Asset management business belongs to light capital business, which does not consume capital or occupy venture capital, and belongs to off-balance sheet or intermediate business of commercial banks.
Although the functions undertaken by asset custody institutions are relatively simple, there are several cases of different custody efforts in China. There are basically three modes of asset custody operation. One is strong custody, which means that the information flow and capital flow in the investment process need to be substantially monitored and supervised, such as Public Offering of Fund, social security, enterprise annuity, insurance funds, etc. One is weak custody, which refers to the large asset management industry. One is non-mandatory custody, which refers to private equity funds, P2P, etc.
At present, the scale of asset custody in China is concentrated in national banks, but as long as there is capital flow in the future, there will be custody business opportunities. From the initial closed-end and open-end funds, to social security funds, enterprise annuities, asset management plans, insurance funds and other custody varieties emerge one after another, as well as asset securitization, bond issuance funds, IPO increase, equity pledge, industrial development funds, private equity funds, bond issuance funds, industrial development funds, government rescue funds and so on. Will usher in greater development. We should pay attention to further deepening the real economy, grasp the characteristics of capital liquidity, and actively explore custody business opportunities.
Although the asset custody business is a typical intermediary business, with charging as the main means of profit, the future asset custody business must have a platform function orientation and will become a link between major financial market sectors. The future asset custody business should be built into a business matching platform connecting the asset side and the liability side, and provide a one-stop comprehensive financial service platform including product design, asset recommendation and sales channels. , can not only collect information, but also integrate resources. Infiltrate the custody business from the back end of the investment chain to all links of the investment chain, greatly expand the service scope of the asset custody platform, enhance the comprehensive service capability, and make the asset custody department not limited to the asset custody business.
For example, Bank of New York Mellon is a unique custodian bank. Although the United States was seriously affected by the epidemic, Mellon Bank's performance was stable under the epidemic, with little dependence on spreads. These are mainly due to the fact that Meilong mainly relies on intermediary business, with less traditional credit business, less credit risk and less provision, so it is less affected by the epidemic. The concentration of the custody industry is high, and the custody industry wins by scale, and the scale expansion reduces the marginal cost, but the global custody industry still has an upward trend of industry concentration. Compared with China, China's hosting market has a larger development space. As an intermediate business with low capital occupation, custody business has strong anti-risk ability and is paid more and more attention by listed banks.