Trust investment conversion track: “Selling private equity” into the stock market will not become the mainstream of the future
Trust investment conversion track: “Sell private equity” into the stock market Our reporter / Chen Jialing / Beijing reported that the enthusiasm of trusts for selling private equity products is increasing.
The reporter of China Business Daily learned from the trust company and private equity personnel that some institutions have recently been discussing the cooperation of communicating the launch of private equity products.
Regarding the “enthusiasm” of trust sales of private equity fund products, many trust industry analysts believe that under the cascade and strict supervision, real estate trust and channel business are blocked, and the performance pressure of the wealth management department of trust companies has increased sharply.Demand and the need for diversified asset allocation have driven it to focus more on private equity products.
How to meet the diversified asset allocation needs of high-net-worth and ultra-high-net-worth people is a major issue in the transformation of trust companies’ wealth management business.
So, how should the cooperation model between trust companies and private equity funds be transformed in the future. Does the trust company create a more open “financial supermarket”
to sell private equity products on its own behalf? Or will it conduct independent research and development, independent design, and enrich product lines to enhance asset allocation capabilities?
Trust and private equity cooperation has a long history. “Our latest product was issued on the trust channel and it worked well.
The recent enthusiasm of trusts to sell private equity products is much higher than before, and the business volume of private equity sales is also greater than before.
“” China Fund News “military quoted a medium-sized private equity investor in Shanghai as saying that quantitative and fixed income private equity products are more trusted, but due to factors such as customer risk appetite, there are not many products on the market.
”Selling products from other agencies is currently permanent within our company.
“The former general manager of a trust company in Beijing said that the main issue here is compliance issues. Trust companies cannot sell private equity products on behalf of them.
Some trust institutions may conduct business through their subsidiaries that have the quality of private equity funds on behalf of them. Another approach is to sell their products in the name of introducing clients to fund companies.
However, in this case, once the product is 厦门夜网 at risk, it will affect customer recognition and loyalty to the company.
The head of the wealth management department of a trust company in the eastern region told this reporter, “We do have private equity fund products, but trusts cannot directly sell private equity funds. We need to implement trust products.
“The senior trust judge Yuan Jiwei said in an interview with reporters that the overall scale of the existing model for connecting private equity funds has decreased.
For example, the sunshine private equity fund model that provides fund-raising services has a long history and is not new; the FOF products that have risen in the past two years are mainly equipped with selected private equity investment products, and are also designed to meet customer needs and a rich product line.
In fact, trust and private 苏州夜网论坛 equity cooperation has a long history.
For example, in 2004, China Resources Shenzhen SDIC Trust started to issue SDIC Red Heart Series products, and then successively issued nearly 30 open-ended securities investment trust products.
The reporter learned through browsing the websites of various trust companies that many foreign trade trusts, Sichuan Trust, Ping An Trust, and Bairui Trust have issued such products.
In addition, in the private equity fund disclosure system, there are currently 30 trust companies that have registered private equity funds.
According to this reporter’s understanding, the cooperation of the Air Force is mainly in the securities investment and private equity business. Generally speaking, the business model has the Shenzhen model and the Shanghai model.
The former is a private equity institution as an investment consultant, but does not bear investment risks, such as non-structured products issued by China Resources Shenzhen State Investment Trust and Ping An Trust; it is only a structured product where private equity institutions need to invest a certain percentage as a guaranteed fund, mainlyIt is a product launched by Shanghai Trust and Huabao Trust.
It is believed that relatives of these officials told reporters that in recent years, MOM and FOF have also been an important direction for inter-trust cooperation.
“Banks do outsourced business through trust channels and usually choose private equity institutions as investment advisors.
The trust provides full-chain services, transaction design, account opening and other preliminary work, as well as subsequent transaction stop-loss, clearing, and estimation services.
“In addition to securities investment in the capital market, in terms of private equity investment, trust companies mainly include direct investment, co-establishment of funds with private equity institutions or government platforms, and investment funds in the form of LPs.
Forced by performance pressure?
”Now in the real estate trust, the channel business is continuously rectified and tightened, and the industry is in a shortage of assets.
Some trust companies have large wealth teams. How to feed the teams and maintain sales profits?
The general manager of the merger department believes that it is understandable that some trust companies have increased their enthusiasm for selling private equity products.
According to Yunnan Trust data, in the third quarter of this year, the scale of trust products invested in the real estate sector was 2079.
7 billion, a decrease of 827.
3.5 billion yuan, a decrease of 28.
In addition to the decrease in the issuance of real estate trust products, the issuance of trust products to industrial and commercial enterprises, financial and other categories also declined.
At the same time, the latest trust monthly report released by Puyi Standards recently showed that the issuance of trust companies continued to decline in October, raising 757 in total.
