China Fund News reporter Lu Huijing Fang Li
The much-anticipated fund investment business is ushering in new developments.
According to a reporter from China Fund News, since 18 institutions got the first batch of investment licenses, more than 80 institutions have been actively involved in the application and preparation of investment qualifications. Recent industry news shows that a new round of fund investment qualification defense is under way, with about 20 institutions, including fund companies and brokerages, participating. This may mean that the army of investors is about to "expand."
People in the industry believe that the investment business is one of the breakthroughs in the development of public funds in the future, and large and medium-sized fund companies will not let go of this tuyere, so they are recruiting and actively arranging. At the same time, the investment business model binds the interests of sales institutions with the interests of investors, which is conducive to the long-term and healthy development of the industry.
A new round of investment questionnaire may set sail.
Since the public offering fund investment consultant business pilot was officially launched at the end of 2019, 18 institutions have been granted this qualification. After more than a year of practice, this pilot work has begun to take shape. It is reported that a new round of fund investment qualification defense is being launched recently, which is more detailed than before, issuing a questionnaire to eligible institutions, while many fund companies who have recently received answers in the bank are in emergency answers.
According to a senior industry source, at least 25 institutions have participated in the CSRC's questionnaire examination on eligibility for investment. The questionnaire contains 100 questions covering all aspects of the investment business. Organizations that receive the questionnaire questions need to reply in recent days, and then may need to undergo on-site review.
According to the above-mentioned people, at present, the measures for the management of investment consultation have not yet been introduced, and the business of the fund investment pilot project itself is more complex than imagined. At present, a batch of qualifications are approved as soon as they are mature, and the list of pilot projects may be gradually expanded.
"as far as I know, the institutions that got the questionnaire this time are mainly fund companies and securities companies." According to a person in the fund industry, this time everyone is actively preparing. Another industry insider said that the participants this time mainly focused on the head fund companies and sales agencies that did not get the investment license in the first batch, and the central fund companies and fund sales institutions with a large stock of portfolio business and characterized by portfolios.
In fact, since the fund invested in the pilot project for more than a year, 18 institutions that have obtained the qualification of fund investment business pilot have actively invested in them, and the business of many institutions has made rapid progress. At the end of last year, there was also a "1-to-1" cooperation model, such as Bank of Communications, Citic and other banks launched the fund investment service platform. Many large fund company investment services are seeking in the daily fund network, easy to buy funds, major banks and other channels online.
The industry has a greater enthusiasm for fund investment business, not only qualified fund companies are carrying out business, companies that have not yet obtained qualifications are also actively preparing. According to the reporter's understanding, at present, more than 80 companies have applied for business qualifications.
Lin Jie, vice president and head of Yingmi Fund, said that there is a good chance that a new round of institutions will be qualified to invest in the fund this year and join the industry, which will bring more fresh blood and attempts to the industry. After more than a year of pilot projects, according to the accumulated experience and problems encountered, practitioners will optimize their business models, and policies are expected to continue to optimize to guide the industry to a more benign direction.
All kinds of institutions "have their own advantages" to seek diversified development
At present, the institutions qualified for fund investment are mainly concentrated in fund companies, commercial banks, securities companies and third-party institutions. Many people believe that the advantages of these institutions and the diversified development of fund investment business are more beneficial to investors.
Chen Tong, vice president of Yi Fangda Fund, said that fundamentally, the launch of the fund investment business is the original intention of returning to the public fund industry and seeking benefits for the broad masses of investors. The customer groups faced by all parties themselves are focused on, and different types of institutions are involved in the pilot, which is conducive to a wider range of customer groups to enjoy fund investment services. Therefore, different types of institutions have different resource endowments, and more parties in the fund investment business are not competitive, but think about how to make use of and combine the advantages of all parties, and work together to establish a new type of buyer-agent investment ecology, so that investors can share the results of public offering funds.
Chen Tong said that so far, all kinds of institutions, including fund companies, securities firms and Internet platforms, have been approved. In comparison, Internet companies have large traffic and strong technology development capabilities, securities companies have strong research capabilities, and fund companies have the most profound understanding of fund products compared with other institutions.
