After the "Interim Regulations on the Management of the Publicly Offered Securities Investment Fund Business of Individual Pension Investment" was released to the public for comments last Friday, a pension FOF fund manager said excitedly: "The wind is coming!" The data shows that as of the end of the first quarter, there were 82 pension target funds meet the scale requirements, and 41 fund managers are expected to enter the game first.In addition, 39 fund sales agencies met the requirements for the holding scale of mixed-share funds, or sold personal pension products.
In the face of the upcoming turmoil, fund institutions are gearing up to make full preparations in terms of organizational structure, investment research process, products, and investment advisory services.
82 products or first included
The "Interim Provisions" clarifies that it is planned to first include pension target funds with a scale of not less than 50 million yuan at the end of the last four quarters.In the future, with the gradual rollout of the personal pension system, the CSRC will further expand the product range to include other types of public offerings with stable investment styles, clear investment strategies, good long-term performance, and stable operation compliance, which are suitable for long-term investment in personal pensions. fund.
According to Tianxiang data, as of March 31, 2022, a total of 82 funds met the scale requirements.Among the 82 funds that met the requirements, Bank of Communications Schroder's One-Year Steady Pension Target was the largest, with a scale of 21.594 billion yuan as of the end of the first quarter; SPDB Ansheng Yihe's one-year stable pension target followed closely. , reaching 5.413 billion yuan; Minsheng Jiayin Kangning has a one-year stable pension target, China Merchants Heyue has a one-year stable pension target, and Harvest Min’s Antiansui stable pension target has an annual scale of more than 3 billion yuan; in addition, Xingquan Antai has a stable pension target of one year. One-year holding period, CCB Youxiang stable pension target one-year holding period mixed, Huaan stable pension target one-year holding period mixed all ranked in the top ten funds that meet the requirements.
According to Tianxiang data, there are 41 fund product managers that meet the scale requirements.According to the division of shares held by Chinese and foreign capital, the managers can be divided into 16 domestic capital and 25 domestic and foreign joint ventures.The largest number of fund products under management is China Asset Management, with 11 products that meet the requirements; the largest fund product management scale is Bank of Communications Schroders Fund, with a total fund size of 22.550 billion yuan.
In addition, the "Interim Regulations" pointed out that fund managers and fund sales agencies should establish a long-term evaluation mechanism, and the evaluation cycle of personal pension investment fund business, product performance, and personnel performance should not be shorter than 5 years.Data shows that Huaxia Pension Target 2040 was established on September 13, 2018. It is the earliest pension target fund established. After nearly four years of establishment, this fund has a return rate of 58.76%.
Many institutions are expected to try early adopters
The "Interim Regulations" put forward specific requirements for participating fund sales agencies in terms of business indicators, corporate governance, compliance and internal control, etc., and must meet the needs of stock funds and hybrid funds at the end of the last four quarters. The scale of retention is not less than 20 billion yuan, which emphasizes The scale of individual investors holding stock funds and mixed funds shall not be less than 5 billion yuan.
According to the data disclosed by the Asset Management Association and Tianxiang data, as of the end of the first quarter of 2022, a total of 40 fund sales institutions have met the requirements for the maintenance of mixed-equity funds.Among them, Shanghai Jiyu Fund is a third-party sales organization that sells funds to institutions, or does not meet the requirements for the number of individual investors.
According to statistics, fund sales institutions that meet the requirements for the holdings of mixed-share funds include 18 banks including China Merchants Bank, Industrial and Commercial Bank of China, China Construction Bank, Bank of China, and Bank of Communications; Huatai Securities, CITIC Securities, Guangfa Securities, China Merchants Securities, and China Securities Construction Investment (601066) Securities and other 15 securities companies; Ant Fund, Tiantian Fund, Yingmi Fund, Snowball Fund and other 6 independent third-party sales agencies.
Embrace the "Blue Ocean"
A reporter from China Securities Journal learned from research that various institutions have made adequate preparations in terms of products, investment research teams, and organizational structures, embracing the upcoming "blue ocean" of personal pension business.
Many institutions have built a relatively complete matrix of pension target fund products.For example, China AMC has comprehensively deployed two major product lines, pension target risk funds and pension target date funds that operate in the FOF mode.At present, China AMC has established 11 pension target funds, becoming the fund manager with the largest number of pension target funds in China.GF Fund has been actively deploying pension products since 2018, and is one of the first managers of pension target funds.Up to now, the company has a total of 7 pension target funds, forming a relatively complete product line.
In terms of investment and research, CCB Fund adopts a unique "HI+AI" strategy, relying on the collection, processing and analysis capabilities of the quantitative system to assist fund managers in diversified global asset allocation, and uses a systematic fund research framework to conduct comprehensive fund management. Track and evaluate in all directions, select stable and high-quality funds from the funds in the whole market as investment targets, and dynamically optimize the fund portfolio.
According to Ping An Fund, the company's pension investment professional team monitors the entire process of asset allocation, individual basis selection, dynamic adjustment and other processes.In particular, relying on Ping An's comprehensive financial platform, Ping An Fund, together with the actuarial team and investment team of Ping An Life, estimated the risk tolerance of a large number of people of different age groups, and designed a unique "risk asset decline curve", which made the asset allocation ratio even higher. Precise and better provide residents with one-stop pension solutions.
In terms of organizational structure, Ping An Fund has set up a pension investment department, which is responsible for the investment management of pension products; China Europe Fund has set up a pension business department, which is responsible for the overall management of the company's pension business. The deputy general manager of the company also serves as the department Director.
In addition, fund institutions have made adequate preparations for pension financial investment advisory services.GF Fund stated that, as one of the second batch of pilot fund investment advisory institutions, the company has built a full-process fund investment advisory companion system covering "pre-investment, mid-investment, and post-investment".
(Editor in charge: Li Rong)
