On April 27th, “One Line, Two Meetings and One Bureau†jointly issued the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions†(hereinafter referred to as the “New Regulationsâ€), and the new regulations for the management of the assets. This new regulation is slightly more "tolerant" than the draft for comment. For example, in the regulatory rhythm, the transition period is extended to the end of 2020. The product measurement method is no longer a single requirement for net value, and some products are allowed to be measured by the amortized cost method; However, zero tolerance is still adhered to in terms of breaking rigid redemption, achieving net worth management, preventing multi-layer “nestingâ€, and prohibiting in-house asset management.
As for the major capital management entities, the new regulations have the most obvious impact on public fundraising funds or bank capital preservation. In the future, with the end of the transition period, the graded funds will become history, and the rigid payment of guaranteed capital management will cease to exist. In contrast, although the new rules have an impact on private placements in terms of compliance investors' thresholds and business models, banks and other out-of-pocket funds may be invested in private placements, which is considered to be a “legitimate†status for private placements. In addition, although the scale of the channel business accounts for 70% of the total asset management scale of the securities companies, the low rate has little impact on the total revenue of the securities firms.
Bank financing has entered the era of “complianceâ€, and the influence of brokerage channel business is limited.
With the new regulations on asset management, the road to asset management transformation of banks and brokerages is imminent. In comparison, the impact of banks on the issue of “compliance†in financial management will be more obvious. The brokerage industry has a low impact on the channel business, and has already begun to take the initiative to transform. The overall impact of the new regulations on brokerage stocks is limited.
The data shows that as of the end of 2017, the balance of bank wealth management products was 2.954 billion yuan, of which about 600 million yuan was guaranteed. At the heart of the “new asset management regulations†is the breaking of rigid redemption and the elimination of multiple levels of nesting and channels. The introduction of the new regulations on asset management will inevitably affect the bank's wealth management business.
The new regulations require that “financial institutions must not carry out asset management business in the formâ€, and the corresponding asset management business is bank guarantee and wealth management. “Bank-guaranteed wealth management is currently the only type of asset management product that can clearly guarantee the income of this insurance. It will be included in the bank table as a deposit when it is accounted for. It is actually more like a bank breaking the interest rate limit (the pricing with one vote veto in the MPA assessment) The behavioral item will limit the interest rate of deposits and loans. The means of high interest rate and reserve will be deviated from the source of asset management and wealth management, and it is reasonable to exclude it from the source of profit and loss. Li Qilin analyzed.
In fact, during the four months of comment, some banks have prepared in advance to gradually increase the proportion of net worth products. For example, at the end of 2017, China Merchants Bank’s share of net worth products accounted for 75.81% of the balance of wealth management products, up 2.93 percentage points year-on-year. ICBC also said that the net source type of product system has been built at the source of funds, and the net value of products has been gradually realized in accordance with the new regulations of capital management.
In addition, the new regulations require financial institutions, banks with managed assets begin to need to set up a separate pipe company to conduct business. This also means that 22 trillion non-guaranteed wealth management will issue asset management products in the form of subsidiaries. It is worth noting that as of now, China Merchants Bank, Hua Xia Bank and Bank of Beijing have publicly stated that they have established a capital management company (see attached table).
As far as the secondary market is concerned, brokerages say that the current bank's fundamentals do not match their valuations. With the new regulations on asset management and better-than-expected adjustment pressures, the banking industry is expected to reverse its valuation. However, in view of the fact that non-standard transfer and structured deposits have yet to be further regulated, the reversal may not be completed overnight. In the context of the overall favorable banking industry, the stocks with less adjustment pressure will take the lead in reshaping the valuation. In the future, the absolute amount of bank financial management will still face a decline, and compared with the previous advantage of the cost of capital, whether the bank can obtain excess returns from the wealth management business will depend on its investment research capabilities.
The impact of the new regulations on brokerages is mainly in the channel business and non-standard investment in the fund pool. The data shows that at the end of 2017, the securities asset management scale was 16.9 trillion yuan, of which the channel-oriented targeted asset management scale was 14.4 trillion yuan. “This official draft is consistent with last year’s consultation draft and the prohibition channel business proposed in early 2016. According to the implementation of the new regulations, the channel business has been suspended, so the new regulations have very limited impact on brokers. Although the channel business accounts for 70% of the total asset management scale, we expect the stock business to be due to the channel rate of only 10,000. The total income of brokerages is only 2%.†Sun Ting, an analyst at Haitong Securities, said.
