After the implementation of the new regulations, the investment threshold of collective wealth management products of trust companies has been greatly improved. The trust business of trust companies is in trouble and is struggling to find a new profit model. At this time, the wealth management products jointly launched by the trust and the bank can be regarded as an innovative highlight.

since the second half of last year, there have been countless wealth management products that banks and trusts have cooperated to launch new shares, and the scale has risen rapidly. At present, the cooperation among banks, trusts and fund companies has once again benefited trust companies in the stock market.

The manager of a trust company in the south said, "Bank wealth management products can't directly invest in the stock market, so the trustee role of the trust company can be brought into full play. In this kind of wealth management products, the functions of trust, bank, fund or brokerage are interlocking, and no one can do without it. "

In China Merchants Bank's financial plan of "adding wealth and increasing profits", trusts, banks and fund companies perform their respective duties, playing the roles of trustees, custodians and investment consultants respectively, and giving full play to their inherent functions.

It is reported that the annual trustee service fee paid by investors who invest in this product is 5‰, which will undoubtedly add a big cake to the trust and open up a new profit model for the trust company. According to the regulations, only innovative brokers can carry out collective wealth management business, and most brokers are temporarily out of this business. Recently, the reporter learned that with the improvement of the stock market, a number of non-innovative brokers have participated in the market of collective wealth management through trusts, striving to get a piece of the market.

A manager of a trust company told the reporter that many trust companies have cooperated with brokers and banks to launch fund trust plans to meet the demand of non-innovative brokers for collective financing, and brokers have achieved the purpose of attacking the collective financing business by means of trust.

According to insiders, a large trust company in Shanghai started this kind of business earlier and more mature, and has launched a series of trust products for investing in the secondary market of securities with the participation of brokers, with a total raised capital of nearly 1 billion yuan.

it is understood that the specific arrangement is-the trust company issues the collective trust plan to invest in the secondary market of securities, and the brokerage company participates in the trust plan with its own funds as investors. At the same time, the brokerage company also acts as an investment consultant to guide the investment of the funds raised by trust products and obtain the income distribution. Of course, brokers need to pay a certain management fee when they borrow the trust. For fund companies, investment management is their strength. In the new financial products that cooperate with trusts and banks, fund companies act as financial consultants and charge investment consulting fees. According to the insiders, this is equivalent to adding a new source of income while making full use of existing resources. As long as it operates in compliance, the prospects will be very broad.

At present, domestic fund companies are eager to expand new profit models. Due to the strict control of newly-issued funds, some fund companies find it difficult to issue new products in one year. Therefore, funds are also very willing to participate in bank wealth management products.

in addition, compared with general fund public offering products, this kind of bank wealth management products are partially designed with an incentive mechanism, so that investment managers can fully share the investment income. According to relevant persons of China Everbright Bank, the financial products to be launched by banks, trusts and funds will be divided into performance shares in the incentive mechanism. According to the performance of Morningstar rating, the excess income beyond the same type of funds after maturity will be divided into 25%, and the average yield of the same type of funds that do not exceed Morningstar rating will not be deducted.

the inspector general of a fund company said that although the business has broad prospects, the main thing is to avoid conflicts of interest and related transactions. If the fund company recommends its own stocks to the consulting company, it will involve the conflict of interest. Therefore, for fund companies, we must establish a good firewall.

In March last year, the regulatory authorities issued the Notice on Issues Related to Fund Management Companies Providing Investment Consulting Services to Specific Objects. According to this notice, fund companies can directly provide investment consulting services to qualified foreign institutional investors, domestic insurance companies and other legally established and operating institutions and other specific objects. However, the notice also puts forward quite strict requirements for fund companies to provide investment consulting services, including requiring fund companies to equip specialized professionals, establishing and improving internal control systems such as business isolation, separating investment consulting services from fund investment management services, and preventing interest transfer behaviors.