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头部公募发力牌照“全产业链”,什么信号?
券商中国· 2025-06-08 09:59
Core Viewpoint - The public fund industry is transitioning towards self-distribution and diversifying its business models in response to declining fee rates and increased competition, with companies like E Fund establishing their own sales subsidiaries to enhance operational efficiency and reduce reliance on third-party sales channels [1][4][6]. Group 1: Establishment of Subsidiaries - E Fund has received approval from the regulatory authority to establish a wholly-owned subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., marking it as the ninth fund sales subsidiary in the public fund industry [2][4]. - The new subsidiary will focus on buy-side investment advisory services and has been in the application process for two years, indicating a strategic move towards enhancing service offerings and operational capabilities [3][4]. Group 2: Industry Trends and Competition - The establishment of fund sales subsidiaries is becoming a critical competitive strategy for public fund companies, allowing them to better serve investors and reduce costs amid a trend of fee reductions in the industry [4][6]. - As of now, there are nine approved fund sales subsidiaries, with other major firms like Bosera Fund and China Universal Fund also having established similar entities, indicating a growing trend in the industry [4][5]. Group 3: Future Prospects and Strategic Goals - E Fund aims to build a comprehensive, multi-layered advisory service system leveraging its newly established subsidiary, which is expected to enhance its capabilities in wealth management and investment advisory [6]. - The regulatory environment is supportive of the development of investment advisory services, with recent policies aimed at promoting high-quality growth in the public fund sector, further encouraging firms to innovate and expand their service offerings [6].
拓展应用场景,有券商推出一揽子养老投顾服务
Core Viewpoint - The importance of providing correct asset allocation advice is emphasized over merely selecting good products, highlighting the evolving role of investment advisors in connecting capital markets with investors' wealth management needs [1][3]. Group 1: Development of Fund Advisory Services - The buy-side advisory model in China has made significant progress since the pilot program for public fund advisory services was launched over five years ago, with the number of participating institutions growing from 5 to 60 [4]. - As of the end of last year, the cumulative signed client assets for the fund advisory business at China Merchants Securities exceeded 30 billion yuan, and as of June 5, this figure approached 35 billion yuan [2]. - The fund advisory product system at China Merchants Securities covers various fund types, including money market, fixed income, equity, and global investments, offering dozens of combinations to meet diverse client needs [2]. Group 2: Focus on Pension Advisory Services - China Merchants Securities has launched a comprehensive pension advisory service, which includes designing public welfare fund advisory combinations, creating pension fund of funds (FOF) advisory combinations, and providing personalized pension advisory services [2]. - The company aims to support the development of the pension industry while allowing investors to participate in public welfare initiatives through its advisory services [2]. Group 3: Market Trends and Future Outlook - The transition of the fund advisory pilot program to a regular practice is anticipated to accelerate, driven by regulatory support from the China Securities Regulatory Commission [3][5]. - Industry experts believe that the establishment of user trust and awareness of advisory services remains a challenge, necessitating ongoing education and tailored solutions to meet investor needs [5]. - The shift towards regularization of fund advisory services is expected to bring profound impacts and new opportunities and challenges to the fund and wealth management industries [5].