Private placement can undertake bank and other sub-funded venture capital and industry funds to welcome
The scale of asset management of private equity fund management institutions has soared in recent years. According to the data, the scale of private equity management in 2014 was 2.13 trillion yuan. At the end of 2017, the scale of private equity management has reached 11.1 trillion yuan. The new rules of this landing are clearer than the draft for comment, which clarifies the important position and legal status of private placement in the asset management industry.
“The new rules clarify the attitude towards private equity business. In the private equity fund business, there are regulations that stipulate that the new regulations will be applied without any regulations. Among them, the venture capital fund and the government’s asset industry fund are particularly favorable. It is clear that the fund's business development is based on its special provisions, combined with the previous special provisions on venture capital funds in the Interim Measures for the Supervision and Management of Private Equity Funds, and the easing of the Beijing Municipal Government's announcement of the establishment of venture capital fund related personnel in March this year. The policy is enough to see that the venture capital equity licenses and other licenses in the private equity market are still meaty and fat, but they are not too greasy, but they need to pay attention to the food from the perspective of adapting to the new regulations.†Art analysis said.
The impact of the new regulations on private placements is mainly concentrated in two aspects: First, the promotion of investment threshold, first, the business model is limited. Specifically, the income and property requirements for qualified investors were 3 million yuan in assets and 400,000 yuan in revenue for three consecutive years. Now it is required to be an investment manager with more than two years and must meet the family financial assets of not less than 5 million. The net assets of the yuan and family finance shall not be less than 3 million yuan, and one of the income of 300,000 yuan for three consecutive years. “The sharp increase in the investment threshold will result in the original compliance investors not meeting the current requirements, which will lead to a decrease in the number of investors, which will increase the pressure on private placements.†A private equity official in Beijing told reporters, “But this is also good. Because the risk of private equity investment itself is higher than the general financial management, raising the threshold, from another perspective, it is also a kind of protection for investors.†It is worth noting that the new regulations are actually “relaxing†in terms of the subscription price. In the past, no matter what kind of products were invested, the subscription amount must be more than 1 million yuan. Now, depending on the investment assets, the minimum amount is reduced to 300,000 yuan.
In terms of business model, the new regulations focus on the multi-level nesting of asset management business, unclear leverage, serious arbitrage, and frequent speculation. It is stipulated that “financial institutions may not provide asset management products for other financial institutions to avoid investment scope, leverage constraints, etc. “Channel services for regulatory requirements†and “asset management products may be reinvested in one layer of asset management products, but the asset management products invested may not be invested in asset management products other than publicly funded securities investment funds.â€, “The term of closed asset management products shall not be Less than 90 days.†This also means that “Banking + Private Equity Fund†and other modes will be banned, and private equity management products can only be nested at most two levels. After the bank financing and other funds were invested in the private equity fund through the asset management plan. The usual "rolling issue", maturity mismatch, and separate pricing are no longer feasible, and the operation of the suspected funds pool will be banned.
However, the new regulations also open the business model of private equity funds, that is, to conduct business cooperation with other asset management products as qualified trustees and investment consultants. This model is allowed within the scope of the regulations. "This is undoubtedly a big plus for private investment institutions that have real investment management capabilities. In the past, private placements were not licensed institutions, and they were in a state of paralysis. Most of them can only use the channel model to cooperate with banks. Now, the cooperation between the two sides has the support of laws and regulations. Private placement can gradually step out of the gray area. It can be said that the new regulations open a window for the future direct cooperation between the two sides." Yang Ling, CEO of Star Investment, told the Red Weekly reporter. The reporter learned that since the last year in the context of financial “de-leverageâ€, affected by the central bank’s MPA assessment, large-scale redemption of small and medium-sized banks such as city commercial banks and rural commercial banks has occurred from time to time, and private-sector outsourcing business has shrunk significantly, especially Small and medium-sized private placements are affected more.
“Although the financial management of a publicly-owned bank, such as a gold retail product, cannot directly invest in private equity investment fund products, the private banking products such as private banking products can directly invest in private equity investment fund products. In addition, financial institutions’ self-operated funds and agency funds Anyone can invest in private equity investment funds.†Yang Bao, an analyst at Huabao Securities, analyzed that since the self-operated funds and agency sales funds are not of the nature of asset management products, they do not occupy the product level and can directly invest in private equity investment fund products. However, some financial institutions' self-operated funds have restricted private equity investment funds in the investment direction: one may consider exploring in the form of investment consultants, and the second will follow the self-operated investment of financial institutions or will gradually adjust.
