Asset management has developed rapidly.
The development of asset management business is one of the characteristic businesses that distinguish securities companies from other financial institutions, and it is also a new profit growth point for securities firms in 2009.
On the one hand, new products emerge one after another. Since the beginning of this year, a number of brokers have been competing to launch collective wealth management products. At present, orient securities "Dongfanghong No.4" has been approved, CIC's "CIC Huiying Bond Optimization" has entered the promotion period, Guodu Securities "Guodu No.2" has been sold, and Everbright Securities "Everbright Sunshine No.5" has been formally established. It is understood that the upper limit of the scale of "Dongfanghong IV" is 4 billion, and the upper limit of the opening period is 6 billion; During the promotion period of "CIC Huiying Bond Optimization", the maximum scale of raising is 6 billion shares, mainly investing in fixed products such as high-credit corporate bonds, and the annual dividend ratio is not less than 95% of the realized income; "Guodu 2" mainly invests in financial instruments with good liquidity, including domestic securities investment funds, stocks, fixed-income securities and exchange listing warrants.
On the other hand, some old products choose to postpone. The reporter learned from China Merchants Securities that the "Cash Bull" collective asset management plan has been approved for extension, and the duration will be extended to 20 14 15. China Merchants Securities said that in more than a year, the "cash cow" has been at the upper limit of 5 billion for a long time, and many investors want to buy it but can't buy it. The extension can meet the buying demand of investors, but after the extension of the "cash cow", the scale of funds raised is still limited to 5 billion. At the same time, Guo Xin Securities' application to the regulatory authorities for extension of 10 is progressing smoothly. Guo Xin Securities said that the collection plans of Huatai, Guotai Junan, Guangfa and other brokers have been approved for extension, indicating that the regulatory authorities have a positive attitude towards the extension of the collection plans of brokers.
It is worth noting that many brokers regard asset management as one of their priorities in 2009. Among them, some brokers are achieving "zero breakthrough" in asset management business. For example, the first collective asset management plan "Chuangye 1" of First Venture has been approved, and the first collective asset management plan "Jinxing 1" approved after the establishment of Galaxy Securities has been sold in high profile. It is understood that "Chuangye 1" is a pure bond wealth management product with the largest scale of 3 billion copies. After the product is established, it will be opened once every three months, and the dividend will be paid quarterly under the condition of meeting the dividend; Venus 1 raised a maximum of 2 billion during the promotion period and 6 billion during the duration. Galaxy Securities said that "Venus 1" will focus on stock investment, and under the premise of actively controlling risks, it will invest in dominant enterprises in leading industries, so as to share the fruits of China's economic growth to the maximum extent and realize the goal of maintaining and increasing the value of assets in the collective plan.
At present, more and more brokers have joined the asset management team. Upon examination and confirmation by the regulatory authorities, Huaxi Securities' risk management, internal control system and business process basically meet the relevant requirements, and it has obtained the qualification to carry out directional asset management business. After a series of efforts such as system construction, process construction, system construction and team building, Zheshang Securities also accepted the inspection and acceptance of the regulatory authorities in early 2009, and the asset management business qualification was officially restored.
An analyst at Guosen Securities believes that the asset management business of securities firms has developed rapidly and has certain characteristics. Judging from the existing wealth management products, some products adopt dynamic and flexible allocation strategies in order to avoid market risks to the maximum extent; The performance award of some products adopts the principle of new high, in which the manager participates with his own funds and the manager and the client are in the same boat; Some products are free of management fees, and performance rewards are extracted on the basis of investors' income (for example, annual income is above 5%). These products not only enrich investors' financial choices, but also help brokers improve their profitability.
Bond underwriting emerges one after another
The bond market is welcoming a big expansion, which brings unexpected surprises to the brokerage investment banking business trapped in the IPO freeze. Since the beginning of this year, the "main battlefield" of some brokerage investment banking departments has shifted to the bond market, especially the new business areas brought about by the accelerated issuance of corporate bonds and corporate bonds.
In March of this year, Guotai Junan underwritten four bonds in one breath. Among them, "09 An Baili Bond" was publicly issued to the public and institutional investors through the distribution outlets set up by members of the Shanghai Stock Exchange and the underwriting syndicate, with the issuance scale of 654.38 billion yuan; "09 Jiao Min Debt Control" is publicly issued to institutional investors, with an issuance scale of 654.38 billion yuan; "09 Zhejiang Trading Bond" (jointly underwritten with Hualin Securities) was publicly issued to institutional investors, with a scale of 3 billion yuan; "09 Putian Bond" is publicly issued to domestic institutional investors through the distribution outlets set up by the underwriting syndicate, with a total issuance scale of1600 million yuan. Only these four items, the underwriting amount of Guotai Junan reached 6.6 billion yuan.
Shen Yin countries (3. 15, 0. 12, 3.96%) also increased significantly. In March, the "09 Tongling City Investment Bond" with the company as the lead underwriter was issued, with a total issuance of 65.438+0.5 billion yuan. Due to adequate sales preparation, the bonds in this issue were enthusiastically subscribed by investors and sold out on the first day of issuance. As the lead underwriter, "09 Lu 'an City Investment Bond" was originally planned to be issued from March 2 to March 13, but the bonds of this issue were enthusiastically subscribed by investors online and offline, and sold out on the first day of issuance.
In addition, other brokers also have their own income in bond underwriting. Among them, the first venture cooperated with hengfeng bank for the second time, and the issuance scale of "09 Evergrowing Bond" with the company as the lead underwriter was 654.38+0 billion yuan; The issuance scale of "09 Yushui Investment Bond" underwritten by CIC Securities reached 654.38+0.5 billion yuan.
The industry believes that the scale of bond issuance this year is huge. Although the proportion of bond underwriting fee is lower than that of stock IPO, it still brings considerable bond underwriting income to the investment banking department of securities firms. Under the background of the current stock market downturn, the rapid development of the bond market and the high income of bond underwriting are undoubtedly "timely help" for brokers.