Core Insights - Franklin Templeton has partnered with Binance to launch the Institutional Off-Exchange Collateral Program, marking the first product from their strategic partnership announced in September 2025 [1] - The program aims to combine traditional finance expertise with crypto infrastructure to enhance institutional access to digital markets [1] Program Functionality - Eligible institutional clients, including hedge funds and asset managers, can use tokenized shares of Franklin Templeton's money market funds as collateral for trading on Binance [2] - The tokenized shares are issued through Franklin Templeton's Benji Technology Platform, a blockchain-based system ensuring compliant handling of real-world assets [2] Security and Risk Management - The program features an off-exchange structure where the underlying tokenized assets remain in regulated, third-party custody, secured by Binance's institutional-grade custody partner, Ceffu [3] - This structure mitigates platform-specific risks such as hacks or insolvency by keeping assets in regulated custody while allowing full trading functionality [4] Capital Efficiency and Returns - The collateral consists of yield-bearing money market fund shares, allowing institutions to earn returns on pledged assets while trading [5] - The program maximizes capital efficiency with 24/7 settlement enabled by blockchain technology, offering faster operations compared to traditional finance systems [5] Participation Criteria - Only sophisticated institutional clients meeting Binance's risk management and trading expertise criteria can participate in the program [6] Unique Features - The program allows institutional investors to use tokenized shares of money market funds as collateral without transferring assets to the exchange, maintaining security in regulated custody [7] - It is characterized by off-exchange safety, regulated yield, and direct integration with Binance for institutional clients [7]

Core Insights - SEI Investments is well positioned in the outsourcing market, with a strong pipeline described as the best in the company's history, as large managers seek to consolidate vendors and move towards outsourced models [1] - The Investment Managers Services (IMS) segment has shifted from a 70% traditional and 30% alternatives mix to an inverse mix, indicating a significant trend towards alternative strategies [2][5] - SEI's strategy focuses on the "three A's" of financial services: administration, asset management, and advice, with recent expansion into the advice channel through the Stratos acquisition [3][6] Investment Management Services - The IMS segment is experiencing record pipeline growth as large managers outsource fund administration, although there may be near-term margin pressure due to new implementations and technology investments [5][6] - SEI's private banking business has improved margins to around 18%, recovering from previous negative margins, aided by leadership changes [8] Asset Management - SEI's asset management segment is viewed as a significant opportunity, with new leadership leading to early recovery, including approximately $200 million in positive inflows after a year of large outflows [4][11] - Plans to launch 7-8 new ETFs in 2026 are underway, with $1.4 billion in ETF flows recorded in 2025 [4][12] Stratos Acquisition and AI - The Stratos acquisition aims to enhance SEI's exposure to the advice channel, which is less affected by pricing pressures compared to other areas [13] - SEI is exploring AI and automation to improve efficiency and reduce costs, with ongoing ventures in AI technology [14] Capital Allocation - SEI has historically maintained conservative leverage but is considering moving towards a net leverage of 0x to 1x over time, with intentions to return 90%-100% of free cash flow to shareholders [15]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网最新数据显示，截至2026年1月底，我国百亿私募达到122家，突破历史新高；相比去年12月底的112家，新增10家。 从百亿私募的 办公城市来看，上海地区占57家，北京地区占29家，深圳占10家，杭州和海南澄迈各有5家，百亿私募的办公城市分布地域特征明显。 上海凭借全国金融中心的独特地位，汇集了国内最多私募，截至1月底共有2007家证券类私募，占全国证券类私募的26.76%，其中百亿私募数量 高达57家，有38家集中于上海的浦东新区，其次虹口区有8家。核心策略来看，股票策略私募占据大多数，共有40家，包括桥水中国、重阳投 资、稳博投资等坐落于此。（ 点此领取全名单 ） | 排序 | 公司简称 | 办公辖区 | 核心策略 | 成立时间 | 首破直亿时间 | 实控人 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 诚奇私募 | 浦东新区 | 股票 | 2013/9/24 | 2021/2/4 | 何文奇 | | 2 | 复胜资产 | 浦东新区 | 股票 | | 2015/12/2 20 ...

