Fund companies with low net worth will only make less money and will not lose money, because fund companies will deduct part of the total asset management fee every day. Although the management fee is only 1.75%/ year, according to the fund size (at least10 billion), it is a considerable income.
What are the asset management products of fund subsidiaries?
On October 29th, 2065438+021KLOC-0/0, the CSRC promulgated the Interim Provisions on the Management of Subsidiaries of Securities Investment Fund Management Companies, which is considered by the industry that China's wealth management market has entered the era of pan-asset management. The core of this regulation is that the CSRC allows Public Offering of Fund companies to manage the assets of specific customers by setting up fund subsidiaries, including shares, creditor's rights and other property rights that have not been transferred through the stock exchange. Simply put, many businesses monopolized by trusts in the past, such as real estate financing, easy infrastructure construction, industrial and commercial enterprise financing, etc., can be met by fund subsidiaries through issuing asset management plans. In the past, this type was basically dominated by trusts and banks, and was supervised by the China Banking Regulatory Commission. After the publication of this article, fund companies supervised by the CSRC can also carry out it.
What is a special subsidiary of the fund?
A fund subsidiary refers to a limited liability company established in accordance with the Company Law and controlled by a fund management company, which is engaged in asset management of specific customers, fund sales and other businesses permitted by the China Securities Regulatory Commission.
What does a fund company do?
Fund companies can be regarded as professional stock traders or operators with huge assets. They also buy and sell stocks and other things to make money, and then share them with you regardless of profit and loss, but other people's management fees and custody fees will be deducted from profit and loss, which means that as long as your money is still in the fund company, they will collect money every day and enjoy success.
What is the difference between fund account, fund subsidiary, asset management and trust? Is it tied?
Fund account:
Special fund account financing refers to the activities of fund management companies to raise funds from specific customers or accept property entrusted by specific customers as asset managers and commercial banks as asset custodians. For the benefit of the asset trustor, the entrusted property is used for securities investment.
In a sense, the operation mode of special account financing is similar to that of private equity funds, which is aimed at the public offering of funds.
Divided into one-to-one accounts and one-to-many accounts. In other words, each manager corresponds to one customer, or one manager corresponds to multiple customers.
Asset management: Asset management products are publicly issued by fund management companies or securities companies approved by regulatory authorities to raise funds from or accept funds from specific customers.
Information management products
Information management products
Standardized financial products with the property entrusted as the asset manager, the custodian institution as the asset custodian, and the entrusted property as the benefit of the asset client.
Compared with trust products, asset management products are different in that:
(1) The essence is the same, but the channels are different, that is, the issuers are different: one is a trust company, the other is an asset management company, and it is a publicly funded subsidiary of a fund company. At present, 68 companies in China have such qualifications (as of 2013);
(2) Different supervision: the trust is supervised by CBRC, and the asset management plan is supervised by CSRC;
(3) Different filing times: the trust has been filed with the CBRC 1 time, and it can be established if it is fully raised; The asset management plan should be reported twice, and it should be reported 1 time in the initial stage of raising, and the raising is full.
Information management products
Information management products
After capital verification, it will be reported 1 time, and it will be established two days after capital verification;
(4) The number of small amounts is different: there are 50 small trusts under 3 million, and there can be 200 small asset management plans.
Compared with other wealth management products, asset management projects have the following advantages:
(1) Revenue: [3] The asset management business began to be liberalized in the second half of last year. It's time to expand the market vigorously. In order to improve their competitiveness, asset management companies will try their best to charge lower fees from financiers and give customers higher returns. For example, the same type of general asset management products will be about 0.5% higher than the trust.
(2) Safety: At present, trust managers hired by asset management companies and people with many years of experience in risk control in the financial industry are doing such projects. Generally speaking, the financing cost of products with high security is getting lower and lower with the market changes, and they also tend to finance from asset management companies. At present, these 32 asset management companies are all working on the first wave of projects, so they will be more cautious when choosing projects and have higher qualification requirements for projects. Therefore, they are more cost-effective.
What are the differences among trust, brokerage and fund subsidiaries in pan-asset management?
