Asset management products are public fund management companies or securities companies approved by regulatory agencies that raise funds from specific customers or accept property entrustment from specific customers to serve as asset managers. The custodian institution serves as the asset custodian and uses it for the benefit of the asset client.

A standardized financial product that entrusts property for investment.

There are currently 91 public funds in my country, but the China Securities Regulatory Commission has only approved 67 public funds to set up wholly-owned subsidiaries to do specific asset management businesses (these can be queried on the China Securities Regulatory Commission website). The differences between asset management products and trust products: Similarities: 1. Must be reported to the regulatory authorities, trusts are supervised by the China Banking Regulatory Commission, and asset management plans are supervised by the China Securities Regulatory Commission; 2. There are strict regulations on capital supervision, information disclosure, etc.; 3. The subscription methods are the same, and the project contracts and instructions are similar; 4. They are essentially the same but have different channels. They are all investment and financing platforms and can span multiple fields such as capital markets, money markets, and industrial markets. Differences: 1. There are only 68 trust companies in the country, and only 67 asset management companies. License resources The scarcity is more obvious; 2. Asset management companies have strong investment research capabilities, especially in macroeconomic research, industry research, etc.

Selecting investable projects under the guidance of such a research team can effectively increase the bargaining power of financiers and reduce investment risks; 3. The trust must be reported to the China Banking Regulatory Commission once, and it can be established after raising funds; the asset management plan must be reported twice

, one filing is made at the beginning of the fundraising, one capital verification filing is made after the fundraising is completed, and the capital verification is established two days later; 4. The asset management plan has dual credit enhancement and has undergone dual risk review by the asset management company and the supervisory authorities. 5. The asset management plan is small amount

Unlimited play, up to 200 places 6. High income, asset management plans are generally 1%/year higher than trust plans; short term, asset management plans generally do not exceed 2 years Future trends: Fund special asset management plans are advocated by the China Securities Regulatory Commission

As a result of financial innovation, due to strict supervision, flexible operation, higher returns, unlimited small amounts, professional management and other advantages, it is an inevitable trend in the future for special asset management of funds to be used to spin off trusts or launch trust-like products.

Questions and Answers on Special Asset Plans of Fund Subsidiaries 1. How to understand the “rigid redemption” of the trust-like business of fund subsidiaries?

First of all, "rigid payment" is an attitude of the regulatory authorities.

The trust-like business of fund subsidiaries has strong “rigid payment” expectations, which can be understood from the following aspects.

1. Supervision level: The "rigid redemption" of the trust industry is an attitude of the China Banking Regulatory Commission, which has no explicit regulations.

The China Securities Regulatory Commission and the China Banking Regulatory Commission are at the same level, and the China Securities Regulatory Commission's supervisory style is more robust.

The China Banking Regulatory Commission controls the total amount, while the China Securities Regulatory Commission controls the amount beforehand. We can see from the number of filings by fund subsidiaries that although the China Securities Regulatory Commission has liberalized the trust-like business of fund subsidiaries, it still adopts a prudent regulatory attitude.

The CSRC maintains its strict regulatory style by reporting before raising funds and reporting again after raising funds.

2. Industry development level: Since fund subsidiaries have just begun to develop, their initial business guides the development of this industry. Therefore, companies in the industry are very cautious in operating business. This also explains why there are 67 fund subsidiaries.

was established, and most of them are "one-to-one special asset management business."

3. Fund subsidiary level: Fund subsidiaries are backed by strong shareholder backgrounds, and their risk resolving capabilities are also very strong, no worse than trusts (mainly including resolving the risk control system of the product itself, major shareholders taking over, and the four major asset managements taking over,

Private equity institutions take over, insurance funds take over, etc.).

The trust-like business teams of fund subsidiaries are almost all trust talents. His management style and risk control system continue the rigorous style of the trust industry.

4. License level: Trust-like licenses are still very valuable, which is why after the policy was liberalized, all fund subsidiaries rushed to compete for this license. No fund subsidiary dared to be the first to break the "rigid redemption" and thus be regulated.

Conduct layer-by-layer inspections, and even suspend or stop special businesses (i.e., quasi-trust businesses).

5. Personnel and business level: The fund subsidiaries are all developed by tapping talents in the trust industry, and they are all the backbones of the trust business, risk control backbones, and middle- and high-level leaders. They are all the elites of the elites in the trust industry. Their business standards can be said to be

Much higher than the average level of the trust industry, they are more comfortable in acquiring high-quality trust projects, financing design, and risk control, thereby ensuring "rigid redemption."

2. Fund subsidiaries are supervised by the China Securities Regulatory Commission. The ups and downs of the stock market and the products of public funds have hurt investors. The trust-like products of fund subsidiaries always make people feel that the risks are high. What should I do?

Target customers: The starting point for subscription of public funds is 1,000 yuan, and most of his customer groups are not our high-net-worth customers.