Survey of the management fee of securities company asset management products: 3 times the "management fee and performance link" mode floating water

21st Century Business Herald Reporter Li Yu Shenzhen Report

Recently, the standards for the management fee of securities firms to collect wealth management products have attracted much attention from the market.

For example, Cinda Securities Management Currency Market Fund Cashida Cash Treasure, as of July 19, this product has an annualized income of 1.1%on the 14th and 1.245%annualized income in the past 7 days. The fund is not much different, but for investors, there are not so many benefits that products bring to themselves.

Public information shows that the management rate of Cinda Cash Treasure is 0.8%, the custody rate is 0.05%, the sales service rate is 0.01%, and the total rate is 0.86%. At 0.25%, the management rate of Cinda Cash Treasure is almost three times.

Not only that, under the overall trend of the return rate of currency funds to 1%, investors buy such products after deducting management rates, custody rates, and sales service rates.

A large securities company in Beijing said, "The currency products of the securities company were originally asset management plans, and public offerings were transformed according to regulatory requirements, so these products were newly transformed and higher than the money funds of fund companies on the market." There may be adjustments in the later period.

The 21st Century Business Herald reporters learned that due to the influence of product types and corporate policies, the charging model of securities firms to collect wealth management products has shown a complex and diverse trend, and the standards for management fees are different. The management fee model of collecting wealth management products has changed quietly.

In May of this year, a product of CITIC Asset Management adopted a cost of floating management fees to link the product charges to the rate of return. Only by obtaining positive income can we charge management fees.

Is this change in the short -term marketing strategy of securities firms or a long -term industry trend? Some brokers believe that this measure may promote the reform of the industry's overall charging model.

3 times management rate of super -similar public funds

The 21st Century Economic Herald reporter found that in addition to Cinda Securities, the management rates of Guilian Securities, Zhongtai Asset Management, and Hua'an Securities have a management rate of 0.9%.

Industry insiders said that most of the currency funds of such securities firms and brokerage asset management are mostly the transformation of margin wealth management and large collection of financial management, so they basically maintain the rate structure before the transformation.

On May 9 this year, Cinda Securities issued the announcement of the Costdam Cash Cashi Gonggong Reconstruction.

According to the announcement information, as the manager of Cinda Cash Treasure, Cinda Securities released the "Cashi Cash Collection Asset Management Project Change Consultation Announcement" on April 20, 2022, The plan was changed to the Cinda Cash Currency Currency Margin Asset Management Plan for Announcement and consults investors' opinions.

As of May 6, 2022, the product has been changed to the consultation work, the contract change meets the effectiveness conditions, and it takes effect on May 9, 2022.

Therefore, since May 9, 2022, legal documents such as "Cashida Cash Cash Currency Monetary Monetary Asset Management Plan" and "Cinda Cash Cash Currency Monetary Asset Management Plan Recruitment Manual" officially came into effect.

Similar to Cinda Cash Treasure is the National Lianlian Cash Timoli. On May 9th, the share of the Asset Management Plan of the National Lianlian Cash Tim No. 1 was automatically converted to the share of the National Lianlian Cash Tiaoli currency collection asset management plan.

The above -mentioned Beijing securities firms said that before the transfer of public funds, such currency funds are mostly deposit wealth management or large collection of financial management. Securities financial management is actually a service provided to help shareholders make full use of stock accounts to temporarily use cash for financial management. Therefore, in the early stage, in the early stage The charges have a certain rationality. In the future, the market has changed, and the rates may be adjusted.

The management rate rate is different

In addition to currency products, other types of brokerage asset management products also have unreasonable fees.

For example, Huarong Securities' asset management products Huarong Win -Winning Profit No. 5 showed that the latest net value of Huarong Win -Winning No. 5 is 1.039 and the cumulative net worth is 1.199.

Wind information shows that Huarong Win -Winning No. 5 was established on June 9, 2017, which is a flexible allocation of asset management plans. This collection is planned to invest in fixed income products. Through the analysis and research and research of the current national economic situation, monetary policy, fiscal policy, industrial policy and capital market capital environment, allocate and adjust the planned large category assets, and effectively control the planned large -scale assets. Under the premise of risks, the goal of collecting a long -term stable investment income for the collection plan assets, the minimum participation amount is 1 million yuan.

It is worth noting that Huarong Win -Winning and Profit No. 5's management rate 5. Relevant contracts show that Huarong Win -Winning No. 5 management rate 5 management rate is 3.5%, the custody rate is 0.05%. 3.55%, higher than 1.5%-2%of general private equity funds.

Especially in mid -2021, Huarong Win -Winning No. 5 performance trend is average, ranking among the same type of fund products.

According to people insiders in the securities business, the securities firms are very different in the agreement on management fees and performance remuneration clauses. Some products, like public funds, do not charge performance compensation, and only withdraw management costs at a fixed proportion. Some products not only provide both management expenses and the terms of performance remuneration.

For example, on February 15 this year, the Beijing Securities Regulatory Bureau issued the "Decision on Adopting a Warning Letter to Dongxing Securities Co., Ltd.". According to the decision, after investigation, Dongxing Securities has a number of problems in the process of carrying out the private equity management business, including the new asset management rules are not implemented, and the extraction frequency of individual product performance compensation exceeds once every 6 months.

In this regard, there are market sources saying that, in the context of large -scale asset management, while the borrower management is enriched, while enriching the product type, it is necessary to accelerate the differentiation of product performance and focus on the performance of the product. There is room for adjustment.

Management fee mode changes

However, under the new competition, the management fee model of public offering and private equity products managed by securities firms has also quietly changed.

In May of this year, CITIC Securities Jinguiyuan Airlines No. 1 Collection Asset Management Plan was established. Public information shows that the proportion of the set plans to invest in debt assets (including bank deposits, interbank deposits, etc.) is not less than 80%of the total assets of the collection plan, and the proportion of investing in equity assets is lower than 20%of the total assets of the collection plan. Essence

It is linked to performance in terms of product charges. If the yield is negative, the management fee is 0, and if the yield is positive, the fixed management fee of 0.25%is extracted, plus performance remuneration.

It is worth noting that, before, CITIC Securities Asset Management Public Fund Grand Setting Product CITIC Securities has grown in excellence, and it is also a public offering product that adopts a performance remuneration model.

It is reported that the performance remuneration standard set by CITIC Securities' excellent growth products is that the annualized return rate of more than 8%during the period will be charged the manager's performance remuneration at a ratio of 20%. If the yield is less than 8%, the performance remuneration will not be charged.

Due to the use of performance remuneration models, CITIC Securities has charged the management fee of 0.6 % per year. In comparison, the management fee of the same type of partial stock hybrid fund is about 1.5 %, and the redemption fee will not be charged after two years.

In this regard, industry insiders said that the "performance remuneration" mechanism is a measure of binding interests between product managers and holders. Only by the holder earns more, the manager can collect higher performance remuneration.

In this regard, many brokers believe that this measure may promote the reform of the industry's overall charging model.

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