In the pan-asset management business, trusts, brokers and fund subsidiaries are all equivalent to a bridge, grafting assets and funds.
Trust companies have a long history and have experienced several large-scale rectifications. Since the financial crisis in 2008, the trust industry has grown explosively and acted as the main force of shadow banking. The trust business is extensive and the structure is flexible. The development in recent years has greatly enhanced the power of trust.
The asset management business of securities firms has also experienced a period of chaos. After the accident, it was strictly controlled. Most of them are related to the secondary market or pledged stock projects, and now it is difficult for industrial asset package projects to pass the internal control audit of securities firms.
Fund subsidiaries are newly licensed in recent years, and most of their businesses are consistent with trusts. However, due to the short establishment time, most of them have limited strength and resources, and the project qualifications are relatively poor. At present, the scale is not large.
What is an asset management company and what is the difference between it and a fund company?
Asset management, as its name implies, is the behavior that the client gives his own assets to the trustee, and the trustee provides financial services for the client. Fund companies issue products to raise funds, while financial investment companies are generally omnipotent.
What is the concept of fund company and how to operate it?
Many netizens often ask what the fund is about, as if the fund is a very complicated thing, saying that the recommended fund knowledge articles can't be understood. So I often think about how to make these friends understand what a fund is and show it to you in the shortest time, so I have an idea to explain what a fund is in popular language as much as possible, hoping to help these friends understand the fund as soon as possible. Suppose you have a sum of money to invest in bonds, stocks and other securities to increase the value, but you have no energy or professional knowledge, and the money is not too much, so you want to invest in partnership with other 10 people and hire an investment expert (theoretically higher than me) to operate the assets invested by everyone to increase the value. But there, if investors above 10 negotiate with investment experts at any time, it won't be chaotic, so they recommend someone who knows the most about it to take the lead. Give him a certain percentage of each person's assets regularly, and he will pay the service fee to the master on his behalf. Of course, he will take the lead in making arrangements for all kinds of things, including running errands from house to house, reminding the master of risks at any time, and regularly announcing investment profits and losses to everyone. It didn't come for nothing, and the money in the commission also has his service fee. These things are called partnership investment. Enlarge this partnership investment model by 100 times and 1000 times, which is the fund. This kind of private partnership investment activity belongs to private equity fund if a complete contract is established between investors (which has not been recognized by the relevant laws and regulations of the national financial industry supervision in China). If this partnership investment activity is approved by the national securities regulatory authority (China Securities Regulatory Commission), and the lead operator of this activity is allowed to make a public offering to attract investors to join the partnership investment, this is the issuance of publicly offered funds, which is a common fund now. What is the role of fund management companies? The fund management company is the lead operator of this kind of partnership investment, but it is a corporate legal person, and its qualification must be approved by the China Securities Regulatory Commission. Fund companies, like other fund investors, are also partners. On the other hand, due to its leading operation, it is necessary to extract service fees (called fund management fees) from the assets jointly produced by everyone every year, manage investment experts (fund managers) who are responsible for transactions on behalf of investors, and help experts collect information and engage in research, and regularly announce the assets and income of the fund. Of course, these activities of fund companies are approved by the CSRC. In order to ensure the safety of the assets produced by all of us, the lead operator of the fund company will not steal or misappropriate them. China Securities Regulatory Commission stipulates that the assets of a fund cannot be placed in the hands of fund companies, and fund companies and fund managers only care about trading operations and cannot touch money. Find someone who is good at this matter and has high bookkeeping credit. Of course, this role belongs to the bank. So these contributions (that is, fund assets) are placed in the bank, and a special account is built, which is kept by the bank and called fund custody. Of course, the service fee of the bank (called fund custody fee) must be paid from the assets of the partnership every year. Therefore, relatively speaking, fund assets only have the risk of loss caused by poor operation of experts, and there is basically no risk of theft. From a legal point of view, even if the fund management company goes bankrupt or even the custodian bank has an accident, the person who collects debts from it has no right to touch the assets in everyone's fund account, so the security of fund assets is very guaranteed. If this kind of Public Offering of Fund is announced to be established after raising investors within the prescribed time limit (the state stipulates that it must have at least 1 000 investors and the scale can reach 200 million yuan before it can be established), it will stop attracting other investors and stipulate that no one can withdraw from the fund halfway. However, until some month in the future, all of us will have to settle accounts and share the burden. If you want to cash in halfway, you have to find someone else to sell it yourself. This is a closed-end fund. This kind of Public Offering of Fund, if declared, still welcomes other investors to invest at any time, and at the same time allows everyone to withdraw their own funds and due income at any time. This is an open-end fund. Whether it is a closed-end fund or an open-end fund, if it is convenient for everyone to buy and sell, we will find an exchange (securities market) to list the fund and trade it freely among investors at the market price. This is a listed fund. Now look at the following fund concept, don't be too dizzy. Securities investment fund is a * * * investment and financial management mode with * * * income and * * * risk, that is, investors' funds are concentrated by fund custodians (generally with good reputation) by issuing fund shares. ......
