165438+1On the evening of October 25th, Lubomai Fund officially announced that it had recently obtained the Public Offering of Fund business license issued by China Securities Regulatory Commission. This is the second wholly foreign-owned public offering after BlackRock Fund.
With the queuing of wholly foreign-owned public offerings, the ecology of public offerings in China will be further diversified. In the face of the local public offering industry that has developed for many years, how will the wholly foreign-owned public offering give play to its own advantages? Pension products and ESG products may be a good choice for differentiated development.
Official publicity and exhibition industry of Lubomai Fund
165438+1On the evening of October 25th, Lubomai Fund Management (China) Co., Ltd. announced that it had recently obtained the Public Offering of Fund business license issued by China Securities Regulatory Commission, and officially became the second newly established wholly foreign-owned fund management company in China to conduct Public Offering of Fund business.
Lubomai Group submitted an application for the establishment of a wholly foreign-owned fund management company and private equity fund management business to China Securities Regulatory Commission on April/KLOC-0, 2020, and was one of the first foreign-funded institutions to apply. The application was accepted by the CSRC on September 65438+8 of that year. In September, 20021,the CSRC formally approved the establishment of Lubomai Fund Management (China) Co., Ltd.
By March 3, 2022, the asset management scale of Lubomai Group was US$ 447 billion (about RMB 3 trillion), with offices in 39 cities around the world and more than 2,600 employees. Founded in 1939, the group is an independent private investment management company with employees holding shares. Lubomai Group's main business is to manage stocks, fixed income, quantitative investment and diversified assets, private equity, real estate and hedge fund portfolios for global institutional investors, investment consultants and individual investors.
As early as 2008, Lubomai Group entered China and has been deeply involved in the China market for many years. 20 16, Lubomai Investment Management (Shanghai) Co., Ltd. was incorporated in Shanghai Free Trade Zone as a WFOE. 20 17, the company was registered as a private fund manager in China fund industry association; In 20 18, the company obtained the qualification of QDLP business pilot approved by Shanghai Local Financial Supervision Administration, and set up a subsidiary focusing on overseas alternative investment-Lubomai Overseas Investment. As of June 5438+00, 2022, Lubomai Overseas Investment has successfully raised 8 QDLP fund products with a management scale of about RMB 3 billion. Lubomai Group attaches great importance to the China market. In recent years, by expanding private equity fund business, investment consulting services, QDLP pilot business and other businesses, Lubomai Group has a certain understanding of China investors' risk preferences and investment habits.
Mr. Liu Song, the general manager of Lubomai Fund Management (China) Co., Ltd., said in an exclusive interview with the APP reporter of Securities Times and China News Agency that the China market business is one of the strategies of Lubomai Group, and the core is to use the resource advantages of China market to shape local excellent teams, make more asset management products that are integrated with international genes but more suitable for China market, and better provide two-way services for international and domestic investors.
Liu Song believes that China's continuously open financial market and increasingly perfect international and legal business environment have further enhanced the confidence of Lubomai Group. In his view, the establishment of a wholly foreign-owned public offering by Lubomai Group, on the one hand, expressed the confidence of Lubomai Group in firmly cultivating the China market; On the other hand, China is an important direction of the global capital market, and it is also of great significance to cultivate local investment and research teams to enrich Lubomai's global investment and research platform.
Wholly foreign-owned public offerings queue up to enter the market.
Up to now, * * * together with Lubomai Fund, two wholly foreign-owned public offerings have been approved for exhibition. Four wholly foreign-owned Public Offering of Fund companies were approved, including BlackRock Fund and Lubomai Fund, Fidelity Fund and TEDA Manulife Fund. In addition, Fanda, Schroeder, Lianbo and other foreign-funded institutions are also applying for the establishment of Public Offering of Fund, waiting to join the ranks of public offering institutions.
In the foreseeable future, more and more wholly foreign-owned public companies will "queue up" to provide diversified products for the public offering market in China. How will the wholly foreign-owned public offering lay out new products? As the first wholly foreign-owned public offering approved for exhibition industry, the product layout of BlackRock Fund may be used as a sample.
In August 2020, the BlackRock Fund was approved for establishment. In June, 20021,BlackRock obtained the business license of Public Offering of Fund, becoming the first wholly foreign-owned Public Offering of Fund in China. In less than two years in the exhibition industry, BlackRock Fund has successively issued four fund products.
Specifically, in August, 20021,BlackRock Fund launched its first local fund. This product mainly invests in A shares, covering a wide range of industries; June 5438 +2022 10, the second fund was issued, mainly investing in Hong Kong stocks, which is also the investment direction of the whole market; In August 2022, its third product was launched, focusing on theme investment, focusing on high-end equipment, scientific and technological hardware, electric vehicles, clean energy, 5G networks, cloud computing, industrial automation and other fields; The fourth product (1 1) issued in June 2022 is a "fixed income+"fund. It is not difficult to see that the above products have their own characteristics in positioning, market, theme and so on. On the one hand, they inject diversity into the domestic public offering market, on the other hand, they also show that the wholly foreign-owned public offering needs some exploration in its initial stage.
This exploration may be related to the fierce competition pattern of domestic public offering. In the face of local public offering peers who have developed for many years, what areas can foreign public offering focus on and cultivate its comparative advantages as a new player? For all foreign public offerings that apply for admission, this is a problem that needs to be fully considered.
According to some previous interviews, pension products and ESG products may be the focus of the differentiated advantages of foreign public offerings.
An important direction is pension products. Huang Xiaoyi, managing director of Fidelity International in China, said in an exclusive interview with the APP reporter of Securities Times and Securities China Institute that Fidelity's long-term goal is to build and establish a mature and comprehensive asset management and pension management business in China. Fidelity is currently the largest administrator of 40 1K pensions in the United States. With the continuous development of China's three-pillar pension system, the demand of urban and rural residents for wealth management and asset allocation is increasing. Fidelity hopes to participate in the pension market in China and contribute to the construction of the three-pillar pension system in China.
Another important direction is ESG products. Liu Song believes that in the long run, environmental and climate issues will attract more and more stakeholders' attention, which will be the relatively determined investment direction of long-term funds. ESG investment is one of the long-term development strategies of Lubomai Group, especially in the field of climate and environmental investment. As an institutional investor, Lubomai Fund will actively promote the innovation of ESG financial products and investment strategies and contribute to the high-quality and sustainable development of China's economy.