Alipay sells the ant fund alone, controversial platforms rush to sell bank cake

 Alipay sells the ant fund alone, controversial platforms rush to sell bank cake

However, the exclusive sale through Alipay somehow touched the interests of the banking channel. Red weekly reporter noted that in the strategic prospectus issued by ant group, in addition to the central Europe, Huaxia, e-fund, huitianfu and Penghua, ant group also signed a strategic investor subscription agreement with China Merchants, harvest and Nanfang fund company on September 18, and these three companies have already established a fixed-term strategic placement Fund (in addition, the It also includes Huaxia, e-fund and huitianfu), and the six products will participate in the strategic placement of ant group. As for the new fund, as of the red week reporter, five of the exclusive funds sold on the Alipay platform were purchased by over 7 million people, of whom three of the products of Yi Fang Da Peng Hua and China Europe have been sold out.

The listing of ant group may lead to a subversive revolution in fund sales. Before that, banks were dominant and securities companies followed suit. Under the strong sky of Tiantian fund under Dongfang fortune and the deep layout of Tencent, Ali and Jingdong, the Internet channel will become the long-term main competitor of bank channel. In an interview with red weekly, Wangjing bog (his real name is Zheng Zhiyong), a well-known public fund blogger, told reporters: its no fault for Internet companies to improve their profitability. At present, for many fund companies, although the new achievements of bank channels are excellent, the amount of redemption is also amazing, and the number of Internet channels has exceeded one third, even some companies The number of Internet channels has exceeded that of bank channels.

Ant group launches IPO to trigger butterfly effect

Exclusive sales of five targeted strategic placement funds

In the penultimate week of September, the public funds hot money race started from active rights to other tracks. First, the 50ETF created 100 billion days, which made the main ETF brokerage channel full of money, followed by more innovative products. With the formal launch of the IPO, the 5 strategic placement fund on the ant group was sold exclusively under the Alipay platform of the ant group. Among them, Huaxia and e fund are undoubtedly the biggest winners in this round of innovation, because they both flash into Kechuang 50ETF and ant customization fund at the same time.

As these five fund products are exclusive sales of ant fund sales (ant fund sales is a subsidiary of ant group), which makes banks, which have always been the main channel of fund sales, act as spectators in this sales. Judging from the feedback results so far, the results of the fund-raising did not seem to meet the expectations. According to the standard of one-day sold out and proportional allocation of public funds, only three products have been sold out so far, and even more than 90% of them have been allocated. It should be emphasized that during the sales process, ant gave up the subscription fee. If the upper limit of each of the five funds was 12 billion yuan and the fund issue was charged 1.5% of the fund subscription fee, the subscription fee given up by ant was as high as 900 million yuan, which can be seen that ant group is rich in money. As for ants abandonment of subscription fee, it is generally believed that ants ambition is not limited to the issuance of fund single products. Perhaps it is its greater intention to take the opportunity to divert the banks customer resources. In order to clear the IPO, the other part of ants IPO has to be clear.

But then there are questions: first of all, is this fund, which can be seen as customized by ants, really as good as it is?

From the product recommendation materials, the reporter of red weekly found that the design ideas of the five fund products are the same: that is, the products are closed for 18 months, and investors can not redeem them in the midway after the establishment of the fund; at the same time, it is expected that each fund will obtain about 10% of the ant group shares of the fund assets, and this part of the shares will be locked for 12 months. As a result, the status of ant shares in the relevant funds is no different from that of the top 10 stocks with a single target of 10%. On the other hand, the contribution of ant shares to the net value of the fund is temporarily ignored, and the other 90% assets play a greater role.

From this perspective, the investment strength of the five star managers may have to go through a real test. Wind statistics show that in terms of the scale of fund assets under management and the return on employment, Chen Hao of e fund takes the lead with 358.99% of post return, while Wang Zonghe of Penghua ranks first with 43.649 billion yuan of carrying goods, and both are sold out first. According to the red weekly reporters review of the public announcement, Luo jienan of huitianfu, Zhou Yingbo of central Europe and Zhou Keping of Huaxia also used their real gold and silver to follow the products they were steering.

