One and a half years after it was approved for construction, Minsheng Wealth Management finally received the regulatory approval notice for opening.Minsheng Bank announced today that it has received the relevant approval from the China Banking and Insurance Regulatory Commission. The bank will strictly perform relevant procedures in accordance with laws, regulations and regulatory requirements, and promote Minsheng Wealth Management to open and operate as soon as possible.This means that the bank's wealth management subsidiary has added "new recruits".
Some people in the industry believe that the current bank wealth management market has entered a "new era" dominated by wealth management companies, the structure of wealth management products has been gradually optimized, and the degree of net worth has been continuously improved.With the continuous expansion of the number of bank wealth management companies, it is expected that the competition in the bank's wealth management market may intensify in the future, and the investment and research capabilities of bank wealth management subsidiaries will still need to be further improved in the future.
Minsheng Wealth Management finally opened after a year and a half of financing
According to the approval of the China Banking and Insurance Regulatory Commission, Minsheng Wealth Management has a registered capital of RMB 5 billion and is registered in Beijing. It is mainly engaged in the issuance of public wealth management products, the issuance of private wealth management products, wealth management consulting and consulting and other asset management related businesses.
Minsheng Bank stated that Minsheng Wealth Management will take professional, differentiated and characteristic first-class asset management institutions as its development orientation, focus on customers, and implement “fixed income and fixed income +” as the main body, “mixed and equity” and “ "Alternative investment" is a two-wing strategy. Through the allocation of major types of assets and diversified asset strategies, it will create a product pattern with the characteristics of "low volatility and stable income", and establish an open three-dimensional marketing system with multi-channel, multi-media and multi-tentacles.
Minsheng Bank was approved for construction as early as December 2020, but it has not been approved for opening.According to the "Administrative Measures for Wealth Management Subsidiaries of Commercial Banks", the preparatory period for a bank's wealth management subsidiaries is 6 months from the date of the approval decision; the preparatory period can be delayed once, and the extension period shall not exceed 3 months.This means that the preparatory period for the bank's wealth management subsidiary is no longer than 9 months.
According to industry insiders, the bank's wealth management subsidiaries need to start cleanly, so the regulatory authorities have stricter requirements for acceptance.Minsheng Bank also stated that the establishment of Minsheng Wealth Management is an important measure for the Bank to strictly implement regulatory requirements, promote the healthy development of wealth management business, and promote the return of bank wealth management business to its origins.
However, this year, the good news of people's livelihood financial management has continued.On April 29, the board secretary of Minsheng Bank stated on the investor relations platform that the bank’s wealth management subsidiary had been approved for establishment and completed capital injection, and had submitted an application for opening to the China Banking and Insurance Regulatory Commission and completed on-site inspection.Another source said that Ouyang Yong, assistant to the president of Minsheng Bank, resigned to serve as the chairman of Minsheng Wealth Management, and Zhang Changlin, general manager of the asset management department of Minsheng Bank, will serve as the president of Minsheng Wealth Management.However, the above-mentioned personnel appointments have not yet been announced on the official website of the China Banking and Insurance Regulatory Commission.
According to Minsheng Bank data, by the end of 2021, the scale of Minsheng Bank's wealth management products reached 1.01 trillion yuan.Among them, the scale of net value products was 982.389 billion yuan, accounting for 96.99%.In the first quarter of this year, the bank launched a "cash + strategy" short-term low-volatility and stable-income wealth management product, actively catering to investors' demand for low-risk products in a volatile market environment.At the same time, focusing on reducing performance fluctuations, it continued to optimize the existing short-term "fixed income +" product investment strategy and product form, and intensified its mid- and long-term product layout.
The investment and research ability of bank wealth management companies has become the key to development
The scale of bank wealth management subsidiaries is still expanding.According to incomplete statistics from the Beijing News Shell Finance reporter, there are still three bank wealth management subsidiaries that have been approved for construction, but none of them have yet been approved to open.Some people in the industry predict that with the continuous optimization of the development pattern of the wealth management market, the investment and research capabilities of bank wealth management subsidiaries will become the key to future development.
Dong Ximiao, chief researcher of China Merchants Union Finance, said that since the beginning of this year, the related products of bank wealth management subsidiaries have experienced large-scale fluctuations and net worth withdrawal for the first time with market fluctuations, which also indicates that bank wealth management subsidiaries still need investment and research capabilities in asset management. Work hard.At present, due to the short establishment of bank wealth management subsidiaries, the advantages and characteristics of each company have not been fully revealed.
"Bank wealth management subsidiaries can enter the capital market, but this means that wealth management subsidiaries must develop investment and research capabilities that can participate in the capital market." A person from wealth management subsidiaries said that at present, various wealth management subsidiaries use "asset management institutions" "As its development goal, the investment capability of equity products is an important criterion for first-class asset management institutions.At the same time, bank wealth management subsidiaries also need to explore more investable areas to enrich their product lines and find a way of differentiated competition for future development.
In addition, some people in the industry bluntly stated that some small and medium-sized banks that are limited by insufficient investment and research capabilities in asset management will face greater competitive pressures in the development of wealth management business.These small and medium-sized banks that cannot set up bank wealth management subsidiaries are gradually reducing the scale of wealth management products they issue.
According to data released by China Wealth Management.com, as of the end of 2021, the number of institutions with surviving wealth management products has decreased by 90 compared with before the release of the new asset management regulations.At the same time, more and more small and medium-sized banks choose to continue to participate in the wealth management market through agency sales, gradually becoming an important force in agency sales of wealth management products.
