for more than a decade, the size of equity funds has all but ground to a halt. how to break the dilemma, do large equity funds, the industry is struggling to find good solutions. to improve investment and consulting level, retain excellent talents, improve investment and research ability, and enrich product types, the upstream and downstream of the fund industry chain work together to become a strong foundation for equity funds.
the pilot program focused on improving the investment experience
fund money base people may not make money, poor investment experience, has been restricting the growth of equity fund size. increasingly close to the public offering investment gu pilot has become many fund companies in the eyes of improving investment experience "breakthrough".
in november last year, li chao, vice chairman of the china securities regulatory commission, proposed to promote the pilot fund investment advisory business, support eligible institutions to provide individual investors with fund portfolio allocation services, and gradually transform retail investors' short-term trading funds into long-term allocation forces. at present, the pilot has entered the defense phase.
fund has been a re-ipo sales model, ordinary investors after the rise, the experience is not good. "by linking the profit model of the channel with the actual experience of investors, we can really achieve 'the right person buys the right fund' and expand the fund scale." an industry insiders think investment gu pilot may change the fund sales model.
hui tianfu fund said that the investment advisory business is to provide customers with comprehensive asset management plans of the inevitable requirements. now the funds of thousands, and investors' wealth management objectives and risk appetite very personalized, investment advisors can solve the problem of investor choice, short-term trading capital into long-term sexual power configuration, real play to the professional ability, create value for investors, optimizing the capital market allocation of resources, play a better public funds for capital market yacangshi and stabilizer.
hui tianfu fund believes that fund companies to carry out investment and advisory business, can look at the real needs of customers from a more comprehensive perspective, use scientific means for customer portrait, in a longer investment period for customers to make asset allocation and variety selection. in addition, fund companies can also provide a whole chain of services, including product consultation, purchase, regular asset inspection and portfolio adjustment suggestions, to help investors avoid and overcome irrational behaviors caused by short-term market fluctuations, and realize the long-term maintenance and appreciation of assets.
"on the one hand, professional investment can help fund companies better meet the needs of clients and provide them with products they really need; on the other hand, it also helps to educate investors and help customers find the right products and investment methods." "said chen wenyu, deputy general manager of invesco great wall.
china amc also said that a number of domestic and foreign research data show that the investment returns of users with continuing professional investment services are significantly higher than those without investment services.
continue to promote employee stock ownership, core investment and research strength
a general manager of a fund company once said that the fund industry is a asset-light industry with talents as the core, and fund companies do not need too much fixed assets. attracting and retaining excellent talents is the most important task for the long-term development of the industry. however, the brain drain has become a regular part of the fund industry. in 2015, the deregistration rate of public fund managers reached 29.6%, and the turnover rate was 24.4%. a group of excellent investment talents set up private placement and distributed the share of public fund equity products.
in fact, in the past few years, incentive models such as divisional system, equity incentive and incremental scale distribution have been established in many fund companies with the purpose of retaining and attracting talents. some fund companies have benefited, talent joined, the size of the equity increase.
"the quality and stability of the team is crucial to the development of the company and the industry. the number and proportion of large and medium-sized fund companies implementing the equity incentive system need to be increased. they should continue to promote the implementation of the employee stock ownership plan and retain talents from the mechanism." hui tianfu fund that there is a lot of room for improvement in the talent mechanism.
chen wenyu said that in addition to equity incentive and divisional system, it is also very important to provide an inclusive platform with smooth communication and to encourage the self-improvement and development of talents with a fair and clear corporate culture.
liu yiqian, head of the shanghai securities fund evaluation research center, said there is still a long way to go to better reflect the value of professionals. to some extent, the divisional system promotes the stardom of the industry, pushing good fund managers into marketing without fully exploiting their professional strengths. how to drag excellent fund managers back from channel marketing and focus on good investment is an issue that the industry should discuss.
all links of the industry "together"
to implement and enhance the value of public funds as long-term professional investors is not just a matter for fund companies, but also requires the whole industrial chain to "work together".
chen wenyu said that the development of public funds needs the entire industrial chain to return to the customer's interests as the orientation, the customer's interests as the first, to create "investors - managers - sellers" consistent interests of the organic industry ecology. fund companies have to do the work, first, to improve investment management ability, establish long-term investment concept, continue to create value for investors, maximize long-term returns; second, uphold the principle of investors' interests first; third, we will strengthen investor education, guide investors to allocate various assets reasonably, and reduce herd mentality and speculation. fund sales channels should also abandon the habit of focusing on the first and light holding business, and transform to professional investment and consulting, so as to optimize sales behavior based on the interests of investors.
hui tianfu fund said that some fund companies in the industry have short-term management philosophy, too focused on the immediate interests of the situation, affecting investors' returns and experience. future fund companies should adhere to the principle of "customer interests first" in product design, product distribution, investment management and other aspects to reflect the value of long-term professional investors.
"the product layout of fund companies should be considered from the perspective of forward-looking, long-term and other directions. they should not chase hot spots for short-term interests or be swayed by short-term market fluctuations. only in this way can the products have long-term vitality and investment value." hui tianfu fund emphasizes, on product issue, fund company should set out from investment angle, take the initiative when market risk is bigger take "delay issue", "limit buy" wait for a measure.
source: securities times