China fund newspaper Wu Lu

On June 5438+1October 65438+March 2023, official website, the CSRC, issued the Reply on Agreeing to Establish Schroeder Fund Management (China) Co., Ltd., officially approving the establishment of Schroeder Fund Management (China) Co., Ltd. (hereinafter referred to as "Schroeder Fund").

Source: CSRC website

According to the announcement of the CSRC, the registered capital of Schroeder Fund is 260 million yuan, which is controlled by Schroeder Investment Management 100% under Schroeder Investment Group. According to relevant regulations, Schroeder Fund was established within 6 months from the date of approval, with full capital contribution, election of directors, supervisors and appointment of senior management personnel.

According to the data, Schroeder Investment Group was established in 1804 with a history of more than 200 years. After countless market cycles, it has formed the characteristics of paying attention to risk management, cross-market and multi-asset investment. At the same time, as an institution headquartered in Europe, Schroeder Investment is also an active practitioner of ESG investment. Official website data show that. As of June 30, 2022, Schroeder's investment management scale was 773.4 billion pounds (about 6.33 trillion yuan).

Lieven Debruyne, head of global business of Schroeder Investment Group, said in a press release: China is the top priority of Schroeder's global strategy. The approval of the public offering license marks a key step for Schroeder's all-round development in China, and strengthens Schroeder's confidence in continuing to expand his business and investment in China.

Li Dingbang, Source: Schroeder

Guo Wei, president of Schroeder Investment China, said: With the further opening of China's financial market by the China government, it is believed that China's fund retail market and pension market are ready for the differentiated investment scheme of overseas investment institutions.

Guo Wei, Source: Schroeder

Before the license was approved, Schroeder had made great efforts to recruit talents. In February 2022, an yun, former deputy general manager of Changxin Fund, joined Schroeder as the chief investment officer of the wholly-owned public offering business in preparation. In recent years, the exchange with domestic and foreign capital tends to be frequent, but the flow at the level of deputy general manager is relatively small.

On June 6, 2023, an yun published a research opinion that the optimization of epidemic prevention policy exceeded expectations and may bring strong positive effects to the economic recovery in 2023. The main goal of the government in the next six months or longer is to revive the economy, and there may be corresponding policy measures and implementation means in the future. On the one hand, the focus of the policy is domestic demand, on the other hand, industrial upgrading. Three years after the outbreak, residents have accumulated huge excess savings. When the time is ripe, consumers' risk appetite will pick up, and consumption and service demand are expected to pick up gradually.

Layout of China for 28 years

Lodz Bank Finance, Public Offering of Fund

Since 1994 set up its first representative office in Chinese mainland, Schroeder has been in China for 28 years and is one of the most widely distributed foreign-funded institutions in China.

It has domestic entities such as Bank of Communications Schroeder Fund, Bank of Communications Schroeder Financial Management and Schroeder Fund. Among them, Bank of Communications Schroeder Fund was established in 2005, and Bank of Communications Schroeder is one of the first bank background fund companies in China, headquartered in Shanghai, China. According to the statistics of China Asset Management Association, according to the average monthly non-goods scale in the third quarter of 2022 (excluding short-term financial bond funds and fund-in-fund FOF), Bank of Communications Schroeder Fund ranks 12 among more than 00 domestic public offerings.

Source: China Asset Management Association.

Schroeder's other son, "Schroeder Bank of Communications Finance", who invested in China, holds 565,438+0% of the shares, and Bank of Communications Finance holds 49%. On March 3rd, 2022 1, the first wealth management product of Schroeder Bank of Communications-Schroeder Bank of Communications An Deyu Multi-asset Steady1closed 220 1 wealth management product was raised. It is reported that as of the end of the subscription period on March 3 1 day, the product * * * raised more than1500 million yuan. A person from the financial market department of a joint venture told the reporter: Under the market conditions at that time, the issuance situation was good.

Schroeder Bank of Communications Finance recruits talents in a market-oriented way. For example, Fu Haining, the head of its equity investment, once worked in Qianhai Kaiyuan. Up to now, the products of Schroeder Bank of Communications Finance currently include Derun, An Deyu, Deheng, Detian and Dehong series, with risk levels ranging from R2 to R5. The information website of China Wealth Management Network contains 36 pieces of information about the wealth management products of Schroeder Bank of Communications.

Accelerate the opening of asset management industry.

Since June 2022 165438+ 10, the opening of China's asset management industry has been further accelerated, and major events have continued.

On June 8, 2022 165438+ 10, the equity transfer of TEDA Manulife Fund was approved, and it became a fund company controlled by Canadian financial giant Manulife Financial Group 100%. On October 25th, 2022, the 165438+ Lubomai Fund, which is held by Lubomai Group 100%, was approved for opening. On February 9, 2022, Fidelity International's 65438+ Fidelity Fund, which holds 100%, was allowed to open. The approval of Schroeder Fund is the fourth major event in the wholly foreign-owned public offering circle in the past two months.

Together with BlackRock Fund, which was opened in June, 20021,since the CSRC lifted the restrictions on the proportion of foreign shares held by securities companies and fund management companies in April, 2020, there are currently five fund companies in China that have publicly raised foreign capital 100%.

What is the development of the wholly foreign-owned public offering that has been opened? Let's take a look.

In August 2020, BlackRock, the world's largest asset management institution, took the lead in obtaining the first domestic and foreign public offering license. In the past two years, more and more wholly foreign-owned Public Offering of Fund management companies "landed" in China, which opened a great era for Chinese and foreign asset management institutions to compete on the same stage.

In terms of product layout, BlackRock is the fastest among the newly approved foreign fund companies because of its early establishment. As of 65438+1October 65438+March, BlackRock Fund has issued four funds, including BlackRock China New Vision and BlackRock Hong Kong Stock Connect Vision, with product types covering mixed stocks and mixed bonds. In addition, BlackRock's three other funds, including China Securities Interbank Deposit AAA Index, are in the declaration and approval stage.

Wind data shows that as of the end of the third quarter of last year, BlackRock managed a total of 5.474 billion yuan of non-monetary funds, ranking 129 in the industry.

Source: wind

In order to support the rapid development of the company, BlackRock Fund completed two capital increases in May and June last year 165438+ 10, and the major shareholder BlackRock Group subscribed for the newly-increased registered capital. After the capital increase, the registered capital increased from 300 million yuan to 700 million yuan, and the capital increase rate was as high as 133%.

In addition, Fidelity Fund and Lubomai Fund have reported their initial public offerings, and their products will be available soon.

Source: wind

In addition to these established funds, there are many wholly foreign-owned public offering funds in preparation.

For example, Morgan Stanley has also submitted more than 5% applications for shareholder change, and the application has also received regulatory feedback, which is only one step away from becoming a wholly foreign-owned fund company.

According to the website of China Securities Regulatory Commission, Lianbo Fund and Fanda Fund have submitted applications for the establishment of Public Offering of Fund management companies, and will join the "army" of wholly foreign-owned fund companies after being approved in the future.