Exclusive 丨 Turn on the irony of wealth management products has new tricks: excessive performance remuneration "daily extraction"

21st Century Business Herald reporter Zhou Yanyan Shanghai report

A meandering net value curve is the department's depletion of energy every day. However, in reality, there is a challenge that can have been avoided but has to cope -if a product runs better and the yield exceeds the performance of the performance. Then the net value of this product will suddenly fall sharply, the curve fluctuates a lot, affecting the investment experience.

Many "unknown truth" financial customers saw the net worth curve turned around and mistakenly thought that there was a problem with the product operation. It may be redeemed "voting with your feet", and the product scale may shrink.

And now the opportunity to change this fluctuations has arrived. According to the "Regulations for Accounting Related Accounting Related Accounting Products" issued by the Ministry of Finance (hereinafter referred to as "regulations"), it is clearly required that excessive performance remuneration should be temporarily estimated in accordance with authority and responsibility, which is " Excessive performance remuneration is temporarily estimated. " This provision shall be implemented from July 1st, and the 21st Century Business Herald learned that some state -owned banks and joint -stock banks have "adopted" and adopted a new accounting treatment method to avoid suddenly falling before the open period of net value curve and developed corresponding investment. Education.

The original extraction mode is no longer suitable for the new situation of net worth transformation

To understand the terms in the "Regulations", you first need to understand what excess performance remuneration is.

Before the release of the new asset management regulations, regardless of product profit or loss, wealth management products will pay investors investment income at the expected return rate, and investors do not need to pay attention to excess returns. With the implementation of the new rules of asset management, the net worth process of bank wealth management products accelerates, and the yield rate is fluctuating with the market. Often, the "performance comparison benchmark" marked by the product when selling can only represent the estimated yield, and it can not represent the investment period. The return of full investors.

There are three possibilities for the final yield of the product: First, it just reaches the performance of performance comparative, often a coincidence, or the investment manager deliberately replaced a batch of more stable assets when the product is about to expire to achieve this number; The product yield is not up to performance comparison, which will encounter when the overall volatility of assets is high. For example, a while ago, the incident of "10,000 yuan in wealth management for more than 9 yuan a year" appeared. Cases of the final return rate of financial management are not reaching the performance benchmark; third, the excess performance, the investment manager's long -sleeved dance, the investment returns, the investment yield exceeds the performance of the performance.

In the third case of excess performance remuneration, in the process of product net worth, most of the initial products were charged excess performance remuneration at a ratio of 100%. For example, invest in 10,000 yuan, the expected yield/performance comparison benchmark for one -year product is 5%, and the actual performance return of 2,000 yuan after expiration, then the wealth management company or bank asset management department is still at a return rate of 5%. That is, the investment interest of 500 yuan in investors+10,000 yuan, and the excess returns of 1,500 yuan are given to the wealth management company or bank asset management department as excess performance remuneration.

This method of distribution is obviously unfair. Managers invest in investors' money. If excessive performance returns are all attributed to the manager, and investors should be borne by investors, and their responsibilities are not equivalent. In order to enhance the market competitiveness of the product, the new products of many wealth management companies have gradually modified the rules of interest distribution and no longer existing in return. Instead, it is conducive to customers -some products charge 50%of excess performance remuneration, and some products charge 80 %.

Compared to the public fundraising funds that basically do not charge excess performance remuneration, compared with the private equity funds that can only charge 20%of the excess performance remuneration, the bank wealth management is high, but the fixed management fee of bank wealth management is low There is also a balancing in the middle.

After being advanced in accordance with the new rules of the collection of excess performance remuneration, bank wealth management encountered new problems. Generally speaking, excessive performance remuneration slowly emerges during the product investment cycle, but it deducts at the last day of the investment cycle. It is fed back to the net worth curve, and a downward angle of yield will suddenly appear. As a result, the original product seemed to have a fierce fluctuation of net worth on the last day. At this time, it was the open day the next day. Some investors did not buy it. They immediately redeemed their investment funds and gave the product a "bad review" with actual actions.

"According to the original accounting model, the better my products do. The more excess compensation mentioned on the last day, the larger the retracement. . "An investment manager of a wealth management company told reporters.

Another investment research person in the stock bank said that the original extraction of excess performance remuneration on the last day may lead to "panic" and a large -scale redemption. This also disrupted the original investment rhythm of the investment manager. After all, the long -term and long -term period of the product need to be matched. The investment manager hopes to take the long -term money to invest, so as to get a stable and generous return.

Some people can't help asking: The loss of this net worth is almost foreseeable. Investment managers can invest in some high -yield assets to increase their net worth before opening up the end of the opening day to hedge this decline?

The answer is almost impossible: First of all, even if the high -yield assets are added, most of the excess revenue is deducted for excess performance remuneration. It is difficult to reverse the decline on the curve; Rare investment managers also increased their equity assets such as high -risk and high -yield assets in the end of the period to cause net value fluctuations. In this way, the customer experience may not be better. Generally, it is stabilized, and high -risk assets are replaced with solid -income assets until it is open. Some wealth management companies begin to "daily referrals"

Beginning in the second half of this year, new weather -"excessive performance remuneration is temporarily estimated" gradually implemented in the industry. The obvious change is:

Before July 1, 2022, the excess performance remuneration was calculated only at the end of the investment cycle or the date of the product maturity.

From July 1, 2022, after the implementation of the "Regulations", excessive performance remuneration increased the frequency of calculation. That is, in accordance with the mode of power and responsibility, when the investment cycle occurs during the investment cycle, the investment income exceeds the performance of the performance. The product manager will deduct the temporary valuation of excess performance remuneration in the net value of the product to reflect the actual income of the customer.

After the modification, the frequency of excess performance remuneration calculation is increased, which is conducive to customers to see the net value of the unit after receiving excess performance remuneration in advance. At the same time, the net value curve will be smoother and the customer's investment experience is better.

This kind of "excess performance remuneration" has not been adjusted for performance comparative benchmark, excess performance remuneration extraction ratio, and calculation methods. Therefore, the excess performance remuneration obtained by the manager has not changed, nor will it affect the actual purchase and redemption of the product. Net worth, and the actual income of customers.

"At present, our company has changed to a daily excess income after July 1, that is, to calculate the excess income every day. Today, if there is an excess, we will add excess performance remuneration in advance. In the past, before the product is open, there will be no sudden diving of the curve. Don't worry about the "oolong" of excessive performance remuneration, investors' large -scale redemption, and customer loss. "The above The investment manager of the wealth management company said that several peers in the industry have begun to operate in accordance with the "Regulations".

Of course, there is a prerequisite for ironing fluctuations through excessive performance remuneration, that is, the product has excessive performance. In this regard, in the situation of fluctuations in A shares, assets intensified, real estate debt stability has decreased, inflation has intensified, and the overall performance of the equity market is not well achieved, countless financial investment managers are working hard.

(Coordinating: Ma Chunyuan)

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