Close Of Public Offering In 2021: The Total Profit Of The Fund Is 650 Billion Yuan, And The Matthew Effect Is Remarkable, And The Management Fee Increases By Nearly 70% Year On Year
In 2021, the disclosure of the public fund's interim report is completed, and the profit and expense details of each fund company emerge.
Overall, the total profit of public funds in the first half of the year was nearly 650 billion yuan, which was at a historical high.
At the same time, the "four fees" such as fund management fee, custody fee, transaction fee and sales service fee have all increased significantly, with the total amount of nearly 100 billion yuan in the first half of the year.
In the first half of the year, more than 67 billion yuan was collected from public funds, an increase of nearly 70% over the same period last year. For example, e fund, which has the highest income, received 5.107 billion yuan of management fees in the first half of the year, which is close to the revenue of 5.647 billion yuan in the whole of last year, a year-on-year increase of 1.23 times.
It is worth mentioning that fund companies have obvious polarization in profits and expenses, and the head effect is obvious.
Profit "Matthew effect"
According to Tianxiang investment consulting data, in the first half of 2021, the total profit of the fund reached 647.85 billion yuan, 26% lower than that of 718.344 billion yuan in the first half of 2020, but it is still at a historical high.
In terms of fund types, the highest profit of mixed fund was 298.919 billion yuan, followed by stock fund of 133.489 billion yuan. The overall profits of monetary funds and bond funds in the first half of the year were 107.272 billion yuan and 92.097 billion yuan respectively.
The profit of closed-end funds, QDII funds and fof funds, which are relatively small, were 9.231 billion yuan, 5.967 billion yuan and 3.338 billion yuan, respectively.
Among all types of funds, in the first half of the year, only commodity funds suffered losses, with a loss of 2.462 billion yuan.
It is worth noting that in the first half of the year, the fund companies appeared obvious profit polarization.
Among the 142 fund managers, 19 fund companies managed funds with a profit of more than 10 billion yuan.
Top 3 is e fund 41.252 billion yuan, huitianfu fund 36.85 billion yuan and Huaxia Fund 32.92 billion yuan.
In addition, in the first half of the year, the fund profits of six fund companies were between 20 billion and 30 billion yuan, including China Europe Fund 29.59 billion yuan, Guangfa fund 28.163 billion yuan, Wells Fargo fund 26.631 billion yuan, ICBC Credit Suisse fund 25.271 billion yuan, southern fund 24.104 billion yuan and Harvest Fund 23.225 billion yuan.
There are also 10 fund companies with profits between 10 billion and 20 billion yuan in the first half of the year, including Yinhua Fund of 19.233 billion yuan, Tianhong fund of 19.18 billion yuan, Hua'an fund of 16.56 billion yuan, Boshi fund of 15.664 billion yuan, China Merchants Fund of 14.071 billion yuan, noan fund of 11.243 billion yuan, Bank of communications Schroeder fund of 11.24 billion yuan, Cathay Pacific Fund of 11.188 billion yuan Jingshun Great Wall Fund is 11.068 billion yuan.
In contrast, the public offering in the first half of the year can be described as several joys and several worries.
In the first half of the year, three fund companies lost money, including Kaishi fund, Huachen future fund and Guorong fund.
In addition, there are 17 fund companies whose profits in the first half of the year are quite meager, less than 100 million yuan. All of them are small funds or new fund companies. It includes Guodu securities, Donghai fund, Xinghua fund, Mingya fund, hexu Zhiyuan fund, Boyuan fund, Dacheng Fund, Xiangcai fund, Xinwo fund, Jiangxin fund, Xianfeng fund, Tianzhi fund, Huarong fund, Zhongke wotu fund, Hengsheng Qianhai fund, Hongyi distant fund, Dongxing fund, etc.
The 20 fund companies with the lowest profit in the first half of the year mentioned above all have less than 20 funds under management.
No comparison, no harm. The top 20 fund companies made 419.8 billion yuan in the first half of the year, while the bottom 20 fund companies made less than 700 million yuan. The latter is one thousandth of the former.
In this regard, a person from a fund company explained the reason for the sharp rise in profits in the first half of the year. "If the scale of the fund rose rapidly in the first half of the year, the profit will naturally be more. This is related to the general situation of the market, the increase of the base people, and the obvious advantage of the fund in the structural market."
Yang Delong, chief economist of Qianhai open source fund, pointed out that the high profit of fund companies in the first half of this year is mainly due to the hot sales of funds this year, especially before the Spring Festival. The public funds have ushered in great development. The sales volume of new funds of public funds has exceeded 2 trillion yuan, and the scale of funds has exceeded 23 trillion yuan. On this basis, the income of fund companies generally increased by a large margin in the first half of the year.
"But the differentiation is more serious, the income of the top fund companies has increased significantly, while the small and medium-sized fund companies have less growth, reflecting the Matthew effect of the industry." Yang Delong said.
"Four fees" increase
One of the factors supporting the high profit of fund companies in the first half of the year is the substantial increase of management fees, with the revenue of management fees soaring by 70% in the first half of the year.
