Asset management institutions refer to banks, trusts, securities, funds, futures, insurance asset management institutions and financial asset investment companies.
They are financial services entrusted by investors to invest and manage the entrusted investors' property. This is like money coming from afar to find the matchmaker of the asset management institution, and the matchmaker goes to dock the fund operator, drawing a red line in the middle. Play the role of "middleman"
We will analyze it from both sides of this red line.
Right: fund users. Asset management products can be divided into fixed income category, equity category, commodity and financial derivatives category and mixed category according to the nature of investment.
Different types of product investors have different basic assets.
Standard for fixed income products: the proportion of creditor's rights assets such as investment deposits and bonds is ≥80%.
Standard for equity products: the proportion of equity assets such as investment stocks and unlisted enterprises ≥80%.
Product standards for commodities and financial derivatives: the proportion of investment in commodities and financial derivatives is ≥80%.
Mixed products invest in three types of assets, and the investment ratio of any type of assets does not meet the standards of the first three types of products.
Left: Sources of funds. Asset management products can be divided into public offering and private offering according to different ways of raising funds.
Public offering products: open for sale to unspecified public, but the public's risk identification and tolerance are generally weak. Therefore, public offering has strict regulatory requirements on the scope of investment.
Private placement products: issued in a non-public way. Investors in private placement products need to be qualified investors with certain risk identification ability and risk tolerance.
After talking about the two sides of the blind date, let's analyze the main points of the new regulations:
① Breaking the rigid redemption
The city management is coming! Put away the sign and you can't do these things in the future!
The new regulations require businesses not to promise to protect capital and income, and not to pay them hard.
Because of rigid payment, some investors take risks and speculate, and financial institutions fail to perform their duties, which enhances moral hazard. It improves the level of risk-free rate of return and interferes with the price of funds.
Therefore, the regulatory authorities are determined that any unit or individual can report to the financial management department if they find that there is a rigid redemption behavior in financial stock institutions.
In order to be a good contemporary citizen, try to do a sunrise mass, let's learn what will be considered as rigid redemption:
1) The principal, income and risk of asset management products are transferred among different investors through rolling issuance to realize the guaranteed income of the products. (Please refer to the case of P2P thunderstorm for reference.)
2) When the asset management product cannot be redeemed as scheduled or it is difficult to redeem, the financial institution that issues or manages the product will raise funds by itself or entrust other institutions to pay for it. (Sorry, rob Peter to pay Paul)
3) violate the principle of true and fair net value determination and protect the funds and income of products.
The first thing to understand here is a concept called amortized cost method.
Just give an example. Suppose the current price of a bond in 90 yuan is 10 day, and it is guaranteed to be paid by 10 yuan. According to the amortized cost method, the income of 10 yuan is shared equally according to the remaining days, so the daily income is10/1yuan. This is what we often call expected income products.
However, because economic data and market interest rate factors will affect bond prices, the trend of bonds on 10 day will not be a straight line, but will actually fluctuate. However, some asset management products over-use the amortized cost method to measure the financial assets they invest in, which makes the risk of the underlying assets not reflected in the value changes of the products, and investors do not know the risk they bear. Therefore, it is necessary to adopt net worth products, regularly disclose net worth, and timely reflect the income and risks of the underlying assets.
At this time, the investor's income depends on the net value of the product, which is not equal to the predetermined expected income. However, considering operability, the new regulations provide exceptions. For closed products, investment products can still be measured according to the amortized cost method when there is no active trading market for the time being.