In 2022, nearly 10 bank financial management companies, including BOC Financial Management, Bank of Communications Financial Management, Industrial Bank Financial Management, and CNCBI Financial Management, have implemented preferential rates for some products, involving fixed management fees and sales service fees. , custody fees, etc.

Industry insiders said that the current scale ranking pressure of bank wealth management companies has increased. Lowering the fee rate can increase the competitiveness of products in sales channels and increase the company's asset management scale.

Significantly lower the fixed rate

On February 23, CNCBI Financial Management issued an announcement stating that it had decided to fix the management of CNCBI Financial Management’s Quanyingxiang Fixed Income Steady Annual No. 8 financial product Periodic discounts will be provided for fees, sales service fees, and custody fees. From March 3, 2022 to March 31, 2023, the fixed management rate and sales service rate will be reduced from 0.30%/year to 0.05%/year. The custody fee is reduced from 0.05%/year to 0.03%/year.

BoCom Financial Management and Nanyin Financial Management have also recently offered preferential rates for many financial products. Taking Bank of Communications Wealth Management's 1-year closed-end No. 1 wealth management product Steady Life and Huili as an example, from February 9, 2022 to March 7, 2023, the fixed management fee will be reduced from 0.20%/year to 0.05%/year . From February 7 to June 30, 2022, the fixed management fee of Nanyin Financial Management’s Zhulianzhiyuan Balanced ESG Theme (minimum holding period of 364 days) product will be reduced from 0.8%/year to 0.4%/year.

Some products even have zero rates. On February 21, BOC Wealth Management issued an announcement stating that the company will offer discounts on the fixed management rate of BOC Wealth Management-Wenfu (14-day holding period) products from February 22 to March 31. The fixed management rate will be reduced from 0.10%/year to 0.00%/year. Starting from April 1, 2022, the fixed management rate of products will be reduced from 0.10%/year to 0.05%/year.

However, some companies have increased their fixed product management rates. On February 17, China Asset Management issued an announcement stating that China Asset Management Longying Hybrid G ??No. 70 one-year fixed-term partial debt financial product plans to adjust the fixed management fee from 0.20%/year to 0.30 starting from March 2, 2022. %/Year.

Floating rates have increased

Different from the reductions in fixed management rates and sales and service rates, the excess management rates for many products have been increased recently. , this situation is relatively rare.

On February 18, ABC Financial Management issued an announcement stating that starting from the closed period starting on April 6, 2022 (including that day), the "ABC Enterprising Half-Year Open" fixed income will be enhanced to the fourth The performance comparison benchmark for futures RMB financial products has been adjusted from 3.55% to 3.75%. Starting from April 6 (inclusive), product managers’ excess performance share will be increased from 0%/year to 40%/year.

On February 23, China Asset Management issued an announcement stating that the excess management fee rate of China Asset Management’s Longying fixed-income fixed-income one-year open-ended net-worth financial product (No. 007) is planned to be adjusted from 30% to 50%. %.

The excess management fee rate is a type of floating fee rate. It means that when the performance of the product exceeds the preset performance comparison benchmark, the performance remuneration is charged according to a certain proportion of the portion exceeding the accrual benchmark. A model that effectively binds the interests of managers and investors.

According to industry insiders, the sales costs and custody costs of bank wealth management products are not high, and excess management fees are an important source of income for banks’ wealth management business.

There is pressure on scale rankings

As for why some products have increased their excess management fees, some people in the industry said that this may be because it is more difficult for financial products to make profits under the current market conditions. By increasing excess management rates, management fee income can remain stable. In addition, as the excess management fee rate is a manifestation of the asset management capabilities of bank wealth management companies, it is reasonable to increase it under the current market conditions.

As for the reduction of fixed rates for bank wealth management companies’ products, Zhou Yiqin, a senior financial regulatory policy expert, said that there may be two reasons: First, as the overall scale of bank wealth management companies increases, the pressure on operating performance has been released. , the fee rate is no longer a rigid requirement. At present, various bank financial management companies, especially the leading companies, are under great pressure in terms of scale and ranking. By lowering the fee rate, some new customers can be attracted; secondly, the market funds have been loosened recently, and the income from financial products has increased. Due to the decline in interest rates, the net worth of some financial products has dropped significantly due to their involvement in the equity market. This move by financial management companies is also to appease customers by giving away profits.

Some people in the industry believe that this is mainly to enhance the competitiveness of products in sales channels and increase the scale of asset management. On the one hand, it is to cope with the squeeze from the same industry, and on the other hand, it is to cope with the competition in the fund industry. It is understood that many fund companies have recently lowered product fee rates, and some companies have even introduced measures to waive management fees for loss-making funds.

Industry insiders revealed to a reporter from the China Securities Journal that currently various bank wealth management companies are facing certain pressures on scale growth and ranking, and it is expected that 2022 will be a year for bank wealth management companies to "race their way" to add new channels. . The reporter also noticed that since July 2021, many bank wealth management companies have established agency sales cooperation relationships with other banks, and some companies have also opened direct sales channels. As for the entire bank financial management industry, its scale may be rising steadily. Everbright Securities Wang Yifeng's team predicts that overall, the new scale of financial management in 2022 is expected to be roughly the same as the previous year, and the existing scale at the end of the year may exceed 30 trillion yuan.

(Wang Fangyuan)

Source: China Securities Journal·China Securities Network

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