When financial management breaks the rigid exchange, interest rates continue to decline, and frequent market fluctuations become the norm, more and more investors begin to understand: "diversified asset allocation is the only free lunch for investment!"
Under the trends of residents' wealth transfer and net worth transformation of financial products under the new regulations of asset management, the "fixed income +" with its own asset allocation buff, as a new generation of financial alternative products, has become a battleground for strategists. In addition to continuously improving the product line, the 100 billion "fixed income +" large factory with the highest performance and scale is also constantly making efforts from the aspects of organizational structure and team construction, and has established a special mixed asset investment department.
In the view of the industry, the "fixed income +" fund has its own asset allocation gene. In addition to the fixed income assets that consolidate the foundation, it also has a variety of offensive assets such as convertible bonds, stocks and stock index futures. The core purpose is to reduce portfolio volatility by configuring assets with different attributes and help investors achieve "stable happiness" in a volatile environment.
On the other hand, because the "fixed income plus" strategy involves multiple assets or multiple strategies, the management difficulty is also increased accordingly. In addition to the two traditional assets of stocks and bonds, convertible bonds, new shares, futures, fixed growth and even derivatives are within the management radius of such products. Therefore, it is a great test of the professional ability, investment strength and coordination degree of professional investors and their teams.
"If the world is different, things will be different, and things will be ready for change". When the importance of "fixed income +" which can advance, attack and retreat is increased in asset allocation, it is imperative to build a professional investment and research team, improve the efficiency of professional division of labor and improve the gold content of "fixed income +" investment. In order to better meet the growing financial substitution needs of residents, fund companies have strengthened relevant investment and research forces and made adjustments in department organization structure, team cooperation mechanism and other aspects. In particular, the "fixed income +" big factories with the highest scale recruit troops and build their own mixed asset investment team.
big coffee led
billion "fixed income +" large factory layout mixed asset investment team
With the opening of the era of full net worth, the huge demand for wealth management is driving the development of public funds into the fast lane. According to the latest data released by the American Association of investment companies, by the end of 2021, the total scale of China's open-end public funds (excluding fof) was us $3.53 trillion, accounting for 4.97% of the total scale of the world, ranking first in Asia and fourth in the world, creating the best performance in history.
The volatile market environment in 2021 also drove the scale of "fixed income +" fund to exceed 2 trillion yuan Founder Securities Co.Ltd(601901) data show that by the end of 2021, the scale of China's "fixed income +" products has reached about 2.7 trillion yuan, accounting for 11% of the net value of all funds. According to the current ranking list of "fixed income +" products managed by fund companies, e fund, China Merchants and Penghua Fund rank among the top three, with a scale of more than 120 billion yuan; China Southern Fund and China Guangdong Development Fund followed closely, and the scale of "fixed income +" also exceeded 100 billion.
Most of these 100 billion "fixed income +" big factories have set up their own mixed asset investment teams, and the team leaders are solid income masters who have been tested by cattle and bears. Among them, Zhang Qinghua, vice president of e fund, is the general manager of the mixed asset investment department. His team is specially responsible for the investment management of mixed strategy funds, special accounts, annuities and pensions; Zeng Gang is the general manager of the mixed asset investment department of GF. His team brings together a number of fund managers with multi asset compound investment and research background, and the average working years of the members are more than 13 years; The Mixed Assets Department of China Southern Fund is headed by sun Lumin, the joint chief investment officer of the company, and gathered many famous generals such as Lin Lefeng, Chen le and Wu Jianyi; Penghua Fund has also established a mixed asset investment team, which is led by Zhang Jia, a major asset allocation expert who has worked for more than 17 years.
According to the members' ability circle and investment style, Penghua mixed asset investment department has built a highly professional investment and research system, so that each member can output professional investment strategies in their own fields and realize complementary advantages. Among them, general manager Zhang Jia focuses on asset allocation and equity, deputy general manager Yang Yajie focuses on bonds and asset allocation of major categories, Wang Kun focuses on credit research and involves other aspects. Duan Ran is mainly responsible for special account business management. Fan Jingwei has long-term investment and research experience in consumption, pharmaceutical industry and convertible bonds. Chen Daye is good at TMT and equity strategy, and Shao Wenchang is good at quantification
customer oriented
do long-term, difficult and right things
Looking to the future, the industry generally believes that there are many innovative directions in the field of fixed income + that deserve further exploration, including absolute income positioning products, hedging strategy products, high-yield bond products, etc., to meet the more diversified asset allocation and wealth management needs of investors. In Zhang Jia's view, the absolute return products relying on asset allocation in the future have great development space, and the mixed asset investment team can fully aggregate the advantages of the mixed investment ability of multiple assets, provide more "specialized", "refined" and "deep" investment and research support for such products, and help the continuous optimization and upgrading of products.
With regard to the future structure of the team, Zhang Jia pointed out that it will continue to supplement investment, research and assistant personnel, and build a "pyramid" structure - relevant assistants, including relevant researchers, need to be set up at the base layer. Up to the upper layer are investors, and up to the upper layer are some experienced investors to form a pyramid structure.
Turning to the future vision of the team, Zhang Jia said that Penghua Fund, under the leadership of general manager Deng Zhaoming, put forward the goal of building a first-class asset management company in the industry. Therefore, under the unified framework of the company, the vision of Penghua mixed asset investment team is to build a first-class mixed investment team in the industry, strive to be the product and team with the best customer experience, and regard customer experience as the ultimate goal.
Zhang Jia stressed that we should do long-term, difficult and correct things. He believes that if the goal or vision of the team is to do something short-term and easy, it will eventually fall into the Red Sea and the competition will be very fierce; But if we can do long-term and difficult things well, many things will become relatively simple in the later stage. At the same time, if the market is blue ocean, the competition will not be too fierce.
In the future, with the continuous improvement of Penghua mixed asset investment department and the continuous expansion of investment scale, it is bound to provide more holders with better services. However, Zhang Jia said that this is only a result. More importantly, we should continuously improve the customer experience and realize the continuous growth of the number of customers through the joint efforts of channels and various systems.
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