A sudden turn for the worse effect of money of public fund subsidiary and business war-ca1477

A sudden turn for the worse effect of money of public fund subsidiary and business war commentary – reporter Chang Xianhe – after several years of development by leaps and bounds, the fund subsidiary business scale has exceeded the total amount of the traditional public fund. However, under the restriction of regulatory policy, the innovation business of the fund subsidiary is becoming narrower and narrower. With the emergence of asset allocation shortage, the two market volatility intensified, making money effect, the subsidiary business has become a new pain point of the parent company. In 2013 the first batch of fund subsidiaries to get the birth certificate for the traditional business of serious homogenization of raised funds, will undoubtedly see new opportunities, some fund companies even make adjustments in the development strategy of the company, regarded as the "corner overtaking", "two leap" magic, a few years time invest a lot of manpower, the internal system also to its tilt. From the point of view of scale, the subsidiary company has developed rapidly in the past three years with the market’s East wind. According to the latest data of the fund industry association, as of the end of 2015, fund management companies and their subsidiaries, securities companies, Futures Company, private equity fund management business assets of the total size of about 38 trillion and 200 billion yuan, compared with 2014 yuan by the end of 20 trillion and 500 billion, an increase of 86.34%. Among them, the fund management company managed public fund size of 8 trillion and 400 billion yuan, fund management companies and their subsidiaries account business scale of 12 trillion and 600 billion yuan, securities companies asset management business size of 11 trillion and 890 billion yuan. It is worth noting that, in the fund company account business, the fund subsidiary business scale of 8 trillion and 570 billion yuan, accounting for 22.4% of the entire industry scale, compared with 3 trillion and 740 billion yuan in 2014, an increase of 129.14%. From the end of 2013, the first fund subsidiary set up 97 million yuan, the business in three years time turned nearly 9 times. The rapid expansion of the scale of subsidiaries, non-standard business is recognized as the most important push hands. Fund subsidiary mainly financing business, including bond financing and property income rights financing, and ultimately invest in financial institutions assets, real estate, general industrial and commercial enterprises, local financing platform and basic industries. With the stock market booming in the first half of last year, a large number of bank funds entered the stock market through the fund subsidiary. In a large number of non-standard business, the fund subsidiary usually plays the role of channel, and the investor entrusts the foundation company to set up the special asset management plan, which gives loans to the designated clients of the fund or carries on the equity investment. However, with the market in the first half of last year fell cliff type, since the first winter fund subsidiary also suffered the birth, is the domestic trouble and foreign invasion. Under severe supervision, a large number of subsidiaries are limited. The first is back with capital banned outside the stock market crash, the OTC capital distribution channel business subsidiary of the fund since the end of last year to carry out a large number of accounts, including under the umbrella of bad trading and other businesses have been limited; last September Stock Index Futures Limited investment outsourcing warehouse so that part of the fund subsidiary to carry out the hit. In the strict supervision period, some companies have been punished accordingly, at the beginning of last November

赚钱效应急转直下 公募基金子公司忽成业务之殇    ■ 时评    □本报记者 常仙鹤    经过几年突飞猛进的发展,基金子公司业务规模已经超过传统的公募基金总量。但在监管政策的限制下,基金子公司所赖以发展的“创新业务”却越走越窄。随着资产配置荒的出现,二级市场波动加剧,赚钱效应日下,子公司业务俨然成了母公司的新痛点。    2013年第一批基金子公司拿到准生证,对于传统业务同质化严重的公募基金来说,无疑看到了新的生机,部分基金公司甚至在公司发展战略上做出调整,将之视为“弯道超车”、“二次腾飞”的法宝,几年的时间里投入大量人力、物力,内部制度上也向其倾斜。    而从规模上来看,子公司借着市场的东风,在过去三年确实发展迅猛。根据基金业协会的最新数据,截至2015年底,基金管理公司及其子公司、证券公司、期货公司、私募基金管理机构资产管理业务总规模约38.20万亿元,相较于2014年底的20.5万亿元增长86.34%。其中,基金管理公司管理公募基金规模8.4万亿元,基金管理公司及其子公司专户业务规模共计12.6万亿元,证券公司资产管理业务规模11.89万亿元。值得注意的是,在基金公司专户业务中,基金子公司业务规模达8.57万亿元,占整个行业规模22.4%,相较2014年的3.74万亿元增长129.14%。而从2013年底第一家基金子公司成立时的9700万元算起,这一项业务在三年时间里翻了近9倍。    子公司规模的快速膨胀,非标业务被公认为是最重要的推手。基金子公司主要以融资业务为主,包括债券融资和财产收益权融资,最终投向金融机构资产、房地产、一般工商企业、地方融资平台和基础产业等。加上去年上半年股票行情火爆,大量的银行资金通过基金子公司进入股票市场。在大量的非标业务中,基金子公司通常扮演的只是通道角色,由出资方委托基金子公司成立专项资产管理计划,给资金方指定的客户发放贷款或者进行股权投资。    然而,随着去年下半年市场断崖式下跌,基金子公司也遭遇诞生以来的第一个寒冬,可谓内忧外患。在严厉的监管之下,子公司大量业务受到限制。首先是股灾后场外配资被禁,基金子公司自去年底以来大量开展的场外配资通道业务,包括下设伞形账户、劣后交易类等业务均已受限;去年9月份股指期货限仓令又使部分基金子公司开展的量化投资外包业务受到殃及。在从严监管期间,部分公司还遭到相应处罚,去年11月初,国金基金、银河基金等四家机构就被采取过暂停资管计划备案3个月或6个月的行政监管措施。12月4日,证监会再次宣布对3家基金公司和5家子公司进行专项检查。    另一方面,实体经济持续下滑,筑底之路异常艰辛,来自资产端的违约风险频频暴露,河北融投事件等便是其中的典型。与此同时在资产配置荒的大背景下,大量优质融资项目资源流向标准化债券市场,离开基金子公司为代表的非标渠道。    今年年初,华南一位基金公司老总感叹,当初自家的子公司在风控上较为稳健保守,发展速度缓慢,一度还为此暗自神伤,但如今看到子公司风险事件频出,对于当初公司的战略导向还是极为认可的。    上述老总所说的风险事件,包括交易对手筛选不严、过度依赖合作机构提供尽调报告、放款出账环节把控不严、风控措施不到位、缺乏资金监管等情况。他说,“公募基金管理公司注重长期发展,长期来看还是要做最擅长的事情,对于新业务的拓展风险不好评估,还是需要时间的考验。” 进入【新浪财经股吧】讨论相关的主题文章: