Wang Hongdong, the former head of Tianfeng asset management, returned to the banking industry again and will take up the post of general manager of China Citic Bank Corporation Limited(601998) wealth management department. At present, Wang Hongdong is no longer among the senior executives of Tianfeng asset management, and Fu Chunming will take over the post of director.
In recent years, securities companies have accelerated the transformation of wealth management, and “poaching” from the banking system and establishing a management team have also become an important place. In this context, Wang Hongdong joined Tianfeng Securities Co.Ltd(601162) , and successively served as director and vice president of retail business headquarters, vice chairman and general manager of Tianfeng asset management.
Since joining China Merchants Bank Co.Ltd(600036) , Wang Hongdong has worked in the banking system for 15 years. In contrast, he has just completed 2 years in securities companies. After the long-term effectiveness of the head joint-stock bank, the transformation of “cutting-edge” securities companies are acclimatized, which is a big speculation in the industry about the reasons for Wang Hongdong’s resignation.
Joining China Citic Bank Corporation Limited(601998) , it is also considered to be the return of the “veteran” of the bank. China Citic Bank Corporation Limited(601998) , which originated in corporate business, has also made frequent efforts in retail business in recent years. It is also worth looking forward to how Wang Hongdong’s joining will stimulate the new momentum of wealth management of the “king of corporate”.
wandering around, the “veteran” of the bank returned to the bank
Wang Hongdong has been working for China Merchants Bank Co.Ltd(600036) for 15 years. He is indeed a “old banker” worthy of the name.
Wang Hongdong is a Post-70s graduate with a doctor’s degree. According to public information, Wang Hongdong joined China Merchants Bank Co.Ltd(600036) in 2004 and once served as the general manager of the interbank Finance Department of China Merchants Bank Co.Ltd(600036) Beijing Branch; In 2015, he joined China Merchants Bank Co.Ltd(600036) head office and served as assistant general manager and deputy general manager of wealth management department. During Wang Hongdong’s stay in China Merchants Bank Co.Ltd(600036) wealth management department, the sales performance of China Merchants Bank Co.Ltd(600036) public funds has always been the first in the industry, and the revenue and the number of customers have increased for three consecutive years.
Anchor wealth management to overtake in a curve, Tianfeng Securities Co.Ltd(601162) has also made frequent transformation in recent years, successively completing the merger and acquisition of Hengtai securities, recruitment and internal organizational structure adjustment. Wang Hongdong’s entry into Tianfeng Securities Co.Ltd(601162) is an example, and he is also a senior person in the industry who has been recruited by Tianfeng Securities Co.Ltd(601162) “with great skill” after Zhai Chenxi, Zhao Xiaoguang, Huang Changqing and Ding Xiaowen.
In October 2019, Wang Hongdong officially joined Tianfeng Securities Co.Ltd(601162) ; In April 2020, Liu Xiang, former vice president of Tianfeng Securities Co.Ltd(601162) resigned as vice president for personal reasons, while Wang Hongdong has been the director and vice president of Tianfeng Securities Co.Ltd(601162) retail business headquarters since April.
At almost the same time, Tianfeng Securities Co.Ltd(601162) announced the adjustment of internal organizational structure, that is, the establishment of retail business headquarters business management center; The operation management department of the retail business headquarters and the institutional brokerage business department were adjusted from the secondary department to the primary department, and renamed the institutional business management department of the retail business headquarters.
It is worth noting that the news of Wang Hongdong’s resignation spread widely on the occasion of performing his duties as vice president for half a year. It is rumored that Wang Hongdong will no longer be in charge of wealth management business. Liu Quansheng, general manager of Xinhua fund and former deputy general manager of Hengtai securities, will take over the post of vice president, and will officially take over after relevant procedures are completed. It is also rumored that Wang Hongdong may devote himself to the public fund industry.
With the approval of the opening of Tianfeng asset management in August 2020, Wang Hongdong’s career direction also surfaced, that is, he served as the vice chairman and general manager of Tianfeng asset management, but resigned after more than a year, and Fu Chunming took over the post of director of Tianfeng asset management. The reporter also noted that as early as August 2021, the legal representative of Tianfeng asset management was also changed from Wang Hongdong to Fu Yu. Wang Hongdong’s next stop has also been announced and will be appointed general manager of China Citic Bank Corporation Limited(601998) wealth management department.
