Asset Securitization, PPP And Other Businesses Are Expected To Become The Pformation Of The Fund'S Starting Point.

Statistics show that since the third quarter of this year, the number of fund subsidiaries has been declining month by month. In July, August and September, 804 products, 786 products and 608 products were registered respectively, and the number of records in October was about 400.

At the same time, the industry analysis, because the new regulations to fund subsidiaries and special account business overlap has been clearly defined and differentiated, this part of the business information management scale is likely to be stripped out or re integration, add to the account business, this trend may make the business scale of specialized households increased.

Fund subsidiaries are strictly excluded from the two tier market, and businesses may only be left with non-standard claims, and so on.

Transformation is the inevitable trend of fund subsidiary development, asset securitization, PPP and other businesses are expected to become the starting point for pformation.

The China Securities Investment Fund Industry Association recently released data showing that the scale and size of the private fund management company's special account business in the third quarter of this year showed a completely opposite change.

The asset management scale of the top 20 fund management companies increased by about 560 billion yuan compared with the end of the second quarter, while the size of the top 20 subsidiaries was reduced by about 150 billion yuan compared with the end of the second quarter, and the total scale of the industry continued to decline from 73.56% at the end of June 2015 to 64.82% at the end of the third quarter.

This is the first time that the asset management scale of fund subsidiary has been shrinking quarterly since the brutal growth in late June 2015.

From the perspective of specific companies, the people's livelihood plus Asset Management Co, Shenzhen Ping An Dahua Huitong Fortune Management Inc, Jianxin capital, Oriental fund subsidiary, orient wisdom Asset Management Co, and Bank of communications Schroder Asset Management Co have shrunk in large scale.

As of September 30th, the 5 companies at the end of the third quarter decreased by 140 billion 700 million yuan, 67 billion 700 million yuan, 33 billion 700 million yuan, 19 billion 800 million yuan, 12 billion 900 million yuan at the end of the second quarter.

By comparison,

The top 20 list of public fund management companies increased significantly.

As of the end of September, the total size of the top 20 funds accounts for 3 trillion and 710 billion yuan, an increase of 559 billion 100 million yuan over the two quarter.

Almost all the top 20 companies have grown in size.

Among them, the Jianxin fund has become the champion of the subsidiary company. Its total management scale is 630 billion 200 million yuan, and its growth in the third quarter is 41 billion 100 million yuan. The Huaxia Fund, the Bank of China fund, Chuang Jin letter and ICBC Credit Suisse rank 413 billion 500 million to 311 billion yuan, 289 billion 200 million yuan and 225 billion yuan respectively, ranking second to fifth.

Behind the "one rise and one drop", it mainly involves many factors.

From the perspective of fund subsidiaries, this year, the regulatory authorities have issued the "Regulations on the management of subsidiaries of fund management companies (Draft)" and "

The Interim Provisions on the management of risk control indicators for subsidiaries of specific customer asset management companies (Draft for Soliciting Opinions) and other provisions stipulate that the threshold of fund subsidiary establishment may be improved.

Pu Dongjun believes that the new regulation may clearly establish a regulatory system with net capital as the core. It should be fair and unified to avoid regulatory arbitrage. At the same time, the risk capital coefficient should be set up based on risk and regulation guidance, so as to guide the development of subsidiary business.

From the specific content, the new regulation focuses on improving the "threshold", "going to the channel business", "mother child" business separation and upgrading the information management ability of the subsidiary company. In the future, the "mother and child" business may be completely isolated, and the fund subsidiary is strictly excluded from the two level market.

And asset securitization.

As a "universal license" fund subsidiary can no longer continue the state of barbarous growth before, the number of product records has a clear callback.

"From the point of view of special account business, as the regulatory authorities have made clear that banks' financial products are strictly restricted to enter the market, some outsourcing funds that seek absolute gains have increased substantially at the end of the third quarter, and the possibility that fund companies' special account businesses and some customized fund products will benefit from it will be greater."

Jinniu financial network researcher He Fajie said.

From the absolute scale of the third quarter growth of the scale of accounts, Huaxia Fund showed the most robust performance, and the new accounts in the third quarter amounted to 112 billion yuan, an increase of 37.15%, ranking second.

Chuang Jin sum trust fund has become the biggest "black horse", and the scale of the third quarter has increased by 67 billion 300 million yuan, an increase of more than 30%.

ICBC Credit Suisse fund, Celestica fund, Yi Fangda fund and other public offerings giant scale growth also exceeded 40 billion yuan.