Financial Associated Press, June 24 (Reporter Chen Junling) 2199.336 billion yuan, 2204.893 billion yuan, 2242.974 billion yuan - this is the management scale data of fund subsidiaries in the last three months. After years of shrinking, industry management The scale is showing weak signs of bottoming out.
Last night, the filing data of private asset management products released by the China Foundation Association showed that in May 2022, the surviving assets of fund subsidiaries were 2,242.974 billion yuan, an increase of 38.081 billion yuan compared with 2,204.893 billion yuan a month ago. Compared with the previous month (an increase of 5.557 billion yuan), it has rebounded significantly.
Since the official release of the "New Regulations on Asset Management" in 2018, fund subsidiaries have been away from the good days of surging forward. At the darkest moment of the industry's management scale, some people continue to stick to it silently, and some people change their minds and enter public funds or Directly "run away", change to a new track and start again.
It has rebounded for two consecutive months, and the number of new filings has declined
Since it fell below the 3 trillion mark for the first time in June last year, only half a year later, the management scale of fund subsidiaries has dropped to a new level.However, after hitting a new low of 2,199.336 billion yuan in March this year, the figures in the last two months are showing a slow recovery.
The May 2022 monthly filing data released by the China Foundation Association shows that as of the end of May 2022, the private asset management business of securities and futures institutions totaled 15.67 trillion yuan (excluding social security funds and corporate annuities), an increase of 52.795 billion from the end of last month. Yuan, an increase of 0.34%.
The bottoming out of the management scale of fund subsidiaries is also directly reflected in the average size of each company.The average scale of private asset management business managed by fund subsidiaries was 32 billion yuan, an increase of 900 million yuan from the previous month, and the median management scale was 9.4 billion yuan, an increase of 700 million yuan from the previous month.
However, what worries the industry is the filing data of new products.Data show that in May, fund subsidiaries filed a total of 55 asset management products, with an establishment scale of 3.303 billion yuan, accounting for only 8.32%, a significant decline compared to the data released in the previous months.
Combined with similar data in recent months, the private equity asset management industry, including fund subsidiaries, has sent two signals - the transition period for the new asset management regulations has ended, and the scale of the channel stock has been "swept away by the autumn wind"; compared with the public offering industry, it has In other words, the growth of actively managed products of fund subsidiaries is weak.
"In recent years, the fund subsidiary industry has continued to decline. Although the active management business is a future-oriented business, due to factors such as talents and incentive mechanisms, executives in the entire industry are generally caught in the predicament of having more than enough resources." A former fund Subsidiary analysts said.
Change the "track" and start again, the famous investment director "runs away"
Public funds, private funds and fund subsidiaries, these three industries rely on the capital market for food, but their fates are completely different.Public funds can be said to shine, and leading private funds can barely keep up with the pace, but fund subsidiaries have almost emptied the entire capital market.
A few years ago, due to the shortage of assets and favorable policies, the fund subsidiary industry was regarded as the most promising financial sub-industry, attracting many professionals from inside and outside the circle to join.However, as the scale of the fund subsidiary industry has shrunk year by year, professionals who came from inexplicably in the past have started to make new efforts.
In the summer of 2016, She Chunning, a fund manager at Invesco Great Wall Fund, received an olive branch from a fund subsidiary in Beijing. The latter was actively responding to the policy call and began to transform from channel business to active management business.
She Chunning has a very good resume. As early as the 1990s, he served as the general manager of the treasury department of the Shenzhen Foreign Exchange Brokerage Center of the People's Bank of China. After 2000, he joined Dapeng Securities as the treasury manager of the treasury settlement department.
In November 2005, She Chunning joined China Merchants Fund.During his five years at the fund company, he served as a macro analyst and fund manager in the fixed income department.Five years later, he joined Invesco Great Wall Fund as the Deputy Investment Director of the Fixed Income Department.
After entering the fund subsidiary with the background of the central enterprise, She Chunning was once entrusted with the important task and became the head of one of the few first-level departments of the company.However, he didn't stay in the company for a long time. After two years, he left in a low-key manner, and he has since left the fund circle.
In April 2022, China Foundation Association announced the new filing information of private equity fund managers. She Chunning's name appeared on the executive list of Gaolin (Shenzhen) Private Securities Fund Management Co., Ltd. He is not the actual controller of this private equity fund. , but was appointed general manager.
From the fund manager of a well-known public fund, to the investment director of a small fund subsidiary, to becoming the general manager of a private equity fund, She Chunning is just a transformation case for many fund practitioners in the past. When a track no longer shines , changing the track is a new attempt.
