The development of subsidiaries of trust companies is still in the initial stage and exploration stage. Compared with other financial institutions, top-level regulatory policies are absent, product diversification is insufficient, and business maturity and professionalism are relatively lagging behind. Trust companies should establish corresponding management and control modes according to the different types of professional subsidiaries, regulatory requirements, management level and strategic positioning under the premise of maintaining the independent legal person operation autonomy of professional subsidiaries.

I. Development Status of Trust Subsidiaries

(1) type layout

1. Direct investment subsidiary

Direct investment subsidiaries are institutions directly or indirectly controlled by trust companies and mainly engaged in private equity investment. It is the strategic carrier for trust companies to deploy investment business, mainly represented by Ping An Innovation Capital Investment Company of Ping An Trust, Zhongrong Ding Xin Asset Management Company of Zhongrong Trust and CITIC Juxin Capital Management Company of CITIC Trust.

2. Fund subsidiaries

With the advent of the "era of big asset management", the advantages of the traditional trust business system no longer exist. The emerging asset management platform, represented by the asset management business of fund companies' subsidiaries and securities firms, has become the new darling of the asset management market with its unique advantages of regulatory policy, cost and efficiency.

Based on the needs of exhibition industry and market competition, some trust companies hold or participate in Public Offering of Fund companies, and then set up subsidiaries to carry out trust-like business. On the one hand, they make full use of the differentiated conditions under cross-disciplinary supervision to provide a "channel" for continuing traditional business; On the other hand, it will pave the way for the real layout of Public Offering of Fund business in the future. As of June 20 14, a total of 25 fund companies are controlled by trust companies or held in parallel with other companies, of which 18 have established fund subsidiaries.