Citic Securities Company Limited(600030) topped the list with more than one trillion yuan, and Boc International (China) Co.Ltd(601696) increased by 87% month on month
In the era of “big asset management”, the asset management scale of securities companies has gradually decreased from the peak to 8.64 trillion yuan, with a pressure drop of more than 50%. The asset management of securities companies is facing a comprehensive transformation, and improving the ability of active management has become an important transformation direction. The latest data show that the average monthly asset management scale and active asset management scale of Citic Securities Company Limited(600030) have both exceeded 1 trillion yuan; The proportion of actively managed assets of five securities companies including China International Capital Corporation Limited(601995) exceeded 90%, and the transformation effect was prominent.
However, in the process of accelerating the pace of transformation, many problems have also been exposed. Among them, the implementation of new asset management regulations is not in place, the illegal operation of asset management products, non-standard investment management, imperfect credit risk management mechanism and other problems are more prominent.
asset management scale of top 20 securities companies
total exceeded 6 trillion yuan
On February 23, the China Foundation Association released the average monthly scale of asset management (update), which showed that the asset management scale of the top 20 securities companies totaled 6.15 trillion yuan in the fourth quarter of 2021. Among them, Citic Securities Company Limited(600030) is far ahead of China International Capital Corporation Limited(601995) with an average monthly asset management scale of 1.17 trillion yuan, nearly 300 billion yuan ahead of China International Capital Corporation Limited(601995) . Boc International (China) Co.Ltd(601696) surpassed investment promotion and asset management with a scale of 597.738 billion yuan, ranking third. The average monthly asset management scale of Boc International (China) Co.Ltd(601696) and Citic Securities Company Limited(600030) increased by more than 100 billion yuan compared with the third quarter of last year, an increase of 124.56 billion yuan and 122.589 billion yuan respectively.
In terms of month on month growth, Boc International (China) Co.Ltd(601696) had the highest growth rate of 26.32%; Everbright asset management followed, at 20.46%; In addition, GF asset management, Ping An Securities, Zhongtai Securities Co.Ltd(600918) , Citic Securities Company Limited(600030) and other four companies also increased by more than 10%. At the same time, the average monthly asset management scale of 9 securities companies decreased to varying degrees, of which 5 decreased by more than 10%, and Haitong asset management decreased by more than 20%. Founder Securities Co.Ltd(601901) fell out of the top 20 list of average monthly asset management scale of securities companies, and Sinolink Securities Co.Ltd(600109) was among them.
By the end of the third quarter of 2021, the total scale of asset management business of fund management companies and their subsidiaries, securities companies, futures companies and private fund management institutions was about 65.87 trillion yuan. The assets of private equity and its subsidiaries increased by 64.0 trillion yuan at the end of the second quarter, compared with the assets of private equity and its subsidiaries at the end of the second quarter. However, the proportion of asset management scale of securities companies is only 13.12%, and there is still much room for improvement in the future.
In an interview with Securities Daily, Chen Li, chief economist of Chuancai securities and director of the Research Institute, said: “under the new rules of asset management, asset management of securities companies has comparative advantages in product configuration and product design compared with banks, and securities companies are more sensitive to the market.”
Boc International (China) Co.Ltd(601696) suddenly emerged
the scale of active management increased 87% month on month
Under the new regulations on asset management, the channel business of securities companies has been compressed, and the active management ability has become the key for securities companies to expand their asset management business. In the fourth quarter of 2021, the total assets under active management of the top 20 securities companies reached 5.21 trillion yuan. Among them, Citic Securities Company Limited(600030) has actively managed an average monthly asset scale of more than 1 trillion yuan, amounting to 1046.25 billion yuan. In the third quarter of last year, China International Capital Corporation Limited(601995) approached Citic Securities Company Limited(600030) with a difference of only 25 billion yuan; However, after only one quarter, Citic Securities Company Limited(600030) opened the gap again, leading the scale of China International Capital Corporation Limited(601995) by 188.7 billion yuan, and the proportion of actively managed assets of Citic Securities Company Limited(600030) also increased to 89.61%.
It is worth mentioning that Boc International (China) Co.Ltd(601696) actively managed assets reached 411.176 billion yuan, an increase of 191.324 billion yuan month on month, an increase of 87.02%. In an interview with Securities Daily, the relevant person in charge of Boc International (China) Co.Ltd(601696) said: “in 2021, China’s bond market showed a bull market. The yield of 10-year Treasury bonds fell from the highest 3.3% at the beginning of the year to around 2.8% at the end of the year, about 50bp. In the same period, the convertible bond market rose sharply, and the CSI convertible bond index rose 18.5% in 2021. The fixed income investment has always been Boc International (China) Co.Ltd(601696) 2021 is a big year for investment in Pan fixed income assets, with a significant increase in the scale of fixed income products, Boc International (China) Co.Ltd(601696) relying on its own resource endowment and investment ability, it has timely increased cooperation with various institutions, continuously expanded the breadth and depth of fixed income investment strategies, and extended upward to fixed income +, quantitative and active equity investment strategies based on the advantages of fixed income, So that the scale of asset management increased significantly in the fourth quarter of last year. “
In terms of the proportion of active asset management scale, the average monthly active asset management scale of asset management of 18 securities companies with comparable data accounted for more than 50% of the total monthly average asset management scale. Among them, China International Capital Corporation Limited(601995) , CAITONG asset management, Minmetals securities, Zhongtai Securities Co.Ltd(600918) , GF asset management and other five securities companies accounted for more than 90%.
need to constantly strengthen risk control awareness
improve the level of investment and research
The reporter of Securities Daily learned that many problems have also been exposed in the process of securities companies accelerating the optimization of asset management business structure and improving their active management ability.
On February 15, the Beijing Securities Regulatory Bureau disclosed the decision on issuing a warning letter to Dongxing Securities Corporation Limited(601198) and pointed out some problems existing in Dongxing Securities Corporation Limited(601198) : first, the implementation of the new asset management regulations is not in place, and the performance remuneration of individual products is withdrawn more frequently than once every six months; Second, the investment management is not standardized; Third, there is a lack of risk control system. In response to the above problems, the Beijing Securities Regulatory Bureau said that Dongxing Securities Corporation Limited(601198) should effectively improve the compliance and risk control level of private asset management business and put an end to such matters. In this regard, Dongxing Securities Corporation Limited(601198) said that the company will actively rectify in accordance with regulatory requirements and further strengthen and improve the company’s internal management.
Previously, Zheshang asset management was suspended from the filing of private asset management products for six months due to five major problems, such as lack of investment and transaction management, imperfect appropriateness management system, insufficient allocation of compliance personnel, inconsistent valuation technology and unreasonable valuation of default assets. The company was ordered to make corrections and relevant personnel were punished.
The reporter of Securities Daily also learned in the interview that many securities companies have attached great importance to asset management, conducted self-examination according to the regulatory requirements, and quickly rectified the problems that do not meet the regulations.
Chen Li told reporters: “the regulatory authorities require the asset management industry to be de channelized and renovate the asset management business in previous years. In the future, the requirements for the risk control and active equity management ability of asset management products will be higher and higher, and securities companies need to constantly strengthen the awareness of risk control and improve the level of investment and research.”
