The difference between asset management products and trust products;
Similarities:
1. must be reported to the regulatory authorities. Trust is supervised by CBRC, and asset management plan is supervised by CSRC;
2. There are strict regulations on fund supervision and information disclosure;
3. The subscription method is the same, and the project contract and manual are similar;
4. Different channels with the same essence belong to investment and financing platforms, which can span many fields such as capital market, money market and industrial market;
Difference:
1. There are only 68 trust companies and 67 asset management companies in China, and the scarcity of license resources is more obvious;
2. Asset management companies have strong investment and research capabilities, especially in macroeconomic research and industry research. Choosing investable projects under the guidance of such a research team can effectively increase the bargaining power of financiers and reduce investment risks;
3. The trust has been reported to the China Banking Regulatory Commission for 1 time, and it can be established if it is fully raised; The asset management plan shall be submitted twice, at the initial stage of raising 1 time, and after the full raising, the capital shall be verified 1 time, and the capital verification shall be established two days later;
4. The asset management plan has a double credit, which has been reviewed by the asset management company and the regulatory authorities.
5. The asset management plan is small, with a maximum of 200 places.
6. The income is high, and the asset management plan is generally higher than the trust plan 1%/ year; The term is short, and the term of the asset management plan is generally not more than 2 years.
Future trend: the fund special asset management plan is the result of financial innovation advocated by CSRC. Due to the advantages of strict supervision, flexible operation, high income, unlimited small amount and professional management, it is an inevitable trend to split trusts or launch trust products by using fund special asset management in the future.
Answering questions on special assets planning of fund subsidiaries
1. How to understand the "rigid redemption" of quasi-trust business of fund subsidiaries?
First of all, "rigid redemption" is an attitude of the regulatory authorities. The quasi-trust business of fund subsidiaries has a strong expectation of "rigid redemption", which is mainly understood from the following aspects.
1. Regulatory level: The "rigid redemption" of the trust industry is an attitude of the CBRC, which is not expressly stipulated. The CSRC and the CBRC belong to the same level, and the supervision style of the CSRC is more stable. The CBRC controls the total amount, and the CSRC controls it in advance. It can be seen from the filing times of fund subsidiaries that although the CSRC has liberalized the quasi-trust business of fund subsidiaries, it is still cautious in its regulatory attitude and maintains a strict regulatory style of filing before raising and filing again after raising.
Second, the development level of the industry: As the fund subsidiaries have just started to develop, their initial business guides the development of the industry, so the companies in the industry are very cautious in their business operations, which also explains why 67 fund subsidiaries have been established, and most of them are "one-on-one special asset management business".
Iii. Level of fund subsidiaries: The fund subsidiaries are backed by strong shareholders' backgrounds, and their risk resolution ability is also very strong, which is not worse than trust (mainly including the resolution of the product's own risk control system, the takeover of major shareholders, the takeover of four major asset management companies, the takeover of private equity institutions, and the takeover of insurance funds. ). The trust-like business teams of fund subsidiaries are almost all trust-digging talents. His management style and risk control system continue the rigorous style of the trust industry.
Fourthly, the license level: the quasi-trust license is still very valuable, which is why after the liberalization of the policy, all fund subsidiaries compete for this license, and no fund subsidiary dares to take the lead in breaking the "rigid redemption", thus being inspected by the regulatory authorities, or even suspending or stopping special business (that is, quasi-trust business).
Verb (abbreviation of verb) personnel and business level: all fund subsidiaries tap talents in the trust industry, which are the backbone of trust business, the backbone of risk control and middle and senior leaders, and are all elites in the trust industry. Their business level can be said to be much higher than the average level of the trust industry. They are more comfortable in obtaining high-quality trust projects, financing design and risk control, thus ensuring "rigid redemption".
2. The fund subsidiaries are supervised by the CSRC. The ups and downs of the stock market, the public offering of fund products hurt investors, and the trust products of fund subsidiaries always make people feel risky. What should I do?
Target customers: Public Offering of Fund subscribed at the starting point of 1 1,000 yuan, and most of his customers are not our high-net-worth customers.
Product level: China stock market, partial stock funds are largely speculative, which is the behavior of investors and speculators. He is willing to take high risks and get high returns, which is essentially different from trust business.
Comparative Trust: The trust plan of securities investment collective funds is also non-capital-guaranteed, not a problem of fund subsidiaries, but a problem of investment targets and investors' risk preferences, and has nothing to do with regulatory authorities and design and issuance institutions. What we call "rigid redemption" mainly refers to the collective product of creditor's rights.
