The situation that the approval of the fund custody license of Chinese funded banks has been “out of file” for nearly eight years has been broken. On March 18, Bank Of Suzhou Co.Ltd(002966) official announced that its securities investment fund custody qualification has been approved by the CSRC, which is another Chinese funded bank that has obtained the fund custody “license” since May 2014. According to the data disclosed on the official website of the CSRC, at present, a total of 48 institutions have obtained the fund custody qualification, and five regional commercial banks such as Mongolian Commercial Bank and Bank Of Chengdu Co.Ltd(601838) are applying for the fund custody qualification. Under the “competition”, how will the fund custody pattern change in the future?
after an interval of eight years, Chinese banks have obtained the qualification of fund custody again
Another Chinese funded bank obtained a fund custody license. On March 18, Bank Of Suzhou Co.Ltd(002966) issued an announcement, announcing that the CSRC approved the bank’s securities investment fund custody qualification and will carry out securities investment fund custody business after obtaining the securities and futures business license.
The so-called fund custody refers to the act that a commercial bank or other financial institution established according to law and qualified for fund custody acts as the custodian to perform the duties of safe custody of fund assets, handling liquidation and delivery, reviewing and reviewing net value information, carrying out investment supervision and convening a general meeting of fund unitholders in accordance with the provisions of laws and regulations and the provisions of the fund contract. According to the requirements of the measures for the administration of securities investment fund custody business (hereinafter referred to as the measures for fund custody), institutions must obtain the approval of the CSRC before engaging in fund custody business and obtain the qualification of fund custody according to law.
For the significance of Bank Of Suzhou Co.Ltd(002966) obtaining the fund custody qualification this time, Zhou Yiqin, a senior financial regulatory policy expert, said that the re obtaining of the fund custody license by small and medium-sized banks means that the regulatory authorities open the license window again, and the better banks in urban and rural commercial banks see the “dawn” of obtaining the license again. In recent years, the scale of public funds has increased rapidly. The regulatory authorities have opened the “gate”, which is a win-win situation for both custody institutions and asset management institutions. Let small and medium-sized banks intervene in the field of fund custody, deeply participate in the market after the “new asset management regulations”, thicken the intermediate business income, and give public funds more choices.
The reporter of Beijing business daily combed the official website of the CSRC and found that up to now, 48 securities companies, financial companies and banks have obtained the qualification of fund custody, including 22 banks. Before Bank Of Suzhou Co.Ltd(002966) , the last Chinese bank qualified for fund custody was Bank Of Jiangsu Co.Ltd(600919) , and the date of approval was May 20, 2014. In the following eight years, only Standard Chartered Bank (China), Citibank (China) and Deutsche Bank (China) got the “license” of fund custody.
Turning to the reasons why the approval of the fund custody license of Chinese banks was once “out of stock”, Zhou Yiqin believes that the securities investment fund custody license has high gold content and high application threshold. The banks with the license are basically large state-owned banks and Toutou urban and rural commercial banks. Therefore, there was no Chinese commercial bank after 2014. The three banks that obtained the fund custody qualification in the next seven years were all foreign banks, which was specially opened by the regulatory authorities to allow qualified foreign banks to apply for the fund custody qualification.
head players are hard to shake the leading pattern
In terms of the application conditions for fund custody, according to the requirements of the fund custody measures, the net assets of commercial banks and other financial institutions applying for fund custody qualification shall not be less than 20 billion yuan, the risk control indicators shall comply with the relevant provisions of the regulatory authorities, and a special fund custody department shall be required, equipped with an independent security monitoring system and custody business technical system.