What does it mean to invest directly in a subsidiary?
The so-called direct investment subsidiary is a direct investment subsidiary of a specialized brokerage firm. Establishing a direct investment subsidiary is a way for securities firms to enter the field of industrial investment.
At present, some domestic securities firms often find unlisted companies with investment growth potential in their investment banking business. However, because it is not allowed to invest with its own funds, it is necessary to find affiliated institutions to invest, or simply set up management companies in the name of individuals to invest in these companies with great potential.
There are two main modes for brokers to carry out direct investment business. One is to set up relevant institutions within brokers to raise funds in the form of special financial planning; The other is that securities companies set up investment companies or industrial investment fund management companies separately.
In the direct investment business model, in order to effectively isolate risks and win the trust of investors, most foreign brokers set up independent subsidiaries. There are also successful examples of establishing relevant institutions and operation divisions within investment banks. For example, the commercial banking department of Goldman Sachs is responsible for direct investment in global enterprises, and the sources of funds are Goldman Sachs' own capital, Goldman Sachs employee capital and external financing. There are also successful precedents for China securities firms to set up subsidiaries to carry out direct investment business. For example, CDH Investment Fund Management Company, which was separated from CICC, joined forces with overseas private equity investment funds such as Morgan Stanley, Lianying and Goldman Sachs, and invested in companies including Mengniu, Li Ning, Fu Nan, Yongle Home Appliances, Focus Media and Shuanghui, and became the leader among local direct investment companies.
Brokers invest in the equity of non-public offering companies through direct investment, and the investment income is realized through the sale of equity when enterprises go public or merge in the future. At present, the regulatory authorities have limited the business scope of "direct investment" of domestic securities companies to Pre-IPO, that is, investing in companies to be listed, and initially set rules such as "the investment period shall not exceed 3 years". At present, brokers can only use their own funds for direct investment business, and the upper limit of their own funds is 15% of the net capital of securities companies. The direct investment business of securities firms is an important innovative business to change the single profit model of securities firms.
According to the data of China Securities Industry Development Report (20 13) issued by China Securities Industry Association, by the end of 20 12, about 45 securities companies had registered and established direct investment subsidiaries. The total scale of direct investment companies and managed direct investment funds is 38.5366 billion yuan, and the income is 65.438+0.98223 billion yuan. Among them, CITIC Securities, Guosen Securities and Guangfa Securities ranked in the top three, far ahead. The number of projects successfully withdrawn (or listed) exceeds 10, and there are dozens of reserve projects. Among them, Jinshi Investment Management Fund, a wholly-owned subsidiary of CITIC Securities, which was established in June 2007, has a scale of 5.2 billion yuan, while Guo Xin Hongsheng and Guangfa Shunde have a scale of 65.438 billion yuan and 2 billion yuan respectively.
What are the main fund subsidiaries at present?
1, Caitong Fund Management Co., Ltd.
2. Changan Fund Management Co., Ltd
3. Great Wall Fund Management Company Limited
4. Boss Fund Management Co., Ltd.
5. Changsheng Fund Management Co. Ltd.
6. anxin fund Management Company Limited.
7. Baoying Fund Management Limited