Public Funds Have Been "Robbed Of Their Jobs"

In the first half of this year, inflation intensified, making it urgent for the people to keep their assets up and up.

From the perspective of inflation and financial needs, it can be compared with the end of 2007 and the beginning of 2008.

However, the biggest difference between the two is that in 2007, the public offering fund was the first choice for people to manage their finances, and it was also a worthy leading actor.

However, in the first half of 2011, banking financial products ushered in a rare explosive growth. Statistics show that in the first half of the year, the scale of bank financing products was raised to 8 trillion yuan, which replaced the fund as the leading role.

The total size of the public fund is 2 trillion and 400 billion, which is similar to that of last year.

At the same time, the scale of financial products of trust products and brokerages is also growing steadily.

The domestic asset management industry has entered a period of rapid development, but the public offering fund has slowed down because of a series of subjective and objective reasons.

This change in the first half of this year has sounded the alarm for the public fund, and the fund's "rice bowl" is being grabbed by other participants.

When people turn their attention back to the end of 2010, perhaps no one can predict that the asset management industry will have a profound change in the first half of 2011.

Inflation has started to rise since the second half of last year, and CPI has increased its demand for money by a percentage point.

The CPI index rose 1.5% in January compared with the same period last year, and then trotted all the way to 4.6% in December.

Since the beginning of this year, CPI has increased to 6.4% in June, the highest level in three years.

People's worries about asset shrinkage and demand for financial management have reached a new peak since 2007.

In the face of rising market demand, public funds are

At the same time, because the central bank has raised the deposit reserve rate for 6 consecutive times this year, banks are generally short of money. In the last week of June, the 7 day lending rate in the inter-bank market has reached 9%.

In order to fight for capital, major banks have been increasing the yield of financial products to attract customers.

Statistics show that in May this year, the annual yield of financial products is mostly around 4%, and the annual yield of June is more than 5%.

For a time, the bank moved internally, and the scale of funds and bank financial products was completely reversed in half a year.

According to the financial information statistics, in the first half of this year, Chinese banks and foreign banks issued 10609 kinds of bank financial products, of which 9430 were RMB products.

From the perspective of absorbing funds, it is even more alarming.

According to Puyi wealth statistics, the issuing scale of bank financial products reached 8 trillion and 510 billion yuan (excluding public products) in the first half of the year, indicating that the bank financial products laid the "big boss" status.

By comparison, as of June 30th,

Public funds are facing more rivals than banks, and trust products are catching up.

According to the statistics of the good buy fund research center, as of June 30th, China issued 1564 fixed income trust products in the first half of this year. From the 1021 products that have been announced, the total scale is 210 billion 676 million yuan, which is close to the total amount of 2010, and is the same as the total scale of sunshine private placement fund.

The reason why trust can expand quickly is also an important reason.

In the first half of this year, the average yield of fixed income trust reached 8%, which was also not achieved by the fund.

At the same time, only the first half of this year, the total number of brokerages financing products was raised to 42 billion 384 million yuan.

Debt overdraft in Daniu for five years

To a large extent, the degree of sale of different financial products is closely related to the actual yield of investors.

In 2007, the fund's popularity was due to the fund's earning effect, which is very much related to the Daniel market in the past 2006-2007 years.

This year, the bank's financial products and trust products have also won the favor of investors.

However, it is not just the rate of return that plagus public funds.

In recent one or two years, the social evaluation of public offering funds has been decreasing, which is directly related to the over development of public funds in 2007. It is also related to the two years' public fund raising that only pays attention to the interests of the holders, the performance fluctuates and the money making effect is not obvious.

In the 2006-2007 year Daniu market, the Shanghai Composite Index rose 129.88% in 2006 and 92.86% in 2007.

In that crazy era, asset doubling became so easy as long as it was possible to buy funds.

People began to frantically subscribe to the fund, when the average fund raised was 7 billion 22 million yuan.

