The performance of brokerage asset management shows resilience.
At present, the asset management of securities firms is mainly based on private placement. According to the latest data of China Foundation, in the first three quarters, the total scale of private asset management products set up by brokers and their asset management subsidiaries was190.268 billion yuan, down 2 1% year-on-year. By the end of September, the stock of private asset management products of securities firms and their asset management subsidiaries was 7.32 trillion yuan, down 4.76% from the end of 20021. Although the scale of private equity management of securities firms continues to decline, the structural optimization effect is remarkable. The scale of collective asset management plan represented by active management has exceeded that of single asset management plan based on channel business.
In terms of performance, under the pressure of the overall performance of the securities industry in the first three quarters, 465,438+0 listed brokers realized a total net income of 336,654,380+billion yuan from asset management business, a slight decrease of 3.92% year-on-year, which is the smallest line in the main business of brokers except investment banking. Regarding the reasons for the decline in revenue, Liu Xinqi, chief analyst of non-bank financial industry of Guotai Junan Securities, said that in the first three quarters, due to the market correction, the asset management fee rate was adjusted back, which eventually led to a year-on-year decline in business revenue.
At the same time, the income of asset management business of listed brokers continues to differentiate. In the first three quarters, among 4/kloc-0 listed brokers, the net income of asset management business of 25 listed brokers increased year-on-year, and the income growth of 22 companies exceeded 10%. However, there are also 16 listed brokers whose net income decreased year-on-year. The competition among head brokers is more intense. The net income of asset management business of Guosen Securities, Huatai Securities, CICC, Shenwan Hongyuan and CITIC Jiantou all increased year-on-year, while the net income of asset management business of the other two head brokers decreased by more than 30% year-on-year.
In the future, the private equity management business of securities companies will still face the pressure of scale growth. According to industry insiders, first, some long-term equity assets on the asset side are still difficult to dispose of and need to be gradually reduced; Second, whether the active management business on the debt side can completely make up for the shrinking channel business is still worthy of attention in the future.
Or due to the lack of Public Offering of Fund license, large-scale product transformation is facing challenges.
Many brokers have taken public offering as the key direction of asset management, and the scale of Public Offering of Fund (including large collection) has exceeded 1. 1 trillion yuan.
However, while the brokers are infiltrating into Public Offering of Fund, they are also facing challenges. Wind data shows that as of the effective date of fund transformation, as of June 3 165438, 49 brokers and their asset management subsidiaries have completed the public transformation of 228 large-scale products; Among them, there are 9 products, 45 products and 98 products from 20 19 to 202 1, and there are 76 products this year.
20 18 The Operational Guidelines for Guiding Opinions on Regulating the Asset Management Business of Financial Institutions and Applying the Large-value Asset Management Business of Securities Companies (hereinafter referred to as the Operational Guidelines) issued by the China Securities Regulatory Commission proposed that securities companies with the qualification of public offering fund management should apply to the China Securities Regulatory Commission for the relevant large-value products to be registered as public offering funds with matching risk-return characteristics. A securities company that has not obtained the qualification of public offering fund management shall submit an application for contract change of this large-scale collective product to the China Securities Regulatory Commission, and the contract term shall not exceed 3 years in principle. If the standardized large-scale aggregate products have not been converted to Public Offering of Fund after the expiration of the three-year contract, measures such as scale control will be taken in due course.
About 465,438+0 of the 49 brokers and their asset management subsidiaries participating in the public offering transformation have not yet obtained the Public Offering of Fund license. Since August this year, among the first batch of 9 brokerage products that have completed the transformation of public offering, 7 products have lasted for 3 years, and 2 products will expire before the end of this year 1 1, involving 5 brokers and their asset management subsidiaries. Among them, Zhengdong Asset Management and Guotai Junan Asset Management obtained Public Offering of Fund licenses, and four products of the two companies were transformed into Public Offering of Fund; Five products of CITIC Securities, Everbright Asset Management and Guangfa Asset Management have expired or are about to expire for 3 years.
For expired products, brokers have also issued announcements to extend the term of public offering products, which is extended to 65438+February 3, 20231. Take the six-month rolling bond-type collective asset management plan of CITIC Securities, the first company to complete the transformation of public offering, as an example. When the product expires in three years, CITIC Securities issued a notice for the product, saying that the duration of this asset management contract will not exceed three years from the effective date of the change to February 3, 20231day.
At present, there are only 14 brokers and their asset management subsidiaries licensed in Public Offering of Fund in the securities industry. According to the survey data of China Securities Association 202 1, among the brokers who responded to the questionnaire effectively, 49 have obtained, are applying for or plan to apply for Public Offering of Fund management business qualification, and 23 regard the lack of Public Offering of Fund management business qualification or issues related to public offering as the biggest challenge after the transition period of the new regulations.
In fact, the Operational Guidelines also point out that securities companies that have not obtained the qualification for the management of public offering funds are encouraged to complete the specification of large-scale asset management business in advance by replacing the fund management companies they hold and participate in with large-scale collective product managers and changing their registration as public offering funds.
Fortunately, since the beginning of this year, the policy has continued to help the high-quality development of Public Offering of Fund industries, actively cultivate professional asset management institutions, expand the team of managers in Public Offering of Fund, adjust and optimize the licensing system in Public Offering of Fund, moderately relax the restrictions on the number of public offerings, and officially land one participation, one control and one license. The duration of the above-mentioned public offering products was extended to 65438+February 3, 20231,which also won more time and space for brokers to apply for Public Offering of Fund license.