Asset management of fund subsidiaries
Policies and regulations: 20 12 On September 26th, the CSRC promulgated the Pilot Measures for Asset Management of Specific Clients of Fund Management Companies, and 10/0/October 30th, the Interim Provisions on the Management of Subsidiaries of Securities Investment Fund Management Companies. Since then, the asset management business has been fully liberalized to fund management companies. In the following year and a half, the fund asset management industry developed rapidly. By the end of 20 13, 62 fund subsidiaries had been established, and the scale of asset management business was about to exceed one trillion.
Advantages: the small amount is sufficient, and there are 200 small amounts below 3 million yuan; Closest to trust in the operation mode; Moreover, because it is beneficial to investors, the product income is higher than that of trust, and it is also better than trust in terms of raising speed and investor preference.
Disadvantages: the fund subsidiary has been established for a short time, and its own capital strength is not as good as that of the trust; In order to reduce costs, improve product returns and compress their own interests, the expansion and development model is unsustainable; The operation is not mature enough, and the products need to be carefully selected.
Brokerage asset management
Policies and regulations: On June 8, 2065438+0210, the CSRC promulgated the Measures for the Administration of Customer Asset Management Business of Securities Companies and the supporting Detailed Rules for the Implementation of Collective Asset Management Business of Securities Companies and Detailed Rules for the Implementation of Directional Asset Management Business of Securities Companies. Securities companies are regarded as having a full license for financial investment and can carry out most of the business that trust companies can do. Once the brokerage asset management is released, it will quickly exert its strength. According to statistics, as of the end of the third quarter of 20 13, the asset management scale of securities firms reached 3.89 trillion yuan, and the current scale has reached nearly 4 trillion yuan, which is likely to surpass the trust.
Advantages: the small amount is sufficient, and there are 200 small amounts below 3 million yuan; There are many outlets in the business department, which has inherent advantages in customer resources, marketing ability and securities market investment, and has established good long-term cooperation channels with banks, funds, trusts, insurance and other institutions.
Disadvantages: mostly channel business, simple operation, lack of technical content, mainly relying on bank channels, it is difficult to form sustainable competitiveness; The examination and approval system is lengthy and inefficient.