Asset management products refer to standardized financial products approved by the regulatory authorities, which are publicly raised by fund management companies or securities companies, or entrusted by specific clients as asset managers, and entrusted institutions as asset custodians, and invest in the interests of asset clients with entrusted assets. At present, there are 9 1 Public Offering of Fund companies in China, but the CSRC only approved 67 Public Offering of Fund companies to set up wholly-owned subsidiaries to do specific asset management business (these can be found on the website of the CSRC).

The difference between asset management products and trust products;

Similarities:

1. must be reported to the regulatory authorities. Trust is supervised by CBRC, and asset management plan is supervised by CSRC;

2. There are strict regulations on fund supervision and information disclosure;

3. The subscription method is the same, and the project contract and manual are similar;

4. Different channels with the same essence belong to investment and financing platforms, which can span many fields such as capital market, money market and industrial market;

Difference:

1. There are only 68 trust companies and 67 asset management companies in China, and the scarcity of license resources is more obvious;

2. Asset management companies have strong investment and research capabilities, especially in macroeconomic research and industry research. Choosing investable projects under the guidance of such a research team can effectively increase the bargaining power of financiers and reduce investment risks;

3. The trust has been reported to the China Banking Regulatory Commission for 1 time, and it can be established if it is fully raised; The asset management plan shall be submitted twice, at the initial stage of raising 1 time, and after the full raising, the capital shall be verified 1 time, and the capital verification shall be established two days later;

4. The asset management plan has a double credit, which has been reviewed by the asset management company and the regulatory authorities.

5. The asset management plan is small, with a maximum of 200 places.

6. The income is high, and the asset management plan is generally higher than the trust plan 1%/ year; The term is short, and the term of the asset management plan is generally not more than 2 years.

Future trend: the fund special asset management plan is the result of financial innovation advocated by CSRC. Due to the advantages of strict supervision, flexible operation, high income, unlimited small amount and professional management, it is an inevitable trend to split trusts or launch trust products by using fund special asset management in the future.

Answering questions on special assets planning of fund subsidiaries

1. How to understand the "rigid redemption" of quasi-trust business of fund subsidiaries?

First of all, "rigid redemption" is an attitude of the regulatory authorities. The quasi-trust business of fund subsidiaries has a strong expectation of "rigid redemption", which is mainly understood from the following aspects.

1. Regulatory level: The "rigid redemption" of the trust industry is an attitude of the CBRC, which is not expressly stipulated. The CSRC and the CBRC belong to the same level, and the supervision style of the CSRC is more stable. The CBRC controls the total amount, and the CSRC controls it in advance. It can be seen from the filing times of fund subsidiaries that although the CSRC has liberalized the quasi-trust business of fund subsidiaries, it is still cautious in its regulatory attitude and maintains a strict regulatory style of filing before raising and filing again after raising.

Second, the development level of the industry: As the fund subsidiaries have just started to develop, their initial business guides the development of the industry, so the companies in the industry are very cautious in their business operations, which also explains why 67 fund subsidiaries have been established, and most of them are "one-on-one special asset management business".

Iii. Level of fund subsidiaries: The fund subsidiaries are backed by strong shareholders' backgrounds, and their risk resolution ability is also very strong, which is not worse than trust (mainly including the resolution of the product's own risk control system, the takeover of major shareholders, the takeover of four major asset management companies, the takeover of private equity institutions, and the takeover of insurance funds. ). The trust-like business teams of fund subsidiaries are almost all trust-digging talents. His management style and risk control system continue the rigorous style of the trust industry.

Fourthly, the license level: the quasi-trust license is still very valuable, which is why after the liberalization of the policy, all fund subsidiaries compete for this license, and no fund subsidiary dares to take the lead in breaking the "rigid redemption", thus being inspected by the regulatory authorities, or even suspending or stopping special business (that is, quasi-trust business).

Verb (abbreviation of verb) personnel and business level: all fund subsidiaries tap talents in the trust industry, which are the backbone of trust business, the backbone of risk control and middle and senior leaders, and are all elites in the trust industry. Their business level can be said to be much higher than the average level of the trust industry. They are more comfortable in obtaining high-quality trust projects, financing design and risk control, thus ensuring "rigid redemption".

