What is the end of the bank's wealth management?

Since June of this year, institutions including Agricultural Bank of China Finance, Bank of Financial Management, Shengjing Bank, Rizhao Bank, and Central Plains Bank have been terminated in advance. Regarding the reasons for choosing to terminate the operation in advance, some wealth management products announced that "the inaccurate factors of the follow -up market are strong" and "avoiding investment losses caused by the decline in management scale", and some products have not made specific descriptions.

Author: Hu Yanming

Figure: Tuwa Creative

On August 2nd, the "Xinyin Financial Smart Smart Elephant Integrated Revenue Enhanced FOF Fixed Fixed Pay No. 11 Wealth Management Products" issued an expiration clearing announcement.

Just 11 days ago, Xinyin Financial Management had issued an early termination announcement for the above wealth management products.

According to statistics from the Economic Observer, since June of this year, institutions including agricultural banking financial management, Xinyin Financial Management, Shengjing Bank, Rizhao Bank, and Central Plains Bank have terminated operations in advance.

Regarding the reasons for choosing to terminate the operation in advance, some wealth management products announced that "the inaccurate factors of the follow -up market are strong" and "avoiding investment losses caused by the decline in management scale", and some products have not made specific descriptions.

Huo Yijing, a researcher at Puyi Standard, told reporters from the Economic Observer that with the gradual advancement of the transformation of net worth, the situation of the product may still occur in advance. In the era of comprehensive net worth, wealth management institutions must retain investors, and they need to further improve their own investment and research capabilities, improve their professional configuration capabilities and risk management levels, reasonably lay out product types and investment directions, and improve performance. At the same time, do a good job of investor appropriate matching and investor education work, and guide investors to understand the essence of the risk of net value -based product income.

A variety of wealth management products are "terminated in advance"

Regarding the reason why Xinyin Financial Smart Smart Elephant Solid Revenue enhances FOF for the reasons for the termination of the product operation of No. 11 wealth management products in one year. , Actively terminate this wealth management product. After prudential assessment of the current investment of the wealth management product, the manager believes that the termination of products in advance is more conducive to protecting the rights and interests of product holders than maintaining the operation of the product.

On July 18, the Agricultural Bank of China Financial issued an announcement stating that the selection of the value of Agricultural Bank of China "Agricultural Bank of China · Two Years Open" value selection of the 1st phase of RMB wealth management products (exclusive to new funds). Strong, the net value of the product may have a large fluctuation. In order to better provide product services and protect investors' rights, the company plans to terminate this product in advance on August 24, 2022, and the product expiration date is changed simultaneously.

This product is less than one year from the establishment of the establishment to the end of the establishment. It was established on August 26, 2020. The longest period of wealth management products is 10 years and opens once every two years. The first opening period is August 26, 2022.

According to the arrangement of the termination of the wealth management product, the agricultural banking wealth management will be transferred to the original account of the investor within 2 working days after the product's instructions ended 2 working days after the product in advance.

Since July, Xinyin Financial Management has terminated four solidaries wealth management products in advance. In addition to the above wealth management products, there are also Xinyin Financial Management Solid Primary Elephant Solid Reception for Sideways No. 1, and the Smart Management Smart Elephant Smart Elephant Increase Enhancement Enhancement Enhancement Enhancement Enhancement Enhancement. FOF will open 9 and 12 a year.

Central Plains Bank terminated 16 wealth management products in June and July. On June 7, the Central Plains Bank announced on June 9, 2022 to terminate the Central Plains Bank Fortune Bao Huiying and Ruiying Series 10 wealth management products; it was announced again on July 21, and it was planned to advance in advance on July 25, 2022 Terminate the 6 wealth management products of Wealth Bao Huiying and Ruiying Series.

Regarding the reason for the termination, Central Plains Bank all said that "according to the changes in the market environment, in order to protect the interests of investors, according to the relevant agreement of the product manual." The reporter noticed that the above 16 products had 14 issues after 2021. The release time of Fortune Bao Huiying, No. 098, 2020, Fortune Bao Huiying's 103rd issue of 2020 was at the end of 2020.

According to incomplete statistics from the Economic Observation News, 39 wealth management products have been terminated in advance since this year. In addition to the above 5 products of the Bank of China Financial Management and RMB Financial Management, the 16 products of Central Plains Bank also include Shengjing Bank's "Timi Series Wealth Management Products "15 products, as well as wealth management products from Rizhao Bank, SPD Bank, Chongqing Rural Commercial Finance and other institutions.

Different from the previous clearing

Prior to this, bank wealth management products also ended up early. According to the Puyi Standard Report, since 2018, a total of 1,432 products in the banking wealth management market have been terminated in advance. Among them, 1,348 only ended after the release of the "Administrative Measures for the Supervision and Management of Commercial Banks".

