Our reporter Zhou Shangdian
In recent years, the development of public funds has been rapid, and the total size has climbed to 25.52 trillion yuan, and financial institutions such as securities companies and banks have long been eyeing the "cake" of securities investment fund custody business.
Since the beginning of this year, Orient Wealth Securities and Nanjing Securities have been approved for securities investment fund custody qualifications (hereinafter collectively referred to as "fund custody qualifications"). So far, the number of securities firms that have obtained fund custody qualifications has increased to 29.
Number of brokers with custody qualifications
Comparing with banks
According to the data of China Foundation Association, a reporter from "Securities Daily" found that since 2020, 12 securities companies have been approved for fund custody qualifications, of which 9 have been approved in 2020, 1 in 2021, and 2 have been approved since the beginning of this year. .In 2019, when Shenwan Hongyuan Securities was approved, only 17 securities firms were qualified for fund custody.
In recent years, the regulatory authorities have further accelerated the issuance of fund custody qualification licenses to securities companies.On January 27, 2022, Nanjing Securities was approved for the fund custody qualification; on June 2, the securities investment fund custody qualification of Orient Fortune Securities, a subsidiary of Orient Fortune, was also approved.That is to say, since the opening of the custody business of securities companies in 2013, the number of securities companies qualified for fund custody has increased to 29.At present, there are also 29 banks qualified for fund custody.
Hu Xiang, chief analyst of non-banking finance at Soochow Securities, said, “This is a measure by the regulatory level to encourage and guide competition in the fund custody business industry. In the future, institutions that can provide more professional and efficient services to fund clients and have advantages in terms of rates are expected to gain more incentives. more market share.”
Liu Jiawei, chief analyst of the non-banking financial industry of Dongxing Securities, said in an interview with the "Securities Daily" reporter, "At present, the advantages of banks in fund custody business mainly come from systems and channels, while the advantages of securities companies lie in service, professionalism and innovation. ability."
According to the information on the official website of the China Securities Regulatory Commission, at present, 10 institutions are queuing up to apply for the qualification of fund custody business, including 4 securities companies including Western Securities, Caixin Securities, First Venture, and Tianfeng Securities, as well as HSBC Bank (China), Mengshang Bank, There are 6 banks including Bank of Chengdu, Chongqing Rural Commercial Bank, Shanghai Rural Commercial Bank and Bank of Qingdao.
Judging from the custodian fee for the fund custodian business, the custodian fee is a fee paid to the custodian, which is equivalent to the remuneration for the custodial service.In 2021, the custody fee income of fund custodians in the whole market will be 28.94 billion yuan, a year-on-year increase of 44.31%.Among them, bank custody fees accounted for as high as 93%.
Brokerage custody business
Show two advantages
Although the fund custody business of securities companies was opened in 2013, and has received strong support from the regulatory authorities in terms of qualification approval, at present, due to the fact that the agency sales strength of securities companies is still relatively weak, in the market competition environment of "trust by sales", to a certain extent, This restricts the development of the custody business of securities companies, and there is still a gap with the fund custody business of banks.
So, what advantages does a brokerage have?Chen Li, chief economist of Chuancai Securities and director of the research institute, told reporters, "Comparatively speaking, banks have more and wider sales channels, while the advantages of securities companies lie in the integration of investment and research services and the bond settlement model. Securities investment clients have a good long-term brokerage service bond.”
According to the data of Wind, the top ten are all from banks, and the total assets of the funds under custody are all over one trillion yuan in terms of total assets under custody (open-end + closed-end); among securities companies, Guotai Junan manages funds with a fund of RMB 157.756 billion. The scale ranked first among securities companies and ranked 20th in the whole market, followed by China Merchants Securities and China Securities, with fund custody scales of 74.79 billion yuan and 56.778 billion yuan respectively. Only, 57; there are 7 securities firms whose fund custody scale is less than 1 billion yuan, of which 3 are less than 100 million yuan.
Chen Li said, "Securities companies are mainly due to their uneven scales, and there is a slight gap between their asset scale and the ratio of banks. At the same time, there is a large difference in professional capabilities, and securities companies that attach importance to investment and research business have relatively strong competitiveness in this regard, as well as securities companies. The number of business departments, investment in technology, and investment in research business lines are also important comparative considerations.”
At present, compared with the bank custody business, the development gap of the brokerage fund custody business is more obvious.According to Wind data, as of press time, the scale of brokerage fund custody business is less than 2%, the total custody scale is only 436.405 billion yuan, and the number of custody funds is only 416.Compared with the leading fund custodians of securities companies and banks, in 2021, Guotai Junan's custody fee will be 97.3478 million yuan, while ICBC's custody fee will be as high as 5.15 billion yuan.
"At present, securities companies cannot catch up with banks in terms of business scale. The investment in hardware such as capital and systems, and soft power such as channels are bottlenecks for development, and price wars are also constraints on their income. In the future, securities companies will strengthen from the perspective of specialization and other The linkage of business and the use of system advantages may lead to a larger market share, but the top wealth management securities companies are still expected to achieve breakthroughs." Liu Jiawei added to the reporter.(Securities Daily)
【Editor: Shi Rui】