Lin Jie believes that the focus of future business development of fund companies, commercial banks, securities companies, and third-party institutions is likely to be related to the traditional advantages of these institutions. For example, fund companies have the deepest experience in product management; established securities firms are the forerunners of securities investment and have the most perfect investment advisory team; banks and Internet traffic platforms have the strongest fund sales capacity; the new forces have the greatest focus and deepest understanding of this emerging business. The advantages of these genes, endowments and experience will more or less determine the form and focus of the investment business of different institutional development funds.
"the fund investment form and operation ideas of fund companies will have more product thinking, can better and faster turn the investment strategy into products and standardization, and quickly export to highly mature cooperation channels." Lin Jiecai said that the fund investment form of securities firms will have more business ideas and advantages of inheriting securities consulting business, and will take the investment team as the main body of sales and service.
Lin Jiecai further said that banks and Internet traffic platforms will also make the best use of their well-developed sales and service networks, but banks will focus on making more personalized services with the help of outlets and account managers, while Internet platforms will focus on providing standardized services and accurate services based on big data. All kinds of organizations will find out the best practices of the business under their own resources and understanding framework, and then learn from each other, so that the customer will eventually become the ultimate beneficiary.
There is also a fund company in Shanghai who believes that as far as fund companies are concerned, they have a greater advantage in portfolio strategy. As fund companies have accumulated rich experience in portfolio investment products such as FOF and MOM, and output portfolio recommendations through daily cooperation with banks and tripartite cooperation, they have more advantages in investment strategies.
Castrol said that the promotion of the pilot fund investment will open a great era of wealth management in China. This year, more financial institutions are applying for fund investment business pilot qualifications, due to different institutional backgrounds, fund investment services will also show a more diversified form, which is very good for investors.
A number of organizations have launched a "war for talent".
In order to better prepare for the pilot work of the investment business of the war fund, a number of organizations have posted recruitment information about relevant talents on recruitment websites to start a "battle for talent".
The reporter browsed the relevant recruitment website and found that Huitianfu Fund had released the recruitment demand of "Investment account Investment Manager". The job of this position is to manage investment portfolio assets. responsible for portfolio account asset allocation, industry allocation and fund selection and liquidity management, at the same time, supervise the implementation of the asset allocation plan of each account, and implement the adjustment operation of account management. Summarize and analyze the investment portfolio of each account on a regular basis and write relevant reports as needed.
Boshi Fund is also recruiting "FOF/ Investment Research fellow of multiple Asset Management Department" recently, including asset allocation and strategy research, assisting in the upgrading and iteration of asset allocation research framework, fund research, including quantitative analysis and qualitative research. Combination and calibration analysis.
Institutions that have been qualified for investment continue to build a talent team as their business continues to expand. Yi Fangda Investment headquarters is also recruiting many kinds of talents, including product design, artificial intelligence researchers, major asset research posts, strategy research posts, fund product research posts, and so on.
In the view of Chen Tong, vice president of Yi Fangda Fund, the fund investment business needs a large number of comprehensive talents as a new business, and this gap is still very large. "in the past, there was actually a fault in the training of talents in this field in the industry. Whether they are fund product research, industry research, investment personnel with actual fund investment experience, or financial science and technology personnel, excellent investment advisers, compliance risk control personnel, and so on, they all need to be recruited and systematically trained. "
Lin Jie, vice president and head of Yingmi Fund, believes that at present, the scarcest fund in the market can understand this business and can make targeted solutions. "the investment industry is different from the asset management industry. what the investment industry needs to do is not to do a good investment performance, but to turn the good investment performance from the excellent products in this market into the income of customers. Therefore, the talents invested by the fund need to have very precise control over the behavior and psychology of their clients, and design targeted "investment" solutions and "care" solutions for these behaviors and mentals. and the "investment" and "care" solutions are well combined, at present, this kind of talent is still relatively scarce. For fund companies that have just started their business, the current stage will focus more on the establishment of strategic investment teams, and the follow-up will gradually shift to the demand for operational and "caring" talents. "
"at present, the investment business of most fund companies is led by the e-commerce department, while involving investment, risk control, clearing and other departments." A person from the e-commerce department of a fund company said that investing in the business requires compound talents who understand both the investment and the market. Among them, in the aspect of investment, we should not only study the asset allocation of large categories, but also understand the style of partial instrumental funds and biased fund managers in the market, and be familiar with the underlying asset allocation. In the market, we should not only be familiar with the customer needs of traditional financial institutions, but also understand the characteristics of Internet novice users.
