The second is the limited partnership futures fund.
The third is the futures studio.
In the investment operation of limited liability companies, it is often a special account management mode that customers provide accounts and private equity funds operate on their behalf. This kind of private equity fund companies are often large in scale and have certain popularity and influence. For example, Qingma Investment Pan-Gold Investment belongs to this model. In this form of organization, many of them are subsidiaries of some futures companies, such as Shanghai Interim Asset Management Company.
In the limited partnership futures fund, all investors are limited partners, and traders, as general partners, belong to the self-operated funds of investment companies run by partners. This form of partnership company, with clear legal status, is attractive to some traders who want to set up futures private placement. However, the acquisition of legal identity must also pay a higher tax cost. Considering the high tax cost and inconvenient management, many institutions finally gave up the limited partnership model.
The organization form of the third kind of company belongs to the futures studio model. This kind of private equity fund usually walks in the gray area, and the trader personally attracts funds to sign financial management agreements with customers. This kind of financial agreement has no clear legal guarantee. On the one hand, once the customer loses money, disputes often arise. If the customer fails to give the trader a share as a trader according to the prior agreement after making a profit, it can only be given up. Although there is no legal guarantee for this kind of financial management on behalf of customers, due to the imperfect market, this kind of futures studio is the largest among various forms of futures private placement and gradually grows into an investment management company.
Except for limited partnership funds, the other two organizational forms of the above three models all adopt account management mode, which is still the mainstream form of investment operation in futures industry. This is mainly due to the fact that it is difficult for futures private placement to take the organizational form of collective trust with high credibility like securities private placement, and compared with securities private placement, the current net settlement system of futures private placement is not perfect. Therefore, the collective fund management model is still relatively rare. In terms of product form, it is relatively difficult to raise funds for futures private placement. Some products of futures private placement are mainly based on full capital preservation and partial capital preservation. To realize capital preservation, futures private placement needs to invest some of its own funds as a deposit. Once trading losses, futures private equity firms will undoubtedly face great risks.