After the long-term effectiveness of the head joint-stock bank, the transformed “cutting-edge” securities companies are acclimatized? This is a big speculation in the industry about the reasons for Wang Hongdong’s resignation. However, the development of Tianfeng asset management in recent years is also obvious to all. Under the leadership of Wang Hongdong, Tianfeng asset management has built a systematic and professional private fund strategy portfolio management ability and become a comprehensive solution provider in this subdivided field.
talk about the experience of breaking the Bureau of asset management of securities companies
Wang Hongdong was the first group of professionals in Bank Of China Limited(601988) industry to participate in the development of wealth management business. Although he moved all the way from banks to securities companies and asset management, Wang Hongdong always focused on wealth management, accumulated rich experience in the field of large asset management and had a deep understanding of the industry.
Wang Hongdong believes that wealth management can be divided into three dimensions: first, realize the allocation of a single product to multiple products; Second, from single service to comprehensive service; Third, from product sales to asset planning.
To realize the transformation of wealth management, securities companies should redefine its connotation, which will make the follow-up actions of securities companies more effective. As a late comer, securities companies can also have the opportunity to better participate in creating more value for customers, and the business model of wealth management can continue to circulate.
In Wang Hongdong’s view, what wealth management reshapes is not necessarily a profit model, but a customer relationship. The essence of wealth management business is also a customer relationship. Wealth management is actually the basic means of customer service, the basic carrier of customer relationship and the natural existence of customer demand. From a commercial point of view, wealth management well repeats the customer relationship: customers enter the system because of wealth management, form their own scenarios, and then derive from other businesses.
Wang Hongdong also has his unique views on how to break the situation of asset management of securities companies. He believes that finding and creating high-quality assets is the direction and goal of the unremitting efforts of the asset management of securities companies, and the asset management of securities companies has three advantages in this regard. First, the asset side advantage. Based on the deep cooperation foundation accumulated by a large number of enterprise customers, securities companies have formed competitive advantages in risk assessment, asset pricing, resource acquisition and so on; The second is the strategic advantage. The asset management of securities companies naturally has the advantage of being close to the securities market and research driven business development, and has the trading qualification of OTC options and other derivatives business, which is convenient for the research, development and combination of multiple strategies; Third, the product side advantages. The large collection products of securities companies’ asset management can meet the daily investment needs of public wealth management customers, while the product design of small collection and single asset management plan can meet the personalized and customized investment needs of VIP and private bank customers.
Tianfeng asset management has changed a lot recently
After two years of application preparation, Tianfeng asset management was approved to open in August 2020, which is also the 18th brokerage asset management company to open. The registered capital of Tianfeng asset management is 500 million yuan, which is 100% of Tianfeng Securities Co.Ltd(601162) 100%. At that time, Wang Hongdong, as vice chairman and general manager, once declared that “2021 is the opening year of Tianfeng asset management as a subsidiary. If it is not broken, it will be out.
”
On the whole, the performance of Tianfeng asset management in 2021 is difficult to be optimistic Tianfeng Securities Co.Ltd(601162) semi annual report shows that the operating revenue of the company’s asset management business in the first half of the year was 1.627 billion yuan, a year-on-year decrease of 21.05%, and the net profit was 330 million yuan, a year-on-year decrease of 18.57%; Among them, there was also a drag from the asset management business. In the first half of the year, the asset management business realized an income of 330 million yuan, a year-on-year decrease of 27.65%.
In the first half of 2021, Tianfeng asset management realized an operating income of 280 million yuan, ranked 14th in net income, and a net profit of 95.74 million yuan. As of the end of the reporting period, the capital scale of entrusted customers was 128.38 billion yuan. In terms of the scale of private placement active management, the average monthly scale of Tianfeng asset management has shown a gradual downward trend since 2021.
According to the data of the fund industry association, in the first quarter of 2021, the average monthly scale of assets actively managed by Tianfeng asset management private placement was 70.899 billion yuan, ranking 17th in the industry; In the second quarter, it fell to 67.208 billion yuan, and the ranking also fell to 19; In the third quarter, the average monthly scale of its active management further fell to 63.240 billion yuan, ranking at 19; By the fourth quarter, the average monthly scale of private placement and active asset management of the company had fallen out of the top 20.
At the same time, Tianfeng asset management has also undergone several personnel changes recently, including legal person, director and compliance director. On February 24, Tianfeng asset management announced that Youjia would replace Fu Yu as the compliance director. According to the resume, Youjia worked in Suzhou Fangben certified public accountants Co., Ltd. from October 1999 to April 2003; Served in Shanghai Securities Regulatory Commission from April to June, 2018; From July 2018 to December 2021, he worked in Shanghai Zechang law firm.