2. The fund subsidiaries are supervised by the CSRC. The ups and downs of the stock market, the public offering of fund products hurt investors, and the trust products of fund subsidiaries always make people feel risky. What should I do?

Target customers: Public Offering of Fund subscribed at the starting point of 1 1,000 yuan, and most of his customers are not our high-net-worth customers.

Product level: China stock market, partial stock funds are largely speculative, which is the behavior of investors and speculators. He is willing to take high risks and get high returns, which is essentially different from trust business.

Comparative Trust: The trust plan of securities investment collective funds is also non-capital-guaranteed, not a problem of fund subsidiaries, but a problem of investment targets and investors' risk preferences, and has nothing to do with regulatory authorities and design and issuance institutions. What we call "rigid redemption" mainly refers to the collective product of creditor's rights.

Product level: the trust products of fund subsidiaries are perfect in the aspects of financier strength, transaction structure, mortgage and pledge guarantee, risk control, etc., and are not speculative and uncontrollable, which are essentially different from them.

3. The registered capital of fund subsidiaries is low, and their risk resolution ability is weak. What is the risk resolution ability of his fund subsidiary trust products?

Dissolution ability of trust: The dissolution ability of trust mainly includes product risk control measures, repayment by major shareholders, takeover of its own funds, product transition of fund pool, takeover of asset management company, takeover of insurance funds and takeover of private equity.

The fund subsidiaries are also rich in resolving ability, mainly including product risk control measures, major shareholder repayment, asset management company takeover, insurance fund takeover, private equity takeover and so on. Only less than trust, there are two means: self-owned funds takeover and fund pool product transition.

Then let's talk about the difference between these two omissions in detail: the takeover of self-owned funds, the so-called self-owned funds, is also the capital injection of major shareholders, because the registered capital of fund subsidiaries is 20 million, and major shareholders can spend less money to improve their efficiency in the use of funds, so why should major shareholders increase their registered capital?

When there is a risk event, the major shareholders of the fund subsidiaries have very strong background strength, all of which are large central enterprises, top 500 enterprises in China and top 500 enterprises in the world. They are not weaker than trusts, and the major shareholders of fund subsidiaries have very good repayment strength. Moreover, why does the CSRC stipulate that the registration threshold is 20 million? We think this is an attitude of the regulatory authorities. The regulatory authorities believe that quasi-trust business is still very safe in a certain period of time, and the regulatory authorities encourage the institutions they manage to do quasi-trust business. Otherwise, with the stable supervision style controlled by the CSRC in advance, he would not have issued such a regulation. Product transformation of fund pool: trust business of fund subsidiaries. Although there are no cash pool products in the market at present, we believe there will be in the future, because the cash pool products are a manifestation of the independent management ability of fund subsidiaries. With the help of the business team of the fund subsidiary, the risk control team is the elite of the trust industry. Their asset management ability, management system and risk control system are very strong. They will also launch a fund pool product, relying on the previous distribution and fundraising channels in Public Offering of Fund to quickly establish a large-scale fund pool product. At present, the term of trust products is one or two years. Therefore, the fund pool products of fund subsidiaries have been carefully planned and designed (it should still be strictly planned now), and the active management ability of fund subsidiaries and their high-quality trust products are very good guarantees.

4. How can the trust products of fund subsidiaries protect the risks caused by insufficient personnel?

Personnel structure: First of all, the fund subsidiaries are all talents in the trust industry, the backbone of trust business, the backbone of risk control and middle and senior leaders. They are all elites in the trust industry. Their business level can be said to be much higher than the average level of the trust industry. They are more adept in obtaining high-quality trust projects, financing design and risk control, thus ensuring the safety of trust products.