5.6 billion, a decrease of 270 from the previous month.
9.9 billion yuan, a decrease of 26.
35%. Dr. Xing Cheng, Executive Director of the Institute of Trust and Funds, Renmin University of China, said in an interview with this reporter that the cooperation between trust companies and private equity funds has a long history and diverse forms.
At present, the cooperation between trust companies and private equity funds has renewed enthusiasm, mainly due to internal and external reasons.
Xing Cheng believes that restructuring, current regulatory policies and market changes will help trust companies value cooperation with private equity funds and focus on various products such as private equity funds.
The three traditional businesses of real estate, government letter platform, and silver letter channel are strictly restricted by regulatory policies, and trust companies are under great pressure to survive and profit.
Therefore, to support the business of the wealth team and the performance return of the trust company, it is necessary to have relatively abundant products.
At the same time, the trust company’s own needs for transformation and innovation and the inherent motivation of the initial cooperation between the two parties.
Whether it is securities investment in the capital market or private equity investment, it is a gradually important direction for trust companies to change.
In the initial stage when professional preparation and talent preparation are not particularly sufficient, it is a good choice for trust companies to contact private equity funds with professional capabilities.
”Some large private equity institutions are indeed relatively professional in actively managing equity products, and they also have good historical performance as support.
However, a related business person in a trust company in the central region told reporters that some trust companies currently hope to increase their income by selling private equity products and complete the company’s overall annual mission targets.
Xing Cheng experts, the cooperation between trust companies and private equity funds must be legal and compliant. They must not rub the ball, do not engage in gray operations, do not engage in obscure operations, and do not “hang dogs and sell dog meat.”
For example, following relevant laws and regulations, can a trust company publicly sell other private equity fund products? What is the sales method? What are the rights and responsibilities of the two parties? What are the legal responsibilities of the trust company?
Yuan Jiwei said: “The existing trust company’s direct sales channel is in the process of construction, the accumulated retail customers are not sufficient, mainly to sell its own trust products, short-term private equity fund sales may be very low.
Most of the products that are “difficult to become the mainstream of the future”
in foreign private banks or family offices are on the shelf, mainly through third-party products to achieve wealth management business coverage.
“A chief of the family business line of the trust company told reporters.
In addition, our reporter noticed that in recent months, some trust companies’ sales management positions in wealth management centers have such “the goal of the team’s sales tasks is mainly direct sales of trust products, which can take into account the business cooperation of financial institutions”;Responsible for providing comprehensive financial and financial services and supporting value-added services for high-end customers. ”
The head of AVIC Trust Wealth Management Meng Haojin said in an interview with the China Business Daily that the current wealth management business of the trust company should be based on the trust responsibility of the service trust and provide the client with the allocation of funds and clients.Configuration of trusted service requirements.
This is just the original purchase of trust products for investment and income purposes only. The basis of asset allocation is product type categories, reorganized and standardized debt products, short-term cash management products, fixed income products, and long-term equity investment products.
Yuan Jiwei also believes that wealth management is one of the important directions for the transformation of trust companies. Trust companies need to build more open product platforms, including bank wealth management products, securities asset management products, and public funds.
“To meet the needs of customers’ multiple asset allocation and create a one-stop procurement service, the trust company itself must have exchange sales capabilities and high product identification capabilities, and provide personalized configuration solutions for different customers.
However, Yuan Jiwei further pointed out that in order for a trust company to compete with financial institutions that develop wealth management business, such as banks and securities firms, it is necessary to make trust features, so as to establish in-depth strategic cooperation relationships with excellent asset management institutions and build a professionalTalent team, etc.
”Trust institutions selling private equity products will not be a transitional trend.
“Recognized trust company business staff said that in the long run, trust companies that are actively planning for transformation will focus on strengthening their own equity and equity product capabilities and continuously enrich their product lines.
Build a product platform, provide procurement services, or strengthen product development capabilities to enrich your product line?
As such, “the two are complementary.
It highlights the trust company’s independent development, independent innovation, independent design and independent product creation capabilities, which must be ranked first, which is more core competitiveness.
Xing Cheng’s analysis believes that in the future, trust companies will have to take the road of specialization and specialization. It is impossible for the 68 trust companies to be all-inclusive “aircraft carriers” or “financial supermarkets”.
Therefore, Xing Cheng believes that while highlighting one or more aspects of its core competitiveness or distinctive business, trust companies can use external assistance, inter-industry cooperation, or market procurement as auxiliary means to replace legal compliance.Enrich your product line.
However, Xing Cheng reminded the trust company that in the process of meeting the numerous needs of high net worth and ultra high net worth people, private equity investment products, family trusts and charitable trust services are their key products and unique core competitiveness, and can no longer goThe old way of homogeneous competition with other financial institutions, financial institutions or asset management institutions.