How much money can holding a head fund company make? With the disclosure of the 2021 annual report of listed companies, the “behind the scenes winners” of public funds were revealed one by one.
At present, from the financial reports of various listed securities companies, “wealth managers win the world” is no longer an empty slogan. Under the trend of continuous expansion of public funds, the contribution of asset management business to the net profit of securities companies holding the equity of head fund companies is increasing day by day.
From the net profit data of the participating fund companies in 2021, Gf Securities Co.Ltd(000776) ( Gf Securities Co.Ltd(000776) . SZ), Orient Securities Company Limited(600958) ( Orient Securities Company Limited(600958) . SH), China Merchants Securities Co.Ltd(600999) ( China Merchants Securities Co.Ltd(600999) . SH), Citic Securities Company Limited(600030) ( Citic Securities Company Limited(600030) . SH), China Industrial Securities Co.Ltd(601377) ( China Industrial Securities Co.Ltd(601377) . SH) are the “big winners” of public offering expansion.
Gf Securities Co.Ltd(000776) big winner
From the perspective of asset management, Gf Securities Co.Ltd(000776) is the “biggest winner” properly, and the management scale of the two fund companies is among the top 3 in the industry According to the statistics of the reporter of times weekly, GF fund and e fund contributed 1.422 billion yuan and 1.027 billion yuan to Gf Securities Co.Ltd(000776) respectively in 2021, with a total contribution rate of 23%.
Among them, as of the end of 2021, GF, which holds 54.53% equity, had a total management scale of 1129625 billion yuan of public funds, an increase of 47.97% over the end of 2020; Excluding money market funds, the total scale is 691952 billion yuan, ranking third in the industry.
Gf’s earning power is also good. By the end of 2021, the company’s net profit was 2.607 billion yuan, a year-on-year increase of 42.95%.
It is worth mentioning that asset management business has become an important engine for Gf Securities Co.Ltd(000776) performance growth. In 2021, its net income from asset management business was 9.95 billion yuan, a year-on-year increase of 51%.
Gf Securities Co.Ltd(000776) also holds 22.65% equity of e-fund, and is one of the three major parallel shareholders. By the end of 2021, the total scale of public funds managed by e fund was 1706429 billion yuan, an increase of 39.28% over the end of 2020; Excluding money market funds, the total scale is 1228904 billion yuan.
As the leader of the industry scale, the financial data of e fund in 2021 is quite eye-catching, and its operating revenue and net profit have maintained rapid growth, with an operating revenue of 14.557 billion yuan, a significant increase of 58.14% compared with 9.205 billion yuan in 2020; The net profit was 4.535 billion yuan, an increase of 64.92% compared with 2.75 billion yuan in 2020.
double “head” club
In addition to Gf Securities Co.Ltd(000776) , there are Orient Securities Company Limited(600958) and China Merchants Securities Co.Ltd(600999) .
Orient Securities Company Limited(600958) is the largest shareholder of huitianfu fund, holding 35.412%. According to its financial report data, as of December 31, 2021, huitianfu fund had total assets of 13.459 billion yuan and net assets of 8.799 billion yuan; In 2021, the main business income was 9.379 billion yuan, the main business profit was 4.351 billion yuan, and the net profit was 3.263 billion yuan, an increase of 27.16% compared with the net profit of 2.566 billion yuan in 2020.
In addition, Orient Securities Company Limited(600958) Dongfang Securities Asset Management Co., Ltd. also ranked among the top 20 in the non monetary fund industry at the end of 2021. The data showed that the entrusted asset management scale of Dongfang Securities Asset Management Co., Ltd. was 365929 billion yuan, an increase of 23% compared with the beginning of 2021, of which the management scale of public funds was 269622 billion yuan, an increase of 35% compared with the beginning of 2021.
As a fully licensed securities company under China Merchants Group, China Merchants Securities Co.Ltd(600999) currently participates in Boshi and China Merchants fund companies. The operating income of Boshi fund was RMB 202631 billion, with a year-on-year increase of RMB 6.41 billion and a net profit of RMB 202671% respectively.
At the end of 2021, the total assets of China Merchants Fund were 10.149 billion yuan and the net assets were 6.991 billion yuan. In 2021, the net profit was 1.603 billion yuan and the scale of asset management business reached 1.35 trillion yuan, an increase of 16.70% compared with the end of last year.
cash cows have obvious characteristics
Head fund companies, the characteristics of “cash cow” are particularly obvious. As of March 31 this year, the annual report data of listed companies showed that in addition to the net profit data of e fund and huitianfu fund exceeding 3 billion yuan, the net profit of six public fund companies was also between 2 billion yuan and 3 billion yuan.
As a banking fund company, ICBC Credit Suisse achieved a net profit of 2.794 billion yuan in 2021, a year-on-year increase of 41.61%. Only for banks, the profits obtained by participating in public funds have not accounted for a high proportion of their total profits.
Wells Fargo fund entered the “net profit Club of 2 billion yuan” for the first time. Its total asset management scale exceeded 1.3 trillion yuan at the end of 2021, a record high. Among them, the management scale of public funds is 889.7 billion yuan According to the annual report data of Haitong Securities Company Limited(600837) ( Haitong Securities Company Limited(600837) . SH), the total assets of Wells Fargo fund were RMB 12.646 billion and the net assets were RMB 7.049 billion at the end of 2021. In 2021, the company achieved an operating revenue of 8.306 billion yuan and a net profit of 2.564 billion yuan, an increase of 56.22% and 55.21% respectively over 2020.
Citic Securities Company Limited(600030) financial report data show that the total assets of Huaxia Fund by the end of 2021 were 16.295 billion yuan and the net assets were 11.287 billion yuan. In 2021, the company achieved an operating revenue of 8.015 billion yuan, a total profit of 3.230 billion yuan and a net profit of 2.312 billion yuan.
Followed by Xingzheng Global Fund and South Fund China Industrial Securities Co.Ltd(601377) financial report data show that Xingzheng global fund achieved an operating revenue of 6.568 billion yuan and a net profit of 2.235 billion yuan in 2021, an increase of 37.52% and 39.95% respectively over 2020. In 2021, China Southern Fund realized an operating revenue of 7.607 billion yuan and a net profit of 2.163 billion yuan, with a year-on-year increase of 45.74%. As of December 31, 2021, the total assets of China Southern Fund were 14.159 billion yuan and the net assets were 8.657 billion yuan Huatai Securities Co.Ltd(601688) ( Huatai Securities Co.Ltd(601688) . SH) holds 41.16% of its equity.
It is worth mentioning that another fund company also has excellent earning ability. It was once the “profit king” of the public offering industry, that is, Tianhong fund. However, in 2020, it was overtaken by e fund with a net profit of 2.75 billion yuan. As of press time, Celestica fund has not disclosed the net profit data of 2021.
