Sales Management Measures Red Line Top, Banks, Securities Companies Continue To Squeeze Channels

Since the beginning of the year, blockbuster funds continue to attract the attention of the public. Compared with the peak time of equity funds in 2020, this year is a new fund with a daily sales scale of more than 200 billion yuan, and the data is constantly updated.

According to the investigation and understanding of 21st century economic report, some third-party sales agencies are being "abandoned" by fund companies, while fund sales agencies such as banks and securities companies are frequently swiping their screens.

A well-known third-party fund sales agency has been suspended by three fund companies in less than two months. The signal seems unusual.

In fact, many third-party sales agencies are still at a disadvantage in the current issuance of public funds.

On the one hand, it is the pressure of the management measures for the sale of public funds; on the other hand, due to the continuous efforts of banks and securities companies, small and medium-sized third-party fund sales agencies are struggling to survive.

At the same time, some head of the Internet third-party fund sales agencies are increasingly strong. Under the constant encroachment of ant wealth, Tencent wealth management, Tiantian fund and other Internet third-party sales giants, the situation of small and medium-sized third-party institutions has been very delicate.

Suspended sales cooperation

The 21st century economic report reporter learned that in recent years, Bank of communications Schroeder fund, Ping An fund, RONGTONG fund and other companies have suspended the fund sales cooperation of Shanghai Kaishi wealth fund sales Co., Ltd. (hereinafter referred to as "Kaishi wealth").

According to the data, Kaishi wealth was established in September 2013 with a registered capital of 30 million yuan. The legal representative of the company is Chen Jiwu, who is also the controlling shareholder, holding 98% of the shares of Kaishi wealth.

Chen Jiwu is also a public enlisted veteran. Previously, he served as fund manager of China Southern Fund and vice general manager of Wells Fargo fund. Then "Benxi" founded Shanghai Kaishi Yizheng Asset Management Co., Ltd., and then applied for a public fund license to set up Kaishi fund.

Kaishi wealth is one of its fund sales companies. According to the information on the official website of Kaishi wealth, the services provided by Kaishi wealth to investors include selecting funds, deeply studying fund managers, grasping investment style, selecting fund products from more than 2000 fund products that meet investors' risk preference; theme funds, grasping market hot spots, Provide investors with a variety of hot topic investment schemes, covering various industries and various aspects of screening; customize portfolio, provide investors with different risk return objectives, intelligently customize rich and diverse fund portfolio, realize decentralized investment and effectively reduce investor risk; and cash management and fund investment tools to realize low rate (as low as 10%) purchase fund and T + 0 redemption subscription.

From the partner information disclosed, including e fund, China Southern Fund, China Merchants Fund and other public fund companies.

"At present, the sales cooperation with these companies is only suspended, not completely terminated. Because some fund companies in a certain stage of the volume is too low, both sides have been maintaining the cost is relatively high, so suspended. But it is also very easy to continue cooperation after the suspension, which is normal. We still have close to 70 fund companies in cooperation. " On January 28, Chen Jiwu told the 21st century economic reporter.

In addition to Kaishi wealth, Shanghai HuiFu fund sales Co., Ltd. (hereinafter referred to as "HuiFu fund") has also encountered the suspension of cooperation between the two fund companies.

Data show that the remittance fund was established in April 2014 with a registered capital of 100 million yuan. Its controlling shareholder is Zhou ye, holding 80% of the company's shares.

The 21st century economic reporter survey found that similar situations are not limited to one or two cases.

In a recent announcement of Ping An fund, it suspended the sales cooperation services of eight third-party sales agencies, including Kaishi fortune, remittance fund, Shenzhen Huarong fund sales Co., Ltd., and Shanghai great wisdom fund sales Co., Ltd.

RONGTONG fund also suspended the sales cooperation of four third-party fund sales agencies at the end of December last year.

Why is cooperation suspended? The 21st century economic reporter understands that there may be two reasons behind this.

"On the one hand, due to the agency's own reasons, some of the agency's scale is very small, and their products are mainly private placement or other financial management, and the volume of public offering business is small. Moreover, many other non-conforming financial products have experienced the risk of thunder before. Therefore, it will be considered by the fund company to suspend cooperation. " A large third-party fund sales agency told the 21st century economic reporter.

"On the other hand, some fund companies are relatively small and have relatively few products. These fund companies have many tripartite institutions, and the maintenance cost is very high. For the three parties that have no sales volume for a long time, they may choose to terminate the cooperation." The person pointed out.

"For some small third-party fund sales agencies that have no sales volume for a long time, they will also suspend cooperation because they occupy the internal human resources of the company." A medium-sized public fund source told the 21st century economic report, "the number of Internet financial departments of the company is not large, and the sales volume of large institutions is good. Everyone wants to cooperate with large institutions more."

Industry giants squeeze

Perhaps the market did not expect public funds to have such a "hot" moment.

Some well-known channels have become the Highlands for fund companies to compete for, but for fund sales agencies, the fantasy industry peak does not seem to be "pushed forward according to the plot". This process is not that everyone gets a piece of the pie, but is constantly competing and squeezing.

"Different from traditional channels such as banks, the survival of third-party fund sales agencies is relatively difficult, because the sale of public funds is an industry with low profits. For some small and medium-sized third-party institutions, it may not be easy to live in the rush of money." According to an interview with a public fund channel in Beijing.

