Zhong Guo Ji Jin Bao·2025-11-30 22:27Core Viewpoint - The transition of management for Wanlian Securities' public collective fund to Ping An Fund marks a significant move in the industry, showcasing a new path for the transformation of broker-dealer asset management products into public offerings [1][3]. Group 1: Management Transition - On November 28, Wanlian Securities announced that its Wanlian Tiantianli Money Management Plan would be managed by Ping An Fund, rebranded as "Ping An Tiantianli Money Market Fund" [1]. - This transition is one of the few instances of management changes between non-shareholder institutions in the broker-dealer asset management sector [1]. Group 2: Redemption Periods - Following the decision, a redemption period from November 28 to December 5 was established for holders of the collective plan shares, allowing them to choose to redeem their shares [3]. - Shares not redeemed during this period will automatically convert to shares of the Ping An Tiantianli Money Market Fund [3]. Group 3: Industry Trends - Other broker-dealers, such as Northeast Securities and Caida Securities, have also announced similar transitions to public fund management, indicating a broader trend in the industry [3][4]. - As of November 30, nearly 100 large collective products have yet to complete their transformation to public offerings, highlighting the urgency as the 2025 deadline approaches [6].