This time, after the Bank Of Suzhou Co.Ltd(002966) fund custody license was approved, according to the data disclosed on the official website of the CSRC, there are still 11 institutions waiting in line to approve the fund custody qualification. Among the queuing institutions, there are five Chinese funded banks, namely Mongolian Commercial Bank, Bank Of Chengdu Co.Ltd(601838) , Chongqing rural commercial bank, Shanghai Rural Commercial Bank and Bank Of Qingdao Co.Ltd(002948) , and the acceptance date is concentrated in 2021. Liao Hekai, an analyst at Jinle function, believes that Bank Of Suzhou Co.Ltd(002966) this acquisition of the fund custody license is one of the manifestations of the further liberalization of the fund custody license in China, but it still takes time for the subsequent small and medium-sized banks to meet the standards and obtain approval.
For the advantages and disadvantages of small and medium-sized banks in fund custody, Liao Hekai believes that fund custody of small and medium-sized banks is conducive to the development of their own fund business, help to provide diversified financial services to customers and promote the development of fund sales business; The disadvantage is that if the scale is too small to form economies of scale, it has little short-term significance.
Based on the total assets of currently managed funds, according to the wind data, as of March 20, the total assets of institutional trust funds were 24.87 trillion yuan at the end of March 20, according to the wind data. As of March 20, the total assets of institutional trust funds amounted to 24.87 trillion trillion yuan at the end of March 20, the total assets of institutional trust funds amounted to 24.87 trillion trillion yuan at 24.87 trillion, according to wind data. The total assets of institutional trust funds as of March 20, the total assets of institutional trust funds amounted to 24.87 trillion trillion yuan at the end of March 20, the total assets of institutional trust funds were 3.49 trillion yuan, 3.25 trillion trillion yuan and 2.25 trillion yuan and 2.12 trillion yuan, respectively. As of the total assets of institutional trust funds, the top three of which are the fund custodian of the funds, respectively 60139 Industrial And Commercial Bank Of China Limited(601398) thetotal assets of Bank Of Beijing Co.Ltd(601169) and Bank Of Beijing Co.Ltd(601169) custody are relatively large, Have exceeded 100 billion yuan. Among other consignment agencies, the total assets of Guotai Junan Securities Co.Ltd(601211) securities and China Merchants Securities Co.Ltd(600999) custody are relatively large, reaching 126791 billion yuan and 84.595 billion yuan respectively.
For the reason that the fund custody scale of most commercial banks exceeds that of other fund custody institutions, Liao Hekai said that in terms of the total assets of fund custody, banks have natural channel advantages, strong capital strength and high customer stickiness, while securities companies and most other financial companies need stronger investment and research to support customer groups.
It is worth mentioning that banks with large total assets under fund custody also rank in the forefront of the scale of fund consignment. According to the most recently released by the China Association of fund industry associations, according to the previously most recently released by the China Association of fund industry association, the top 100 list of the top 100 list of the top 100 list of the top 100 list of the scale to hold a mutual fund for the 2021 quarter quarter of the 2021 quarter of the 2021 quarter of the 2021 quarter of the 2021 quarter quarter of the 2021 quarter, the 2021 quarter quarter of the 2021 quarter, the 2021 quarter of the 2021 quarter of the 2021 quarter, which is the most recently released by the China Association of fund industry association, according to the most recently released by the China Association of fund industry industry association, previously, the top 100 list of the top 100 list of the top 100 list of the top 100 list of the top 100 list of the scale to hold a mutual funds raised by mutual funds that sell on a fund through a fund through a fund through the way to fund for the way of mutual equity + mixed mutual fund. The four, five, five, five, and six of the four, five, five, five, six, respectively of the four, also in the top 100 list.
In Zhou Yiqin’s opinion, the bank involved in the custody business relatively early, and the service is relatively more comprehensive and mature. At the same time, there is often a certain resource exchange relationship between fund custody and fund consignment, which is why the bank with stronger consignment ability has a larger share of custody assets.
Referring to the approval trend and pattern of follow-up fund custody license, Liao Hekai believes that according to the existing situation, the approval trend of follow-up fund custody application will be further liberalized. In the future, the fund custody business pattern is expected to be dominated by banks and Internet fund sales giants and supported by diversified businesses of other financial institutions.
