Bank Financing 14 Trillion Yuan: Return To Real Asset Management

In the past ten years, the balance of financial products of Bank of China (market, interrogation) was from zero to fourteen trillion. Who is the leader in the forefront of the times? In the ten year, have our investors been doing well? Are there any investment memories that are unforgettable because of impulsiveness and credulity? Ten years of bumpy investment pipelines, all the way through the sunshine. Who has been laughing until the end? Who has quietly retired? What kind of changes have taken place in the industry regulator? Comb the ten years development course of bank financing, explore the financial innovation fund, weigh the ecological environment inside and outside the banking industry, or provide a reference for the leader to continue to move forward.

　　 although No other joint-stock banks have a clear-cut business category, but as the founder of Bank of China's financial management business, the Everbright Bank (market, inquiry), which has been working for ten years, tries to make greater contributions in this very common business through new products and constant services.

In February 2004, Everbright Bank launched the first foreign currency structured financial product of China's banking industry, the sunshine financial A scheme, which officially opened the curtain of commercial banks' financial services. In September, China Everbright launched the first financial product of the domestic bank, the sunshine financial B plan. Subsequently, various state-owned commercial banks and stock companies launched their own financial products.

As Everbright Bank Liu Jun, one of the founders of financial management, has been promoted to the new executive director and vice chairman of Everbright International. It seems that for a commercial bank, no matter which business model is developing, you must know why you need people, why others can't replace you, and why you have irreplaceable competitive advantages. "Otherwise you don't know where you want to go." He told reporters at the ten year conference of sunshine finance, Everbright Bank.

The financial products of China's banking industry from 0 in 2004 to 14 trillion in 2014, ten years of exploration and development, both acclaim and challenge. It is struggling in the big economic environment and growing.

stay China With the rapid growth of real economy for many years and the accumulation of residents' wealth, the asset management industry characterized by behalf of customers has grown stronger, and has attracted the attention of all sectors of society in the past one or two years. However, due to the disconnect between strong market demand and long-term financial repression, asset management industry has developed rapidly in an "abnormal" way and has been questioned and criticized by all sectors of society.

At the same time, the marketization of interest rate has accelerated the transformation of personal deposits to financial management. Financial disintermediation has made countless channels of enterprises and platforms start to replace the financial intermediary role of banks. At the same time, all kinds of new products created by various Internet financial products make commercial banks impossible to guard against.

Liu Jun believes that future financial management is to walk on two feet, one foot to develop Inclusive Finance, and one foot to support the real economy. "Big capital management era needs abundant products, and needs comprehensive marketing capabilities. This is a comprehensive ability system. If you choose this road, you must be tolerant of loneliness. "

Ten years surge

Today, Everbright Bank is using the meticulous service as always to explain the connotation of loneliness.

Ms. Peng, who has been a financial customer for five years, told reporters that the customer manager of Everbright Bank has saved a lot of time for her investment. "Product convergence is very tight. After the expiration of a product, the customer manager will immediately notify me and recommend another product. Such continuity can keep my yield stable. At the same time, for products with uncertain yield, they have a reasonable explanation for risks. " She said.

Another Mr. Mao, who transferred all his assets to Everbright Bank, said that if client managers pay more attention to personal interests rather than customer interests, the stability of personal investment returns will inevitably decline. The service of Everbright Bank makes me feel that they are guided by customer service rather than product oriented. "For any needs of our customers, we will give feedback to our local branches for the first time. In general, we can provide customers with a solution. Wang Chao, a customer manager of a branch of Everbright Bank, said. This stable and caring service also brings rewards to Everbright Bank.

In 2013, the scale of financial products reached 502 billion 300 million yuan, ranking the top three in the same type of joint-stock banks. The total issuance of financial products was 5 trillion yuan. In 2013, the investment income of 22 billion 331 million yuan was achieved for clients, ranking the first in the financial management of commercial banks. By the first half of 2014, the balance of financial products reached 578 billion 304 million yuan, an increase of 76 billion 4 million yuan over the end of last year. Financial and asset management businesses continue to intensify their innovation, and have launched innovative products such as trustee asset management, quantitative portfolio management, mergers and acquisitions, sandwich funds, and financial products.

Over the past ten years, the number of wealth management products has increased significantly, from the initial one or two to now there are dozens of banks. As of December 31, 2013, the number of financial products issued by domestic commercial banks reached 47008. The scale of bank financing has also increased from 20 billion in 2004 to 14 trillion now.

Although the number of financial products is very large, most of them can collect the funds they need. According to the findings of the economic observer, half of this is due to the bank account manager, and the other half is attributed to the bank's accumulated credit.

Interviewed by many commercial bank account managers, it seems that even if competition is fierce, investors will have more investment channels, and financial products will still have their natural advantages. "Because investors believe that banks, strength and credibility are there. Although Internet finance is very hot, its security is far less than that of bank financial products. Now news almost every week has news of P2P company running away, but it is impossible for banks to have such a situation. A customer manager of ICBC said.

