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Our reporter Wu Shan
Trainee reporter Fang early morning
On May 20, a number of public offering institutions released the trend and situation of fund sales, including Jianxin Fund, Dacheng Fund and other institutions to add sales agencies for some of their fund products. In addition, recently, some public offering institutions and some consignment agencies have terminated their cooperation.
At present, the channel consignment is still an important way of fund sales, but in the context of stricter supervision and fierce competition in the industry, fund consignment agencies are also facing greater pressure. Industry insiders interviewed said that future consignment agencies need to make efforts in terms of sales capacity, compliance, team building and other aspects to improve their competitiveness.
Fund consignment "tripod"
In recent years, the public offering fund industry in China has been developing continuously. According to the data of China Securities Investment Fund Industry Association (hereinafter referred to as "China Foundation Association"), by the end of March 2024, the total size of public offering funds exceeded 29 trillion yuan. All kinds of institutions hope to get a piece of the fund consignment business. At present, the traditional consignment channel has roughly formed the situation of "tripartite confrontation" among banks, securities firms and independent fund sales institutions.
The reporter combed the recent relevant announcements and found that among the new consignment agencies for fund products, brokerage institutions appeared more frequently, and in the list of new consignment agencies for fund products, in addition to Huatai Securities, CITIC Construction Investment Securities and other head brokerages, there are also open source securities, Huafu Securities and other small and medium-sized securities firms. This has something to do with the fact that securities firms continue to sell to good funds.
In terms of fund sales, Wind information data show that as of May 20, there are more than 400 public offering fund agents in the market, with an average of 2176 funds per agency. Of the 87 institutions with more than 5000 consignments, brokers account for 40 seats.FreeblackjackAmong the top 20 institutions in the number of fund consignments, securities firms occupy seven seats, and the number of consignment funds is more than 8800.
In terms of the scale of fund sales, according to the list of the top 100 fund sales in the fourth quarter of 2023, there are 54 brokerages on the list, accounting for half of the list.
However, the consignment strength of banks and independent fund sales institutions should not be ignored, and Ping an Bank and Jiangsu Bank have also appeared among the additional consignment agencies for fund products. JD.com Kentree Fund sales Co., Ltd., Shanghai Wande Fund sales Co., Ltd., and other institutions.
Rong Hao, wealth management partner of Paipai Network, told the Securities Daily: "in terms of fund consignment, the advantage of securities firms lies in their natural agreement with the fund business, and customers have a high degree of natural acceptance of all kinds of fund products." The advantage of banks lies in the high trust of customers in bank signboards, the wide distribution of outlets and the wide audience, while the advantage of independent sales agencies lies in focusing on purity and focusing on whether the product is suitable for customers or not. There are no complex considerations such as comprehensive contribution. "
There is a termination.
However, a few families are happy and some are sad. With the addition of new consignment agencies, there are also cases of termination of contracts between public offering agencies and consignment agencies. For example, Shenzhen Fuji Fund sales Co., Ltd. was terminated to act as an agent for the sale of all public funds under Caitong Fund.
Yang Delong, chief economist of Qianhai Open Source Fund, said in an interview with reporters: "at present, direct sales account for less, mainly through channels, but the market competition in the fund consignment market is also very fierce." In the case of the current fund sales is not easy, if the sales agency sales strength is not strong, sales volume is difficult to meet the requirements of the fund company, there will be some termination. "
Some fund consignment agencies are also facing greater pressure. Rong Hao believes that the pressure mainly comes from three aspects: first, the pressure on investment income, the profit-making effect of the equity market in recent years is not good, some investors withdraw funds, and the efficiency of sales institutions is reduced; second, competition in the industry intensifies, and the head aggregation effect of public offering fund sales channels is obvious, and the price war reduces the competitiveness of channels with low stock; third, supervision has a minimum amount of assessment requirements.
As the competition continues, the performance of fund consignment agencies is obviously differentiated. Data show that as of May 20, there are 26 institutions selling more than 8000 funds, but there are also some institutions selling less than 100 funds.
At the same time, according to the relevant regulations, the business license (Golden Kirin analyst) certificate of the fund sales organization shall be valid for 3 years from the date of issuance, and shall be renewed according to the circumstances. Among them, if the average daily sales of the fund (except money market funds) in the recent fiscal year is less than 500 million yuan, the validity period of the business license may not be extended.
Talking about how stock sales institutions should gain a place in the competition in the future, Yang Delong believes that in cooperation with consignment agencies, public placement institutions mainly focus on the sales ability and compliance of consignment agencies, and future institutions should focus on these two aspects to improve competitiveness.
In Ronghao's view, fund consignment agencies can stabilize the basic market of old customers through the improvement of service quality, and establish an assessment and management mechanism consistent with the interests of customers. At the same time, in terms of team building, we can cultivate and tap competitive talents and teams in the industry. In addition, tools such as AI (artificial Intelligence) and big data can also be used to improve overall efficiency and quality.