The fund is not allowed to sell, and the 5000 tripartite wealth company is cold?

In the past two days, the new rules of fund sales have officially landed, and the relevant policies of the red line of private lending in the early stage have made the "uncomfortable" tripartite wealth management industry worse. Some friends also asked the factory director if he could not find a tripartite wealth institution when buying a fund in the future, so he could only buy it directly from the fund manager. Is it true that the wealth of the three parties can't live any longer?

Selling funds must be licensed.

As early as August 22nd, Fan Yifei, deputy governor of the central bank, gave a clear signal. He said at the 6th China Fortune Forum:

"There are more than 5,000 wealth management companies in China, whose main business is to sell financial products such as funds on a commission basis. A considerable number of them have problems such as selling insurance without a license, raising funds publicly and setting up a pool of funds, which pose a serious threat to financial stability. In the future, we must strictly strengthen market access, and wealth management companies must apply to the financial regulatory authorities for a license to engage in the sale of financial products. "

After seeing this news, the small and medium-sized tripartite wealth institutions that the factory director knows will be blown up! After all, there are only 36 institutions with fund sales licenses in the industry, and they are basically large companies:

Noah, Lide, Puling, Fan Hua, Yixin, Hengtian, Goldman Sachs, Xinhu, Datang, Hai Yin, Kuipai, Guo Fu Datong, Jiutai, Wan Yun, Aijian, Trunk Road, Lupu, Ruiwei, Hongtai, Zizhou and Qingdao Cai Yi. Accidents have occurred in Minchuang, Jincheng, Puxin, Wang Xin, Jin 'an, Taicheng, Yu Hengtianze, Hana and Nuoyuan.

The vast majority of small and medium-sized wealth management institutions do not have fund sales licenses, and make a living by selling insurance, non-standard trusts, private equity funds and private equity funds.

It can be said that since the new asset management regulations, including the risk-free interest rate caused by the decline in economic growth, the profit margin of the entire wealth management industry is tightening, basically "making white money and earning cabbage money".

Just when the wealth management institutions panicked, less than a week later, on August 28th, the CSRC officially "responded" to Fan Yifei's speech, and issued the Measures for the Supervision and Administration of Sales Institutions of Public Offering of Securities Investment Funds, which came into effect on June 5438+ 10/day, 2020.

Five main points

The director also summarized the main points of the new fund sales regulations for everyone:

1. First of all, it is clear that the fund sales license can sell not only public offerings but also private placements.

Chapter VI of the Measures provides otherwise:

"If a fund sales institution engages in the private equity fund sales business other than the public offering fund sales business according to law, the provisions of Chapters III and IV of these Measures shall apply mutatis mutandis, unless otherwise stipulated by laws and regulations and the China Securities Regulatory Commission."

2. There is a loophole in private equity.

Speaking of selling private equity, a friend told the factory director a few days ago that private equity may not be sold by a tripartite wealth institution, even if it is licensed.

On the bright side, it seems so. Article 9 of the Measures states:

"Independent fund sales organizations are institutions specializing in the sales of publicly raised funds and private equity investment funds. Independent fund sales institutions shall not engage in other businesses, except as otherwise provided by the China Securities Regulatory Commission. "

But everyone should pay attention to the last sentence, unless otherwise stipulated by the CSRC.

20 16 "measures for the administration of private fund raising behavior" also clearly stipulates that private funds can be sold by private managers themselves (direct sales) or by third-party institutions.

The requirements for the consignment agency are: having the qualification of fund sales business of CSRC+membership of China Foundation Association, and the private placement regulated by the private placement method includes all types of private placements, not particularly limited to the field of private placement securities.

Therefore, the directors believe that these licensed independent fund sales agencies still have opportunities. According to the data disclosed by the CSRC, as of September 20 16, there were 122 independent fund sales institutions in China, including the 36 financial institutions mentioned above.

3. Set the upper limit of trailing commission.

Because the fund company's own sales ability is weak, it still relies on channels, and the sales of the big three wealth are more secure, so the commission is relatively strong. Previously, some fund companies even paid more than 60% of trailing commissions to tripartite institutions.

This time, it is also clear that individual sales should not exceed 50% of the fund management fee, and institutional sales should not exceed 30%, making the whole market healthier and longer.

4. Short-term performance improvement is prohibited.

There was chaos in the industry before. For example, a fund has an average annual performance. As a result, this month or two has achieved good results because of market trends, and found a tripartite wealth cooperation. In order to sell products, Sanfang Fortune also showed customers the performance of these two months, and the product quantity was almost used up, which caused the illusion that this fund company was very awesome.

