“费率刺客”现身货币基金市场，各项费用吃掉近三成年化收益

Core Viewpoint - The shift of deposits from traditional banks to money market funds (MMFs) may not yield the expected higher returns due to increasing fee rates that significantly reduce actual earnings [1][2][3]. Group 1: Market Trends - In May 2023, several major state-owned banks lowered deposit rates, with three-year fixed deposit rates dropping to the "1" range, prompting a "deposit migration" trend among savers towards MMFs, bond funds, and bank wealth management products [1]. - The total scale of MMFs increased from 13.32 trillion yuan at the end of March to 14.40 trillion yuan by the end of May 2023, reflecting a growth of over 1 trillion yuan in just two months [4][8]. Group 2: Fee Structures - Many MMFs have high fee rates, with nearly 30% of MMFs having management fees of 0.3% or higher, and almost 40% charging sales service fees of 0.25% or more, leading to comprehensive operational fee rates exceeding 0.6% for numerous funds [2][3]. - The average operational comprehensive fee rate for MMFs has surpassed 0.4%, while some funds, particularly those transitioning from brokerage margin products, maintain management fees above 0.7%, with the highest reaching 0.9% [3][4]. Group 3: Impact on Returns - For ordinary investors seeking low-risk and flexible liquidity, high-fee MMFs can significantly diminish net returns, with operational fees potentially consuming nearly 30% of total earnings in some cases [3][6]. - The largest MMF, Tianhong Yu'ebao, has an operational comprehensive fee rate of 0.63%, which, when factored into its net yield of 1.5867% for 2024, indicates that fees substantially impact investor returns [4][6]. Group 4: Challenges in Fee Reduction - The high fee structure of MMFs poses challenges for fee reductions, as they are a crucial revenue source for asset management companies and distribution channels [7]. - The need for fee reductions is acknowledged, especially as MMF fees currently exceed those of index funds, but actual reductions depend on negotiations among asset management firms, banks, and distribution platforms [7][8]. Group 5: Future Considerations - Asset management firms are encouraged to optimize operational costs through improved transaction systems and the use of technology to enhance efficiency, which could create opportunities for lowering management fees [8]. - The balance between operational sustainability and investor experience remains a long-term challenge for asset management institutions in the MMF sector [9].