Under the background of continuous volatility of A-Shares and sluggish fund issuance, the number of centralized asset management products filed by securities companies increased rather than decreased during the year, to 522; At the same time, securities companies are constantly building diversified and characteristic product lines. However, there are many problems in the transformation and accelerated development of asset management business, and there are frequent cases of regulatory punishment.
number of asset management products issued
is expected to usher in an inflection point
According to the data of China Securities Association, at the end of 2021, the scale of asset management business in the securities industry was 10.88 trillion yuan, an increase of 3.53% year-on-year. In particular, the scale of collective asset management represented by active management increased significantly by 112.52% to 3.28 trillion yuan.
According to the public information statistics of China Foundation Association, as of March 28, a total of 522 securities companies have registered their collective asset management products, an increase of 2 over the same period last year.
Among them, Citic Securities Company Limited(600030) has the largest number of registered products, with a total of 52; Capital securities, Anxin asset management and Huatai asset management followed, with 45, 26 and 25 respectively. From the perspective of product types, the collective asset management products newly recorded by securities companies this year mainly include four categories: fixed income, hybrid, equity, commodities and financial derivatives. Among them, mixed and fixed income products have the largest number of records.
In this regard, Chen Mengjie, chief strategic analyst of YueKai securities, said in an interview with Securities Daily, “This year is the first year of the end of the transition period of the new asset management regulations. Many securities companies have actively seized the opportunity of reshaping the competitive landscape and strengthened the active management transformation through the establishment of asset management companies. After three years of running in, the results of the transformation are beginning to appear, and the number of asset management products issued is expected to meet the inflection point. As of March 28, 2022, the stock of asset management products of securities companies totaled 7753, compared with 5411 in the same period last year. Securities companies have strong investment and research advantages The asset management products of securities companies are mainly ‘fixed income +’ and equity fof. From the recent market performance, market fluctuations have increased the difficulty of making money and increased the demand of investors for stable income products. “
According to the data of China Securities Association, in 2021, the securities industry achieved a net income of 31.786 billion yuan from asset management business, a year-on-year increase of 6.1%. Although the industry asset management revenue showed an overall growth trend, the differentiation between different securities companies continued to increase. At present, seven listed securities companies have released their annual reports for 2021, and only two have achieved a year-on-year increase in the net income of asset management business. Among them, the net income of Everbright Securities Company Limited(601788) asset management and fund management business was 1.6 billion yuan, a year-on-year decrease of 19%, mainly affected by the decrease in performance remuneration of asset management products. The performance of Guolian Securities Co.Ltd(601456) asset management business was outstanding, with a net income of 141 million yuan, a year-on-year increase of 96.4%; The entrusted capital of its asset management business was RMB 10.412 billion, a year-on-year increase of 169.28%; The scale of asset securitization business was 37.119 billion yuan, a year-on-year increase of 226276%.
Although the new asset management regulations have led to the compression of the channel business of securities companies in recent years, their active management ability has continued to improve. The proportion of active management scale of many securities companies in the total scale has exceeded 90%, and the head effect has continued to increase.
At present, in order to fully grasp the development opportunities of asset management business, many securities companies are constantly improving their active management ability, enhancing their equity investment ability, and accelerating the optimization of asset management business structure. From the product side, securities companies are actively strengthening product reserves and forming a differentiated competition pattern, focusing on the layout of “fixed income +”, fof, quantitative investment and other types of products, and creating characteristic product lines. At the same time, many companies are continuously promoting the transformation of public offering and actively applying for public fund licenses.
brokerage Asset Management Exhibition
mainly has three problems
Due to the natural investment and research advantages of securities companies, although the market continues to fluctuate, their performance is acceptable. According to wind data, since this year, the average rate of return of 3102 securities companies’ collective asset management products with data available has been – 2.29%, and the rate of return of 15 products has exceeded 10%; 1827 products have maintained positive returns, accounting for 58.9%.
In the process of accelerating the optimization of asset management business structure and improving active management ability, the development of asset management business of securities companies is still blocked and long, and many problems have been exposed at present.
According to the reporter’s incomplete statistics, since last year, at least 16 securities companies and many relevant responsible persons have been punished by the CSRC for asset management business, and many securities companies have even been suspended from filing new private asset management products. At present, there are mainly problems in the process of asset management exhibition of securities companies: first, the operation of asset management products is not standardized, the investment decision is not prudent, and the due diligence and risk assessment of investment objects are not in place; Second, the valuation method is unreasonable, such as using the cost method to value some assets in the private asset management plan; Third, the implementation of the new regulations on asset management is not in place, the investment management is not standardized, and the risk control system is missing.
“Judging from the illegal cases in the asset management industry in recent years, the asset management of securities companies should adhere to the strategy of seeking progress while maintaining stability.” Chen Mengjie said, “securities companies should pay attention to the following compliance issues: first, determine reasonable valuation methods and calculate the net value of asset management plans truly and fairly; second, establish and improve the management system of related party transactions; third, improve the credit risk management mechanism and accurately identify, prudently evaluate and manage the credit risk in the whole process, so as to prevent liquidity risk of products.”
At present, many securities companies have carried out self-examination and rectification of asset management problems according to regulatory requirements, formulated special investment management guidelines for relevant products, and comprehensively standardized the process management before, during and after investment. Many securities companies are accelerating the digital construction of asset management business and strengthening the construction of system platforms such as compliance internal control, institutional services and investment research integration.
