With the release of residents' wealth management needs, the relaxation of regulatory policies and the attention of various intermediaries, China's asset management industry is booming and the era of big asset management is coming. There are many participating institutions, diverse asset management products and different regulatory standards in the whole industry, and it will develop in the direction of unified supervision and market concentration in the future.
The Spring and Autumn Period and Warring States Period of China's Asset Management Industry
In a broad sense, asset management refers to the behavior and process of investors investing their assets in relevant markets, which can be that investors manage their own assets or trustees manage other people's assets. The term "asset management" as mentioned in this article refers to the behavior that financial institutions and other intermediaries accept the entrustment of customers, invest in their assets according to the agreement with customers, and collect management fees and performance rewards for the purpose of maintaining and increasing value. Asset management business originated in Switzerland in the18th century. After the industrial revolution, the change of economic structure brought the rapid development of financial market, and the demand for asset management of upper-class wealthy families increased sharply. Swiss financial institutions began to provide wealth and asset management services to individual customers and corporate customers.
China's asset management can be roughly divided into three stages. The first stage is before 2003. At this stage, the asset management industry is still in the wild era, and residents' demand for asset management is not high. Only a few institutions, such as securities companies, trust companies and Public Offering of Fund, provide asset management services, and the market supervision system is insufficient, so the development of the industry has not been taken seriously. The second stage is from 2003 to 20 12. In 2003, China's insurance companies began to set up asset management companies to carry out professional asset investment management. In 2004, China Everbright Bank launched RMB wealth management products, and the scale of bank wealth management is expanding day by day. In 2005, GF Securities issued the first collective asset management plan in the securities industry, and the asset management business of securities firms gradually began to get on the right track; Trust companies began to develop by leaps and bounds in 2007 after the first trial of the trust plan in 2002. During this period, China implemented separate operation and supervision, and various institutions engaged in asset management plans in their respective investment fields. Therefore, the scope of asset allocation has become an important factor affecting the development of asset management products, and trust companies have obviously benefited from the mixed operation mode of separate supervision system. The third stage is 20 13. Since then, China Securities Regulatory Commission and China Insurance Regulatory Commission have successively expanded the asset allocation scope of securities firms, fund companies, futures and insurance institutions. The scope of asset allocation of various financial institutions has converged, and a head-on confrontation is imminent. The asset management industry has entered a new era in which a hundred schools of thought contend.
From the perspective of China's asset management industry structure, the characteristics of diversification are obvious. China's asset management and supervision departments include China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission. Participating institutions include banks, trust companies, brokers, Public Offering of Fund companies and their subsidiaries, futures companies, insurance companies, internet financial institutions and private equity funds, as well as various financial investment companies and private lending that are completely out of the regulatory system; Asset management products include bank wealth management, trust products, collective asset management plans, Public Offering of Fund, special fund accounts, futures asset management and various insurance asset management.
From the perspective of various asset management models, in terms of investment scope, the investment scope of trust plans, bank wealth management and fund company accounts is very wide, covering almost all important asset categories. Securities asset management plan, insurance asset management plan, Public Offering of Fund and futures asset management plan mainly focus on standardized securities investment products; In terms of investment threshold, trust, brokerage and insurance asset management are all privately-owned products, with a high threshold of 6,543,800 yuan. Bank wealth management enjoys the treatment of public asset management, with an investment starting point of 50,000 yuan and a low threshold; Public Offering of Fund has the lowest product. In terms of the number of investors, there are no more than 50 collective trust investors under 3 million yuan, and no more than 200 securities companies, insurance companies and fund companies. There are no specific quantitative restrictions on bank wealth management and futures asset management plans. In terms of product liquidity, trust plans and bank financing are generally held at maturity, so the liquidity is low. Public Offering of Fund, futures asset management, and brokerage collective asset management plans can be purchased and redeemed regularly, with high liquidity. In terms of regulatory requirements, trust plans, Public Offering of Fund and bank financing generally need to be reported or approved in advance, while other asset management products are generally reported afterwards. At the same time, trust plans, securities firms' collective asset management plans and banks' capital preservation and financial management all need to occupy a certain amount of capital, while fund asset management and insurance asset management plans have no capital supervision requirements. The differences between regulatory rules and models make the competition between asset management institutions and product markets inconsistent, which is easy to form regulatory arbitrage.