However, from the recent causes of the termination of several wealth management products, this time, the situation of the banks began to accelerate some stock wealth management in 2018 and 2019.

Huo Yijing told reporters that from the perspective of accelerating the existence of some stock management in 2018 and 2019, most of them are because banks need to complete the task of rectification of stock assets before the end of the new asset management regulations. Some old products issued in the early period and the long renewal of the original period cannot be automatically expired at the end of the transition period, and it will not meet the regulatory requirements.

Zhou Maohua, a macro researcher at the Everbright Bank Financial Market Department, believes that the early termination of some wealth management products in advance is more affected by the new rules of capital management and net worth of wealth management products. Recently, a few products to terminate in advance are more problems existing in the product operation process. Essence Regarding the reasons why many institutions have recently terminated wealth management products in advance, Huo Yijing told reporters that after entering the era of net worth of wealth management, with the fierce fluctuation of the stock and bond market this year, some financial products' investment performance is not as good as expected. Dissatisfaction, wealth management companies are facing high pressure on funding for redemption. At the same time, after the decline in the management scale of wealth management products, investment risks have increased and cost -effective. Therefore, the products are terminated in advance. In addition, some wealth management products have set up termination terms, old products are terminated in advance in accordance with the requirements of new asset management regulations, or customers of private financial products choose not to invest.

Some products also revealed similar reasons. Taking the "Huang Haimaobao (20180104) Double Season Juguki McGrandous RMB wealth management product issued by Rizhao Bank" as an example, this product has been terminated Essence The announcement states that in order to fully protect investors' rights and avoid investment losses due to decline in management scale, according to the relevant agreement of the wealth management product manual, the bank plans to terminate the wealth management products in advance. "Termination of some products in advance may also be related to the cost of control. In recent years, the market interest rate center has moved down, which has also made the cost of the original product relatively high, but in order to avoid affecting customer investment, this should not be the most important reason." Zhou Maohua Huahua think.

The future may still appear

The phenomenon of early termination of bank wealth management has appeared more in May, June, and July. Will it be normalized in the future? Huo Yijing believes that with the gradual advancement of the transformation of net worth, the end of the product may still occur. The net value of the product fluctuates with the market conditions. Investors will flexibly adjust the investment funds to affect the scale of product management, and comprehensively consider customer demands, operating costs and investment income. Termination is normal.

This year is the first year of the net worth of bank wealth management. The net value of net worth has a lot of tests on the investment research and management capabilities of bank wealth management. In the first half of this year, due to the fluctuations in the financial market, the net value of many bank wealth management products appeared to retreat, which led to a break below net value of bank wealth management products. Once, a "net tide" appeared, showing that some commercial banks and banking wealth management subsidiaries paid for net worth products. Management preparation is still insufficient.

Liang Tao, vice chairman of the China Banking Regulatory Commission, said at the "2022 Qingdao · China Wealth Forum" that as of the end of 2021, the rectification of wealth management stocks was basically completed. At the same time, the net worth of the banking and insurance industry's asset management products has exceeded 95%, and the quality and efficiency of serving the real economy have been significantly improved.

At present, 26 financial management subsidiaries have opened in the domestic asset management market, 2 are approved, and bank wealth management companies have continued to grow. Liang Tao suggested that as a typical intellectual -intensive industry, the asset management industry has always been a key reliance on core capabilities. In order to improve the research capabilities of macroeconomic fundamentals, segmented industries, and specific investment targets, we must actively discover investment opportunities. Strengthen the construction of professional talent teams, enhance investment and research for different assets, consolidate the advantages of solid -collection assets, and make up for shortcomings in the field of equity assets.

What are the inspirations of many products in advance to end operations to banks in future operations? Huo Yijing said that first of all, in the era of comprehensive net worth, wealth management institutions must retain investors, and they need to further improve their own investment and research capabilities, improve professional configuration capabilities and risk management levels, reasonably lay out product types and investment directions, and improve performance; Secondly, the appropriate matching of investors and investor education should be done to guide investors to understand the essence of the risk of net value product income.

It is also the asset management product with net worth management. In the fund industry, if the fund is insufficient, the new fund raised is not up to standard, and the holder's voting requires liquidation, the "fund liquidation" will also occur. Zhou Maohua believes that the organization's adjustment of related products is a normal business operation, which will affect the important reasons for the end operation of some products to terminate operations in advance, and more affected the operating capabilities of the institution and the changes in the market environment.

However, Zhou Maohua also said that after the transformation of the net worth of wealth management products, the fluctuation of net worth of wealth management products is one of the important factors affecting investors' needs. What the institution needs to think about how to improve investment and research capabilities, product design and asset investment capabilities, and reduce product net value fluctuations , Meet investor needs.

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