If there is no strong ** before the Chinese New Year, I believe that many people will not have a good year.
But compared with the trend of the whole year of 2023, this point of ** is indeed better than nothing.
Before the Chinese New Year, an article entitled "Lost about 1 in two years7 trillion, who will be responsible for the people? The article is swiped. The article mentions several data:
There are more than 100 public offering companies in China, more than 3,000 managers, managing more than 10,000 products, and "helping" the people to lose nearly 2 trillion in the past two years.
But at the same time,**The company easily took away more than 140 billion management fees.
Regarding these shocking data, some people commented: "It's almost time to catch up with telecom fraud."
The people have nothing left, but the company has made a lot of money, and even the employees of the company can enjoy higher salaries together.
Uncle Bird still said the same thing,In the financial industry, which has always attached great importance to academic background, relatively high remuneration is not a big problem.
The premise is that the company has really created benefits and created value for the people.
But it's a pityThere are really not too many ** companies like this.
Today we are going to talk about the old public offering in ShenzhenSouth**.
Nanfang ** was born in Shenzhen in March 1998, which is one of the earliest ** companies established in China and the starting symbol of China's ** investment industry.
At the beginning of its establishment, Nanfang was regarded as a pioneer in the industry, walking in the forefront of innovation, pioneering many types of products, and was also the first batch of public offerings that obtained the qualifications of national social security investment managers and enterprise annuity investment managers. From 2002 to 2004, the assets under management of Southern ranked first in its peers for three consecutive years.
As a veteran public offering with the longest experience, the salary of the first in the south is naturally in the forefront.
In the school recruitment of fresh graduates*** Study Club] released on February 28, 2023, a school recruitment tweet titled "Southern ** 2024 Spring Campus Recruitment and Salary Package", the introduction of Southern ** is:
The salary level of the southern ** ranks in the top 5% of the industry, and the salary will be adjusted in April and May according to the assessment results.
According to reports, the average salary in the south is about 2w months, and the industry researcher is about 25w, and then the increase is considerable. The basic salary of middle and back office positions is 15W, year-end bonus of more than 10 months' salary, the general contract of the IT department is about 26W.
As mentioned in our previous article, the basic domestic leading companies, such as Bosera **, Fuguo**, etc., in addition to providing highly competitive salaries, also have generous employee benefits:
For example, five insurances and one housing fund, supplementary medical insurance, meal subsidies (there are also shopping card subsidies in the south), transportation subsidies, and household registration.
According to an article published by Shanghai ** Daily on December 12, 2021 entitled "Sour! "Five-star canteen", "four o'clock off-duty exercise", "safe housing", "million annual salary" ......Is this someone else's company? >> Introduction:
In the campus preaching of (South**), the same emphasis is placed on "eating well".There is a gym and special association activities for employees to exercise, and there will also be "safe housing" benefits for fresh graduatesto help you save money and energy. ”
WhileThe average monthly salary is 20k, and that's just the salary that the south ** gives to the on-campus enrollment.
According to the company introduction of **Career Friends,**The salary level of ** in the south,The proportion in 30-50k is close to 60%.This salary range is based on the fact that the overall salary of the South** in 2023 will be 7% lower than that in 2022.
In the column called "How is the salary of the south", the data of the group of employees shows that the average monthly salary of the south** is 367k，Among them, there is not much difference in the average salary of bachelor's degree and master's degree, both of which are 37k+.
In addition, as shown in the figure, the statistical sample of the JobYouji does not include front-line financial business personnel such as ** managers. Therefore, the actual treatment of the south** is definitely higher than the disclosed data.
Once, the South ** also had its own highlight moments.
As the second ** company in China to achieve a scale of assets under management exceeding 100 billion yuan, Nanfang ** is known in the industry"Whampoa Military Academy", many of the top executives of the big public fundraising ** company are from the south, including:Wang Hongyuan, co-chairman of Qianhai Open Source, Wang Lixin, general manager of Yinhua, and Deng Zhaoming, general manager of Penghua.
However, the performance of the South ** in recent years can hardly be described as excellent.
In 2023, a number of Nanfang** products will be liquidated, including 90-day rolling holding in the Southern Quarter, Southern Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 ETF, Southern Rayleigh, Southern Guyuan 6-month holding, Southern Yulong one-year holding, Southern Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 ETF connection, etc.
As of Feb. 18,In the past year, there are 24 companies with a loss of more than 30%, of which 2 have a loss of more than 40%.
As shown in the figure, the top losers also include the veterans of the southThe trend of the new energy industry in the south managed by Shi Bo is mixed A and C, and the loss margin is also close to 40%.
Shi Bo, a veteran of the industry, joined the public offering industry in 1998, and his career covers the entire history of China's public offering, and he is one of the few managers in China who has experienced a complete bull and bear cycle in 2008 and 2015.
According to ** reports, during the 2015 stock market crash, the southern new preferential annual income managed by Shibo was 7136%，The Southern Performance Growth A was slightly lower to an annualized rate of 5949% gain.