At present, the diversification and serious differentiation of China's asset management industry is not only conducive to promoting the development and efficiency of the industry, but also causes potential risks such as regulatory arbitrage and risk contagion due to factors such as regulatory blind spots, which deserves attention.
China's asset management industry is in a stage of rapid development.
According to China Private Wealth Report released by China Merchants Bank, the personal investable assets in China in 20 129 were1400 million yuan, up by 16% year-on-year. Residents' desire to preserve and increase the value of wealth is increasing day by day, and the financial services of professional asset management institutions such as banks, fund companies and trust companies are gradually recognized, and the trust relationship between the two sides is gradually deepening. The regulatory authorities gradually relaxed the threshold of the asset management industry. In addition to the traditional asset management institutions, Internet finance has also begun to set foot in the field of asset management, which makes the whole industry more active, the market competition more intense, investors have more choices and improve market efficiency. At the same time, all kinds of intermediaries also pay more attention to the layout of asset management industry, which is a light capital business and the key direction of the transformation and development of various financial institutions. The income contribution of asset management business of internationally renowned large financial institutions such as Bank of America and Standard Chartered Bank is generally 10-30%. Comparatively speaking, the asset management business income of financial institutions in China is still low, and the asset management income of securities firms is only about 5%, so there is still much room for improvement in the future. In short, China's asset management industry is in a stage of rapid growth.
By the end of 20 15 and 12, the asset management scale of China's asset management industry was about 88 trillion yuan, up 45% year-on-year, and continued to maintain a rapid growth rate. It is estimated that the asset management scale in China is expected to reach 1 10 trillion yuan in 20 16 years; According to BCG statistics, the global asset management industry scale was 74 trillion US dollars in 20 14 years, and it is predicted that it will reach 8 1 trillion US dollars in 20 15 years, with China accounting for about 6.7%. China is expected to become the third largest asset manager in the world after the United States and Europe. However, it should be pointed out that the problem of cross-shareholding in China's asset management industry is outstanding. Except for Public Offering of Fund and insurance asset management plans, which have strict investment restrictions, bank wealth management, fund account management, brokerage asset management plan and trust plan can all be invested and held in each other. Therefore, the simple summation of statistical data among various asset management products has the problem of double counting, and some asset management products may be nested many times, so the above figures overestimate the scale of China's asset management industry. It is estimated that the proportion of the above-mentioned cross-shareholding accounts for about 10% of the total size of the asset management industry, but this cannot hide the rapid development trend of China's asset management industry.
Judging from the depth of industry development measured by asset management scale /GDP, the ratio of asset management scale /GDP in China in 20 14 and 20 15 years was 0.96 and 1.30 respectively. In contrast, the average ratio of European countries in 20 14 years is 1.24. 20 13 years, the United States, Japan and Australia are 1.89, 0.9 and 1. 18 respectively. At present, the development depth of China's asset management industry is gradually comparable to that of developed countries such as Europe and Japan, but it still lags behind the United States.
According to the structure of China's asset management industry, at the end of 20 15, The assets managed by banks, public companies and their subsidiaries, insurance companies, securities companies, trust companies, private equity companies, futures companies and P2P institutions are 20 trillion yuan, 2 1 trillion yuan, 13.7 trillion yuan (insurance assets 12.36) and entrusted assets from third parties/kloc-0 respectively. Compared with kloc-0/4, fund companies and their subsidiaries, futures asset management and private equity funds have all doubled, while the growth rate of asset management scale in the trust industry has obviously slowed down, and the proportion of bank wealth management and trust asset management in the whole industry has also shown a downward trend, showing that the market competition in the entire asset management industry is more intense, and traditional bank wealth management and trust asset management are gradually catching up with other asset management institutions. However, it needs to be noted that a large amount of funds from brokerage asset management, trust asset management and fund subsidiaries all come from banks and bank wealth management. The above data underestimate the important position of bank asset management in the whole industry. At present, banks are still the core strength and leader of the asset management industry.
Asset allocation is mainly nonstandard.
