两家公募同日解约！377只基金代销商遭弃，尾部渠道加速出清

Core Viewpoint - The competition among public fund sales channels is intensifying, leading to a wave of terminations of partnerships between fund companies and sales agencies, highlighting the challenges faced by smaller institutions in the industry [1][3]. Group 1: Termination of Partnerships - Jiahe Fund announced the termination of its sales cooperation with Beijing Weidongli Fund Sales Co., effective November 28, 2025. Other institutions like ICBC Credit Suisse, Minsheng Zhangyin, and Ping An Fund have also ended their agreements with Weidongli [3]. - The partnership between招商基金 and 方正中期期货 also ended on November 27, 2023. This follows similar decisions by Hai Fu Tong, Fangzheng Fubang, and Tianhong Fund this year [3]. Group 2: Performance of Sales Agencies - Weidongli, established in early 2014, has sold 377 funds, ranking in the bottom 20% among 88 independent fund sales agencies. The company has faced multiple legal issues since 2021 and was suspended from fund sales in 2022 due to six violations related to information disclosure and evaluation [3][4]. - Fangzheng Zhongqi, which received its license in November 2019, has sold 140 funds from 12 fund companies, placing it in the bottom 40% among 30 futures institutions [3]. Group 3: Industry Challenges - Futures companies face challenges in the fund sales sector due to limited sales networks and weak customer bases compared to banks and brokerages. High system construction and operational costs deter many small to medium-sized futures companies from actively expanding into this business [4]. - The increasing concentration in the fund sales industry has made survival difficult for smaller institutions. Maintaining partnerships with less capable sales channels is seen as a cost burden and potential reputational risk for fund companies [4]. - Compliance is a critical factor for fund companies when selecting partners, with some sales agencies posing compliance risks, leading to decisions to terminate partnerships. Several institutions, including Zhongmin Wealth and Huarong Rongda Futures, have canceled their fund sales licenses since last year [4].