According to the personal page of Tiantian** Shibo, he joined Nanfang in October 2009 and is currently the vice president and chief investment officer (equity) of Nanfang**, the chairman of the asset allocation committee, the chairman of the domestic equity investment decision-making committee, the chairman of the international investment decision-making committee, and the vice chairman of the public offering business collaborative development committee.
But such a seasoned veteran,The record since 2021 can be described as miserable.
According to the data of Tiantian**, since 2021, the 6 ** managers of the ** by him have all recorded relatively large losses, significantly underperforming the industry.
As shown in the figure above, Shi Bo is currently managing a total of 6 **, and the loss margin ranks first from the bottom, which is the southern new energy industry trend mixed A C, reaching -4721% and -4799%, underperforming the average performance of its peers.
The second-to-last loss is the former Nikko-Nanfang Xingrun Value Holding Mixed A C for a year, with a loss margin of -3521% and -3637%。
Nanfang Xingrun Value was established on February 3, 2021. During the issuance period, it easily raised an upper limit of 15 billion yuan in just one day, becoming a typical "daylight base".
However, how beautiful the value of Southern Xingrun was when it was subscribed, and how much it is performing now.
As of February 18, the cumulative yield of Nanfang Xingrun Value Class A was -3521% with a net worth of 06470 yuan; The cumulative yield of Class C is -3637% with a net worth of 06363 yuan.
Such a terrible performance,It also makes many investors choose to cut their meat and leave the market.
According to the data of Tiantian**, from the end of the closed period in the first quarter of 2022 to the present, Nanfang Xingrun Value A has been in a net redemption state for eight consecutive quarters. Among them, in March 2022, the net redemption of ** in the quarter after the end of the lockdown period was as high as 1.7 billion.
According to the data of Tiantian**, as of the first half of 2023,Nanfang Xingrun Value A alone has a cumulative loss of 4.2 billion yuan since its establishment in 2021.
You must know that as of the fourth quarter of 2023, the ** scale of Southern Xingrun Value A is 4.4 billion, and the loss amount is close to the ** scale, which is equivalent to three years of Shibo management, and the loss of one Xingrun Value A.
However, the huge loss did not affect the collection of high management fees in the south at all. According to the data of Tiantian**, from its inception to the first half of 2023,Southern Xingrun Value A contributed 3$800 million in management fees.
And the southern ** is not the only one who is not performing well.
According to public information, Mao Wei, another manager with a halo on his head, currently has 5 products under management, with a total management scale of 1134.3 billion yuan,It is one of the only 4 managers in the active equity sector in the south, with the best return of 174 during his tenure75%。
However, in the whole year of 2023, among the 5 products under Mao Wei's management, the lowest annual rate of return is Southern Growth Pioneer Mixed C, which was established in June 2020 and is a partial stock hybrid **, with an annual return of -3119%。
Like Shibo's southern Xingrun value, at the beginning of the establishment of the Southern Growth Pioneer Mix, it was also a "king fried big item" in the south. According to relevant ** reports, 450,000 people were once raised to rob the situationAs a result, 32.1 billion yuan of funds were raised in one day, and the beginning was the peak.
But the good times did not last long, and under the management of the manager who had destroyed the performance in the past two years, the scale of the company had dropped by 8619%。
In stark contrast to the performance,In the three years since its establishment, the Southern Growth Pioneer Mix has brought more than 500 million management fees to the South.
Judging from the current situation of the south, although the manager's performance is not satisfactory, the management fee of the south is not less.
Daily ** network data shows thatIn 2021, the manager's remuneration of Nanfang** was 533.2 billion yuan, compared to 504.4 billion yuan, compared to 24$1.9 billion.
Conclusion
The chaos in the industry is rooted in the interests of the company and the interests of the people, which are contrary to each other to a certain extent.
First of all, the management fee income, which accounts for 80% of the company's revenue, is a fixed-rate asset and is linked to the scale. The simple understanding is that the larger the scale, the more management fees.
And the company's management fee is guaranteed by drought and flood. Whether to make money or lose money is a matter of concern to the people, and it is not within the scope of consideration of the company. This leads to:**The company naturally has the motivation to expand the management scale, but lacks the motivation to expand the income.
This may be the fundamental reason why we have seen so many ** companies still live very well after the huge losses of their own issuances.
As the company's high salary continues to be questioned by the market and the people, supervision has also begun to take action.
Since July, the China Securities Regulatory Commission (CSRC) has announced the reform arrangements for the public offering rateIn August, more than 50 ** companies led by the south have announced fee reductions, and nearly 2,000 ** have participated.
And the fee reduction is only the first step.
In 2022, it has been clarified in the "Guidelines for Performance Appraisal and Salary Management of ** Management Companies" that ** companies are encouraged to adopt diversified incentive and restraint measures such as equity, options, restricted equity, and dividend rights that are bound to the company's long-term development and the long-term interests of holders, and establish a long-term incentive and restraint mechanism.
It can be seen that the attitude of the regulator is very clear, trying to pass laws, regulations and policy guidelinesBuild a healthier investment ecosystem, so that companies, managers and investors can share risks and benefits.