In order to put an end to this objective false propaganda and "hunger marketing", the Measures also clearly stipulate that short-term performance propaganda is prohibited, and any performance interval displayed in fund publicity materials should exceed 6 months.

5. Strengthen the access of the fund sales license.

As mentioned above, most financial institutions do not have licenses, and many financial consultants do not have the professional ability to identify fund products. However, in 20 16-20 18, the industry grew wildly, and the managers of these institutions still recommended high-risk equity products to customers, thus accumulating a lot of risks.

In order to better protect investors, the measures stipulate that the same controller is prohibited from controlling more than two exclusive marketing institutions, one participant and one controller; Strengthen restrictions on setting up branches, etc.

Parent fund win-win situation

In recent years, there is a trend of non-marking in the whole market. As long as the three-party wealth organizations really want to do it, they are all looking for the breakthrough of standard products, provided that they get the Public Offering of Fund sales license first.

Licensees began to sell Public Offering of Fund, and we all know that there is no back-end revenue sharing in Public Offering of Fund, and the three-party wealth can only earn a meager subscription fee plus a certain percentage of management fees.

If you want to make money by selling public offerings, the scale must be large enough. Even the top wealth management institutions need a process. At present, the proportion of total income is still relatively general.

So what should we do? It is still necessary to make money, especially for listed wealth management companies with performance pressure. Later, as we all know, the stock FOF parent fund model became popular.

To put it simply, the private equity fund under the tripartite organization issues a long-term parent fund and plans to invest in several famous VC and PE funds to attract customers.

This model can be said to be a win-win situation. First of all, the risk is relatively small. A parent fund can invest in 5-7 sub-funds, and 1 sub-fund can invest in 10-20 projects. This calculation means that investors' money will eventually be allocated to 100 projects, so customers can buy with confidence and institutions can sell with confidence.

This has also improved the image of the entire tripartite organization. For example, if a customer buys a three-party product and finally invests in a fund owned by Sequoia, he will see the income in a few years, but at present, he is still happy. After all, going out can be said that Shen Nanpeng is helping me invest, and the brand awareness of the three parties will be improved.

Because these are all head funds, the projects they get are basically the best in the market, and the success rate is relatively low. In fact, the investment logic of VC/PE is very simple, and it is a high-risk investment. As long as 1-2 in the 10 project is successful, it can be recovered.

Back to the three parties, the most useful point of this model is the high profit. The term of a parent fund is 10 year, and the management fee is 2% per year. If the customer buys a product of 1 10,000, the institution will lock in the income of 200,000, which is not counting the back-end income share of the sub-fund.

This is also the reason why large institutions are issuing parent funds. Who doesn't love to contribute profits?

Polarized private equity placement

On the one hand, for the three parties, private placement can be said to be one of the most important income pillars during the non-standard bidding period. If it is really impossible to sell private equity, it will have a serious impact on itself.

On the other hand, in recent years, due to the tightening of supervision, the introduction of new regulations on asset management and the effectiveness of financial deleveraging, China's VC/PE market has been comprehensively adjusted and gradually entered the capital winter; In the first half of 2020, the VC/PE fund-raising market was hit hard by a sudden epidemic. The following is the statistics of VC/PE funds in recent 10 years by CIC:

Although the scale has dropped sharply in the past two years, the head office is not bad, and the primary market is a typical "drought death, fishing death"!

Otherwise, in the first half of the year, Gao Lin and Sequoia didn't have so much "earning power" and couldn't wait to buy out the global medical track. ...

Except for these head mechanisms, everything else is quite miserable. But there are also some high-quality dark horse VC/PE. Many of the founders of these funds are independent from the head office, and they are very capable, but they are not enough to "go out of the circle".

When a fund has a good performance and strong ability but is not known by everyone, then they have to find some channels for marketing, and tripartite wealth is one of the important channels.

Once the three parties are not allowed to sell shares, these stock fund companies are not "uncomfortable" problems and can only play gg directly.

Therefore, in the factory director's view, the possibility of not allowing independent fund sales agencies to sell private placements is relatively low. Both sides have requirements. Most importantly, the state has been emphasizing supporting direct financing and encouraging capital to support the growth of small and medium-sized enterprises.

To really break this road, isn't it the reverse operation of "hitting the face"?

In fact, the direction of the regulatory authorities has always been very clear, protecting investors and eliminating industry chaos will not be across the board. Let truly compliant institutions continue to survive and completely eliminate the "cancer" of violations of laws and regulations. Really realize the virtuous circle of "the seller is responsible and the buyer is responsible".