Personal pension investment public offering business: What are the shortlisted sales institutions?How many products are expected to be given priority?

Wen | Chang Xueyu

Personal pension investment public offering fund welcoming progress. On June 24th, the CSRC shall publicly solicit opinions from the society for the "Interim Provisions on the Management of the Business Management of the Securities Investment Fund (Consultation)" (hereinafter referred to as the "Interim Provisions") And the standard requirements of the fund product that can invest in personal pensions are clear. "The public pension system involving the public fund's important regulatory documents publicly soliciting opinions will help accelerate the construction of a benign interaction between pension, capital market and the real economy." Experts who are interviewed by reporters from the Securities Daily predict It is required that the shortlisted personal pension investment public fund sales institutions or nearly 40, of which, some institutions have been adopted in the past year that administrative regulatory measures are adopted. At the end of the size of the pension target fund, which is not less than 50 million yuan, it is currently expected to be more than 100. Nearly half of the proportion of commercial banks in the shortlisted sales institutions is to ensure the long -term continuity and security stability of the personal pension fund sales business, the "Interim Regulations" for the operating status of the fund sales institution, financial indicators, corporate governance, internal control mechanism, compliance management of compliance management For other aspects, high requirements, and need to meet the scale of stock funds and hybrid funds in the last four quarters of the last 4 quarters, the scale of the stock fund and hybrid funds shall not be less than 20 billion yuan. Essence At the same time, the "Interim Provisions" allows fund managers and their sales subsidiaries to handle the sales related to the personal pension fund raised by the manager. Yao Hui, an analyst at the Shanghai Securities Fund Evaluation Research Center, told the Securities Daily that according to Wind information data statistics, the current meeting at the end of the last four quarters (2021Q2-2022Q1) stock funds and hybrid funds with a scale of not less than 20 billion yuan There are 39 fund sales agencies, including 18 commercial banks (15 national commercial banks, 3 urban commercial banks), 15 securities companies, and 6 independent fund sales institutions; but individual investors hold stock funds and hybrid funds Conditions with a scale of not less than 5 billion yuan are temporarily unable to calculate the use of public data. According to the analysis data of Yao Hui, according to Zhao Ran, chief analyst of CITIC Construction Investment Securities, CITIC, at the present, the sales institutions with a scale of not less than 20 billion yuan in the last four quarterly stock funds and hybrid funds have been met. 40. Yao Hui reminded that from the public information, we can see that there are examples of administrative supervision measures in the above 15 securities companies in the past year, but whether it belongs to "a major administrative regulatory measures due to similar business", and it has to be further supervised aspects of supervision. clear. At the same time, the "Interim Provisions" clearly states that the Securities and Futures Commission implements a list of implementation of the personal pension fund sales institution, and at the end of each quarter, it is updated on the official website, the fund industry platform, and the information platform. Investment director of a public fund company in North China revealed to the Securities Daily reporter that this means that if the requirements are met in the quarter, the relevant public offerings can apply for it. With the increase in the scale of the public fund industry and the increase in sales of sales institutions, eligible sales institutions will continue to increase. Yao Hui believes that the "Interim Provisions" closely connects sales qualifications with the scale of stocks, mixed funds, and legal compliance levels. At the same time, due to the sales institution list will be updated dynamically, all institutions will be seen by the entire market. This list may be on To a certain extent, it will become a symbol of strength and security guarantee. Each institution will work towards this goal, thereby promoting the level of sales and risk control compliance of stocks, mixed funds, and risk control compliance, which will help the high -quality development of the entire fund industry. For a public offering agency that does not meet the requirements of "finalists", Yao Hui suggested that he can make efforts from four aspects: one is to increase the sales volume of stocks and mixed funds, especially the sales of individual investors; The level of rules and wind control; the third is to attach importance to investor transactions; the fourth is to fully implement the appropriate management of investors. Zhongrong Fund believes that the "Interim Regulations" require sales institutions to have strong personal investor services, compliance majors and stable operation capabilities. Therefore, the relevant public offerings can increase the scale of equity products, especially the individual investors in equity products. It is expected to meet the regulatory requirements for the pension target fund or more than a hundred to ensure the steady start of personal pension investment. It is intended to include the pension target funds that are not less than 50 million yuan at the end of the last four quarters. Zhao Ran analyzed the "Securities Daily" reporter that there are 102 pension target fund products that meet the above requirements. The investment director of a public fund company in North China in the above -mentioned public fund company believes that the pension target fund is a one -stop solution launched by the public fund industry for personal pension investment, and as the only product type that trials one year, it is highly consistent with pension investment. In the future, public offerings can further enrich the supply of product, focus on differentiated product design, and reserve the relevant investment research talents, and strive to improve investment and research capabilities. In terms of fund product design, the investment director suggested that on the basis of the existing product system, it can accelerate the launch of products that meet the characteristics of the people's retirement needs and life cycle, and continue to enrich the product line to meet investors with different ages and risk preferences. It is required that the pension target fund is mainly based on stable products, and increased positive and conservative layouts.

In terms of product differentiation and innovative design, we can improve the design of the elderly target fund related to the retirement phase after retirement; optimize the decline curve; the innovation of product details such as focus rate, if due to the continuous inflow of pension funds, the rate can be with the scale with the scale. Decreased growth and exploring step -type rate design. The investment director also believes that the product design side of the Pension Target Fund needs to be more accurate, fully considering the maturity, ductility, and loading management scale of the investment concept and the investment framework, focusing on differentiated product design, enhancing product attraction and attractiveness and improvement of product attraction and improvement resolution. The "Interim Provisions" clearly states that after the personal pension system is fully launched, it is intended to gradually be included in public funds with stable investment styles, clear investment strategies, good long -term performance, and stable operations, which are suitable for personal pensions for long -term investment. The CSRC will dynamically manage the relevant product list, and at the end of each quarter, it will update the fund list of personal pensions on the official website, fund industry platform, and information platform. "According to the pension attributes of personal pensions, the scope of the fund type should not change in the short term." Yao Hui believes that the implementation of the personal pension fund implementation list management, for products that meet the above -mentioned products, are not yet in the list, fund sales are sold. Institutions can also be deployed in advance, including the "required action" of fund sales such as fund evaluation research, investor education, and investor appropriateness. With the increase of the number of personal pensions, the number of products will also expand. From the perspective of China Rong Fund, in the future, it is necessary to strengthen the attributes of equity, with the innovation of fund products with low and medium fluctuation characteristics, and develop fund products that adapt to long -term investment characteristics of personal pensions. At the same time, according to factors such as the age, life expectancy, and risk tolerance of investors, one -stop solutions for pension investment are provided. "The" Interim Provisions "is the framework of the entry threshold for public funding products and sales services after insurance and bank wealth management products. Whether or not the core highlights mainly observe related tax discounts (especially capital benefits tax). "Zhao Ran predicts that combined with overseas experience and the current situation of my country's three pillars, the scale of pension fundraising under the third pillar of China under the third pillar of China It will reach more than 156 trillion yuan. Recommended reading

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