The pace of personal pensions enter the market to accele

On June 24th, the CSRC asked the society for public opinion on the "Interim Provisions on the Management of Business Management of Public Pension Investment Public Fund Fund (Consultation)" (hereinafter referred to as the "Interim Regulations"). According to the relevant opinion draft, about 15 securities firms may have relevant sales qualifications.

Data source: Reporter sorted out the visual Chinese map Yang Jing map

Although the size of the stock funds and hybrid funds held by individual investors has not been disclosed, according to a number of securities firms wealth managers, this requirement is not high. Under normal circumstances, most of the large and medium -sized brokers meet the relevant requirements. Some securities firms may be higher than that of equity funds. In addition, some securities firms wealth managers said that the personal pension business brought more potential long -term funding customers to securities firms, and also required brokers to further improve their asset allocation capabilities and services to customers.

Hu Xiang, a non -bank finance of Soochow Securities, believes that banks, funds, and insurance institutions will compete in the design, propaganda guidelines for pension products. Personal pension investment funds will bring rich product sales expenses, which are currently favorable for head institutions. Although the upper limit of personal pensions is 12,000 yuan per person per year, due to the huge population of my country's population, the scale of agencies should not be underestimated. Most of the qualified pilots are the head institutions in this round of pilot, and have strong personal investor services, compliance majors and stable operation capabilities. Banks, funds, and insurance institutions will actively deploy pension business and launch diversified pension products to individual investors.

39 institutions meet the conditions

Last week, after reporting that brokers participated in the sales of personal pension products, the "Interim Provisions" was introduced last weekend that the market felt that the operating speed of personal pensions was gradually accelerating.

According to the relevant requirements of the "Interim Provisions", fund sales agencies that carry out personal pension funds sales related business meet the following conditions: 1) good business status and financial indicators. Yuan; The size of the stock+hybrid fund held by individual investors is not less than 5 billion yuan; 2) in the past 3 years without criminal punishment, major administrative penalties, etc.; 3) complete the network test with the fund industry platform; Essence

According to the sales of public funds released by the China Foundation earlier at the end of each quarter, if the scale of the stock fund and the mixed fund of the stock funds and mixed funds in the last four quarters is not less than 20 billion yuan, a total of 39 eligible conditions are selected. Institutions cover 18 banks, 15 securities firms and 6 third -party institutions.

Although the agencies have not announced the size of the stock funds and hybrid funds held by individual investors, the size of the stock funds and hybrid funds held by the individual investors set by the individual investors is not less than 5 billion yuan. high.

"The head broker meets this requirement. It is definitely no problem. It is estimated that large and medium -sized brokers have not had much problem. Brokers within the top 20 can meet the requirements." A medium -sized securities manager wealth manager told reporters on WeChat.

A senior securities manager wealth manager further analyzed on the phone: "From the perspective of stock assets, the proportion of personal customers' assets will reach more than 70 %, and the proportion of transaction volume will reach more than 50 %. There are more high -frequency transactions, and the proportion of institutions will have more proportion. But from the perspective of the fund, individual customers should only have more proportion and will not be lower. "

The chief analysts of the non -silver financial industry in open source securities are superb believe that head institutions in banks, securities firms and three parties are expected to benefit. The channel party can provide relevant account services based on the application of investors, which is conducive to independent completion of the business closed loop of personal pensions from account opening to product sales. It is expected that personal pensions have little impact on the original competitive pattern of the channel. Bank channels benefit personal pension policies in the sales of diversified products such as account opening and bank wealth management.

Genome is expected to have a limited impact on the incremental scale of the initial period of the channel side, but the personal pension is used as a long -term investment product, and the customer's stickiness is stronger, which is conducive to expanding the brand effect. Essence

Clarify the scope of the product

As the previous market is generally expected, it is the first to include personal pension products.

According to statistics from the non -banking team of Anxin Securities, as of the end of the first quarter of 2022, a total of 43 fund companies' 94 pension target funds met the requirements. The total management scale was 71.1 billion yuan, of which 42 funds target dates were 13.3 billion yuan. There are 52 pension target risk funds, with a total scale of 57.8 billion yuan. Before the United States, ICI data shows that as of the end of 2021, the pension target funds have been 2.23 trillion US dollars, of which 1.8 trillion US dollars of pension target date, target risk funds reached US $ 4.4 trillion, and 85%of the pension target date fund was from a retirement account. (IRAS and DC programs) hold, and the manager CR5/CR10 reaches 78%and 92%, respectively.

The "Interim Provisions" proposes that during the trial operation of the personal pension system, it is planned to be included in the first four quarters of the last four quarters. The stock funds, mixed funds, bond funds, funds in the fund, and other funds stipulated by the China Securities Regulatory Commission that has been invested in long -term investment. At the same time, it proposes that fund products need to be stable in investment style, clear investment strategy, good long -term performance, and stable operation. In the early stages of the pilot, a certain screening condition was set up for the selected product of personal pension, and the scope of the investment -available product was clearly set up. In addition, some securities firms wealth managers said that the pension target fund is a good choice for personal pension funds. At the same time, it will take a long time to cultivate the concept of personal long -term investment. In the opinion of the senior wealth managers, the settings of these conditions are equivalent to a license to agency sales agencies such as securities firms. After having a license, it can be more convenient to make asset allocation for customers, which is to add a tool for asset allocation. Brokerage sales should be changed from sellers to buyers. The seller is the sales of a single fund, and the buyer gives some suggestions for asset allocation according to the needs of customers. In essence, it is actually a service.

It is true that, with the transformation of the wealth management of securities firms, the rapidly growing consignment financial product business has become one of the important paths for the brokerage business structure and the implementation of wealth management transformation.

Daily Economic News

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