The pilot project of investment custody business in Public Offering of Fund has been completed for one year. In this short period of one year, the list of institutions with pilot qualifications has been expanded to 18, including 5 public offerings and their subsidiaries, 7 brokers, 3 banks and 3 third-party fund sales institutions.
Due to the different industries and styles of these institutions, some institutions have taken the lead in launching special investment products. The first is Public Offering of Fund Company, followed by the third-party fund sales company. Brokers and banks started relatively late on this track, and some companies launched investment products.
Fund investment business is undoubtedly a blue ocean. More importantly, it helps investors to improve the fund investment experience and solve the pain point of "the fund makes money, but the people don't make money".
18 how is the college progressing?
20 19124 October, the institutional department of CSRC issued the Notice on Doing a Good Job in the Pilot Work of Public Offering of Securities Investment Funds (hereinafter referred to as the Notice). It is mentioned that the pilot institution of fund investment consultant is engaged in fund investment consulting business, and can accept the entrustment of customers, provide them with strategic suggestions of fund investment portfolio according to the agreement, and obtain economic benefits directly or indirectly.
The above-mentioned Notice is also the first time that the regulatory authorities have clearly stipulated that the approved institutions can make investment decisions of publicly raised funds on behalf of customers and execute related transaction applications. After the announcement of the Notice, the first batch of business pilot institutions were five public offerings or subsidiaries, including Huaxia Fund, southern fund, E Fund, China Europe Fund and harvest fund.
20 19, 12, three third-party fund sales organizations, namely, An Teng Fund, Ant Fund and Inmeter Provident Fund, obtained the pilot qualification of fund investment business; On February 28th, 2020, seven securities firms, including CITIC Jiantou, CICC and Guotai Junan, and three banks, namely Industrial and Commercial Bank of China, Ping An Bank and China Merchants Bank, successively obtained the pilot qualification of fund investment business.
Public Offering of Fund has the natural advantages of issuing and managing funds, and has become a pioneer in fund investment products. Many companies have launched investment services online. Then, the third-party fund sales organizations with online user advantages, including An Teng Fund, Ant Fund and Mi Ying Fund, all launched online fund investment services. In April this year, Ant Fund launched the "Help You Invest" investment service; In August, Tencent Wealth Management launched "Investment Together"; On June 5438+ 10, Mi Ying Fund launched the "Four Money" investment service upgrade plan.
Among the brokers approved for investment pilot, several also tried to launch investment services, such as "Ran Ran Lexing Investment" launched by Huatai Securities, "Star Exchange" launched by Shen Wan Hongyuan and "Jun Xiang Investment" launched by Guotai Junan. Compared with other platforms, the fund investment service launched by banks is relatively late, but there are also positive preparatory actions in the near future.
Look at the "melee" is on the verge.
From the mode point of view, the fund investment services launched by approved institutions mainly include the following categories: First, Public Offering of Fund relies on its subsidiaries to carry out investment services, such as "Huaxia Tea Wisdom Investment" launched by Huaxia Fortune, a subsidiary of Huaxia Fund, "Harvest Wealth Investment Account" launched by Harvest Fortune, a subsidiary of harvest fund, and "Water Drop Investment" launched by China Europe Money Rolling Platform, a subsidiary of China Europe Fund; Second, southern fund launched "Sina Investment" jointly with Tian Tian Fund, a third-party organization. Subsequently, other fund companies have also cooperated with Tian Tian Fund; Third, the investment services launched by third-party fund sales organizations, banks and brokers themselves; Fourthly, the mutual cooperation between authorized institutions is mainly the cooperation between third-party fund sales organizations and Public Offering of Fund.
Different from other institutions with strong shareholder background or natural advantages, Mi Ying Fund is an entrepreneurial company. Xiao Wen, CEO of Mi Ying Fund, said in an interview with the media that the investment business should be diversified, because different institutions will present different investment services. For example, fund companies may help people solve the wealth problem from the perspective of investment; Sales companies and wealth management companies should solve the problem of wealth preservation and appreciation from the perspective of "care". If the fund company is divided into seven shares and three shares, the sales company may be divided into three shares and seven shares. Different investment forms and characteristics can promote the rapid development of the whole industry.
In this "melee" of fund investment and care business, we can see that Public Offering of Fund and third-party fund sales organizations have the highest investment enthusiasm, while brokers and banks are relatively slow.
On the occasion of the first anniversary of fund investment, a number of pilot institutions have tried to seize more market resources.
Diversification is more conducive to the development of the industry
At present, the most discussed problem in the industry is how to solve the phenomenon that "funds make money, but citizens don't make money".
Xia Feng said that the above phenomenon does exist. In this case, all parties have certain responsibilities. First of all, the basic people do not have a good sense of risk, and there is a typical situation of chasing up and killing down. From the data of the new fund, it can be clearly seen that the market is rising and the sales of the new fund are hot; The market is depressed, new funds are difficult to sell, and even no one cares.
Secondly, fund companies and sales platforms rely on scale to survive. In order to expand the sales scale and earn management fees, they tend to publicize the security of bond funds in the low position of bear market and the income of stock funds in the high position of bull market. This has also led to the difficult situation that the fund makes money for a long time and the people don't make money. In fact, the real way to make money is to enter the market when the market is depressed and sell it when the bull market is high. Fundamentally speaking, the phenomenon that funds make money and people don't make money is determined by this sales orientation of the fund industry.
The launch of fund investment services aims to help investors get a better investment experience and expected returns. The industry's understanding of investment and care is more from the perspective of "investment" and "care"
People related to Huaxia Wealth believe that investment and caring services, viewed separately, are the abilities of "investment" and "caring", and the standards of these two points are different. For the ability of "investment", there may be various indicators and data that can be clearly ranked and compared. However, the ability of "Gu" is difficult to measure and cannot be measured in a short time. Gu's measure is "whether the customer is satisfied", but is satisfaction a satisfactory service or a satisfactory income? Are you satisfied with your expectations, or are you satisfied with reaching the best level in the market? This indicator may be difficult to quantify. But it may also be the place where the core competitiveness and moat are formed.
Compared with the three major industries of public offering, brokerage and banking, it is believed that banks with more outlets, good customer base and more wealth management have natural advantages in the "care" side; Brokers with strong investment and research teams have comparative advantages in "investment"; Fund companies that issue public offerings have the most advantages in "investment".
Relevant persons in harvest fund said that the focus of future investment and care will be to help customers make better decisions, not to help customers choose better products. If a solution is only delivered to customers, it will not create value. Only when services are truly made into products, non-management investment based on "care" is the core value source of investment care business.
At present, the fund investment business has been launched for one year, and this is only the beginning of the industry.
Xia Feng believes that the investment and care business is the long-term development direction of the fund industry, and the future is bright, but the road is tortuous and long, and it will take at least 3-5 years to be gradually established.
"If we look at the development path of the American fund industry, we will find that before the 1980s, they also focused on sales and sold funds according to scale, regardless of whether users made money or not. However, after the United States launched the 40 1K plan, the investment demand of funds increased rapidly, and the investment demand was also very strong. Moreover, after the commission was liberalized, major institutions also actively developed investment and reduced their dependence on sales commissions. " Xia Feng said.
"At present, the biggest difficulty in fund investment business is how to establish a diversified ecology." Xia Feng believes that from the current pilot institutions, the threshold is very high. However, the investment business is close to users and grounded. How to lower the threshold of investment business, so that diversified small and medium-sized platforms can get development opportunities, and how to ensure the safety of investment asset account management and fully protect the interests of investors? This is a design that needs to be improved in the diversified investment ecology.