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Asset Management Of Securities Firms: From "Bomb" To "Golden Egg"

2009/2/4 16:36:00 41945

Before the comprehensive governance, the so-called asset management business of the securities companies is basically a violation of the guaranteed principal and interest protection entrusted financial management business. In the 4 years, it became a "land mine" for a number of securities companies including the Southern Securities.

After the "Redemption" of comprehensive management, the asset management business of the securities company has come out of a new look: it pursues absolute income. Only when the money is made for the clients can the broker get the performance commission and be tied up with the investors' interests. It no longer promises to maintain capital and interest, and become a low quality business with low capital consumption and low risk. Its business has expanded from the collection financial products to the special products, directional products, direct investment products and so on, and the asset management department has become the second largest brokerage company after the brokerage business department.

　　追求绝对收益

The comprehensive management of brokerages is guided by the idea of "helping the poor and the poor". After obtaining the qualification of innovation, China Everbright Securities first approved the first collection of financial products in the industry in March 2005. Since then, all major brokerages have tried to establish the brand of asset management from the collection of financial products.

Up to now, a total of 19 brokerages have issued 45 sets of financial products, with a management share of more than 50 billion.

The collection of financial products by brokerages has also failed to meet expectations and has withstood the test of sharp decline in the stock market this year.

According to the statistics of Wind information, up to now, 6 brokerages have collected about 2 times the earnings of their financial products, namely, Everbright 121.8%, Dongfanghong 2, Guangda 2, 108.6%, CITIC 2, 105.39%, Huatai Zijin 2, 99.27%, Guangfa financial management 3, and the other two companies have only a few brokerage firms to collect financial products.

Another group of data can be more of a problem. In the 32 existing brokerages' collection products, there are 21 units with a net value of over 1 yuan, which means that 2/3 of the securities dealers' financial products have maintained positive returns for investors.

The vast majority of brokerages gather financial products can retain the fruit of the bull market, and its positive incentive clause is not tied up.

In contrast with the fund's pursuit of relative returns, securities dealers collect money in pursuit of absolute return. In terms of remuneration, most brokerages gather financial products, and only when the product gains positive returns can the broker get the performance reward. Some brokerages also have a certain amount of their own funds to participate in the establishment of collective financial products, showing the spirit of sharing risks with investors.

　　理念深刻转化

More important than earnings, we see that after the comprehensive management, the securities business has pformed the concept of asset management risk control.

In the four year bear market since 2001, part of the commercial securities guaranteed interest rate in excess of its capacity to withstand risks, which led to massive losses in the two tier market investment and even bankruptcy.

"Why did many companies fail in 2001? The real reason is not the failure of stock investment, but its understanding of compliance, which is a big flaw in corporate governance."

A securities risk management senior manager commented.

After a painful review, risk control is referred to by the broker as the "lifeline" height.

A group of authoritative data shows that by the end of 2007, the scale of self - operation of all brokers in China was 100 billion, and if the net capital index management system was adopted, the scale of self - operation of securities dealers could reach 300 billion, indicating that the self - financing of securities dealers was only 30% of net capital, and 100% of them could be provided in accordance with regulations.

Securities companies increasingly cautious, reporters recently told a head of the asset management department of a brokerage firm: the company's asset management business has set a strict stop loss line, the stop position of a single product is set at about 15%, and if the loss of financial products reaches 20%, liquidation is implemented.

Apart from collecting financial products, the asset management business of securities companies already has special financial planning, directional financial products, direct investment business and so on.

It is understood that before the CIC and China Merchants Securities issued two special financial products have been very good returns; although the orientation of information management business started for a long time, but showed the advantages of expert financial management, it is understood that Guoxin Securities 5 directional products net growth rate this year are ranked in the top ten of the 189 open-end funds.

There is a bright future for securities companies to assemble financial products.

"People who invest for a long time have a awe of the market, and securities companies have the most commitment to market innovation. New business opportunities are generated on the investment platform of securities companies, which can be pformed into asset management products of securities companies.

Now the asset management of securities companies is only a tiny part of the whole asset management business in the future, and most areas are in an uncultivated state.

Tang Weiqing, vice president of China Merchants Securities, said in an interview earlier this year.

Editor: vivi