According to data from Tianxiang investment consulting, in the first half of 2021, 142 fund managers collected a total of 67.295 billion yuan of management fees, an increase of 68.54% over the same period last year of 39.929 billion yuan. Among them, in the first half of the year, the management fee of hybrid funds was 36 billion yuan, accounting for 53%, supporting half of the country.
Wind data shows that the management fee rate is 0.298% in the first half of 2021. Driven by the increase in the proportion of partial equity funds, it has rebounded for two consecutive years.
Among them, the fund management fee income of e fund was 5.107 billion yuan, which was close to the revenue of 5.647 billion yuan in the whole year of last year, with a year-on-year increase of 1.23 times.
In the first half of the year, the top ten management fees of fund companies were e fund 5.107 billion yuan, Guangfa fund 3.618 billion yuan, huitianfu fund 3.434 billion yuan, Fuguo fund 2.916 billion yuan, Huaxia Fund 2.726 billion yuan, Xingzheng Global Fund 2.662 billion yuan, southern fund 2.534 billion yuan, Harvest Fund 2.485 billion yuan, China Europe Fund 2.351 billion yuan, and Jingshun Great Wall Fund 1.98 billion yuan.
In the first half of this year, of the 142 public fund companies with statistical data, 20 companies' management fee income exceeded 1 billion yuan. In the same period last year, it was 11.
The top 20 companies collected a total of 46.135 billion yuan of management fees, accounting for nearly 70% of the industry's total revenue.
In contrast, the bottom three fund companies' income is very low, Xinghua fund 311500 yuan, Huachen future fund 332100 yuan, Mingya fund 481900 yuan. Less than a fraction of the top 10. Like profits, the head effect of management fees of public funds is also obvious.
On the whole, in the first half of the year, 120 fund companies achieved year-on-year growth in management fee income, and more than half of the fund companies' income increased by more than 50%. Most of these companies are small and medium-sized companies, with a low base of management fee income in the past.
Management fee is an important source of income for fund companies. On the contrary, the other "three fees" - custody fee, transaction fee and sales service fee are the fees paid to the channel.
For example, customer maintenance fees (commonly known as "tailgating commissions") are part of the fees paid to the channel from the above-mentioned management fees.
According to Tianxiang investment consulting data, in the first half of the year, the customer maintenance fees of public funds totaled 18.871 billion, accounting for 22.58% of the management fees, down one percentage point compared with 23.85% in the same period last year.
In short, this means that 1 / 5 of the management fees collected by fund companies should be paid to banks, securities companies and third-party platforms as customer maintenance fees.
According to the statistics of Tianxiang investment consulting, in the first half of 2021, fund companies paid 18.871 billion yuan of customer maintenance fees to sales agencies, a sharp increase of 92.44% over the same period last year of 9.806 billion yuan.
It is worth mentioning that most of the time, small fund companies pay channel customer maintenance fees to account for a large proportion of management fee income. Industry insiders believe that this is due to the relatively weak bargaining power of small fund companies.
Another kind of fee that needs to be paid to the channel is transaction fee, which generally includes subscription fee and redemption fee.
In the first half of 2021, the Trading Commission of mutual funds reached 9.175 billion yuan. With a large number of new funds issued in the first half of the year, investors have invested a lot in public funds, and the Trading Commission is also increasing.
According to wind data, in the first half of 2021, transaction expenses of eight fund companies exceeded 500 million yuan, of which Wells Fargo ranked first with 1.066 billion yuan, which was also the first in the same period last year.
Closely followed by huitianfu fund was 1.004 billion yuan, e fund was 855 million yuan, Guangfa fund was 809 million yuan, China Southern Fund was 778 million yuan, China Europe Fund was 701 million yuan, Huaxia Fund was 700 million yuan, Hua'an fund was 624 million yuan.
In addition, another fee of concern is the trusteeship fee expenditure. According to Tianxiang investment consulting statistics, in the first half of the year, 43 custody institutions collected a total of 13.533 billion yuan of fund custody fee income. Compared with the fund custody fee of 8.902 billion yuan in the first half of 2020, it increased by 52.01%.
In the first half of the year, six fund companies spent more than 500 million yuan on custody fees, of which e Fund ranked first with 1.011 billion yuan, up 102.09% year-on-year.
In contrast, the top three trusteeship fees in the first half of the year continued to be ranked, respectively: ICBC 2.441 billion yuan, China Construction Bank 2.168 billion yuan, and Bank of China 1.618 billion yuan.
In addition, China Merchants Bank, Agricultural Bank of China, Bank of communications, Industrial Bank of China and Shanghai Pudong Development Bank also received more than 500 million yuan of custody fees in the first half of the year.
It is worth noting that where have the above-mentioned "four fees" (fund management fee, custody fee, transaction fee and sales service fee) gone?
A fund industry insiders told reporters, "four fees" have their own share proportion.
According to its introduction, in terms of management fees, fund companies currently cooperate with large banks, and the general payment ratio is 50% for individual customers and 30% for non individual customers. The share proportion of other small and medium-sized banks, three parties and securities companies is different, but it will not exceed 50% and 30%.
In terms of custody fee, all the fees shall be paid to the trusteeship institution; In terms of transaction fees, they are basically paid to the sales agencies; In terms of the sales service fee, it shall be paid to the sales agency in full.
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