又见券商资管，批量变更管理人！

Core Viewpoint - The article discusses the recent management changes of large collective investment products under Guangzheng Asset Management, indicating a trend of transitioning these products to public fund management companies as the deadline for regulatory compliance approaches [2][5]. Group 1: Management Changes - On November 27, Guangzheng Asset Management transferred 8 large collective products to Everbright Pramerica Fund Management, which is 55% owned by Everbright Securities [5]. - This transfer is part of a broader trend where many securities firms are moving their collective investment products to affiliated public fund companies to comply with new regulations [5][7]. Group 2: Industry Trends - The transition period for securities firms' collective investment products is nearing its end, with many firms opting to change management to avoid issues related to liquidation or investor concerns [5][7]. - In 2024, Guangzheng Asset Management reported revenues of 675 million yuan and a net profit of 219 million yuan, with assets under management reaching 3,114 billion yuan, reflecting a growth of 3.71% from the beginning of the year [5]. Group 3: Regulatory Compliance - According to the 2018 asset management regulations, securities firms must complete the public offering transformation of their collective products by the end of the transition period, with options including liquidation, extension, or management change [5][8]. - The article notes that many firms have chosen to change management to public fund companies, which has become a mainstream approach in the industry [5][8]. Group 4: Competitive Landscape - The article highlights that securities firms face intense competition from public funds and bank wealth management subsidiaries, particularly in fixed income and cash management products [8]. - Analysts suggest that the public fund path is more suitable for leading institutions with comprehensive financial ecosystems, while specialized securities firms may find private paths more advantageous [8].