At least three years ago, Public Offering of Fund's work, whether investment or sales, was very glamorous. After all, their per capita output value is very high. However, in the past two years, the secondary market, mainly the stock market depression, coupled with the increase in the number of fund companies, has made the overall life of the fund industry more and more difficult. At present, the sales of fund companies mainly rely on channels, among which banks and brokerage channels are the mainstream. In order to promote sales, the fund company returns the subscription fee to the bank and the transaction volume to the brokerage firm (in fact, the promised transaction volume can't be realized at all). Therefore, when a fund is issued, the fund company only earns management fees, and even sometimes it has to pay back the money in order to issue the fund. Please help the fund to subscribe and ensure that the fund can be issued.
Since the end of 20 12, Public Offering of Fund started to set foot in the asset management business of specific customers by setting up fund subsidiaries. Specific customer asset management business refers to investing in "equity, creditor's rights and other property rights that have not been transferred through the stock exchange and other assets recognized by the China Securities Regulatory Commission." Through this business, fund companies will extend their tentacles to the real economy, which was basically monopolized by trusts. After the fund subsidiaries entered this market, they quickly took over with many advantages, such as low channel fees, less supervision (such as bills and real estate projects that some trusts dare not do, and now the regulatory authorities have noticed this) and no capital consumption. I contacted a trust company, which even handled some sensitive projects at the regulatory level through the channels of its fund company subsidiaries. In particular, the fund subsidiaries of the banking department have basically taken over most of the channel business of the bank and achieved rapid expansion in scale.
However, it is unsustainable for Public Offering of Fund to achieve large-scale cornering overtaking through the channel business of fund subsidiaries; The regulators also noticed sturm und drang of the fund subsidiary. In the next step, if the regulatory authorities increase the supervision of the fund subsidiaries, the fund subsidiaries will not have much advantage in the face of the operating experience accumulated by trust companies in the past 20 or 30 years.
In the future, the public offering of funds will focus on actively managed investments.
In short, private equity funds are mainly divided into private equity investment funds and private equity funds. As the name implies, the former mainly invests in the securities market, such as Zexi and Shang Ya. The latter mainly invests in non-standard equity, such as Jiuding Investment. The specific operation modes are company system and limited partnership system.
Most excellent private equity investment funds are composed of fund managers and investment directors who are initially publicly issued. Because the ultimate incentive system of private equity funds is revenue sharing, private equity fund managers pay more attention to the absolute income of high-quality products than those who only pay attention to large-scale public offerings with management fees. Private equity has a higher investment threshold, mainly for high-net-worth customers, and those private equity products that are relatively bullish are not worried about sales at all.
As for private equity investment funds, they have developed rapidly in recent years, especially represented by limited partnership. In fact, these companies began to seize some of the original trust markets.
Generally speaking, the private equity market is mixed, with many bullish companies and many fake companies, just making up the numbers.
In April this year, the CSRC set up the supervision department of private equity funds, saying that private equity should be included in the supervision, and the filing of private equity has also been carried out. It is said that in the next step, the license boundaries between public offering and private placement will gradually blur: public offering can issue private placement products through special accounts and accept the supervision of private placement fund supervision departments; Private placement can issue public offerings and accept the supervision of institutional departments.