Profit model of asset management company
1999, on the basis of drawing lessons from international experience, the State Council successively established four AMCs, namely Dongfang, Xinda, Huarong and Great Wall, and stipulated their duration as 10 year, which was responsible for purchasing, managing and disposing the corresponding non-performing assets divested by China Bank, China Construction Bank, China National Development Bank, China Industrial and Commercial Bank and China Agricultural Bank. At that time, the Ministry of Finance provided each of the four companies with10 billion yuan of capital, and the central bank issued 570 billion yuan of refinancing. AMC was allowed to issue 820 billion yuan of financial bonds with a fixed interest rate of 2.25% to its state-owned commercial banks, and used the money to purchase10.4 trillion yuan of non-performing assets of the four major banks.
After 2009, due to the gradual completion of policy tasks, the four major AMCs have successively strengthened the commercialization process. On 20 10, Sohu made a special topic that can help you understand more background knowledge: the transformation of the four major asset management companies.
In the process of development, the four major asset management companies have created their own unique business models:
Dongfang completely withdrew from non-financial business, and spent 7.8 billion yuan to acquire China United Insurance in 20 12. China Property Insurance occupies the fourth place in the national property insurance market, with 20 12 revenue exceeding 20 billion yuan and net profit of 2.7 billion yuan. There is a saying that the East will transform into an insurance business in a few years.
Great Wall focuses on serving small and medium-sized enterprises, and regards the transformation and development of the office as the basis for the sustainable development of the whole company. In 20 12, there were 23 offices in Great Wall with annual profits exceeding 100 million. They have also developed business modules for SMEs, such as financial consultation for SMEs, comprehensive services for purchasing non-performing assets and collective bonds (bills) for SMEs.
Huarong has always taken the route of big customers. In recent years, 252 customers have been signed up, and the number of cooperative customers is 1693. The sustainable customer resources are mainly obtained through the cooperative relationship with the government, large enterprises, large groups, large projects and large financial institutions. Because of this, at present, the total assets of Huarong Group are 310 billion yuan, which exceeds the asset scale of Cinda Assets, which has been leading before. There is a saying in the official website of the company that the key account strategy has achieved remarkable results, which highlights the management characteristics of China Huarong, which is "listen to the party, follow the government and act according to market rules".
Cinda has always been ahead of the other three in the income and profit of disposing of non-performing assets, and it is also the only one among the four that is allowed to dispose of non-financial assets such as real estate, so it can participate in real estate trust and other projects more directly. In addition, Cinda is the first of the four major banks to reorganize and become a strategic investor. "As of March 20 12, Cinda Assets has introduced four strategic investors, of which social security funds account for 8%, Standard Chartered, UBS and CITIC Capital account for 8.54%, holding a total of/kloc-0.03 billion yuan. ぁ 2065438+Latest News On August 19, 2003, Cinda submitted an IPO application to the Hong Kong Stock Exchange, with an estimated financing scale of US$ 2 billion.
In 20 12, cinda's total profit in advance was 654.38+0.36 billion yuan, and the net profit attributable to the owners of the parent company was 7.27 billion yuan; Huarong's total profit before provision reached 654.38+02.06 billion yuan, and its total profit after provision was 9.06 billion yuan. The profits of the Great Wall and the East before provision also exceeded 6 billion yuan. Summarize with the words of an AMC boss who read an article before:
Although the profit growth rate is fast, compared with banks, AMC's profit scale of several hundred million and more than one hundred million is still too small. Only after the profits reached billions, billions, "this company began to be interesting."
Let's talk about the differences between the names of trust, fund, private placement, sunshine private placement, asset management company and investment management company.
These concepts are not independent of each other, and not all concepts have accurate extensions. For this, if you can find the normative documents, you can fully understand its exact meaning and direction from the normative documents.
We will not discuss the connotation for the time being, but distinguish it by describing the extension.
1. Trust: Trust is a financial tool for property management based on trust, which is characterized by three roles: the principal, the trustee and the beneficiary? Other financial instruments and legal frameworks usually have no beneficiary role. In the world of trust finance, in theory, anything can be put in the past. Issue various trust products such as equity and creditor's rights through the trust plan; Formally, there are PE trusts, real estate trusts, financial leasing trusts and so on.
2. Fund: Fund is a very broad concept. What is the concept of fund in a narrow sense, especially the fund mentioned most in financial media? Securities investment fund? Securities in the secondary market, including stocks, bonds and money market instruments, are combined to form a new standardized securities investment product, which can be raised from ordinary investors and traded in the secondary market (open-end funds can also be redeemed). If it is a fund in a broad sense, then there are many. Most of them can become funds by raising funds and investing in portfolio wealth management products. Entities that invest in company equity and real estate, including but not limited to limited partnerships and companies, can be called funds.
3. Private placement: Private placement is also a broad concept. Private placement is to raise funds by private placement (public offering is public offering), but this term has different meanings in many cases, including: 1)PE, private placement, that is, private equity; 2) Private equity funds; 3) Private equity investment funds? For private equity funds, the Securities Industry Association issued regulations in March 20 14 to regulate them.
4. Sunshine Private Equity: Sunshine Private Equity is a registered and supervised private equity investment fund? Is it a sunshine private equity investment fund in a narrow sense? However, with the new regulations mentioned in the third point, the concept of sunshine private placement may not exist alone in the future? Because in the future, private fund managers have to register, and private funds have to be put on record. There is no difference.
5. Asset management companies: Asset management companies are companies that help people manage their finances. How to manage money is to invest in various financial products? Including but not limited to XXXXX? General asset management companies mainly include securities companies and insurance companies. Similar to asset management, the business is self-operated, the investors are the same, and the sources of assets are different. Asset management is to help others manage their money, and self-management is to manage their own money.
6. Investment management company: Investment management company is also a very broad concept. In a narrow sense, investment management companies are fund managers most of the time. For example, the investment management company of limited partnership private equity investment fund is generally GP.
How to manage the post-90s employees in the company?
With what? After 90? Young people are going to the workplace? In some emerging internet companies, it has even become the main body of employees. After 90? Management problems began to appear. Some friends think? After 90? Management is a false proposition, because the management of each generation is different, why should it be given separately? After 90? Manage labels? I think, because? After 90? They are obviously different from their parents and brothers. Therefore, how to manage them effectively is a real and realistic problem put forward by the times to enterprises.
From a sociological point of view, why does a certain generation specialize? Naming? It is because in the process of and after major social changes, they have shown unprecedented unique features and characteristics in values, mental models and behavior patterns. Due to the cultural break between different generations, the new generation? Groups not only have cultural significance, but also indicate future social changes.
The nearest to my home? A new generation? Is it from the western developed countries after World War II? Beat generation, they didn't? Collapse? Only in the fierce collision of social thoughts at that time? Terrible move? That's all.
China? After 90? He grew up under the background of reform and opening up. Their growing environment has condensed the development process of industrialization, urbanization and marketization, and their life scenes have changed rapidly and intensively, and their cultures have become mixed and diverse, with obvious conflicts. When they stepped onto the front line of society, their predecessors were surprised to find that this generation was so different from themselves that they could not fight with their old accents.