However, the voice of doubt is still heard both inside and outside the fund industry. This time, the subsidiary of ant group exclusively sells customized public offering products of the standard ant IPO. It seems to the outside world that it is quite a bit of self play and self singing, just as a securities company wants to IPO, and finally it undertakes to sell its own stocks, which inevitably causes the suspicion of interest transmission or conflict of interest to the outside world. From the perspective of the current results, it seems to be understood that five products exchange ants exclusive sales for the next ants strategic placement share. So, what kind of company is ant fund sales?

Red weekly reporter looked up the prospectus issued by ant group, and found that ant fund sales are actually quite important in the territory of ant groups subsidiaries: ant fund sales was established on August 6, 2007, and its parent company ant group held about 68.83% of the shares. From the companys total assets and net profit two key financial indicators, ant fund sales growth momentum is rapid. Compared with the data of the first half of this year and the whole year of last year, the reporter estimated that the scale growth was 227.41% and 42% respectively. At the same time, the net assets of ant fund sales in the first half of this year also increased by 15.86% compared with that of last year.

For this operation of ants, there are also some queries on the network. For the query on the Internet, the reporter of red weekly tried to contact the relevant people of ant group through wechat, but as of the time of publication, no reply was received. In addition, the red weekly reporter on Alipay page also noted that slow hand, one yuan purchase, limited amount and other slogans, and this kind of description is actually in the earlier release of the fund explosion, the regulatory authorities believe that there is suspicion of hunger marketing, suspected to touch the regulatory red line.

Zhuang Zhengzheng, general manager of aifang wealth, said to reporters from red weekly that ant fund sales faced regulatory challenges in expanding fund sales, while regulatory requirements on caliber and appropriateness in equity fund sales were very high. If ant didnt pay attention to overlapping regulatory requirements, customer complaints and regulatory pressure might be very large in the future.

The interests of the main channel of bank sales agency may be affected

Ruiyuan and Dongfang Hongcheng ants have not conquered the position

Red weekly reporter noticed that behind the birth of the five innovation future funds, the background of the securities dealers of the relevant companies is also particularly striking. They are Dongfang securities, CITIC Securities, Guodu securities, Guangfa Securities, and Guoxin Securities. However, as a domestic public offering with the same weight of banking system public offering, none of them has been shortlisted. This scene is just like many Two years ago, Alipay pushed the balance of treasure to trigger a copy of the move of commercial bank deposits. Because of the natural attributes of the banks public offering, it may only choose to stand in a bank channel.

The banking channel may also feel the chill in the autumn wind. First, Kechuang 50ETF made the brokerage channel absorb 100 billion yuan, and then the ant custom fund made it possible for the Internet channel to collect 60 billion yuan. For the ant sales fund this barbaric expansion, from different angles, people from all sides reflect different.

Berg, Wangjing, told the magazine red weekly on the phone: recently I went to Luoyang, the three line city, and many bank customers had already bought funds through Alipay, which made the bank account manager feel puzzled. In contrast, the subscription rate of the same fund on the ant is 10%, while the bank does not discount it. At present, fund issuance is actually a stock game. Alipays sinking advantages make it possible for the fund to sell to three or four ordinary citizens in the city, which is certainly a good thing for investors. In addition, there were informal exchanges between fund companies and reporters. He said, more and more new people in the bull market are actually young people after 90. They have a low sense of dependence on traditional banking channels and have developed the sticky dependence on Alipay consumption. So they become logical people of the ant fund.

However, from the perspective of the big banks in the traditional fund consignment market, this event may open the iceberg of fund consignment war. A circle of friends from the bank insiders suggested: ant plans to rob the Bank of millions of customers and hundreds of billions of funds through this move. The branches have formulated coping strategies to deal with products and scripts. Please take into account the requirements of controlling large amount of funds at the end of the quarter to fight a good defense war at the end of the quarter! It can be seen that banking practitioners have also felt the threat, which has already been prepared.

