Home >

5.6 Billion Mutual Fund Sub Warehouse Commission: Head Securities Firm In The "White List" Small And Medium-Sized Securities Companies Facing Exit Dilemma

2020/9/3 11:52:00 0

Public Fund Sub Warehouse CommissionGreat ChangesHeadSecurities DealersWhite ListSecurities DealersOut Of BusinessDilemma

In the first half of 2020, the fund industry provided 5.657 billion yuan of sub warehouse Commission for securities companies, up 52.76% compared with the same period last year. However, the Matthew effect of the "28 February pattern" is becoming more and more obvious.

According to the 21st century economic report reporter interview survey found that some fund companies in the selection of cooperative securities companies appeared to the head of the obvious changes in the concentration.

It is reported that some head fund companies will limit the list of cooperation with securities companies to no more than 25, excluding the small and medium-sized securities companies ranking at the bottom; some fund companies have formulated a "white list" of 20 securities companies, with the sub warehouse Commission of 20 securities companies accounting for more than 90% of the total Commission; and some fund companies have indicated that they prefer to use more and more head brokers.

"28 February pattern"

In the first half of this year, the popularity of the A-share market was very brisk, and the total trading volume of public funds in the first half of this year also rose to 7.15 trillion yuan, up 57.49% from 4.54 trillion yuan in the same period last year.

As a result, the fund trading commission obtained by securities companies has been greatly increased. Tianxiang investment statistics show that in the first half of the 7.15 trillion yuan of the total trading volume of public funds, the total revenue of securities companies from sub warehouse Commission reached 5.657 billion yuan, up 52.76% year on year.

It is worth noting that in the first half of the year, the pattern of "two eight differentiation" of sub warehouse Commission is quite obvious.

In the first half of the year, the total commission income of the securities companies was RMB 2.257 billion, accounting for RMB 0.457 billion of the total investment commission of the securities companies, accounting for RMB 0.457 billion.

However, the total commission income of 75 securities companies ranked behind was only 1.184 billion yuan, accounting for 21% of the total commission income of securities companies.

Among them, CITIC Securities won the first place in sub warehouse commission income with 418 million yuan, followed by Changjiang Securities with 300 million yuan and CITIC construction securities with 297 million yuan.

In the first half of the year, 10 securities companies received more than 200 million yuan of Trading Commission, including CITIC, Changjiang, CITIC construction, China Merchants, Guangfa, Zhongtai, Shenwan Hongyuan, Xingye securities, Guotai Junan and Haitong.

In addition, 12 securities companies received trading commissions ranging from 100 million to 200 million yuan. They are Dongfang, Everbright, Huatai, fangzheng, Tianfeng, Guosheng, Yinhe, Anxin, Guoxin, China International Finance, Huachuang and Soochow.

It is worth mentioning that in the first half of last year, only two securities companies, CITIC Securities and Changjiang Securities, had trading commissions of more than 200 million yuan, compared with 10 this year.

In the first half of this year, the top 20 securities companies had a big reshuffle. Among them, Societe Generale Securities, Shenwan Hongyuan and Zhongtai securities rose rapidly, rising by 5, 4 and 3 places respectively.

For example, industrial securities increased from 116 million yuan in the first half of last year to 229 million yuan, ranking No. 13 to No. 8.

But Guotai Junan and Everbright Securities declined rapidly, 5 places in each. Guotai Junan dropped from No. 4 in the first half of last year to No. 9 in the first half of this year; Everbright Securities dropped from No. 7 in the first half of last year to No. 12 in the first half of this year.

Head effect

"As the largest institutional investor of a shares, public offering Commission sub warehouse is an important source of securities companies' income." Zhang Ting, a senior researcher at GE Shang fortune, said.

According to a person from a fund company, in terms of specific operation, securities companies often go to fund companies for roadshows or recommend some stocks. The leaders, fund managers and researchers of fund companies have the authority to score securities companies. If they speak well or help them, they will get high marks. Otherwise, they will not give a score or give a symbolic score.

The Commission of the securities companies is shared by the fund holders, which is equal to the share of the fund holders.

However, the model of "equality of all living beings" in the past by fund companies is now being challenged.

"Our company has changed for a long time. In 2018, the system is that the" white list "of 20 securities companies should account for more than 90% of the overall research commission, while the securities companies not included in the" white list ", that is, the proportion of securities companies other than 20 should not exceed 10%, with a clear boundary." A medium-sized fund company research department said.