The essence of asset management is also an intermediary channel, entrusting social idle funds to invest in financial markets, real economy and other fields to meet the needs of social funds, thus building a bridge between supply and demand of social funds. From the source of funds, it is mainly divided into individual customers and institutional customers. Individual customers are mainly ordinary residents and high-net-worth customers, and institutional customers are mainly enterprises, pension institutions, banks and finance companies. Due to the limitation of statistical data, it is impossible to accurately estimate the proportion of two types of customers at present, but institutional customers may be higher, especially the funds from banks should account for a relatively high proportion. Comparatively speaking, the source of funds for institutional clients in developed countries is still the mainstream, which is closely related to aging social insurance, huge assets of pension institutions and other factors. In Europe, for example, personal customer assets account for about 24%, and institutional customer assets account for about 76%. Institutional customers are obviously the most important source of funds for the asset management industry.
Judging from the asset allocation of individual investors, the proportion of cash and deposits held by individual investors is relatively high. By the end of 20 15, the balance of various deposits in China reached 135.7 trillion yuan, up by 12.4% year-on-year, and this part of deposit funds still needs to be invested and managed in the future. The proportion of capital market products such as Public Offering of Fund in the allocation of residents' assets has further increased in the past two years, especially all kinds of money funds are favored because of their low investment threshold and good liquidity; The proportion of other asset management products in the composition of personal investment is not very high, which may be related to the high threshold of various asset management products and the ignorance of individual investors.
Assets from individual customers and institutional customers are allocated in financial markets, credit markets, industrial investment and other fields through intermediaries such as banks. The customer's asset allocation depends on the asset allocation preference in different periods and the asset allocation ability of the organization. The return of asset investment depends largely on the grasp of asset allocation. Empirical research shows that more than 90% of the portfolio return rate depends on the asset allocation strategy. According to the investment clock, when the economy goes up and inflation goes down, the allocation of stocks should be the main thing; During the period of economic upswing and inflation upswing, commodities are mainly allocated; When the economy goes down and inflation goes up, we should mainly hold cash; In the period of economic downturn and inflation downturn, bonds should be mainly allocated. On the other hand, different institutions have different asset allocation scope and capabilities. At present, the asset allocation scope of various financial institutions is basically the same. Even if there are limitations in some areas, it can still be achieved in other ways. For example, banks can't make industrial investment, but they can still do it through trust plans and asset management plans. Although securities companies and fund companies can't borrow directly, they can still finance their customers through investment income rights and creditor's rights. Therefore, the asset allocation ability of various financial institutions is the key factor for the development of their asset management business and the core competitiveness of the market.
From the perspective of asset allocation in China's asset management industry, by the end of 20 15, stock assets accounted for 8%, bond assets accounted for 19%, cash deposits accounted for 29% and other assets accounted for 44%. It can be seen that the proportion of capital market investment in China's asset management industry is not high, with a total of 27%. Other categories are mainly industrial investment and non-standardized asset investment. In 20 13, the main assets in Europe were equity assets accounting for 33%, bond investment accounting for 43%, cash deposits accounting for 8%, and other assets accounting for 16%. Compared with the asset allocation of European asset management industry, the asset allocation of China asset management industry has a higher proportion of cash deposits and a slightly lower proportion of equity allocation, which may be due to the low proportion of direct financing in China, and more asset management funds have realized the financing of entity enterprises in the form of non-standardized financial assets.
There are many participants in the asset management industry.
In fact, from design to final sale, asset management products need to go through product design, sales, supervision, investor purchase and other links and steps, and each step needs someone to participate and control. There are many institutions involved in the asset management industry in China. This paper studies the number of institutions and personnel involved in the current industry with standardized formal institutions as the object.
At present, there are 2,503 banking financial institutions in China with 3415010 employees; There are 68 trust companies with employees 16683; There are 1 15 securities companies with 222,802 employees; There are 0/80 insurance companies/KLOC, with 904,252 employees; 0/53 futures companies/KLOC, with more than 30,000 employees; Public Offering of Fund has 65,438+000 management companies with 65,438+07,939 employees. Other private equity firms and P2P institutions have not been formally regulated, with opaque information disclosure, low industry threshold, numerous institutions and low quality employees.