Product level: the trust products of fund subsidiaries are perfect in the aspects of financier strength, transaction structure, mortgage and pledge guarantee, risk control, etc., and are not speculative and uncontrollable, which are essentially different from them.
3. The registered capital of fund subsidiaries is low, and their risk resolution ability is weak. What is the risk resolution ability of his fund subsidiary trust products?
Dissolution ability of trust: The dissolution ability of trust mainly includes product risk control measures, repayment by major shareholders, takeover of its own funds, product transition of fund pool, takeover of asset management company, takeover of insurance funds and takeover of private equity.
The fund subsidiaries are also rich in resolving ability, mainly including product risk control measures, major shareholder repayment, asset management company takeover, insurance fund takeover, private equity takeover and so on. Only less than trust, there are two means: self-owned funds takeover and fund pool product transition.
Then let's talk about the difference between these two omissions in detail: the takeover of self-owned funds, the so-called self-owned funds, is also the capital injection of major shareholders, because the registered capital of fund subsidiaries is 20 million, and major shareholders can spend less money to improve their efficiency in the use of funds, so why should major shareholders increase their registered capital?
When there is a risk event, the major shareholders of the fund subsidiaries have very strong background strength, all of which are large central enterprises, top 500 enterprises in China and top 500 enterprises in the world. They are not weaker than trusts, and the major shareholders of fund subsidiaries have very good repayment strength. Moreover, why does the CSRC stipulate that the registration threshold is 20 million? We think this is an attitude of the regulatory authorities. The regulatory authorities believe that quasi-trust business is still very safe in a certain period of time, and the regulatory authorities encourage the institutions they manage to do quasi-trust business. Otherwise, with the stable supervision style controlled by the CSRC in advance, he would not have issued such a regulation. Product transformation of fund pool: trust business of fund subsidiaries. Although there are no cash pool products in the market at present, we believe there will be in the future, because the cash pool products are a manifestation of the independent management ability of fund subsidiaries. With the help of the business team of the fund subsidiary, the risk control team is the elite of the trust industry. Their asset management ability, management system and risk control system are very strong. They will also launch a fund pool product, relying on the previous distribution and fundraising channels in Public Offering of Fund to quickly establish a large-scale fund pool product. At present, the term of trust products is one or two years. Therefore, the fund pool products of fund subsidiaries have been carefully planned and designed (it should still be strictly planned now), and the active management ability of fund subsidiaries and their high-quality trust products are very good guarantees.
4. How can the trust products of fund subsidiaries protect the risks caused by insufficient personnel?
Personnel structure: First of all, the fund subsidiaries are all talents in the trust industry, the backbone of trust business, the backbone of risk control and middle and senior leaders. They are all elites in the trust industry. Their business level can be said to be much higher than the average level of the trust industry. They are more adept in obtaining high-quality trust projects, financing design and risk control, thus ensuring the safety of trust products.
Quantitative analysis: Secondly, let's make a quantitative analysis and make an analogy with the well-known Founder East Asia Trust in the market. 20 12 years Founder East Asia Trust asset management scale100 billion. According to10 billion, the number of employees is about 200 (the above data can be found online). The average asset managed by each employee is 65.438+000 billion/200 = 500 million, which means that the average asset managed by each employee of Founder East Asia Trust is 500 million/person. As for fund subsidiaries, as of the first half of 20 13, the asset management scale of fund subsidiaries was 60 billion, and the actual business was 19 companies, with an average asset management scale of 60 billion/19 = 3.2 billion. Each fund subsidiary has about dozens of employees. If calculated according to the average level of 20, the average number of assets managed by a fund subsidiary is 3.2 billion/20 =10.6 billion, which is far lower than the average number of assets managed by each employee in the trust industry. Development of personnel and business scale: at the beginning of its establishment, fund subsidiaries were all elite teams. With the development of business scale, the number of teams will be established to meet the business scale. Excellent management of a company is also one of the important conditions to ensure the healthy and sustainable development of this company. Therefore, the staff of fund subsidiaries are not small in terms of their asset management scale and business development speed, which can be said to be more secure than trusts, because they are all elites and have strong asset management ability. On average, the staff of each fund subsidiary manages less assets than trusts.
At present, the asset management business is in its infancy. In order to occupy market share and promote their own brands, they will definitely be particularly strict with project risk control, which will definitely have a great impact on trust companies in the future and carve up trust companies' projects.
The key to family financial management is to avoid potential risks and ensure the steady preservation and appreciation of property, so no matter what you invest, you must invest in legal and compliant products. Be sure to remember this.