The capital preservation income of bank wealth management, that is, "rigid redemption", is the most fundamental problem of outsourcing investment. Only by truly breaking the rigid payment can we solve the situation that the outsourcing leverage ratio is constantly high. He also pointed out that the "outsourcing redemption" currently rumored in the market mainly does not refer to the redemption that has not expired, but "not continuing to work when it expires".
With the end of interest rate marketization and the development and maturity of asset management supervision mechanism, the advantages of banks in asset management products are no longer there, but the "channel" advantages of the banking system still exist. "Based on this, we believe that in the future, commercial banks should try to return to channelization and make profits through sales channels in Public Offering of Fund."
Bank financial management is not as professional as Public Offering of Fund and other investment institutions, but banks can also use their own capital and channel advantages to set up FOF products and purchase funds directly. "Under the principle of penetration and non-nesting, you can't buy bank wealth management in the future. However, the establishment of FOF does not violate the nesting regulations, and commercial banks can also directly see the underlying assets through fund companies. "
Outsourcing investment is divided into bank financing funds and self-operated funds according to the source of funds. Because certificates of deposit are not included in interbank liabilities, some commercial banks, especially city commercial banks, carry out asset management business by issuing interbank certificates of deposit and outsourcing investment. Interbank certificates of deposit can be used as a source of funds for financial management, and the funds for financial management can be put in through outsourcing.
For example, Bank A issues the integrated funds of interbank deposit certificates on the liability side, and buys the wealth management/asset management products of Bank B on the asset side, so as to make up the cost of interbank deposit certificates through higher financial returns. In order to obtain a higher rate of return, Bank B, which issues wealth management products, can only obtain a higher rate of return through outsourcing investment and leverage when the bond yield is at a low level, so as to pay the wealth management income agreed by Bank A. ..
The supervision layer has clear supervision ideas on outsourcing investment: first, asset management products are not allowed to be nested at different levels, outsourcing investment must be penetrated, and the entrusting party must understand the underlying assets matched by outsourcing funds; Second, it is not allowed to carry out asset management business in the form of cash pool, and each product must be accounted for independently and managed separately.
In the future, the supervision over the issuance and purchase of interbank certificates of deposit may also be strengthened, that is, to put an end to "idle arbitrage" and limit outsourcing investment from the source of funds.
"Rigid redemption and cash pool business models are mutually beneficial. Just exchange is the biggest advantage of bank wealth management products compared with funds and private equity products, and the realization of just exchange depends on the operation mode of fund pool business. In the future, with the gradual introduction and final implementation of the above regulatory ideas, the advantages of bank wealth management products will eventually disappear. "