Original title: Asset management repositioned as a long-term sustainable yield provider in the new landscape Source: China Securities Journal China Securities Network
Hosted by the China Securities Journal and supported by the Beijing Financial Street Service Bureau, “Anchor the New Direction of Wealth Management and Begin a New Journey of Transformation: Chinese Banking Sector Financial Development Forum 2020 and the first Golden Bull management ceremony financial sector of the Chinese banking sector “December 2 The day was held in Beijing. In the roundtable forum session, a number of executives from the wealth management industry made wonderful exchanges and collisions of views on the topic of “new trends in wealth management development under the new model” on assisting the wealth management industry. in the “double cycle” and on the distribution of pension financing. .
Participants in the discussion believe that, under the national and international ‘dual cycle’ development model, asset management institutions should fully exploit their advantages, adapt to new challenges and opportunities and create long-term sustainable return value term for investors.
This panel discussion was hosted by Su Xinming, deputy general manager of Yinhua Fund Management Co., Ltd., Jin Qi, president of Bank of Communications Wealth Management Co., Ltd., Zhang Xuyang, president of Everbright Wealth Management Co., Ltd., Gu Weiping, president of Xingyin Wealth Management Co., Ltd., and China Post Liu Lina, deputy general manager of Wealth Management Co., Ltd., and Zhang Jianying, deputy general manager of Ping An Asset Management Co., Ltd. have participated in the discussion.
Find the right placement under the new model
The Fifth Plenary Session of the 19th Central Committee of the Chinese Communist Party proposed to accelerate the construction of a new model of development with the internal cycle as the main body and the dual internal and international cycle promoting each other.
Jinqi believes that the new “double cycle” model emphasizes the leading role of domestic demand. Finding your position from the perspective of wealth management means making a contribution to domestic consumption. He said: “As a market entity, we must give full play to the characteristics of strict internal control, careful management and stable style to provide residents with reliable value preservation and wealth management products at added value, and at the same time truly investing the funds we raise in the sectors that the national economy needs. “
Zhang Xuyang said: “The new dual cycle model gives us unlimited imagination to make industry choices and asset choices. In the past, our vision was narrower. Driven by digital transformation and driven by science and technology, we have chosen a good path. The sector can create long-term sustainable return value for investors. “
Gu Weiping said: “In the process of converting savings into investment, you need to provide innovative services. Innovation depends on wealth management. Commercial banks have this advantage.” He stressed that on the asset side, with the reform of the financial offer and the development of the capital market, banks Wealth management should be guided by investments and research to carry out an asset allocation across the markets and across a broad spectrum , especially to make up for the shortcomings of equity investments.
Liu Lina believes, “There are pain points from the financial demand side of economic development. Wealth management branches have emerged at this historic time. They originated within commercial banks and grew up under the wealth management system, which can play a very good role in the wealth management cycle. “
Zhang Jianying said that with the new model, insurance funds will usher in a new stage of development with strong support from regulators. Regulatory departments have made a lot of policy eases for insurance funds, which will help insurance funds further play the role of capital market ballast and stabilizer.
The transformation of equity continues to advance
The new wealth management rules require a breakdown of the repayment, but there is still a conflict between the breakdown of the repayment and the expected return.
Zhang Jianying said that compared to bank wealth management products, insurance wealth management products themselves are equity-type, and in the past there have not been many problems with expected returns. “While we don’t have the concept of expected returns, we do have stable returns, low retracements, low volatility and continuous absolute returns in various market conditions.”
Liu Lina said breaking redemption must be a long-term process of joint efforts by multiple parties. Over the past two years, the bank’s equity for wealth management has made great progress. The total net worth of the money rose rapidly. The net worth of the entire sector exceeded 40%. The net worth of money will rise rapidly next year. This is a very big and very positive change for the industry. . He said: “The investment side has to make strategic deals. Based on the risk needs of clients, low volatility strategies are still in line with investor preferences.”
Gu Weiping said that the bank’s wealth management group is made up of savings clients and that absolutely low volatility yields are the preferred product style for such users. In the process of transforming bank wealth management, first of all, the product line must be clearly defined and the risk characteristics of each type of product must be classified; second, the ability to manage portfolio investments in market fluctuations needs to be improved; and finally, customer and investor classification Education and disclosure of product information.
“Breaking redemption does not mean pushing investors into market volatility and enduring great winds and waves. Investors have different risk appetites and risk perceptions. From the initial financial management perspective, they also hope to create long-term prospects for investors. Continuous and stable returns. “Zhang Xuyang said that wealth management institutions must provide investors with a source of sustainable returns through portfolio and product design.