Group 1 - The core idea of the news is that Guotai Junan is launching the "2026 Five Blessings" campaign to enhance asset allocation services, aiming to meet the growing demand for wealth management among clients [1][2] - The campaign integrates professional asset allocation services with a festive theme, utilizing digital platforms to create engaging experiences for clients, thereby enhancing their understanding of wealth management [1][2] - Guotai Junan emphasizes the importance of asset allocation in a low-interest-rate environment, aiming to provide systematic investment research and differentiated solutions to improve long-term returns for clients [3][4] Group 2 - The company has developed a diverse product matrix covering multiple asset classes, including private equity and public funds, to cater to various risk preferences and investment needs [4] - The Junhong APP serves as a comprehensive wealth management platform, offering a full-service experience from pre-investment to post-investment, enhanced by AI capabilities [5][9] - Future plans include continuing to focus on client-centric services to meet the wealth management needs of a broader customer base, reinforcing the company's commitment to professional wealth management [12]

Core Viewpoint - Patria Investments Limited is launching a new vintage of its Latin America private credit strategy aimed at providing global institutional investors access to an under-levered corporate credit market with limited capital availability [1] Group 1: Company Overview - Patria Investments Limited is a global alternative asset manager with over US$60.1 billion in assets under management (AUM) [1] Group 2: Investment Strategy - The new private credit strategy will target a large corporate credit market in Latin America that is structurally under-levered [1] - The strategy is designed to address the scarcity of reliable capital in this market [1]

Core Insights - The article discusses the performance of "fixed income + equity" public funds in the investment management sector, highlighting the top products based on their weighted annualized returns as of February 5, 2026 [4][8]. Group 1: Product Performance - The top product, "Happiness 99 Hongyi (Global Multi-Asset) 180-day Holding Period" from Hangyin Wealth Management, achieved a weighted annualized return of 8.68% and has maintained an annualized return above 8% since inception [4][5]. - The second-ranked product, "Ruili Xingcheng Jincheng 6-Month Holding Period 1 Enhanced Type B" from Xingyin Wealth Management, also performed well with a weighted annualized return exceeding 7% [4][5]. - Other notable products include "Happiness 99 Hongyi (Jinying) 120-day Holding Period" from Hangyin Wealth Management with a return of 7.65% and "Fengli Lingdong Youxuan 6-Month Holding Period 1 Enhanced Type A" from Xingyin Wealth Management with a return of 7.41% [4][5]. Group 2: Investment Strategies - The top product focuses on global multi-asset allocation, including fixed income, equities, and gold, with a performance benchmark based on a mix of various indices [5][6]. - The second product emphasizes gold asset allocation, with a performance benchmark that includes a significant portion linked to gold prices [6][7]. - Both products have seen significant growth in asset size, with the top product reaching 473 million yuan, a 50.82% increase from the previous quarter [5][6]. Group 3: Market Outlook - The outlook for 2026 remains positive for gold assets, driven by factors such as lower opportunity costs for gold purchases, ongoing concerns about U.S. credit, and increasing central bank demand for gold [7][8]. - The article notes that the strong performance of gold throughout 2025 was influenced by geopolitical risks and concerns over the U.S. debt situation, which are expected to continue supporting gold prices in the long term [6][7].

Core Insights - The total scale of China's asset management industry is projected to reach 184.53 trillion yuan by 2025, marking a historical high, but the industry is undergoing significant structural adjustments and consolidation [2][5] - The overall growth rate of the industry is 13.1%, with notable performance divergence across different segments [2] Public Funds and Trusts - The public fund sector shows strong growth, with a year-on-year increase of 14.89%, reaching 37.71 trillion yuan, alongside an optimization of product structure [2][3] - The trust industry also performs well, with a 20.11% growth to 32.43 trillion yuan, driven by a fundamental shift in business structure towards asset management trusts and service trusts [3] Private Securities Investment Funds - The private securities investment fund sector is experiencing a structural adjustment, with the number of managers decreasing by 469 to 7,531, and the number of products dropping by 7,443, yet the management scale increased by 35.81% to 7.08 trillion yuan [3] - This indicates a concentration of resources towards leading institutions, while underperforming smaller firms are exiting the market, reflecting a "reduction in quantity and increase in quality" trend [3] Regulatory Environment and Market Innovation - Regulatory policies are guiding industry changes, with new policies introduced in Q4 2025 focusing on areas like pension finance expansion and asset management trust standardization [4] - Market innovations are emerging, including new products and business models, such as the first ship ETF and various financial asset investment companies focusing on equity investments [4] Future Outlook - The industry scale of 184 trillion yuan marks the beginning of a new phase of structural differentiation, where institutions that adapt to regulations and enhance active management capabilities will gain market share [5] - The ability to develop a professional capability system that aligns with the needs of the real economy will ultimately determine each institution's position in the reshaped industry landscape [5]