Graded funds or historical money fund accounting methods are concerned
“The impact of the new regulations on the public offering industry is first reflected in the product level. The regulations on investment scope, investment ratio, product grading, etc. all have different degrees of impact on public funds.†Yang Bao, an analyst at Huabao Securities, said that First, the proportion of FOF investment funds only from public funds is reduced from 20% to 10%; second, public funds may not be graded, and the grades after the transition period cannot survive; third, public funds need to be approved before they can invest in unlisted shares.
Among them, publicly funded graded fund products may be most affected by the new regulations. In the new regulations, the “renewal†in “financial institutions can not reissue or renew the asset management products in violation of the provisions of this opinion†is changed to “survivalâ€. “The new rules clarify that the grading fund will end after the transition period.†Yang Yu said.
In fact, the gradual “death†of grading funds is not starting from now. On May 1, 2017, the “Guidelines for the Management of Graded Funds Business†was officially implemented. According to the new regulations, the purchase of graded funds must meet the average daily securities assets of the last 20 trading days of not less than 300,000 yuan. After the implementation of the new regulations, most of the retail investors have gradually withdrawn from the trading of the classified funds. So far, the implementation of the new grading regulations has been one year. How is the grading fund developed during the year?
The data shows that as of May 3 this year, the total share of all 145 graded funds in the market was 7.497 billion, a year-on-year contraction of 61.95%; the total scale was 131.528 billion yuan, down 38.09% year-on-year. Among the 145 graded funds, more than 110 graded fund products fell in size, approaching 80%.
Among them, the scale of China Shipping Huili Pure Bond Rating Fund decreased from 5.45 billion yuan to 54 million yuan, a decline of 99%. However, benefiting from the liquor and real estate sector last year, the scale of China Merchants Zhongzheng Liquor and Penghua Real Estate Rating Fund has increased compared with the same period last year. In addition, from the registration situation, since the establishment of the last grading fund, Zhongrong Liquor Classification Fund, on September 30, 2015, no new grading fund has been established in the entire market.
However, some market participants believe that the new regulations have blocked the possibility of public funds re-issuing classified products, and there is ambiguity in the interpretation of the disposal of stock products that violate the regulations after the end of the transition period. Specifically, it is necessary to look at the detailed rules and regulations issued later.
Another major product in the public fund that is affected by the new regulations is the money fund. Chen Jianheng, a research analyst at CICC, said that in theory, if bank financing breaks the gap, it will help the development of the money fund. However, the new regulations governing the transformation of bank wealth management net worth products, especially considering the current stage of bank sales accounted for up to 25% of fund sales.
After the introduction of the new asset management regulations, in the process of bank wealth management transformation, bank wealth management will give priority to the development of cargo-based products, while the bank-based wealth management-based products will be loosely regulated by the public offering base, and the yield will naturally Higher than the cargo base. Moreover, the bank's own channel advantage will also give priority to the sales of the Bank's wealth management base. If the bank gradually establishes a capital management company, its cargo-based products may directly challenge the status of the public offering base.
It should be noted that, contrary to the grading fund, the market value law base is gradually on the historical stage. The base of the goods was previously valued by the amortized cost method, but the new regulations stipulated that the basis of the amortized cost method should be subject to the risk reserve. In this context, some fund companies began to try to issue market capitalization currency funds. According to the information on the website of the China Securities Regulatory Commission, there are currently 4 market-valued currency funds that have been reported.
"From the experience of the US Monetary Fund reform, once the monetary fund turns to the net worth, a large amount of funds will be withdrawn from the monetary fund. The market capitalization method is a monetary fund that uses the market value method. The income of this type of product will not always remain fixed. 1 yuan, but there may be fluctuations." Chen Jianheng said.
“As a veteran institution with a net worth, the fund seems to benefit the most, but it also faces the intensified competition in the bond products, the bias of the bank channel to its own products, and the severe challenges of its peers.†Li Qilin, Managing Director and Chief Macro Researcher of Lianxun Securities Author analysis. He said that the new regulations have not set the standard for the sale and purchase of publicly funded products, and the current public funds still have an advantage in the starting point of investment.
In addition, public funds are highly dependent on the agency sales channel. The development of public offerings in the past few years relied on institutional expansion, and the organization's sales network was relatively well cultivated, but the retail side was relatively neglected, mainly relying on third-party sales channels such as bank deposits and Internet platforms. Therefore, the new regulations on asset management regulate the sales channels, and “banning unlicensed agency agencies†will have an impact on public offerings.
(Original title: New rules boots landing: asset management agency shuffle private equity brokers calmly public offering earthquake)
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