Next, perhaps a more violent confrontation could be on the verge of a head-on conflict. Wind shows that, as of September 29, ICBC and bocom have become the only two banks that sell more than 100 funds on a commission basis. Among them, ICBC has sold 110 public offerings on a commission basis, while BOCOM has sold 104 public offerings on a commission basis. In terms of the number of products sold on commission, both bocom and CMB have exceeded 3000. But if we do not consider the amount of money, in fact, this number and Internet channel sales comparison has been at a disadvantage.

Wind shows that the number of funds sold on behalf of Tiantian, yingmi, Haomai and the leading ant fund sales this time has exceeded 5000 and 130 respectively. As a professional fund marketing company, although the latter cant match the bank in quantity, it is obviously more extensive.

Red weekly reporter noted that since last year, in the boom of equity fund product issuance, some of the explosive funds with China Merchants Bank as the trusteeship bank seem to be more exclusive of the Internet channel. Not only the number of Internet companies that choose to cooperate is small, especially the sales of ant fund, the protagonist of this time, is not listed in the list of consignment sales of its cooperation. Take Ruiyuan fund as an example, its only growth value and equilibrium value of Ruiyuan have been popular products in the past three years, and the trusteeship Bank of the two products is China Merchants Bank. However, in the independent sales agencies for product sales, the reporter found the names of Noah Zhengxing, Jiashi fortune, Wande, Haomai and geshangfu. However, they did not see ant fund sales and Internet sales dragon The figure of first day fund.

For example, Dongfanghong Hengyang, which was established earlier this year, decided to open this fund product in five years. The Internet channel is more than the bank channel. Although there are 10 independent sales agencies, ant fund sales are not seen.

In fact, after the financial products were broken, the four state-owned banks, including China Merchants Bank and Bank of communications, all gained a lot from the deep cultivation of fund sales. Taking China Merchants Bank as an example, the custody scale of its public funds exceeded 1 trillion, an increase of 25.02% over the end of last year. In the first half of this year alone, CMBs sales of non monetary public funds on a commission basis amounted to 256.7 billion yuan, while in the whole year of last year, China Merchants Bank realized the sales volume of non monetary public raised funds on behalf of only 219.770 billion yuan. The example of China Merchants Bank is a true portrayal of mainland banks nowadays. All banks are focusing on fund raising and sales, and they are not willing to be swept away by Internet channels.

Although the foundation people have repeatedly criticized the bank channel rate, in fact, the bank is also gradually changing. CMBs current index base can be discounted, and BOCs current debt base can also be discounted. Wang jingberg said.

The competition of public offering and sales agency has its own shortcomings, and it will take some time for direct selling to be superior

Ants shake big trees, bank channels may be shocked out of a cold sweat. Coincidentally, the new regulations on fund sales will be formally implemented on October 1 this year. One of the most attractive points is that the upper limit of the follow-up Commission is clearly defined: for the amount of retention formed by sales to individual investors, the agreed ratio of customer maintenance fee to fund management fee shall not exceed 50%; for the amount of retention formed by selling to non individual investors, the customer maintenance fee shall account for the fund management fee The agreed ratio of fees shall not exceed 30%.

The move may give a sigh of relief to fund managers who were previously exploited by banks. Red weekly reporter learned that for a long time, fund companies will take out a certain proportion of the management fee income as sales incentive reward channels, and the proportion of more than 50% is actually normal, and it may even be as high as 70% to 80% for some small and medium-sized fund companies. Taking Ruiyuan fund mentioned above as an example, wind information shows that the customer maintenance fee of Ruiyuan growth value in the first half of the year was about 37.65 million yuan, accounting for 37% of the total management fee. In the first half of this year, Liu Gesongs Guangfa technology pioneer had the highest customer maintenance fee, which was also about 37% of the fund. From the public offering situation of each company, according to the calculation of the reporter of red weekly, the lowest proportion of customer maintenance fee happens to be Tianhong fund, which belongs to Ali, together with ant. The proportion of most of its products in the first half of the year is basically less than 10%.

