Outsourcing Funds "Quietly" Customize Active Equity Funds, The Industry Forecasts That The Future Development Scale May Reach One Trillion Yuan

The reporter of the 21st century economic report learned exclusively that there was a new trend worthy of attention in the outsourcing of institutions, and began to try some high-risk allocation, such as active equity customized public funds.

Previously, these funds were mainly low-risk allocation, while customized public offering funds were mainly debt based.

Some industry insiders predict that the business scale is expected to reach trillion yuan.

Active equity outsourcing fund?

The 21st century economic report reporter tracking data found that recently, there are many initiatory active equity funds in the public fund market, with only 1-3 accounts. Data shows that there are 8 active equity funds this year, with only 1-3 subscribers.

It is worth mentioning that this kind of sponsored public equity fund is increasing recently: 1 in June, 3 in August and 4 in September.

The 8 products include: Dongfang hongdingyuan 3 months regular open hybrid launch, harvest value discovery 3 months regular hybrid launch, China EU advantage growth 3 months regular hybrid launch, Guolian Anxin blue chip bonus regular open hybrid sponsor, SDIC Rui Yingang stock connect 6 months regular open stock launch, China Post Value Optimization 1 year It is the mixed type of open and flexible allocation, Taiping Zhixuan's one-year regular opening stock type initiating mode, and Shanxi securities Yusheng's one-year regular opening flexible allocation hybrid launching mode.

These sponsored equity funds are the outsourcing funds customized by suspected institutions.

A person in charge of the institutional business of a fund company confirmed that the company's recently established active equity mutual fund was customized by institutions.

"This active equity public offering product is indeed customized by the institution." The fund company in charge of institutional business said.

The person further explained: "since this year, the performance of public offering products is more outstanding than that of private placement, and the regulatory requirements of public offering are very strict, including information disclosure, position holding, and quality management of some products. The requirements are very clear, detailed and relatively standardized. Therefore, for institutions, they will prefer to use public offering products Some customization. "

According to the data, the above fund companies include Dongfanghong and central Europe, which are in the spotlight this year, but they are more small and medium-sized institutions in the industry, which may mean that the institutions are making efforts in tob sales.

In addition, some people in the industry believe that in the past, some outsourcing accounts are equivalent to private placement products, and the general orientation is absolute income with performance commission. If we change to public offering now, we will not get the performance share, and the investment manager will no longer operate conservatively in order to guarantee the performance commission, which will increase the return of the client.

However, the 21st century economic report reporter learned that at present, some leading institutions set up special accounts with a very high frequency to attract institutional funds.

Looking forward, the stock secondary market has better returns than the bond market. When the new asset management regulations promote the net value of financial products, customers have the demand to improve the income. In addition, there is a certain advantage between public offering management institutions and public fund management institutions.

In fact, the recent emergence of active equity funds entrusted by institutions indicates a new trend worthy of attention: in the past, funds were entrusted to special accounts, but now they are directly in the public offering channel.

Wang Qunhang, a senior person in the fund industry, pointed out in his public account that "active equity customized funds have more advantages. In the past few years, there were only one or two funds, so it is not worth paying attention to. But this year, the number has begun to increase, especially in August and September, and it has to be in sight. "

Wang Qunhang believes that there are another 14 active equity customized funds to be determined, including huishenghuixin LH, jinxinminchang LH, Everbright baoderui and hybrid.

Such funds include bond funds, QDII funds, partial bond funds (including those with the upper and lower limit of stock investment positions being 30% - 75% and below) and funds with more than 400 accounts at the time of establishment.

Product features

Outsourcing is quietly moving towards an innovative direction. These sponsored customized funds have obvious characteristics.

Dongfang hongdingyuan, a product of Dongzheng asset management, which is famous for its equity investment, is a hybrid fund with partial shares. The proportion of investment in stock assets is no less than 60% of the fund assets. The expected period of raising is from September 7 to December 6, 2020. The actual subscription period is 12 days, and the offering is terminated in advance. The fund was established on September 21 with a fund share of 10.10 The number of subscribers is only 3.

The management rate and trusteeship rate of dongfanghongdingyuan are 0.90% and 0.05% respectively. The fund "does not sell publicly to individual investors.".

The reporter found that the above-mentioned 8 customized equity sponsored funds basically have the following common points: a small number of subscribers, 1-3; active equity products, from the perspective of investment type, 4 are partial stock hybrid funds, in addition, flexible allocation type and common stock type, respectively; from the perspective of establishment time, they are mainly concentrated in the recent period, 4 were established in September, and 3 were established in August, One was established in June.

In addition, the fund is mainly sponsored by the company, and the fund management fee is usually less than RMB 1000, which is not open to the investors in one month, and the fund management fee is usually less than RMB 1000 yuan.

According to the reporter's statistics, half of the funds (4) have a scale of 1.010 billion yuan (of which 10 million yuan is invested by fund companies), while the other four funds are all less than 1 billion yuan.

"As far as the current situation is concerned, the potential risk of active equity customization fund may be small. The reason for this conclusion is mainly because through the analysis of the above data, we feel that the supervision has already paid attention to, such as management fee rate, custody rate and upper limit of fund-raising scale. Among them, the most important one should be the upper limit of fund-raising scale. " Wang Qun hang thinks.

"This is a very important new trend in the development of the public fund industry: active equity outsourcing funds have begun to enter. If it is done, it will be a trillion level scale, which will have a significant impact on the development pattern of the industry of public funds. This impact will not only be reflected in the scale, but also in the income of fund companies. This is a new opportunity for public funds after China's asset management industry has fully implemented the operation of net value. After all, public funds are the first to fully implement net worth. " Wang Qun hang pointed out.