Asset management products refer to standardized financial products that are publicly offered by fund management companies or securities companies with the approval of the regulatory authorities, raise funds from specific customers as asset managers or accept the entrustment of specific customers' property, and the custodian institution acts as asset custodian, and invests in the entrusted property for the benefit of asset customers.
Asset management business refers to that securities companies and fund management companies raise funds from specific customers or accept the property entrustment of specific customers as asset managers. As asset custodians, custodians operate the assets of specific customers in accordance with the methods, conditions, requirements and restrictions agreed in asset management contracts, and provide investment management services for financial products such as securities to customers.
At present, the use of asset management business to issue fixed-income trust products is the result of financial innovation advocated by CSRC. In the future, it is a trend to split trust or launch trust products by using fund asset management and brokerage asset management. Fund asset management is one of the products supervised by CSRC. The products supervised by the CSRC require funds to be entrusted to designated banks in a unified way, and fund asset management and brokers cannot contact customer funds to ensure the safety of funds. So what is the difference between asset management products and trust products?
The differences between asset management products and trust products are as follows:
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, there are 32 domestic companies with such qualifications (as of July 5);
2) Different supervision: the trust is supervised by CBRC, and the asset management plan is supervised by CSRC;
3) The filing time is different: the trust has been reported to the CBRC for 1 time, and it can be established after full fundraising; The asset management plan shall be submitted twice, at the initial stage of raising 1 time, and after the full raising, the capital shall be verified 1 time, and the capital verification shall be established two days later;
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;
Advantages compared with trust product asset management projects:
1) revenue: 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 charge the financiers as little as possible and give customers as much income as possible. 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 dug 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, for those who want to configure it, it is cost-effective.