“公募牌照”退烧？两家券商资管撤回申请

Core Insights - The public fund license, once highly sought after, is losing its appeal as evidenced by the recent withdrawal of Shanghai Guangda Securities Asset Management Co., Ltd. from the public fund management qualification approval list [1][2] - Guangda Securities Asset Management is not the only firm to withdraw; in August, GF Asset Management also exited the application process, leaving only two firms, Guozheng Asset Management and Guojin Asset Management, still awaiting approval [1][3] Summary by Sections License Withdrawal - Guangda Securities Asset Management has been removed from the list of institutions applying for public fund management qualifications, marking a significant shift in the industry [2] - The firm submitted its application in June 2023 but faced a stagnant approval process, leading to the decision to pause its application after over two years of waiting [2][4] Industry Context - 2023 was anticipated to be a peak year for public fund license applications, initiated by regulatory changes in May 2022 that allowed more firms to apply [2][4] - Despite the initial surge in applications, only two firms, China Merchants Asset Management and Everbright Securities Asset Management, received approvals, while the rest faced delays or withdrew their applications [2][3] Strategic Considerations - The withdrawals reflect a strategic shift among firms, as regulatory requirements mandate that collective asset management products must complete public transformation by the end of 2025 [4][5] - Firms like Guangda Securities Asset Management are opting for alternative strategies, such as transferring their products to affiliated public fund platforms, to mitigate transformation pressures [4][5] Market Dynamics - The competitive landscape for asset management firms is changing, with a focus on high-value services like private fund of funds and alternative investments becoming more attractive compared to the lengthy and costly public fund license application process [5] - Regulatory tightening, increased capital thresholds, and evolving governance structures present substantial challenges for firms seeking public fund licenses, leading to a more stable competitive environment where larger firms may solidify their positions [5]