In view of the fact that the new fund usually receives a higher percentage of tail commission than the stock fund, the new regulation on fund sales has a greater impact on the bank channels which are keen to make explosive money. In particular, the story of redeeming the old and buying the new frequently staged in the process of making explosive fund this year may be restrained. Due to the high rate of comprehensive banking channels and the lack of professionalism of Internet channels, it may be possible for securities companies to stand out under the new regulation in the era of the tripartite war of consignment sales.

In an interview with red weekly, a fund analyst of a securities firm in Shanghai said: at the sales level, the most professional should be the securities companies. However, due to the factors such as warehouse division and staff assessment, the fund sales business of securities companies is still in the initial stage and the operating products given by the fund company. Under the new sales regulations, the negotiation space between fund companies and channels is actually weakened. Finally, the whole industry will compete with each other in terms of performance and performance

In the future, the professional advantages of securities companies may gradually appear.

As far as the Internet channel is concerned, although the exclusive sales of ants this time are quite eye-catching, the leader in this field must be Tiantian fund sales. At present, it has sold 5504 fund products from 140 fund companies. According to the financial report data, the non commodity based sales volume of Tiantian fund in the first half of the year was 289.965 billion yuan, which was about 77% of the 375.7 billion non commodity based sales of the whole year last year.

In addition, Tencents funds are sold through its subsidiary funds in Shenzhen. According to the data of wind information, at present, the number of funds sold by the company on a commission basis is 1105, and 68 companies sell on a commission basis, ranking 54th in the Internet fund sales. In this regard, the above-mentioned securities fund analysts said that Tencent may not be very interested in selling funds on a commission basis. It is not convenient to purchase funds through wechat. The popularity of its Li CAITONG can not be compared with Alis yuebao. Wangjing Berg said, Tencents fund sales profit is still unable to compare with the game business, so its presence in Tencents business map is thin.

There are also a lot of disadvantages in the sales mode that favors Internet marketing. For example, it will recommend the hot products of the current period as the main promotion products. This year, the Yinhe innovation growth and noan growth, which are called Wolong Fengchu by netizens, are mainly sold through the Internet. The products with concentrated positions in the two industries fluctuate greatly in this years market. In fact, Internet sales channels have not done enough in terms of investment suggestions or post investment management. In terms of the ant fund sales of the protagonist, its customer service is mainly an intelligent robot. It is difficult for users to reach the deeper contents of the products they want to know. The above fund analysts said frankly.

So, can changing fund consignment into direct selling perfectly avoid the current tripartite pain points of banks, securities companies and Internet sales? Red weekly reporter noted that some fund companies such as e fund, RONGTONG, Dacheng, Guangfa, Yinhua, Boshi, noan and other fund companies can basically subscribe with 0% discount, that is to say, the purchase of one of the companys stock base and then do conversion can exempt the purchase section fee. For example, for a direct selling company, it is still very difficult for a direct selling company to purchase its own products Analysts at the brokerage added. And wangjingberg also pointed out: for example, if I need to buy products from 20 fund companies when I do fund portfolio, I need to download 20 apps, which is obviously very troublesome and troublesome.

So, can changing fund consignment into direct selling perfectly avoid the current tripartite pain points of banks, securities companies and Internet sales? Red weekly reporter noted that some fund companies such as e fund, RONGTONG, Dacheng, Guangfa, Yinhua, Boshi, noan and other fund companies can basically subscribe with 0% discount, that is to say, the purchase of one of the companys stock base and then do conversion can exempt the purchase section fee. For example, for a direct selling company, it is still very difficult for a direct selling company to purchase its own products Analysts at the brokerage added. And wangjingberg also pointed out: for example, if I need to buy products from 20 fund companies when I do fund portfolio, I need to download 20 apps, which is obviously very troublesome and troublesome.

This article has been published in the red market of the stock market. The original title was Alipays exclusive sale of ants fund. It was controversial. Alibaba, Jingdong, and every day rush to sell the banks cake.