Yesterday, the China Securities Regulatory Commission issued the “On Accelerating the Promotion of Public Offering”fundOpinions on high-quality development of the industry. The “Opinions” support fund management companies to achieve differentiated development on the basis of optimizing and strengthening the main business of public funds, strengthen the team of public fund managers, increase the proportion of medium and long-term funds, and continue to promoteInsurance、financial managementVarious asset management institutions such as trusts, direct investment, entrusted investment, and public funds have increased the actual proportion of equity investment, and implemented long-term assessment.
As of the end of March, there were 152 public fund managers in my country’s public fund industry, including 138fund companyWith 14 asset management institutions that have obtained public fund management qualifications, the total management scale exceeds 32 trillion yuan, of which 25 trillion is public funds, 7 trillion is private asset management, and 4 trillion is entrusted to manage pension assets. The number of investors in public funds reached 541 million, and the number of investors in equity funds reached 185 million.
The “Opinions” support fund management companies to form an industry ecology in which comprehensive large-scale wealth management institutions and specialized professional asset management institutions develop collaboratively and compete benignly. Guide the leading institutions to play a leading and exemplary role, adhere to long-termism, strive to do difficult and correct things, and become a “respected and convincing” industry leader. Support fund management companies with prominent public offerings, sound compliance operations, and appropriate professional capabilities to set up subsidiaries, specializing in public offering REITs, equity investment, fund investment consulting, pension financial services, and other businesses to enhance their comprehensive wealth management capabilities. Research will be conducted to further optimize the transaction model of fund management companies, the outsourcing of back-office operations of public funds will be changed from pilot to routine, support small and medium-sized fund management companies to reduce costs and increase efficiency, and focus on improving investment and research capabilities.
The “Opinions” proposed to actively promote commercialbank、Insurancemechanism,securitiesCompanies and other high-quality financial institutions shall establish fund management companies in accordance with the law.Adjust and optimize the public offering fund license system, moderately relax the restrictions on the number of public offering licenses under the same entity, supportsecuritiesasset management companies,Insuranceasset management company,bankProfessional asset management institutions such as wealth management subsidiaries apply for public fund licenses in accordance with the law to engage in public fund management business.
In terms of promoting high-level opening up, the “Opinions” support high-quality overseas financial institutions with long-term investment willingness in China’s capital market to set up fund management companies or expand their shareholding ratios, and encourage the industry to actively learn from overseas advanced asset management experience and beneficial business models. Support qualified fund management companies to “go global”, establish overseas subsidiaries in accordance with the law, and improve their ability to serve overseas investors and global asset allocation.Continue to push for expansionQDIIQuota, and broaden the investment channels of public funds in overseas markets.
(Article Source:securitiesTimes Network)