Group 1 - The rapid development of private MOM products is highlighted, with 29 products registered by May 20 this year, surpassing the total of 23 for the entire year of 2024 and setting a new record since 2019 [2] - MOM (Manager of Managers) is defined as a unique investment management model that involves delegating investment advice to multiple qualified third-party asset management institutions, allowing for diversified asset allocation [2] - Compared to FOF (Fund of Funds), MOM offers advantages in investment concentration limits, rebalancing flexibility, and the authority of the parent fund [3] Group 2 - The implementation of the "MOM Product Guidelines" by the CSRC at the end of 2019 has led to a more regulated environment for MOM products, allowing securities and futures asset management to engage in private MOM business [3] - Many of the newly registered MOM products are structured with cooperative institutions (such as securities and futures asset management) as trustees, and multiple private fund managers as investment advisors [3] - There is a growing demand for diversified allocation from bank wealth management and insurance asset management, especially as interest rates decline and volatility increases [3] Group 3 - Despite the advantages, there are risks associated with outsourced investments, which require strong research and investment capabilities [4] - The performance of MOM products heavily relies on the management capabilities of private funds as investment advisors and the selection and risk control measures of the funding parties [4] - Recent incidents, such as the collapse of a major FOF private institution, have led some bank wealth management firms to suspend similar channel businesses due to associated risks [4] Group 4 - The use of FOF and MOM tools is not merely a simple investment choice; it requires robust quantitative algorithms and detailed due diligence to select suitable products and managers [5] - Wealth management subsidiaries are adopting outsourcing as a long-term investment strategy, but there is still a need for improvement in the research and investment capabilities related to FOF and MOM [5]