Of course, a small number of fund companies have suspended the purchase and issued the "letter to investors" prompt risk. However, it is undeniable that most fund companies, regardless of the interests of the holders, only want to do a large scale or even split and divide the net value of several yuan into 1 yuan by the fund.

Although the split is a digital game, it makes the fund cheaper, which further encourages the blind investment enthusiasm of the foundation.

According to the financial information statistics, 62 funds were split in 2007 and the average net value was 2.40 yuan.

In the three and a half years from 2008 to now, only 34 funds have been split.

From the total scale of the fund, the net assets of the public offering fund were 816 billion 118 million yuan at the end of 2006, and 3 trillion and 250 billion yuan at the end of 2007, which was nearly 4 times higher than that of the previous year.

So what did the 2007 craziness leave to investors?

According to the financial information database, if the investors purchased the fund before December 31, 2007, the net income of 87 funds in 2008, 2009 and 2010 would be negative in the 133 equity funds that could be purchased.

Even if the net income in 2007 is added, there are still 37 funds whose net income is negative for 4 years.

No wonder, not long ago, when some fund organization investor was in activity, there were still angry investors grabbing the microphone, and asked, "we have waited 4 years for the fund we bought in 2007. Why haven't the net value returned yet?"

Although the management scale of public funds has increased by nearly 4 times in Daniel, it has seriously overdrawn the trust of investors.

In 2008, the market fell more than 60%, like a cold water poured out of the hearts of the people.

Although fund companies have been able to regain investor education since 2008, the negative emotions of the community have been formed. Some even call it "debt owed in 2007".

Xiao Feng, deputy general manager of Desheng fund research center, said: "in 2007, due to the irrationality of investors and fund companies, the development space of the fund industry has been overdrawn 5 years after the overdraft. This negative effect is still in existence."

Competition intensified in asset management industry

Following the creation of an asset management scale of 3 trillion and 250 billion yuan in 2007, the scale of public fund management began to decline.

In 2008, the scale of management was only 1 trillion and 940 billion yuan; in 2009, it was 2 trillion and 680 billion yuan; in 2010, it was 2 trillion and 520 billion yuan (the above statistics did not count the fund account).

This year, fund companies have put forward ambitious targets of issuing 6 or even 8 or 10 funds. Unfortunately, the number of funds is increasing, but the total size of funds has not increased.

Although this year's financial products can achieve such a high yield is formed in a special policy and economic environment, and it is difficult to continue, but the hot selling of financial products has proved that the fund is no longer the only choice for investors, and even appeared "Marginalization" signs, it is necessary to cause the entire industry to pay attention to.

From the perspective of the fund's short board, the first is the urgent need to raise the fund's earning power.

Although the securities industry is an industry that "relies on heaven", the fund is no exception, but this can not be an excuse for poor performance.

Moreover, in the first half of the year, the average performance of equity funds was once lost to securities dealers, collecting financial products and private placement.

On the other hand, the fund is in urgent need of changing its concept and changing from a serious scale to a real one.

Only when the volatility of funds fluctuates and the effect of making money continues to emerge can we hope to regain the recognition of investors.

China's asset management industry is a sunrise industry, but the fund is not the only rising sun.

At present, the competition for asset management market is becoming increasingly fierce.

For example, this year, brokerages have set up wealth management centers, and analysts and investment advisors have introduced major stock market research results to major clients.

Not only that, some brokerages also set up financial services centers, such as state securities, to analyze and study various kinds of financial products on the market by financial planners, including public offering funds, sunshine private placement companies, brokerages collecting financial products, investment linked insurance, fixed income products and so on.

According to customer needs, configure appropriate financial products for them.

This is largely aimed at the weakness of the banking channel.

As the main selling channel of the fund, banks have received very high sales commissions to fund companies, but they have not provided corresponding financial services.

Banks also have an unshirkable responsibility for investors being hurt in the last round of Daniel market.

According to reliable information, the fund supervision department is considering starting from the system design, guiding the fund to pay attention to the interests of the holders, strengthening the practice of internal strength, and gradually making up the existing short board.