According to the general manager of a large state-owned commercial banks financial management subsidiary, the cooperation with private equity has started. If the private placement is on the white list of the bank, it can communicate and cooperate with the investment management line related to the financing subsidiary. He said, the cooperation mode is mainly based on self-developed products and direct investment in private equity products.
Liu Hui, assistant president of China Merchants Bank, said in a public event last year that the transformation and development of bank financial management needs the multi-directional collaborative support of excellent private equity institutions. For China Merchants Bank, in the process of implementing the strategic transformation direction of light bank and the strategic positioning of one body, two wings, the financial management subsidiary still has a large space for cooperation with excellent private equity institutions in the fields of key industry research and tracking, high-quality enterprise investment and financing project development, asset custody and outsourcing services. In September 2020, Fan Hua, chief equity investment officer of CMB financial management, said at a media event that part of CMBs equity investment business would be entrusted to external managers.
It is worth noting that those high-quality private equity funds, especially the 10 billion level private placement, are first brought into the vision of financial subsidiaries.
A 10 billion level private equity personage disclosed to the reporter of China Securities News that the cooperation with CMB in financial management has been implemented. In the newly issued fof of CMB financial management, as the manager, the underlying assets of CMB financial management include several private placement products, and the private placement products are also included. At the same time, the person said that the previous cooperation with China Merchants Bank was relatively long, so this cooperation was smooth, and the company was also in contact with other financing subsidiaries.
Another private placement company, which focuses on fixed income business, told reporters that the cooperation with ICBC financial management has been implemented. The model is similar to fof. A product issued by ICBC financial management has invested in the private fund, while the private fund invests in interest rate bonds and high-grade credit bonds, and does not use derivatives.
Broad prospects for cooperation
Although the financial management subsidiary regards high-quality private placement as the cooperation object, at present, this kind of cooperation can only be carried out in small steps.
Industry insiders believe that with the deepening of the net value transformation of bank financial management, the prospect of cooperation between financial subsidiaries and private placement will be broader.
Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607