" Highlights: Promote the transition to "buyer investment advisory", which is expected to optimize the profitability and structure of asset management institutions, and optimize investor services and product holding experience. Review U.S. public funds There are three major trends in the evolution of the development pattern: the scale of management continues to expand, and the concentration of asset management institutions continues to increase; passive funds have grown significantly, and the development speed of passive funds represented by indexes and ETFs far exceeds that of active funds. ETF is a new direction of development; production."
1. Core point of view: China's public offering funds are in The accelerated transformation of the blue ocean market: Product side: In the post-assessment management era, public funds are the beneficiaries of the transformation of net worth. With the increase in residents’ wealth management needs and the increase in the scale and proportion of investment financial assets, public funds have net sales in recent years The volume continues to be positive and gradually increases, and the overall scale is accelerating.
2. In the context of active investment, there is still room for improvement in the proportion of stocks + hybrid products, and alternative investment and overseas investment products are still at the initial stage of development. The future scale It is expected to open further.
3. Management side: With the increase of public fund management institutions, the competition for market share becomes more intense, driven by the scale of star managers, innovative product management capabilities and qualifications , The head effect has been highlighted, the strong will remain strong and the competition among the central institutions has become more intense.
4. Investment advisory end: Fund investment advisory is expected to promote the deployment of asset management institutions to wealth management , To promote the transformation to "buyer investment advisory", is expected to optimize the profitability and structure of asset management institutions, and optimize investor services and product holding experience.
5. Recalling the changes in the development pattern of public equity funds in the United States, there are three major trends in the evolution: the continuous expansion of management scale and the continuous increase in the concentration of asset management institutions; the significant growth of passive funds, The development speed of passive funds represented by indexes and ETFs far exceeds that of active funds. Index ETFs are the new direction of development; product innovation and cost control capabilities are becoming more important: product richness continues to increase, and product rates are on a downward trend.
6. Take the overseas investment management giant BlackRock and Pioneer Pilot as a mirror: ( 1) BlackRock, the world's largest asset management institution that is good at grasping opportunities: Focus on external expansion, continuously expand product system and geographic coverage, increase user scale and improve capability boundaries; attach importance to financial technology to empower alternative investment capabilities, risk control capabilities and increase Income from scientific and technological services; to comply with the passive investment trend, based on the institutional needs of pension investment, and continuously improve the product system to become the world's largest pension management institution.
7. (2) Pioneer in the era of low-fee rate: unique equity structure, investors and fund companies' interests are deeply bound; famous for low-cost index funds, Promoting the overall industry trend of reducing fund fees, changing sales models, reducing trading commissions, and vigorously developing index ETFs, Pioneer Pilot’s weighted fee rate is much lower than the industry average; enriching the robo-advisor business layout and transforming into a hybrid robo-advisor, in The US intelligent investment advisory field has a leading scale advantage.
8. Looking forward to the development of public fund management institutions in China: product management end: China is still Focus on active investment and focus on the improvement of investment and research capabilities to create diversified "star products". In the future, we can vigorously develop exponential and alternative investment products based on customer needs and enrich the product structure; institutional operations: focus on external expansion and increase scale Effect, synergy, expand customers, products, and geographical distribution through mergers and acquisitions, and achieve economies of scale, thereby further gaining advantages in brands and rates; focusing on financial technology empowerment, improving service capabilities, optimizing product risk control and competitiveness, and optimizing business In order to improve the structure, hybrid robo-advisors are the new development direction.
9. Risk warning: the equity market fluctuates sharplyRisks, the entry of overseas foreign investment regulatory agencies intensified competition, and increased cost and expenses under intensified competition weakened profitability.