Chen Tong, Vice President Of The Fonda Fund: "Optimistic Thinking, Pessimistic Planning And Happy Execution" For The Business Of Investment.

The strange phenomenon of "making money from the fund and not making money by the people" has been perplexing the fund industry for a long time, and has become a stumbling block for the long-term development of the fund industry.

At the end of October 2019, the securities and Futures Commission launched the pilot project of domestic fund investment consultancy business. Since then, 5 public funds and 3 fund agencies have been qualified for the pilot business of fund investment business. Recently, 7 brokerages and 3 banks have obtained the qualification of the pilot project. A new era of fund investment is on the way.

However, in the face of this brand new business, domestic agencies are crossing the river by feeling the stones. As the first fund company to be allowed to launch a pilot business, how can Yi Fang Da fund start? In twenty-first Century, the economic report reporter interviewed Chen Tong, vice president of the fund, who was responsible for business development.

Broken bureau

"Investing in China is a new business. Before I took over the business, I was in charge of other businesses, but Dr. Liu, President of the company, talked to me about two points and touched me very much. "Chen Tong said frankly.

"She said, first of all, from the whole industry, after all these years, the income of fund products is still good, but the income of ordinary people is generally low. It may be possible to change this phenomenon only by investing in it. Secondly, it is necessary to set up a separate sector for business development, but not second sales segments. This sector must follow the business logic of customers and take the sense of customer acquisition as the benchmark.

In this regard, Chen Tong explained that the business needs to be relatively independent, rather than using the brand of investment, selling the company fund conveniently. The business does not participate in the fund's first round and does not undertake the scale of the company. A firewall is built internally to keep confidential the fund's research, research data and information. In the research and investment model of investment business, Yi Fang Da's products will not have the slightest priority. This business mode is totally different from the fund sales.

Chen Tong said that the purchase of funds is a professional activity. According to the statistics of Wan De, the best and worst equity funds, monetary funds and bond funds in the past 3 years have been compared respectively: the income difference in the past 3 years, the difference between the equity fund and the equity fund is 221% (only the initiative 195%), and the bond fund is 88% (only 58%).

Therefore, investment funds need professional data, professional research teams, real-time tracking and analysis, and also need to invest in different investment needs and risk preferences of different people to help investors configure and purchase fund products suitable for customers. Chen Tong said.

sports

At present, there are 4 major businesses involved in the business: fund companies, independent three party fund sales companies, brokerages, banks, etc. 17 institutions.

The competitive advantages and disadvantages of different participants are obviously different. Who can win the competition?

"Everyone is referring to the mature maturity mode of the United States. There are many kinds of practicing subjects in the United States, whether they are fund companies, Asset Management Co, banks or sales parties. In the end, China will also form a variety of investment patterns, that is, many kinds of agencies are involved in the business, but each endowment and gene have their own strengths and weaknesses.

In the face of so many competitors, what is the competitive advantage of fund companies in developing business?

Chen Tong believes that the new regulation of asset management has ushered in a relatively uniform regulation of asset management business, and the fund business has finally stood on the same starting line with asset management businesses such as banks, trusts, insurance, securities and other industries. In the past 22 years, the fund industry has been operating in accordance with the new regulation of information management. Therefore, fund companies are very adaptable to specialization and net value investment, and drive the profits of customers by means of research, asset allocation and industry configuration. People have a sense of trust in the fund, which is the most important advantage of fund companies in the competition.

But the disadvantages of the fund companies in the business are obvious too - no or very few direct customers, unlike the Internet giants.

Basics

As a brand new business, how to start a business is very important.

