Looking at the development process of American asset management industry, there are two main lines behind the rapid prosperity of American mutual funds from 1970s to 2000: first, residents enter the market through mutual funds under the improvement of residents’ demand for wealth management. This main line is discussed in more detail in the previous report “the transformation and upgrading of China’s wealth management compared with overseas”; The second is the historical evolution of the scale and structure of American pension under the demand of pension. Compared with the United States, China’s pension market is still in the early stage of development. At the current time point, this report focuses on the nine trends of the evolution of the U.S. asset management industry under the rapid development of the U.S. pension market around the 1970s and the development path of BlackRock, the global asset management leader, under this background, so as to provide experience and reference for the transformation of China’s Pan wealth management industry.
“The long-term impact of the upstream capital attribute determines the type of midstream products and the allocation of downstream bottom assets, while the downstream bottom assets shaped by the upstream capital and the business format of the wealth management industry will feed back and affect the upstream capital preference for a long time.” Under the development logic of this asset management industry, the entry of residents’ wealth and pension into the market has brought nine trends to the development of the U.S. mutual fund industry, such as the continuous transfer of residents’ assets to pensions and mutual funds in terms of capital sources, the rapid growth of pension funds in terms of scale, the transfer from payment determination to payment amorphous pension in terms of structure, the increase of the proportion of pension at the liability end of the fund The increase in the proportion of equity asset allocation at the asset side, the increase in the proportion of long-term mutual funds and equity funds in product types, and the rise of passive managed funds in investment style.
The growth of pension scale in the United States is mainly driven by the introduction of IRA, 401 (k) plan and other policies and the huge pension demand of the “baby boom” generation. Under the background of pension market entry and the rise of amorphous pension payment, it shows the characteristics of “resonance” with the scale of mutual fund. Looking forward to the future, the general trend of developing two and three pillar pensions in China, Pension is expected to become an important driver of AUM growth.
BlackRock seized the development opportunity of the asset management industry brought by the outbreak of the American pension market and became the leader of global asset management. At the initial stage of development, BlackRock was committed to building the core risk control Shanghai Aladdin Biochemical Technology Co.Ltd(688179) system, quickly entered the institutional customer market and constantly explored the needs of pension customers for risk control and long-term stable income. BlackRock drives the scale of asset management to form a growth cycle with three factors: first, to build a product system under standardized risk control capability and overall risk hedging, the characteristics of financial products with pre revenue and post risk make risk control the basis and premise of scale expansion; Second, in order to get through the whole process from customer demand preference to product risk return attribute ( Shanghai Aladdin Biochemical Technology Co.Ltd(688179) ) and from customer purchase to product supply (digital distribution), BlackRock drained and improved customer transformation through high-quality content such as risk control, and realized it with the asset management business with the highest value rate; The third is to realize the leapfrog expansion of asset management scale through mergers and acquisitions, and make full use of the scale effect under the standardized risk control ability.
Risk tips: 1) the global economic growth is lower than expected; 2) The market has changed significantly.
