理财产品业绩基准将迎变革新规或加速资管行业格局分化

Core Viewpoint - The newly proposed regulatory framework aims to enhance transparency and standardization in the disclosure of asset management products, addressing the common misconceptions among investors regarding performance benchmarks and actual returns [1][2][3]. Group 1: Regulatory Framework - The framework mandates that if performance benchmarks are disclosed, they must be consistent across different channels and maintained throughout the product's lifecycle, with specific requirements for disclosure during the fundraising, ongoing, and termination phases [2][3]. - It emphasizes the need for clear communication regarding the relationship between performance benchmarks, investment strategies, underlying assets, and market performance, including explicit warnings that benchmarks do not guarantee future returns [1][2]. Group 2: Industry Impact - The new regulations are expected to disrupt the existing market dynamics by breaking the "implicit guarantee" expectations and reshaping the evaluation system for wealth management products, leading to increased differentiation within the industry [3][4]. - Smaller institutions may face higher development costs, while larger firms could strengthen their market position due to technological advantages [3][4]. Group 3: Implementation Timeline - The proposed regulations are set to be implemented approximately six months after their official release, allowing financial institutions time to adjust their product documentation and systems accordingly [3]. Group 4: Market Transformation - The framework is described as an "information revolution" for the asset management industry, promoting a market-oriented risk pricing mechanism and leading to a comprehensive transformation across all operational levels of asset management firms [4]. - It is anticipated that the implementation of full lifecycle disclosure requirements will result in a significant expansion of post-investment service teams, potentially increasing their size by over 40% [4].