罕见获批！基金销售子公司策略生变，如何走出差异化路径

Core Viewpoint - The recent approval of E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd. marks the establishment of the ninth fund sales subsidiary in the market, highlighting the ongoing evolution and challenges within the fund sales sector [1][3]. Development of Fund Sales Subsidiaries - Since 2012, the fund sales subsidiary sector has developed over 13 years, but it has not shown significant advantages in market share [2][3]. - The initial strategy for fund sales subsidiaries was to create competitive leverage against traditional channels like banks, but this has shifted due to the trend of "separation of production and sales" in fund products [2][10]. - The first fund sales subsidiary, established by Harvest Fund in 2012, was followed by a peak in new establishments from 2014 to 2016, with five subsidiaries created during that period [3][4]. Market Position and Performance - As of now, only three fund sales subsidiaries are among the top 100 fund sales institutions by scale, indicating limited market penetration [6]. - Among the subsidiaries, China Europe Wealth leads with an equity fund scale of 5.5 billion yuan, ranking 73rd overall in the fund sales market [7]. - The number of funds sold by these subsidiaries varies significantly, with Harvest Wealth leading at 8,059 funds, while others like Guojin Liyi and Jiutai Fund Sales have fewer than 100 [8]. Strategic Adjustments - The fund sales subsidiaries have struggled to establish a strong market presence over the past decade, primarily due to changes in the fund sales landscape and increased competition from third-party platforms [9][10]. - The introduction of regulations in 2018 has further complicated the profitability of non-standard products previously offered by these subsidiaries [10]. Differentiation Strategies - E Fund Wealth aims to differentiate itself by focusing on buy-side investment advisory services, having served over 120,000 individual clients and more than 100 institutional clients by the end of 2024 [11]. - The need for professional fund research and advisory capabilities is emphasized as a way to meet the complex needs of investors, particularly those requiring comprehensive asset allocation [12][13]. - The trend since 2021 shows that newly approved fund sales subsidiaries are primarily from leading public funds, indicating a potential consolidation of business lines within these firms [13].