributed to the breeding and spread of risks. This requires the public fund industry to take the lead.
"飙车" sequelae
Through the establishment of various types of customized funds, especially the asset management scale of some small fund companies has grown rapidly, and the scale of less than 10 billion yuan has climbed to nearly 100 billion yuan in just two or three years, which shocked the industry. However, careful observation of the scale growth of this type of small fund companies, currency funds and bond funds are absolute main force, and the single fund is particularly large. On the contrary, the most heavily valued partial stock funds are rarely.
The reporter found through the statistics of the financial data big data terminal, including Zheshang Fund, Yongying Fund, etc., all of which are examples of such intentions of “curving overtaking”, but the “smashing the car” process is indeed bumpy. Taking Zheshang Fund as an example, the financial data big data terminal shows that in the third quarter of 2015, the total asset management of the fund was only 2.5 billion yuan. After one year of development, it increased to the third quarter of 2016. About 8.7 billion yuan, and in the first quarter of 2017, the total asset management scale suddenly soared to about 60.9 billion yuan, an increase of about 6 times in the two quarters.
However, with the release of the draft new regulations for asset management, the total asset management scale of Zheshang Fund began to decline rapidly. By the end of the second quarter of 2018, the scale fell to 28.4 billion yuan, shrinking by more than 50%. It is worth noting that in the careful observation of the changes in the various types of products of Zheshang Fund, in addition to the rapid decline of monetary funds, the hybrid funds that are not part of the custom fund also fell from the peak of 3.1 billion yuan to 870 million in the second quarter of this year. Yuan, showing that the decline in the size of customized funds also has a negative impact on equity products.
Change "passive" to "active"
The phenomenon of asset management scales such as the Zheshang Fund due to custom funds has caused deep thoughts in the industry. A deputy general manager of a medium-sized fund company in Shanghai said that under the background that the overall pattern of the public fund industry has a tendency to solidify, the feelings of small fund companies eager to “overtake the curve” can be understood, but it is easy to rely too much on a certain business. There is a risk.
“Small and medium-sized fund companies have limited resources. Once the strategy is difficult to maintain, it will be difficult to adjust. This involves not only the restructuring of the company, but also changes in the company’s income and the loss of personnel. Therefore, for customized funds. The development, including the future development of a single innovative business, the industry must take the precautions." The deputy general manager said.
However, this does not mean that the public fund industry will give up custom funds. In fact, after the proportion of banks and other subcontracted investment custom funds was required to decline, the sponsored funds became the new custom fund development direction of the public fund industry, and achieved rapid development in 2018. The reporter passed the statistics of the Financial Data Big Data Terminal in 2018 and found that the number of funds with a single investor holding more than 99% of the fund share still reached 651, and the total scale still reached 1.27 trillion. According to the calculation of the fund company, in the Zheshang Fund, Nanhua Fund and Hui'an Fund, the single investor's position accounted for more than 90% of the fund's total net assets, of which Zheshang Fund was the highest.
The relevant person in charge of a fund company told reporters that under the premise of meeting the new regulations on capital management, public fund products dominated by institutional funds still have their living soil. Through product design and strategy optimization, a “firewall” can be established between the fund company and the capital institution to ensure the independence, fairness and stability of the fund products, and avoid liquidity risks and other risk events.
The article was transferred from: http://www.xinhuanet.com/money/2018-08/22/c_1123306503.htm
