Trust companies enthusiasm for private fund license gradually faded. On December 2, Beijing Business Daily reporter noticed that another trust company took the initiative to cancel the registration qualification of private fund manager during the year. From the list of cancelled private fund managers section of China Securities Investment Fund Industry Association (hereinafter referred to as CFIA), SDIC Taikang trust has voluntarily cancelled the registration qualification of private fund managers on November 25.
Active cancellation refers to the institution that abandons private fund business, actively applies for cancellation of private fund manager registration, and states that it will not re apply for registration within 6 months from the date of approval of cancellation application. As for the reasons for the cancellation of the filing qualification of private fund managers, relevant persons of CIC Taikang trust told Beijing Business Daily that feedback will be given to relevant departments, and there will be a reply if there is information. But as of press release, the reporter has not received a response from the state investment Taikang trust.
Taikang trust is not the first trust company to leave this year. On November 4, Shaanxi International Trust also took the initiative to cancel the registration qualification of private fund manager. The Beijing Business Daily reporter inquired about the private fund manager system of CFA website and found that since November 2016, 16 trust companies have cancelled the registration qualification of private fund managers. The cancellation institutions are mainly divided into active cancellation, cancellation according to announcement and cancellation by association. Among them, active cancellation is the majority, and 14 trust companies are active cancellation Western trust and Zhongjiang International Trust are cancelled according to announcement.
Compared with the case of filing in 2014 and 2015, the attitude of trust companies towards private fund license has been greatly different in recent four years. A person from a trust company who has cancelled the filing qualification told the Beijing Business Daily that trust companies do not do much in private fund business now. In addition, the competent department of private fund is the CSRC, and the competent department of trust is the CBRC, and the trust company itself is less involved.
Product distribution quantity polarization
Gaoguang is no longer available, and the number of trust companies registered as private fund managers has dropped from 44 in the heyday to 28, less than half of the 68 trust companies in normal operation. Among the 28 registered trust companies, there are Wanxiang trust, Zhongrong International Trust, China construction investment trust, Huaneng Guicheng trust, Zijin trust, Guolian trust, Bohai International Trust, Jiangsu International Trust, Shanghai Aijian Trust and Yunnan International Trust, which are marked with *, and the institutions with * do not have private funds under management.
A person related to a trust company that has not yet conducted private fund management told the Beijing Business News reporter that the private fund license is of little significance to the trust company, because there are not too many businesses that have to be realized through this license, there is no real business need, and there is also a membership fee to be paid every year, which needs to increase manpower and operating costs. In comparison, the trust plan can meet the requirements very well More demanding and more flexible.
The other 26 trust companies are quite indifferent. The number of registered products is about 20-60, while some trust companies only register one private product after obtaining the registration qualification of private fund manager.
At that time, the development of the trust industry was relatively hot, unlike the situation of strict supervision in recent years. At that time, the trust industry felt that there was a lot of room for the development of its own business, and all kinds of licenses wanted to be included in the bag, and then occupied the place first. But now many trust companies will be more and more pragmatic, especially small and medium-sized companies outside the head trust company. We pay more attention to pragmatic licenses, and trust companies are not very good at private fund management. .
Liao Hekai, an analyst with Jinle function, said that most trust companies have not actually carried out private fund related business, but now it is much more difficult to apply for private fund license than to maintain it. In the current industry transformation period, companies without the foundation of private fund team do not have the motivation and necessity to form a team to expand related business, leading to the decline of private fund license. Trust companies that issue more products have a history. In the early years, they have actually carried out relevant business, and have built their own system and formed a combat team. They have already passed the input period. At this stage, they are already output departments, and the marginal cost of related businesses is relatively low, so they will continue to expand.
The market competitiveness is gradually reduced
In the early years, trust companies flocked to apply for the registration of private fund license, which is also to gradually improve the active management ability in securities investment. In Liao Hekais view, in the future, a small number of companies with comprehensive business will still lay out private fund business, and even companies with relevant business as the main business may appear. However, it should be noted that in the short term, most companies will not take this business as the main direction, because without additional investment resources, without sufficient synergy and without comparative advantage, it is difficult to form a strong market competitiveness.
Under the background of supervision forcing the industry to transform deeply, the layout of asset securitization of trust companies began to change, and gradually extended to asset securitization business (ABS) with both standardization and service trust characteristics.
For those who are no longer keen on the regulation of private trust companies, it is also the reason why there is no difference in the value of trust companies under the supervision of trust companies. From the industry point of view, the obstacle for trust companies to participate in the capital market is not the license issue, but the cultivation of investment and research ability. Trust companies need to form differentiated and characteristic product systems to create value for customers.
Beijing Business Daily reporter Meng fanxia song Yitong
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