Some banks' financial management "stop" in advance, and the performance is not as expected to vote with feet with feet

21st Century Business Herald reporter Ye Mai Sui Guangzhou report

Following the "breaking tide", another trend in the banking wealth management market has aroused market attention. Recently, the reporter noticed that many banks, including state -owned banks, joint stock banks, urban commercial banks, and other wealth management products to terminate operations in advance, and some were not even full of operating cycles. Regarding the reasons for ending operations in advance, the relevant announcement stated that "the subsequent market is not controlled" and "avoids investment losses caused by decline in management scale." However, some market participants said that the benefits of bank wealth management products were not as expected, which led investors to "vote with feet."

Most of the products for termination are solid income

Recently, CITIC Bank Financial Subsida Company Xinyin Financial issued the "Xinyin Financial Smart Elephant Smart Elephant Interest Earns to Enhance FOF FIDS Terminal Termination Announcement No. 11" and decided to terminate this wealth management product in advance on July 27, 2022. On August 2nd, the product issued an announcement of liquidation announcement. The starting date was July 21, 2021, the maturity date was July 27, 2022, and the net value of the product share was 1.0130 yuan.

According to incomplete statistics, since July, Xinyin Financial Management has terminated four solidaries wealth management products in advance. In addition to the above wealth management products, there are also solidaries and solid income for half a year. The annual opening 9 and 12, which are the first to terminate product operation after the first closed period.

For the reasons for the termination of the product, take the FOF FOF to open the No. 11 wealth management product as an example. In order to protect the interests of investors, the financial product manager has the right to follow the financial product funds. The actual situation of operation is actively terminated. After prudential assessment of the current investment of the wealth management product, the manager believes that the termination of products in advance is more conducive to protecting the rights and interests of product holders than maintaining the operation of the product.

State -owned bank products have also encountered similar embarrassment. ABC also announced that it was announced to terminate operations in advance. Unlike Xinyin Financial's wealth management products, the product has not yet reached the first regular opening date.

On July 18, the Agricultural Bank of China Financial issued an announcement stated that "Agricultural Bank of China Concentric Heart · Open Two -year Open" Value Selection 1st RMB wealth management product (exclusive to new funds) Period, it is planned to be terminated in advance on August 24, 2022. Regarding the reasons for the early termination, the wealth management of the Agricultural Bank of China stated that because the expected market value is expected to be strong, the net value of the product may have large fluctuations, which will provide product services and protect investors' rights and interests, so it will be terminated in advance.

The first phase of the Agricultural Bank of China · The first phase of openness is a hybrid product. It was established on August 26, 2020. The longest period of wealth management products is 10 years, and the first opening period is 822. On the 26th.

In addition, Rizhao Bank's "Huang Haibao (20180104) Double Season Juguye Fortune Half -year Open Renminbi Wealth Management Products" also terminated operations in advance during the fifth investment cycle expiration date. The reason given to the announcement is "avoiding investment losses due to decline in management scale."

In addition, Pudong Development Bank, Chongqing Rural Commercial Wealth Management, Shengjing Bank and other banking institutions have issued an announcement of early termination. The number of wealth management products that have been terminated since 2022 has reached 10.

Carefully analyze that most of the terminal wealth management products come from partial solid camps.

Due to the contraction of the global central bank this year, many wealth management products have not reached the expected income. As mentioned above, Xinyin Wealth Management Smart Elephant Solid Revenue Enhanced FOF FOF will open No. 11 wealth management product one year, Agricultural Bank of China financial management "Agricultural Bank of China Concentric Heart · Two Years Open" value Selection of the 1st RMB wealth management product.

The huge redemption situation exists

In an interview with the 21st Century Business Herald, Huo Yijing said that after entering the era of net worth of wealth management, with the severe fluctuation of the stock and bond market this year, some financial products' investment performance was less than expected. The wealth management company is facing high funding for redemption. At the same time, the investment risk of investment in wealth management products has increased, and the cost performance is low. Therefore, the product terminates the operation in advance. In addition, some wealth management products have set up termination terms, old products are terminated in advance in accordance with the requirements of new asset management regulations, or customers of private financial products choose not to invest.

From the actual situation, large redemption does exist. Ru Xinyin Financial Smart Smart Elephant Interest Earnation FOF FOF FIDA No. 11 Wealth Management Products first redeeming day is July 21 this year. On the same day, the product triggered huge redemption. 10%of the total daily renewal.

However, Huo Yijing believes that it is not necessarily a bad thing about ending in advance. For investors, the early termination of the product is conducive to investors 'timely stop loss and reduce the degree of capital loss caused by poor product performance, but it may reduce the trust of investors' ability to invest in institutions. For institutions, the termination of products in advance is not conducive to customer trust, brand image, and overall risk management, but it is conducive to the institutional promoting the transformation of wealth management products.

According to statistics from Xingye Securities, as of July 31, 2022, 29 wealth management sons have been approved, and 27 financial subsidiaries have officially opened, including 23 financial subsidiaries and 4 Chinese -foreign joint venture wealth management companies. There are currently 9,404 wealth wealth wealth wealth wealth wealth management products in the sales period, of which the number of issuance of ICBC Financial Management, CCB Finance, and BOC Financial Products ranks among the top three, respectively, 1227, 911, and 788. In terms of product dimensions, the current investment period of wealth management products issued by wealth management subsidiaries is mainly T+0, 6-12 months, and 1-3 years, with 770, 1753, and 4833; the operating model is based on a closed net worth type. Lord; risk levels are mainly low -level. According to the research report of CITIC Securities, since the release of the new asset management regulations, wealth management companies have gradually become the backbone of the market. Large banks have a wealth management subsidiary to undertake their wealth management business, and the bank has returned to the traditional credit function; small and medium banks have not been authorized to set up wealth management subsidiaries, and wealth management products shall not be extended after expiration, and the wealth management business shrinks. Since December 2018, the regulatory authorities have adhered to the principle of "mature family and approved a family", and 29 wealth management companies have been approved for construction. The reform of the system of wealth management business companies has made positive progress. The wealth management market has shown a pattern of wealth management companies and supplemented by banking institutions. From the perspective of product types, wealth management subsidiaries are dominated by fixed income wealth management products, and the existence scale and proportion are on the rise. As of the end of 2021, the duration balance of fixed income wealth management products was 1.592 trillion yuan, accounting for 92.62%of the duration of the products of wealth management companies; the duration balance of hybrid wealth management products was 1.24 trillion yuan, accounting for 7.21%of the balance of product duration; The duration balance of the product was 0.03 trillion yuan, accounting for 0.17%of the duration of the product.

Although the strong factors in the market may cause a large fluctuation of the net value of the product, this is precisely the best opportunity to test the strategy selection of each institution. Liao Zhiming, chief analyst of China Merchants Securities Banking Industry, said that in the era of "net worth" of banking wealth management, some of the old expected return are no longer available, and the fluctuation of net financial management value has increased. After truly returning to the essence of "guest financial management", wealth management income depends entirely on the results of the actual investment. The yield has a large uncertainty, and the difficulty of investment has increased significantly. Wealth management investors should choose a wealth management company with strong investment and research power to issue a wealth management company issued Wealth management products, try to extend the investment cycle as much as possible to reduce the impact of net worth fluctuation on investment income.

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