In fact, from the sales results of public funds in the past year or more, not only the sales scale of traditional strong channels such as banks continued to increase, but more and more securities companies and city commercial banks also showed their extraordinary strength in the fund sales war.

The giants from the third-party sales channels of the Internet, let alone ant wealth, showed its amazing volume in the sales of the Innovation future fund last September.

According to the investigation of 21st century economic report, many new sales agencies of public funds include many city commercial banks and securities companies.

In contrast, the sales agencies that we see suspended cooperation are mostly third-party fund sales agencies.

"Last year, we started to make efforts to sell public funds. We also mobilized the resources of the whole bank to deal with this business. On the whole, the effect was good. We are also interested in learning from the head of the industry A person from a city commercial bank in East China told the reporter of the 21st century economic report.

"Banks are not the same as the three-party institutions. On the one hand, they are at the lower end of the cable line. On the other hand, the products sold by the banks are also different. Banks have great advantages in the sales of new funds, and the incentive and income of new fund sales are much higher, while the third-party fund sales agencies are basically continuous marketing of old funds." The source said.

For the entry of securities channels, it may be the inevitable result of conforming to the trend. When A-share institutions, when the fund continues to mount hot search, investors for the fund this new option growing demand.

"A typical feature of this year's fund sales is the strength of the securities companies' channels, and the sales data from the securities companies' channels are also excellent. We have also set up a special business department for the securities channel since last year. " A public fund source in Beijing told the 21st century economic reporter.

It is worth mentioning that for the third-party fund sales agencies, the issue of compliance is also a difficult threshold.

Earlier, the punishment imposed by regulators on Taicheng wealth fund sales (Dalian) Co., Ltd. (hereinafter referred to as "Taicheng wealth") caused a great stir in the public offering market.

Dalian securities regulatory bureau announced that there are four major problems in Taicheng wealth. Firstly, there are staff vacancies and departures in all posts of the company, which can not effectively implement various internal control systems; secondly, there is no qualified compliance person in charge in the company at present, which affects the normal operation of the organization; thirdly, the company changes the deputy general manager, supervisor and compliance principal, and fails to record the change scheme to Dalian securities regulatory bureau before the change; fourthly, the company passes the website Employees' personal wechat public account and other platforms publicize the research work carried out by Dalian Securities Regulatory Bureau on the company in November 2019 as the support of Dalian securities regulatory bureau for the company's business activities, which is inconsistent with the actual situation.

Subsequently, a large number of public fund companies such as ICBC Credit Suisse fund and Cathay Pacific Fund announced the suspension of sales cooperation with Taicheng wealth.

As far as Kaishi wealth is concerned, the 21st century economic reporter's investigation found that the private fund of Kaishi was extended last year, causing disputes.

According to the data of qixinbao, the shares of Kaishi fortune have been frozen. Chen Jiwu is the subject of the freezing. The freezing period is from September 22, 2020 to September 21, 2023. The amount of equity and other investment interests held by the executed person is 29.4 million.

However, Chen Jiwu denied the impact of the matter on the sales business of Kaishi wealth fund.

Insurmountable regulatory red line

The pressure from supervision is one of the difficulties for small and medium-sized tripartite organizations to survive.

Earlier in 2019, the regulator formulated the "liquidation policy" for fund sales licenses. At that time, the supervision and management measures for sales agencies of public offering securities investment funds (Draft for comments) showed that the license of fund sales agencies with a daily average of less than 1 billion yuan in non commodity based sales in the latest year would not be renewed.

This has challenged the bottom line of survival for a large number of small and medium-sized fund sales agencies in the market.

"In fact, the regulatory authorities have not granted new licenses for tripartite institutions for a long time. They should try to clean up some of them according to the administrative measures." A third-party fund sales agency in South China told the 21st century economic report reporter.

On October 1 last year, the measures for the supervision and administration of sales agencies of public offering securities investment funds and its supporting measures were implemented.

"For the institutions participating in the sales of public funds in the industry, it has played a role in helping the best and eliminating the fittest. There is no exit mechanism for sales agencies in the previous management measures, and some organizations in the industry are mixed. After the exit rules of the new measures come into effect, the industry will gradually eliminate the sales agencies that do not meet the requirements, and support the institutions in the industry that focus on the sales of public and private fund products, while promoting the development of standardized products of public funds, It will also promote these institutions to become bigger and stronger. " A large third-party fund sales agency said.

As a matter of fact, according to the reporter of 21st century economic report, since then, when the draft for comments was issued, many fund companies were already considering canceling the cooperation of some unqualified tripartite institutions.

"If the regulatory standards can not be met, it is inevitable to clear up, so some institutions are under great pressure." Said the fund company.

But there are some exceptions.

21st century economic reporter learned that some small and medium-sized organizations with strong shareholders are relatively flexible in the tide of clean-up.

For example, magpie wealth fund sales Co., Ltd. under country garden is an important part of country garden community financial services. Through the channels of shareholders to build, so as to find a certain living space.

"For third-party institutions, the trend of seeking transformation is to become investment advisers, but the threshold is also high, which is relatively difficult." According to the above-mentioned institutions.

In fact, before this, many third-party institutions have entered the investment advisory. For example, the data of yingmi fund show that since the official launch of "wait a minute" investment advisory service at the end of October 2020, in three months, its signed users have exceeded 90000.