Core Insights - The Chinese asset management industry is experiencing a significant structural transformation, with an overall growth rate of 13.1% expected by 2025, reaching a total scale of 184.53 trillion yuan [1] - There is a stark contrast within the industry, as public funds and trust assets are expanding at double-digit rates, while the number of private fund managers has decreased by 469 in one year, and the scale of fund subsidiaries has contracted by 27.04% [1] Group 1: Growth in Public Funds and Trusts - Public funds have shown a year-on-year growth of 14.89%, reaching 37.71 trillion yuan, with an emphasis on structural optimization and diversification of product lines [2] - The trust industry has achieved a remarkable growth of 20.11%, with assets increasing to 32.43 trillion yuan, driven by a fundamental shift in business structure towards asset management trusts and service trusts [2] Group 2: Private Fund Sector Adjustments - The private securities investment fund sector is undergoing a significant structural adjustment, with the number of managers and products decreasing, yet the management scale has increased by 1.87 trillion yuan, reaching 7.08 trillion yuan, marking a 35.81% growth [3] - This indicates a concentration of resources towards a few leading institutions, while smaller, underperforming managers are exiting the market [3] Group 3: Decline of Channel-Dependent Institutions - Institutions heavily reliant on specific channel businesses have seen a significant decline, with fund subsidiary scales dropping by 27.04%, the largest decrease among various managers [4] - This reflects the challenges faced by existing business models under the ongoing regulatory reforms aimed at reducing channel reliance [4] Group 4: Regulatory and Market Innovations - The industry transformation is influenced by continuous regulatory guidance and proactive market innovations, with new policies introduced to enhance services for the aging population and promote risk management [5][6] - Innovative products and services, such as the first ship ETF and various cross-border financing initiatives, are emerging, enhancing market tools and risk management capabilities [6] Group 5: AI Empowerment in Asset Management - The report highlights the AI empowerment practices of Western asset management firms, such as BlackRock, which have developed intelligent investment research platforms and risk control systems [7] - The evolution of AI from an efficiency tool to a core competitive advantage in investment decision-making and risk management is emphasized, providing a reference for balancing innovation and compliance risks in China [7]

Binance, the world’s largest cryptocurrency exchange, is working with crypto-friendly tradfi firm Franklin Templeton to offer an institutional off-exchange collateral program, making digital markets more secure and capital-efficient. The new service allows eligible clients to use tokenized money market fund shares issued through Franklin Templeton’s Benji Technology Platform as off-exchange collateral to trade on Binance using Ceffu’s, the exchange’s partner custody layer. The program alleviates a long- ...

Core Insights - Franklin Templeton and Binance have launched an institutional off-exchange collateral program, allowing institutions to use tokenized money market fund shares as collateral for trading on Binance, enhancing security and capital efficiency in digital markets [1][2] Group 1: Program Details - The program enables eligible clients to utilize Benji-issued tokenized money market fund shares as off-exchange collateral, alleviating a significant pain point for institutional traders [1] - Tokenized assets remain securely held off-exchange in regulated custody, reducing counterparty risk while allowing institutions to earn yield [1] - The custody and settlement infrastructure is supported by Ceffu, Binance's institutional crypto-native custody partner [1] Group 2: Strategic Collaboration - The collaboration between Franklin Templeton and Binance aims to bridge traditional finance and digital assets, making financial markets more efficient [1] - This initiative is part of a broader strategic partnership that began in September 2025, focusing on expanding off-exchange program networks [1] - The program responds to increasing institutional demand for stable, yield-bearing collateral that can settle 24/7, enhancing the trading experience on Binance [1] Group 3: Company Background - Franklin Templeton is a pioneer in digital asset investing and blockchain innovation, managing over $1.7 trillion in assets as of January 31, 2026, and operating in more than 35 countries [2] - Binance is recognized as the world's largest cryptocurrency exchange by trading volume and users, trusted by over 300 million people globally [2]