Photo courtesy of Picture Worm Creative Peng Chunxia Mapping **Times reporter Liu Yiwen.
Brokerages continue to make efforts to deploy asset management subsidiaries.
Recently, the establishment of two more brokerage asset management subsidiaries has ushered in new progress. On December 15, the China Securities Regulatory Commission approved the establishment of an asset management subsidiary by Huafu**;On the same day, the China Securities Regulatory Commission also accepted the application materials for the establishment of an asset management subsidiary of Capital **.
* The Times reporter combed and found that since the beginning of this year, 5 securities companies such as Guoxin ** have been approved to set up asset management subsidiaries, and the asset management subsidiaries of CITIC ** and other securities companies have officially opened. In addition, at least six securities firms, including CICC, are queuing up to apply for the establishment of asset management subsidiaries.
The establishment of an asset management subsidiary is conducive to improving business operation efficiency, accelerating business transformation, and focusing on active management. A brokerage said. It is understood that the establishment of asset management subsidiaries by securities companies can better "take a piece of the pie" in the distribution of public offering transaction commissions.
Two more brokerages entered the market.
The queue of asset management subsidiaries of securities companies will be expanded again.
On December 15, the China Securities Regulatory Commission approved the establishment of an asset management subsidiary by Huafu**;According to the China Securities Regulatory Commission, Huafu ** needs to complete the industrial and commercial change registration and the industrial and commercial establishment registration of Huafu Asset Management within 6 months. Huafu itself should reduce its asset management business, conscientiously implement the plan and arrangement for the closure of the asset management business, do a good job in business clean-up and handover, smoothly handle the relevant matters of existing customers, ensure that the legitimate rights and interests of customers are not harmed, properly resettle employees, and maintain social stability.
According to the data, Huafu Asset Management is registered in Fuzhou City, Fujian Province, with a registered capital of 200 million yuan, and is a wholly-owned subsidiary of Huafu **. According to the financial report data, the structure of Huafu**'s asset management business continued to be optimized, the scale and proportion of collective asset management increased significantly, especially the active management ability was further improved, and the income contribution of asset management business increased significantly. In 2022, Huafu**'s active management transformation has begun to show results, and the asset management business has achieved a management fee income of 50.9 billion yuan, a year-on-year increase of 4431%。
On the same day, the China Securities Regulatory Commission (CSRC) also received the materials of Capital **'s application for the establishment of an asset management subsidiary. As of the end of June 2023, the net value of the company's asset management business was nearly 120 billion yuan.
Capital ** said that in recent years, the company has been deeply engaged in the expansion of cooperation channels and the refined management of investment and research risk control, and continued to optimize the product structure. On the basis of continuing to consolidate the advantages of pure debt fixed opening products, we have increased the layout of similar cash management products, TOF products, "large fixed income +" products and equity products, and issued amortized cost products in accordance with the market situation, making the product system more balanced and diversified, providing rich choices for residents' wealth management needs.
According to the average monthly scale of private asset management of securities companies released by the China ** Industry Association, the average monthly asset management scale (excluding special asset management plans) in the first three quarters of 2023 ranked 16th in the industry.
The asset management subsidiary has become a "sweet and sweet".
The actions of the above two brokerages are just a microcosm, in fact, many brokerages are making continuous efforts to set up asset management subsidiaries.
The establishment of the company's asset management subsidiary is in line with regulatory policies and industry development trends, which is conducive to improving business operation efficiency, accelerating business transformation, focusing on active management, improving customer wealth management service capabilities, and enhancing market competitiveness. Cinda** said that the company's application materials for the establishment of an asset management subsidiary had been accepted by the CSRC in early December.
*According to the data compiled by the Times reporter, since the beginning of this year, five securities firms, including Guoxin**, Guolian**, Huaan**, Great Wall**, and Huafu**, have been approved to set up asset management subsidiaries. At the same time, at least six brokerages, including CICC and China Securities Construction Investment, are queuing up to apply for the establishment of asset management subsidiaries. In addition, some asset management subsidiaries have been officially opened. On October 19, the opening ceremony of Shenwan Hongyuan Asset Management Subsidiary was heldOn October 26, Guolian** announced that its asset management subsidiary had landed in QingdaoOn November 16, the opening ceremony of CITIC ** Asset Management subsidiary was held in Beijing.
One of the purposes for many securities firms to set up asset management subsidiaries is to lay out the public offering track. Some securities firms have made it clear that they will apply for a public offering license after the approval of the asset management subsidiary.
According to the Measures for the Supervision and Administration of Public Offering Investment Managers issued by the China Securities Regulatory Commission in 2022, the "one participation and one control" is relaxed, and the "one participation, one control and one license" policy is implemented, and securities firms can obtain public offering licenses in three ways: First, directly apply for the establishment of ** companies;The second is to obtain a minority stake or controlling stake in the company through equity transfer;Third, securities firms obtain public offering licenses through their asset management companies, or directly apply for public offering business qualifications.
Grabbing the commission to distribute the "cake".
Brokerages have laid out public asset management business, one of the benefits is that they can get a "piece of the pie" in the distribution of public offering commissions.
In the past public offering commission distribution, the parent company of the public offering ** - the brokerage company often gets the bulk of the distribution, and some public offering ** will even contribute nearly 30% of the transaction commission to their own brokerage shareholders.
Recently, the China Securities Regulatory Commission (CSRC) issued the "Provisions on Strengthening the Management of Public Offering of Investment Transactions (Draft for Comments)". According to the relevant provisions, the upper limit of the distribution ratio of a single brokerage firm in public offering trading commissions will be reduced from 30% to 15%. For this policy change, a medium-sized brokerage non-bank analyst told the **Times reporter: "This may make a single public offering to the brokerage shareholders less commission, but based on the 'one participation, one control and one card', the brokerage can have a number of public subsidiaries, which may make up for the reduction of commissions to a certain extent." ”
The analyst also said that the trading commission of the bond settlement ** is not limited by the distribution ratio, which is also good for the shareholders of the brokerage company of the public offering**.