Quantitative analysis: Secondly, let's make a quantitative analysis and make an analogy with the well-known Founder East Asia Trust in the market. 20 12 years Founder East Asia Trust asset management scale100 billion. According to10 billion, the number of employees is about 200 (the above data can be found online). The average asset managed by each employee is 65.438+000 billion/200 = 500 million, which means that the average asset managed by each employee of Founder East Asia Trust is 500 million/person. As for fund subsidiaries, as of the first half of 20 13, the asset management scale of fund subsidiaries was 60 billion, and the actual business was 19 companies, with an average asset management scale of 60 billion/19 = 3.2 billion. Each fund subsidiary has about dozens of employees. If calculated according to the average level of 20, the average number of assets managed by a fund subsidiary is 3.2 billion/20 =10.6 billion, which is far lower than the average number of assets managed by each employee in the trust industry. Development of personnel and business scale: at the beginning of its establishment, fund subsidiaries were all elite teams. With the development of business scale, the number of teams will be established to meet the business scale. Excellent management of a company is also one of the important conditions to ensure the healthy and sustainable development of this company. Therefore, the staff of fund subsidiaries are not small in terms of their asset management scale and business development speed, which can be said to be more secure than trusts, because they are all elites and have strong asset management ability. On average, the staff of each fund subsidiary manages less assets than trusts.

At present, the asset management business is in its infancy. In order to occupy market share and promote their own brands, they will definitely be particularly strict with project risk control, which will definitely have a great impact on trust companies in the future and carve up trust companies' projects.

The key to family financial management is to avoid potential risks and ensure the steady preservation and appreciation of property, so no matter what you invest, you must invest in legal and compliant products. Be sure to remember this.

The second category: limited partnership funds

Limited partnership fund belongs to private equity fund of enterprises, and its core is that investors set up limited partnership enterprises and then invest in a specific direction in the name of enterprises. As an investor, you don't simply buy wealth management products, but become a partner in a limited partnership. This is an innovative enterprise partnership with high flexibility and low operating costs. Annual yield (10- 13%)

The core of limited partnership is to divide partners into general partners and limited partners, which are called GP and LP for short in the industry. GP is responsible for the establishment, management, operation and liquidation of the whole partnership, and will also contribute capital. LP generally does not participate in partnership business, but is only responsible for capital contribution. Legally speaking, a limited partnership needs at least 2 partners and at most 50 partners, one of whom must be GP. GP shall bear unlimited joint and several liability for the debts of the partnership, while LP shall bear limited liability for the debts of the partnership with its capital contribution. In addition, more importantly, in the specific investment business, the general partnership will set up an investment management decision-making Committee to be responsible for the operation of the overall investment. Judging from the current related product structure, it is basically GP's contribution, with a small amount of money, while LP pays most of the money, which is mainly managed and operated by GP, and LP is only responsible for profit sharing.

Because limited partnership funds and trust products are very similar in fixed income products, it is necessary to explain the difference between them to you:

1. The supervision unit of the trust is the local banking regulatory bureau for filing, and the supervision unit of the limited partnership fund is the local development and reform commission and the industrial and commercial bureau, which need to be filed with the industrial and commercial bureau and the fund industry association (the fund registration was officially started on February 7, 20 14).

2. Trust projects and contracts are mainly formulated and implemented according to the Trust Law, while limited partnership funds and contracts are mainly formulated and implemented according to the Partnership Enterprise Law.

3. For the threshold that trust products must start at 6.5438+0 million, limited partnership funds are more flexible. As long as there are more than 50 partners in the partnership, many funds below 654.38+0 million will have more choices. (Minimum threshold 65438+ million)

4. Risk control of limited partnership funds is often more comprehensive than trust (such as active management), and risk control is generally safer. (The mortgage rate of the project is much lower than that of the trust, and most limited partnership projects will be guaranteed by third-party guarantee companies. )

5. The financing channel fee of the limited partnership fund is lower than that of the trust. For example, the total financing cost of an enterprise is between16% and 20%, and the channel fee for a trust is between 3% and 7%, while the financing channel fee for a limited partnership is much more flexible. If the project risk control is the same, customers can enjoy more benefits.