The reason for this is that the head effect of securities companies is obvious now. In turn, securities companies also grade fund companies internally. If fund companies want to become the core customers of head brokers, the proportion of commission given to these head brokers will be relatively high. Therefore, when the Commission is limited, each fund company will not disperse but concentrate.

"This is a trend. Logically, every fund company wants to become a deep bound customer of core securities companies, so fund companies must increase the commission fees paid to these core securities companies." The Fund said.

The above-mentioned fund personage further explained that in fact, there are less researchers in the 20 odd listed securities companies. In order to form a research team, securities companies need to form interaction in the research level from top to bottom, including from macro strategy to industry research. It is a linkage link. It is not to say that a securities firm can only set up one industry or two or three industries. The cooperation between research teams is very important.

"Therefore, the research on securities companies will be better and better in the future." The Fund said.

In fact, this is not an individual case.

"Our company will consider more and more head brokers, but there is no regulation on the number of companies." A big company told a reporter in Shenzhen.

In addition, there are also recent news that a South China head public offering fund company plans to shrink the sub warehouse access list of securities companies, and the cooperation list will be limited to 25 securities companies.

"There is indeed such a rumor. When fund companies choose to score securities companies, the policies of different companies are very different. Generally speaking, fund companies do not have a clear limit on the number of quota, but according to the quality of services provided by securities companies and the number of services to comprehensively score, according to the score to the securities companies ranking, and according to the score to carry out sub Commission In this regard, Yang Delong, chief economist of Qianhai open source fund, said.

"If a small number of fund companies exclude the small and medium-sized securities companies and only give the top 25 big securities companies a score ranking, this will make the Commission distribution more beneficial to the large securities companies, which will make the small and medium-sized securities companies lose the service opportunity, further lead to the Commission differentiation, and widen the gap between the small and medium-sized securities companies, which is unfavorable for small and medium-sized securities companies." Yang Delong said.

Some fund companies interviewed by the reporter said that the current cooperation mode with securities companies has not changed much.

"We don't have a restricted list. Securities companies often come to roadshows." A small and medium-sized fund company said.

According to reports, there have been some changes in the cooperation between fund companies and securities companies before, that is, securities companies have asked consulting agencies to invite experts from the industry to give roadshows for fund companies by way of commission sharing. However, after the "rollover" incident of Huachuang securities teleconference, it is said that it has been stopped.

For the future service cooperation between funds and securities companies, Yang Delong believes that "the main focus is on research services. However, there may be differences in the way funds cooperate with securities companies, and the partners may also be different. In addition, some fund companies give higher commission rates to securities companies, mainly in order to obtain better services from securities companies, while some funds choose to reduce the Commission. Different funds have different choices

Zhang Ting said that in the future, it will be more difficult for small and medium-sized securities companies to cooperate with fund companies. On the one hand, they need to improve their investment research ability and provide more professional investment and research support to fund companies. On the other hand, they need to broaden their service range and provide differentiated services. "If small and medium-sized securities companies want to cooperate with fund companies, the Commission is bound to be reduced, at least lower than that of large securities companies."

"The selection of cooperative securities companies by fund companies must be based on a comprehensive perspective. The amount of commission, research services, and other services should be balanced. Securities companies should be able to establish their own leading advantages or competitive barriers in a certain aspect, and obtain the recognition of fund companies through their comprehensive capabilities." Zhang Ting said.

 

  • Related reading

CCCI Chinese: Investment Opportunities For Subdivided Track Still Exist In The Low Period Of Cultural Industry

Finance and economics topics
|
2020/9/3 11:52:00
0

In The Age Of Selfie Economy, How Does 4Inlook Dig Into Meitong Circuit?

Finance and economics topics
|
2020/9/3 11:51:00
0

The Regulatory Authorities Strictly Control The "War Investment Type Fixed Value-Added" Refinancing And Price Locking Into The Trend Of Bidding

Finance and economics topics
|
2020/9/3 11:45:00
0

百胜中国赴港二次上市 疫情致上半年净利同比腰斩

Finance and economics topics
|
2020/9/2 10:20:00
118

Stock Prices Of 20 Non Revenue Earning Companies In Jicheng, The World'S Largest Biotechnology Funding Center, Rose More Than 40% In The Year

Finance and economics topics
|
2020/9/2 10:16:00
1
Read the next article

CCCI Chinese: Investment Opportunities For Subdivided Track Still Exist In The Low Period Of Cultural Industry

The Chinese language of CCPIT is invested with its own funds. Compared with the market-oriented institutions, the time pressure of investment exit is relatively small, which can accompany the project growth for a longer time