券商资管参公 大集合改造将收官

Core Viewpoint - The transformation of brokerage asset management public collective investment schemes is nearing completion by the end of this year, with several brokerage firms announcing changes in management to public fund institutions [1] Group 1: Regulatory Changes - According to the asset management new regulations, existing collective asset management businesses must be transformed to align with public funds by December 31, 2020 [1] - Brokerages without public fund licenses must submit contract change applications to the China Securities Regulatory Commission (CSRC) after completing the public transformation, with a contract duration not exceeding three years [1] Group 2: Industry Developments - As of November 28, the CSRC reported that after Guangfa Asset Management, Guangzheng Asset Management, and Guozheng Asset Management, Guojin Asset Management has also withdrawn its application for a public fund license, leaving no brokerages in the queue for public fund licenses [1] - Over 20 brokerage firms and their asset management subsidiaries have announced changes in management for their collective investment products to either affiliated public fund managers or independent public fund companies, registering these products as public fund products [1]