6. Limited partnership funds are rich and diverse, and become the main financing means for most projects, such as PE, private placement and structured private placement funds, including many trusts.

7. Compared with trust products, limited partners, as subscribers of limited partnership funds, can enjoy more rights to disclose more comprehensive project information and materials, so that customers can fully understand the project.

8. According to the Partnership Enterprise Law, the general partner (GP), as the main body of the project operation, is jointly and severally liable for the limited partnership fund. Therefore, as a project management, fund management companies will be more conscientious about the whole project.

9. At present, the mainstream of limited partnership funds is mainly one-year products, and the liquidity and safety of funds are high when interest is paid once every six months or once a year, while the trust is still dominated by two years.

The above are the differences and advantages of limited partnership funds over trust products. From the overall market point of view, limited partnership funds and trusts are the mainstream of the current financial market. It is difficult to simply distinguish the advantages and disadvantages of the two, and it is necessary to observe the project itself. After all, any product has advantages and disadvantages.

On the whole, the security of limited partnership is still far lower than that of trust. There is no mature trust mechanism in existing partnership enterprises, and the integrity of partners cannot be guaranteed: at present, there is no natural person bankruptcy system in China, and the integrity of partners cannot be guaranteed, and the responsibility is difficult to trace back. The partner system is largely subject to prior agreement, and it is difficult to realize LP's management and supervision of GP in the later period.

At present, the term of limited partnership products in the market is generally about one year, and the annualized income ranges from 6% to 13%, and the starting point can be as low as 65438+ 10,000. Everyone has different views on the advantages and disadvantages of limited partnership. For investors, what they should do is not to avoid such products blindly, but to investigate such products in depth from the following aspects and choose high-quality limited partnership projects.

First of all, we should examine the qualifications of fund managers.

Because limited partnership is essentially a highly centralized GP (General Partner) responsibility system, it requires GP to have excellent qualifications, such as large state-owned enterprises, central enterprises and listed companies. Or the company itself, because only in this way can moral hazard be effectively controlled.

Secondly, it is necessary to examine the fund investment and the qualifications and financial status of specific financiers.

Limited partnership funds mostly invest in various industrial and commercial enterprises and real estate projects, and their income model can be based on creditor's rights or equity, so the risk of such products will be higher. It is generally believed that the fundraising project is best to be a trust project, because the trust is mainly based on physical mortgage, supplemented by multiple guarantees and escrow. Most trust financing has three or more risk controls (such as land mortgage, third-party guarantee and unlimited joint guarantee of legal persons), which are supervised by the CBRC and controlled by trust companies.

Finally, it depends on product supervision and risk control, and whether the income arrangement is reasonable. Whether the fundraising project is true, reasonable and promising; Whether the investment project is supervised by CBRC and CSRC; Whether the risk control means are complete; Whether the funds are managed by a third party of a large commercial bank; Whether the expected income exceeds the bank interest rate by more than 4 times; Whether the term design can meet the needs of investors to sort out their investment products and capital status once every six months or once a year. These aspects are all factors that investors need to comprehensively examine when choosing the best.

Let's talk about some experiences in choosing limited partnership products:

1, it's best not to do it if the profit is too high. (The financing cost of most good projects is about 20%, and the income of normal limited partnership is 9- 12%)

2. No matter how good the product design of shell companies and small companies is, don't do it. (You can check the qualifications and registered capital of relevant enterprises on the registration website of the local industrial and commercial bureau). Most small companies are newly established, and there are too many unstable factors.

3. Try to be a traditional industry, and the financing scale is below 1 100 million. (Traditional industries have small risk fluctuations, are not affected by policy regulation, are small in scale, and are easy to recover financing)

4. The collateral is preferably commercial real estate in first-tier cities or stocks of listed companies that are easy to realize, and the mortgage rate is not more than 40%.

5. Legal documents and project reports issued by large guarantee companies and well-known law firms.

6. Try to find a fund company established by a company with a strong background. These companies have long-term market planning, and will not affect the normal development of the company because of problems in one or two projects. In particular, the first few products issued by the company will be very cost-effective in terms of revenue and safety.