A few years ago, an article entitled "Two years lost about 17 trillion, who will be responsible for the people? The article is swiped. The article mentions several data:
In the past two years, more than 100 public offering companies in the domestic market have managed more than 10,000 products through more than 3,000 managers, resulting in nearly 2 trillion investment losses during this period, and these companies have charged more than 140 billion management fees. For this astonishing value, it has aroused heated discussions, and some people even say, what is the difference between this and telecom fraud?
Since its establishment in 1998, Nanfang**, a veteran public offering company in Shenzhen, has been a leader in the industry, known for its innovation and leading AUM for three consecutive years from 2002 to 2004. Especially for fresh graduates, Nanfang ** provides the top 5% salary level in the industry, with an average monthly salary of 2W, and an annual salary of 25W for researchers, showing the importance of talents and generous benefits.
However, in the face of high management fees and losses faced by investors, South**, like other companies, ignores the interests of investors while collecting management fees? The success or failure of a company will ultimately be determined by the returns it brings to investors.
Nanfang** also provides a series of benefits for its employees, including five insurances and one housing fund, supplementary medical insurance, catering subsidies, shopping card subsidies, transportation subsidies and help to solve household registration. In terms of salary, the average monthly salary of the first in the south is about 20k, and it should be pointed out that these data do not include the salary of front-line financial business personnel such as managers, and the actual salary may be more generous.
part1
Performance Waterloo
In the industry, Nanfang ** is known as the "Whampoa Military Academy" in the industry, which is not only the second ** company in China with assets under management exceeding 100 billion, but also many executives of public offering ** companies are also from Nanfang**, including Wang Hongyuan, co-chairman of Qianhai Open Source, Wang Lixin, general manager of Yinhua, and Deng Zhaoming, general manager of Penghua.
But in recent years, its light seems to have dimmed, and the people have also been miserable.
Since 2023, a number of products in the South** have been liquidated due to poor performance, including some flagship products such as Southern Quarterly Enjoyment, Southern Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 ETF, etc. In particular, most of its ** annual losses exceeded -30%, and 2 of them lost more than -40%. The top loss of hybrid ** is the southern new energy industry trend mixed ** managed by Spoqi, with a loss of more than -35%.
As of Tiantian**.com Data date: February 22, 2024.
Shi Bo, who has brought more than 70% of the income to the south during the trough period, but the results in recent years have been suffocating, and the first major loss in its management has been large, of which the southern new energy industry trend has lost more than -43% in the past two years.
As of Tiantian**.com Data date: February 22, 2024.
The value of Southern Xingrun was once pinned on by the market, and it once raised 15 billion funds in one day, which was pinned on by the market. But the reality is cruel, the performance of the ** is far behind expectations, causing a large number of investors to choose to exit, and by the first half of 2023, the cumulative loss will reach 4.2 billion yuan.
Despite the huge losses, the management fees charged by the South** are still high. According to the data, from 2021 to the first half of 2023, the income of Nanfang Xingrun's value management fee is as high as 3800 million yuan.
Mao Wei, another 10-billion-level ** manager, was not spared, and his management also suffered a heavy blow.
Mao Wei currently manages 5 products with a total scale of 1089 billion yuan, is one of the few tens of billions of managers in the south. Under Mao Wei's management, the highest rate of return has reached 17475%, showing its excellent management ability.
As of Tiantian**.com Data date: February 22, 2024.
However, 2023 has not been the best period for his management results. In particular, the Southern Growth Pioneer Hybrid**, which is a partial stock hybrid**, has a return of -23 in the past year56%, with a loss of -41 since its inception in June 202052%, the worst performer.
As of Tiantian**.com Data date: February 22, 2024.
This ** attracted huge attention at the beginning of its establishment, and completed the fundraising of 32.1 billion yuan in one day, and its performance was extremely eye-catching. However, the following two years of market unfavorable ** and management challenges led to a shrinkage of 8619%。
Despite this, Southern Growth Pioneer Mix** still contributed more than $500 million in management fee income to Southern ** in the first three years of its establishment.
Despite the current poor performance of ** managers, Nan ** still reaps a lot of management fees.
It can be seen from the data provided by Tiantian** that in 2021, the management fee of Nanfang** will be as high as 533.2 billion yuan, and in 2022, the figure has declined, reaching 504.4 billion yuan, entering the first half of 2023, the management fee is still 24$1.9 billion.
part2
The new regulatory policy promotes the fairness of the industry
The long-standing problem in the industry is that the interests of the company and the investors (the people) are not aligned. The core problem is that the company's main income comes from management fees, which are drawn from the assets at a fixed rate, which means that the larger the company, the more lucrative the company's income. This mechanism leads the company to focus more on scale expansion rather than the improvement of investment returns, because management fees are stable income regardless of profit or loss.
This situation explains why some ** companies are still profitable despite their heavy losses. This contradiction in the interest structure has caused the market and the people to question the high salary and the company's income model.
In response to this question, regulators have taken action. Since July, the China Securities Regulatory Commission has launched a public offering rate reform, and further in August, more than 50 ** companies, including the south, announced measures to reduce the rate, and nearly 2,000 ** participated.
In addition, the supervision is also promoting the management company to improve the performance appraisal and salary management mechanism, encourage the use of incentives that are tied to the company's long-term development and the interests of holders, such as equity, options, etc., to establish a long-term incentive and restraint mechanism.
Through these measures, the regulator aims to build a healthier and fairer investment ecosystem, ensuring that risks and benefits can be shared between companies, managers and investors.
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