Author: Qin Si Editor: Yuan Chang
The public fund industry is a very interesting field, and some businesses are completely in front of the public, which can be called "face"; Some businesses sink behind the scenes, "making a fortune in silence".
The three businesses of special accounts, subsidiaries and pensions all have the attribute of "making a fortune in a muffled voice".
The business space contained in it can often be hundreds of billions to trillions, and there are many ways that are not understood by outsiders.
The Asset Management Association (AMAC) recently disclosed the average monthly scale data of various asset management businesses in the second quarter of 2024, partially disclosing the doorways in the above-mentioned "linzi business".
It is worth paying close attention to people who pay attention to this industry inside and outside the industry.
The special account business of "Sweet Inside".
In the business list released by the association, there is a very interesting list called "average monthly scale of private asset management products".
How can there be private placement in a public offering business?
The answer is yes.
It actually has another business name - special account.
Generally speaking, public offering institutions with outstanding management capabilities can make some customized products for some customers with special requirements and large asset scale while issuing public funds.
These products are not issued to the outside world, but are only sold in specific business markets, commonly known as special account business.
By the way, some well-known investment teams and investment celebrities have also issued some special account products while the fund business is developing rapidly.
Can you guess how profitable these products are?
Of course, sometimes special account products are not only for considerable returns, but sometimes for controllable risks:
For example, some businesses require specific requirements, what level of drawdown rate can be reached, and what types of securities can only be invested.
This is where the huge market for special accounts comes into play.
A business that changes the landscape of the industry
Looking back at this time, the ranking of the special fund account business is very interesting (figure below).
If you look closely, you can find that there are several hidden roles in the fund market that will never be "revealed".
Among them, the average monthly management scale of the industry transparent Chuangjin Hexin Fund exceeded 842.3 billion yuan, which is almost more than the sum of the second, third, fourth and fifth places in the industry.
You must know that the companies behind Chuangjin Hexin are also well-known fund companies in the industry.
CCB Fund, the second place, has always benefited from the business counterpart support of its shareholders and major state-owned banks, so it has a very outstanding performance in the special account business.
The third place, Ping An Fund, is backed by Ping An, a large financial group of China, and has made great efforts this year.
The fourth place China Southern Fund and the fifth E Fund Fund are also the leading companies in the industry in terms of scale, number of people, and reputation
But none of them can compare to the unique position of Chuangjin Hexin - in the special account business.
Isn't that interesting?
The "fault first" of the background of the brokerage department
Chuangjin Hexin is a very distinctive company, even if you don't look at its huge business scale, count its unknown characteristics, you can understand the interesting things about this company.
First, it was born out of the asset management business of the brokerage, as we all know, the asset management companies under the brokerage department are not very "sharp" in the fund industry, except for a few such as Chuangjin Hexin.
Second, Chuangjin Hexin is a holding company of small and medium-sized brokerage stocks, and its controlling shareholder, First Capital Securities, is a second-tier or even lower brokerage in the industry. A small shareholder business is never a good thing for a company. But this mutual fund company does have a very sharp business performance.
Third, Chuangjin Hexin was established in July 2014, seeing this year of establishment, the industry understands that it is difficult to break through the era of product line, scale accumulation, and financial resources, but Chuangjin Hexin has walked out of a strong way of self-development.
Fourth, Chuangjin Hexin is the first fund company to realize employee stock ownership at the time of its establishment, and the shareholding structure stated on the company's official website shows that the company's employee stock ownership platform holds a total of 48.927% of the shares of the company. It is also specially stated that "the company does not have the situation that the equity is pledged and frozen". If true, it is even more rare.
Overall, Chuangjin Hexin is a company with a unique shareholding structure, unique business, unique capabilities, and unique business model.
This company occupies the first place in the private fund business, which may prove to the industry from another level that the future and space of business model innovation in the public fund industry are different.
"Difficult to give up" subsidiary business
Fund subsidiaries are a relatively "controversial" business in the public fund industry. But it is undeniable that under the new compliance conditions, some companies have made new development and space for it.
This is especially difficult and admirable.
On the whole, the business of fund subsidiaries is also a "gathering of big guys", and the industry concentration is very high.
China Merchants Wealth Asset Management Co., Ltd., which ranks among the top companies in the industry, has an average monthly scale of more than 239.5 billion yuan, and the scale of a single subsidiary is better than the entire management scale of many low-ranking small and medium-sized fund companies.
The second place is CCB Capital Management Co., Ltd., a subsidiary of CCB Fund, and the third place is ICBC Credit Suisse Investment Management Co., Ltd., a subsidiary of ICBC Credit Suisse Fund, with an average monthly scale of 176.8 billion yuan and 125.8 billion yuan, respectively, ranking 2 and 3.
In addition, Shanghai SPDB AXA Asset Management Co., Ltd., a subsidiary of SPDB AXA Fund, also has an average monthly scale of more than 100 billion yuan.
Further back, the monthly average of Beiyin Fengye Asset Management Co., Ltd., Bank of Communications Schroder Asset Management Co., Ltd., Ruiyuan Capital Management Co., Ltd., Xinyuan Asset Management Co., Ltd., ABC Huili Asset Management Co., Ltd., and Harvest Capital Management Co., Ltd
The scale is in the range of 38.2-87.2 billion yuan, entering the top ten in the industry.
After careful judgment, it can be found that the top ten asset management companies, except for Ruiyuan and Harvest Capital, are all subsidiaries of bank-based funds.
This shows from one side the important characteristics and core logic of the current business development of fund subsidiaries.
A must-see "pension" ranking
In the entire large asset management and wealth management market, the pension business may be a business that many outsiders do not pay much attention to.
However, this pension premium is the same pension.
The ranking of the pension business of the public fund includes two businesses with huge scale and great potential, which are both fragrant and sweet.
One is the management business of the social security fund;
The other is the management business of enterprise annuity.
Let's put it this way, the actual or potential scale of these two businesses is in no way inferior to the previous special account business.
As a result, they have also followed stricter confidentiality clauses, and the association has not publicly offered the actual scale of business.
But the rankings speak for themselves.
As of the end of the second quarter of 2024, the top fund companies in managing pensions include: E Fund Management, ICBC Credit Suisse Fund, China Southern Fund, China Asset Management, Harvest Fund, Wells Fargo Fund, Bosera Fund, China Merchants Fund, Yinhua Fund, Guotai Fund, GF Fund, Haifutong Fund, Penghua Fund, China Universal Fund, Dacheng Fund, and Changsheng Fund.
The ranking of these funds includes the scale of the social security fund (including the overseas investment part of the social security fund), the basic pension enterprise annuity and the occupational annuity, but does not include the pension entrusted by overseas institutions.
In fact, these names are also the "invisible kings" with important performance.
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This article does not constitute personal investment advice, does not represent the views of the platform, the market is risky, investment needs to be cautious, please make independent judgment and decision-making.