A, different management subjects.

The main body of collective asset management business is a securities company established according to law and approved by the regulatory authorities to engage in this business, and the main body of securities investment fund management is a fund management company established according to law.

B. the code of conduct is different.

A securities company shall set up a collective asset management plan and carry out collective asset management business according to the collective asset management contract, relevant laws, administrative regulations and these Trial Measures. The establishment and operation of securities investment funds shall be implemented in accordance with the Securities Investment Fund Law and other relevant laws, administrative regulations and departmental rules.

C. different market positioning and customer groups.

Collective asset management business is aimed at specific investors with certain investment experience and risk-taking ability, while securities investment funds are mainly aimed at ordinary public investors. The "Trial Measures" clearly stipulates that the limited aggregate asset management plan accepts no less than RMB 50,000 for a single customer; The indefinite aggregate asset management plan accepts no less than RMB 654.38 million for a single customer. There is no limit to the number of participating customers in the collective asset management plan, but it is determined and adjusted by the market.

D. different promotion methods.

Unlike securities investment funds, collective asset management plans may not be publicly sold or promoted. According to the provisions of the Trial Measures, securities companies and promotion agencies are not allowed to publicize the collective asset management plan through public media such as radio, television and newspapers. At the same time, customers participating in the collective asset management plan should already be customers of relevant securities companies or promotion agencies.

In short, although both the collective asset management plan and the securities investment fund belong to the asset management business types, there are obvious differences between them, and they are highly complementary in business development, which can meet the investment preferences of different investors and promote the development of asset management business in China's financial market. I hope this helps.