Chen Tong introduced, "after we got the approval, we did a lot of institutional arrangements and research. We want to establish a relatively complete, systematic, professional, clear division of labor and reasonable structure of the talent team. For example, because we want to serve all kinds of customers, we should have corresponding staffing and research. In addition, a new business starts with a lot of system development work, with an independent system, and the workload of system development is very large. "

"We are now doing a lot of rules and regulations, the personnel are already in place, but we may have to recruit a large number of people. We recruited Guan Peisheng, who recruited Guan Pu Sheng to invest in the industry in 5 years' time. We judged that the development would be more optimistic -- we could cultivate effective new forces. Chen Tong said.

The market generally believes that whoever gets the first admission ticket of the fund will have the advantage of first out and a good time to win more customers. But Chen Tong is not in a hurry. He is not too worried about customers.

He said that at this stage, talent is very important and top-level design is also very important. "There is no point in going horse racing at the beginning. Now the most important thing is top-level design and team building. In the long run, customers depend on the business level of the organization. If the internal skills are practiced, the customers will follow. This market is very transparent to professional organizations. If you take the business seriously, the market will surely accept you. Therefore, it is more important to do the basic work well. "

"It's a long process to take care of the foundation work. The United States has spent twenty years." With Chen Tong's own experience, he had a long war awareness of his business and did not take too much time into short-term performance.

Then, when will it be profitable?

Chen Tong smiled and said, "let's play the role first and lay the foundation well. To attract the best talents and build a good team. Inamori Kazuo said, "optimistic attitude, pessimistic plan and happy execution, this is our attitude towards business."

Pattern

Referring to overseas development experience, the fund's investment business includes "intelligent investment", "intelligent investment + artificial investment", "investment advisor" and "financial management". At present, domestic fund investment business is still at a relatively elementary stage.

Chen Tong thinks that in China, the annual fee and membership fee model may be widely adopted. Such as managing 1 million assets, paying 2000 yuan a year, or collecting 3/1000 or so, that is, according to the scale of asset management. "In the future, the mainstream of domestic charging may be the annual fee mode, and the performance related charging mode will not become the mainstream."

The notice on the pilot work of publicly promoting the investment advisory business of securities investment funds (hereinafter referred to as the "Notice of the pilot project") stipulates that the business can directly or indirectly obtain economic benefits. The upper limit of the rate is not more than 5% of the net asset value of the customer account, except for annual fees, membership fees and so on, which are not more than 1000 yuan per year.

But fees are a challenge to Chinese people. Chinese culture likes full package price, and does not like to have other fees. For example, when shopping, it is not like the United States, besides price, plus consumption tax. "The biggest problem facing business is that people are not accustomed to paying fees. It may take a long time to change this concept. " Chen Tong said.

A major breakthrough in business is to help customers place their orders directly.

"According to the investment portfolio strategy agreed with the client, the pilot institution can make decisions on behalf of the clients on the specific investment types, quantity and timing of the fund investment, and carry out the application for purchase, redemption and conversion of the fund products on behalf of the clients, and carry out the management fund investment consultant service." Last year, the securities and Futures Commission issued the "investment pilot notice" so specified.

For the "management fund investment advisory service" in the above notice, Chen Tong explained that its definition and rights and obligations are close to "full authority". After signing the agreement with clients, the investment consultant can independently make decisions on behalf of the client to make decisions on the investment variety, quantity and timing of the fund under the premise of maintaining the interests of the clients. Redemption, conversion and other transaction applications. "According to the regulations, the theory can be fully manipulate."

In addition, it is a big problem for investors to find suitable investments. Now there are nearly 20 pilot companies that invest in businesses. There will be a large number of agencies entering the business in the future. How should investors choose their own customers?

In this regard, Chen Tong said, first of all, as investors have to consider, would you like to pay to find a consultant to help you invest. It does not mean to help you find the best rate of return, but to help you avoid a very bad rate of return and give you a more satisfactory investment result. Second, choose a company with a license to invest. Currently, the companies selected by the SFC for the pilot projects are relatively strict. They are the best companies in various industries. Third, different types of service providers have their own strengths and weaknesses. No service provider is perfect, so the core is what investors value more. (Editor: Wu Yan Ling)

?