Futures asset management is the abbreviation of futures asset management business, which refers to the behavior of futures companies to operate customer assets and provide investment management services for futures and other financial derivatives in accordance with the methods, conditions, requirements and restrictions agreed in the asset management contract. Futures companies need to meet the requirements of the CSRC and obtain the approval of the CSRC to set up a futures asset management department.
As the manager of futures assets, futures companies can give full play to their talent advantages, IT advantages and R&D advantages to manage assets for investors. The asset management business of futures companies can invest in: financial derivatives such as futures and options; Stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short-term financing bills, asset-backed securities and other investment products approved by China Securities Regulatory Commission. But at present, the asset management of futures companies mainly invests in domestic futures market varieties and fixed-income products. With the talent pool and mature technology in the future, it can be extended to other fields.
In the futures asset management business, the futures asset management department can provide services such as product design, financing, market value management, investment risk control, settlement custody and performance evaluation. , can also be used as a futures derivatives trading platform to provide quantitative trading related services. At present, the primary stage of futures management is mainly aimed at single individual and institutional investors, and its asset management scale requires more than 5 million. The company mainly invests in the futures market, and its products are mainly some unilateral trading and hedging arbitrage products, including intraday or unilateral programmed trading, macro hedging, basis trading and monthly arbitrage strategy. However, with the maturity of futures asset management business, the products issued gradually turned to "one-to-many" business.
In the operation of futures asset management, on the one hand, the asset management department of futures companies can directly hire experienced traders with good operating performance to manage assets for customers. On the other hand, futures companies can be used as asset management platforms, looking for professional speculators or speculative institutions as investment consultants of futures companies and jointly issuing asset management fund products. Professional speculators or speculative institutions can also subscribe as direct participants of products and share the investment income.
In the futures asset management products, in the single asset management product, the asset entrusting party, as the investor of asset management, bears the risks brought by product account fluctuation and enjoys most of its profits, while the futures company, as the asset manager, can get a small part of the profits after charging an appropriate asset management fee. In structured asset management products, investors can be divided into priority and inferior level according to the different risks they take. The priority party does not bear the risk caused by the fluctuation of product price after the capital contribution, and only enjoys part of the income after the product is profitable. The rear should bear all the risks brought by product price fluctuation and enjoy most of the benefits after the product is profitable. Among them, most of the money invested by inferior companies is invested by futures companies. According to the market development, "one-to-many" and diversified structural products are also being bred.
It can be seen that the futures asset management business will be of great significance to the improvement of the level of the whole futures company; From the perspective of futures industry, excellent futures companies can bring profits through asset management business, thus realizing differentiated competition and improving the competitive quality of the whole industry.