However, with the introduction of the CBRC related documents on commercial banks' financial management business (No. 35), it is requested not to provide financial products containing rigid payment contents. A manager of the asset management department of a joint-stock bank believes that there is a rigid payment problem of commercial banks' financial products from the determination of guaranteed income to the expected yield rate, which will cause the accumulation of credit risk inside the banks. Now the scale of bank financing has reached 14 trillion yuan, and how to transform has become a big problem.

In the eyes of banking analysts, bank financing is required to return to the nature of asset management business. Prohibition of transactions between financial products will increase the difficulty of mismatching the period. The separation of financial services from credit and proprietary business will block the gap in the transfer of financial capital within the bank, which is conducive to the realization of business transformation. But the process is relatively slow, and banks will continue to work hard in the short term. It is easier to establish a financial management department that involves the distribution of interests within banks.

However, "No. 35" seems to indicate the direction of transformation in the next ten years for financial services. In this regard, the business of financial management of commercial banks from simple bond investment products to multiple investment products is placed in a single pool configuration, known as the "pool of funds" product stage. Today, we must completely transform the investment portfolio under the modern asset management mode. Each product is calculated separately, and the assets are allocated separately, so that the cost can be calculated and the risk can be controlled.

At present, the asset management institutions that are active in China's financial market are mainly trust companies, bank asset management departments (financial management departments), insurance companies, asset management agencies of securities companies, public offering funds and fund subsidiaries. Without considering the duplicate parts held by each other, the total size of the total trustee assets after simple arithmetic plus the total amount is nearly 40 trillion yuan, which directly catch up to 44 trillion and 800 billion yuan of the national personal savings deposits at the end of 2013. This fully reflects the awakening of residents' sense of investment and financial management, and is consistent with the information reflected in the negative growth of the banking financial institutions in the month of the people's Bank of China data. The trend of deposit moving and financial disintermediation is becoming more and more obvious. The demand for investment and financial management of residents has gradually exceeded the willingness to save.

Returning to the source

Faced with many challenges, Everbright Bank wants to become a leader in bank financing business again.

According to the idea of "big capital management", Everbright Bank began to actively promote the optimization of internal organizational structure, and set up an independent department responsible for asset management and financial management, asset management department. We should continue to adhere to innovation and capacity building, launch new products such as pension and financial management, expand new sales channels, strengthen internal system construction and system construction, and promote the transformation of financial management business.

As a witness to the development of China Everbright Bank's financial management business for ten years, Zhang Xuyang, general manager of Asset Management Department of Everbright Bank, sees the urgent need for bank financial services to achieve transformation and return to the real investment management business. The so-called "Valet investment management" should really realize "buyer's conceit and seller's responsibility". Investors should bear the profits and risks of investment, and banks or information management companies should manage funds for investors from the perspective of due diligence and accountability.

"There may be three kinds of financial products in the future. One is the open-ended financial products issued to ordinary investors without the expected rate of return. The valuation method can have the cost method like the money market fund, or the market or model method. According to the direction of our investment and the fair value of the investment goods, we can determine the valuation method; the second category is the structural financial product commonly issued by the bank just now on the financial products, with the risk free principal investment plus the appropriate derivatives trading, hooking up some clear financial parameters, and also achieving the isolation, measurement and transmission of the risk; the last type of product is aimed at some closed products of high net worth customers. In these three forms, Zhang Xuyang defines the future mode of bank financing business.

For customers accustomed to guaranteed capital gains, it is difficult for them to accept the net value management products without fixed income.

The director of the Research Institute of the Financial Research Institute of the Chinese Academy of social sciences has likened the expected products to crayfish. The "net value" financial product is transparent and has a strong degree of perfection, but it has almost the same risk as the fund. Expectant type is like "crayfish". Crayfish are not hygienic, but they are very suitable for the tastes of ordinary people. The expected financial products just conform to the low risk of common people. It is a balance between expectation and net value, and it is in a state of parallel action, but it is very difficult to replace the expected value with the net value.

In this regard, Zhang Xuyang believes that "if the financial management business has long been the slogan of high yield to issue products, it will always bring the" shadow bank "brand. Asset management business is another concept. That is, if you entrust money to me, the risk is yours and the profit is yours. The bank only charges management fees. Banks do not undertake any excess return and risk.

In the first half of 2014, China Everbright Bank proposed that the financial management business adhere to the general idea of "returning to the source and transboundary layout". At the end of the product, it will promote the scale of financial management and the stability of capital through product upgrading and channel expansion. At the investment end, it will adhere to the "F FixedIncome+" management mode and the dumbbell investment layout, and promote the improvement of portfolio profitability and the improvement of liquidity status.

For the future development of China Everbright Bank's "sunshine finance" business, Zhang Xuyang said that the premise and mission of every asset management industry's survival is to invest.