In the era of large capital management, competition among financial institutions is the main theme. In terms of competition, with the deregulation of the asset management industry, financial institutions are still accelerating to occupy the market and seize market share, and they are in the stage of staking, with high product homogeneity and few characteristic products. However, in the long run, the asset management industry will gradually develop in a more specialized and differentiated direction, become bigger and stronger based on its own comparative advantages and market competitiveness, and the market structure will gradually become centralized. Judging from the endowment resources of financial institutions, bank customers are rich in resources and the asset management model is gradually mature, but the problem of rigid redemption of wealth management products is outstanding, and the internal control and supervision system of wealth management business needs to be improved; Securities companies and fund companies have strong investment and research strength in the capital market, but their innovation and development ability needs to be improved, and the domestic capital market is not working well, which leads to the poor development of related businesses; Trust companies have advantages in the field of entity investment and financing, but the development space of traditional business areas has narrowed, and the direction and process of transformation are still unclear; Insurance companies have the advantages of large capital scale and long term, but the main source of entrusted funds for insurance asset management is insurance funds, and the source of funds is limited, so the transition from buying a house to selling a house needs to adapt to market testing; Futures companies have been carrying out asset management business for a short time, and they are faced with the problems of talents and business model.
In terms of cooperation, various asset management institutions have also continued to cooperate strongly, such as the cooperation mode of bank securities, bank credit and credit securities, which has enhanced the cohesion and specialization of China's asset management industry. Take the sales of asset management products as an example. At present, banks can sell all kinds of asset management products on a commission basis, and banks have become the most important sales channels for asset management products such as insurance and funds. Securities companies can sell insurance products and trust products on commission, and insurance institutions can also sell publicly issued funds on commission. Comparatively speaking, only trust companies cannot sell other financial products on a commission basis. Establishing a wider cross-selling channel is conducive to establishing a broader asset management platform, satisfying investors with more diversified asset management needs with more diversified products and services, enhancing customer loyalty and stickiness, and increasing income sources.
Generally speaking, China's asset management industry is still in a period of extensive development, with incomplete asset management chain, insufficient specialization, lack of high-end professionals in asset management and asset management product evaluation and consulting institutions, and low transparency in industry development. The investment risks faced by investors cannot be ignored.
Four trends of asset management industry
China's asset management industry is still accelerating, and the next four trends are worthy of attention:
First, the top-level design of the asset management industry is expected to accelerate. At present, China's asset management industry is affected by separate supervision and is in a state of division, and some areas are not covered. At present, various asset management products have different models, different standards and different starting points, which leads to various types of nesting to avoid regulatory requirements, forming puffy industry development and hiding financial risks. Therefore, the regulatory authorities are gradually accelerating the top-level design of the industry, achieving equal competition among institutions and orderly development of the industry.
Second, the professional development of the asset management industry has accelerated. The specialization of asset management industry mainly involves: first, business specialization. Banks, brokers, insurance and other financial institutions continue to attach importance to the development of asset management business, accelerate the establishment of asset management subsidiaries or business divisions, and continue to promote the professional development of asset management business; Second, positioning specialization. Financial institutions need to focus on specific asset management areas according to their own characteristics, instead of grasping eyebrows and beards to achieve differentiated positioning and characteristic management; Third, the specialization of talents, and constantly cultivate and introduce more professional asset management talents. Talent is the core factor supporting the development of asset management industry.
Third, the pace of internationalization, standardization and diversification of products in the asset management industry has accelerated. At present, the products in China's asset management industry are relatively single and homogeneous, with many private placements, poor liquidity and insufficient product allocation. In the future, asset management institutions will further strengthen the globalization of asset allocation, enhance the diversification of investment, strengthen the supply of standardized products, meet the investment and financial needs of more non-high-net-worth people, or study pension financing according to the aging trend to achieve product focus and market segmentation focus.
Fourth, the concentration of the asset management market has gradually increased. At present, China's asset management industry is still in the stage of extensive development. Under the background of the gradual opening of the industry, various institutions have accelerated to seize the market and make it large-scale. With the gradual saturation of the market and the improvement of competition level, some asset management institutions that are not competitive in the market are gradually eliminated by the market, realizing the survival of the fittest and the optimal allocation of industry resources, thus effectively enhancing the concentration of the industry and promoting the effective competition and innovative development of the industry.
The content is reproduced from the official account of WeChat.