The reporter of the international financial news once verified the situation with the above-mentioned securities companies and banks, but as of the publication, no reply had been received.
We have not received any notice of on-site inspection at present. The head of a public fund waiting for approval said the company should not outsource its operations because of its strong it and sales strength.
Advantages: reduce operating costs
It has been more than two years since the first operation outsourcing service business of public offering was implemented. In June 2017, when the CSRC approved the establishment of Oriental alpha fund, it agreed that the company would outsource its registration and valuation accounting business to China Merchants Securities.
According to the guidelines for outsourcing services of fund business (Trial), outsourcing services refer to the services provided by fund outsourcing service institutions to fund managers in terms of sales, sales payment, share registration, valuation accounting, information technology system, etc.
At present, these outsourcing service institutions are mainly securities companies and banks. China Merchants Securities said on its official website that asset management institutions can reduce operation costs, improve operation efficiency and optimize core competitiveness through operation outsourcing, and increase the transparency and objectivity of information due to the introduction of third-party institutions.
Outsourcing services are more suitable for new fund companies, especially those still under construction and not approved. A person from a new fund company told the international financial news.
It is reported that a newly established company will spend at least 120 million yuan on manpower, equipment, system, office space and other expenses. At the beginning of the companys establishment, there was no large-scale income to support, which is one of the reasons why the new fund company is difficult to make profits.
Current situation: overseas mature domestic start
Although the cost is not low, the existing public funds, in addition to the Oriental alpha fund, are self built operating platforms. In the overseas market, the operation of fund companies outsourcing operation is quite mature.
In the overseas asset management industry, a foundation has three roles of Manager - manager, custodian and administrator, and the administrator mainly provides administrative operation outsourcing services. There are many professional administrator service providers overseas, such as State Street bank, North America trust, etc.; domestic public fund companies are both managers and administrators.
Taking fund accounting as an example, among the overseas advanced fund operation outsourcing service companies, one fund accounting can manage the accounts of 30-50 funds on average, with a maximum of 80 funds.
According to industry insiders, the tradition of domestic public fund companies is that one fund accounting manages 2-5 funds, and a fund with a scale of more than 10 billion yuan may be equipped with 2 accountants. The goal of a professional fund operation outsourcing service company is to double its efficiency.
From the experience of Europe and America, once the scale and standardization of operation outsourcing are formed, the background operation cost of the whole industry will be greatly reduced and the efficiency will be improved.
Some domestic securities companies are optimistic about the development prospect of public offering operation outsourcing business, so they have set up independent subsidiaries to break the original departmental model. For example, in July 2014, Guojin Innovation Investment Co., Ltd., a wholly-owned subsidiary of Guojin securities, invested in the establishment of Guojin Daofu Investment Service Co., Ltd. to provide professional middle and back office operation outsourcing services for asset managers.
Prospect: limited short-term market capacity
Different from the optimistic attitude of Party B, many fund companies as party a are not optimistic about the public offering operation outsourcing business in the short term.
Matthew effect of domestic public fund industry is more and more obvious, the difficulty of new companys survival is more and more big, and I think the short-term outsourcing market capacity is limited. A large public offering operator in Shanghai told the international financial news.
The business volume of new fund company is limited, is it possible to get a share from the stock fund company?
Fund companies that have established an operating platform are unlikely to consider outsourcing. A public offering executive said frankly that the establishment of the operation platform involves the recruitment of middle and back-end personnel, the construction of IT system, the provision of software and hardware, and the office space. It is almost impossible for the existing companies to lay off all staff and outsource.
In addition to a wide range of concerns, operational efficiency is also an important factor for fund companies to consider. According to the above executives, the response efficiency and communication effect of operation outsourcing will be worse in any case compared with that of internal companies. If fund companies only do simple stock funds and bond funds, outsourcing can still cope; if they encounter ETF, cargo base or other complex innovative businesses, the existing level of outsourcing operation liquidation may not be fixed.
The head of a public e-commerce department also believes that there is a long way to go for domestic operation outsourcing, after all, it involves the stability of the system and the security of funds.
Source: editor in charge of international financial news: Ren Hui, nbj9607