Doing a good job of consulting service will be the top priority this year.
On October 24, 2019, the Securities Regulatory Commission issued the notice on doing a good job in the pilot work of the investment advisory business of publicly raised securities investment funds. it has been more than a year since the public offering fund investment business was launched. including customer promotion and platform online and other businesses are in the process of steady progress, in the development to solve problems, "feel the stone to find the way" is the mentality of a number of fund investment institutions.
"the fund investment business is a business with great potential for development, and the major asset management agencies have reached a consensus on this point, which can be reflected in the applications of a number of institutions to carry out this business; it is just that there are differences in when the fund investment business can become the mainstream way for the public to buy funds. I personally think that the development of the fund investment business will be faster than the industry imagined. " Chen Tong said that the development rate of fund investment business can also be seen from the industry development data. for example, the scale of investment by Yi Fangda Fund increased by more than 100% in January 2021 compared with December last year, while it is understood that the scale of other peers is also growing rapidly. In addition, with the rise of social media in recent years, the spread of ideas will be faster than expected, which is also more conducive to the popularization and promotion of fund investment business.
"however, we should also note that as a new field, there are also some problems to be solved in the actual development of the fund investment business. For example, fund companies, securities companies and other institutions how to effectively isolate the fund investment business from the original traditional business, the speed of change in the thinking of sellers' agents in fund sales institutions, and so on. " Chen Tong pointed out.
Lin Jie said bluntly that fund investment carries the historical mission of solving the greatest pain point of the industry, "funds make money, but base people do not make money", and is an important carrier for the institutionalization of retail investment in the capital market. 'We are very optimistic about this business and it will have a very broad prospect and a bright future,'he said.
"in terms of difficulties, it is expected that there will be more fluctuations in the market this year than in the past two years, which will bring new challenges to fund investors. At the same time, this is also the time when it can best reflect the relative advantages of the fund investment business. In this market environment, how to better help clients maintain and increase their assets is a real test for the fund investment business. This will put forward higher requirements for the awareness and solutions of various institutions. " Lin Jie just said.
Castrol pointed out that in the volatile 2021, good consulting services will be a top priority for investment. On the one hand, we should make use of our professional advantages in investment and research to optimize the foundation in the whole market and help investors capture investment opportunities as much as possible. On the other hand: to be more patient with investors, especially in the face of fluctuations and falls in the process, unswervingly do a good service, accompany investors, guide investors to invest in the fund correctly. Do not chase the rise, kill or fall, blindly follow.
A fund manager said that the so-called "investment" includes "investment" and "care". In this part of "investment", after more than 20 years of development, fund companies have certain advantages in investment and research, while "gu" focuses on customers. To do a good job in investment business, we need to have smooth channels to reach customers first. At present, most of the investment business is mainly carried out on some of the original online marketing platforms. Secondly, in an environment where the online trend is obvious, it is necessary to have a sufficient customer base in order to have a more comprehensive understanding of customer needs and the problems encountered in the process of investment and holding, and to generate more effective customer portraits. then to provide customers with more appropriate products and continuous customer services. At present, the fund company itself has a limited customer base, and it may need to be constantly optimized in customer portraits, strategies and products. In addition, how to differentiate and make their own characteristics is also an important point of concern.
"it is difficult for fund companies to separate their business departments from other departments more effectively, and the confusion that customers need to collect fees for fund investment services is the difficulty in the current business development." The above fund company e-commerce feedback.
Some fund companies also pointed out that fund investment requires strong system support, and IT investment is a relatively difficult thing for the asset management institutions. After all, the construction of the IT system cannot be regarded as the core business of the asset management institutions, which leads to a substantial increase in the investment of resources in IT within a short period of time.