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Zuo Jiqing: Differentiation is the key to being invincible
Original title: Zuo Jiqing: Differentiation is the key to being invincible
Zuo Jiqing, General Manager of China Life Security Fund Management Co., Ltd., Director of China Life Wealth Management Co., Ltd. He used to be the general manager of the fixed income department of China Life Asset Management Co., Ltd. and the vice chairman of the China Experts Association Bond Expert Committee.
In the three years since its establishment, in addition to the aura of the first insurance public fund company, China Life Insurance Fund has not become the protagonist of any high-profile topic, but quietly, its public fund management scale has reached 58.293 billion yuan (as of the end of the third quarter of 2016). In the 108 fund companies, the ranking quickly rose to 36th, and it developed into a medium-sized fund company. If the products established in September are included in the statistics, the scale of public offering management has reached 61.296 billion yuan, and the total management scale has reached 88.911 billion yuan. It is the fastest growing fund company established since 2009, and its first since 2014. Since the product was released, it has achieved continuous profitability.
General Manager Zuo Jiqing was an investor in China Life Asset Management Corporation who was in charge of trillions of funds. Now he has turned into a manager of a public fund company. He has grafted the marketization mechanism with the investment advantages, customer advantages and channel advantages born out of China Life Group. Together, they have developed a public fund company with a leading performance and 80% of funding from institutional clients and good at steady investment.
Zuo Jiqing believes that the public fund industry still has room for rapid development, and new entrants also have the opportunity to seek differentiation is the key to an invincible position.
Create a fast-growing "miracle"
The rapid development of China Life Insurance Fund Co., Ltd., in the view of its foreign shareholder, Australia Security Capital Investment Co., Ltd., is simply a "miracle." Zuo Jiqing believes that marketization and specialization are the key to creating a "miracle."
China Securities Journal: There are more than 100 public fund companies, and the competition is fierce. How did China Life Insurance Fund rank among medium-sized fund companies after its establishment for three years?
Zuo Jiqing: First, we have achieved two “persistencesâ€: in the management mechanism, we insist on marketization; in business development, we insist on specialization. At the beginning of the company's establishment, Chairman Yang Mingsheng of China Life Insurance Group said that he said, “Be far from the chairman and close to the marketâ€, this can reflect the pursuit of marketization from the group to the company. China Life Insurance Fund adheres to the institutionalization of institutionalization, the marketization of mechanism construction, and the marketization of talent allocation. It has become the pioneer of China Life Insurance Group to open market-oriented reforms. In the development of specialization, China Life Insurance Fund also respects the market law: in the investment decision-making process, focus on discussion, authorization management, implement fund manager responsibility system, play the professionalism of fund managers; conduct performance target management at the investment operation level.
Second, the advantage of the group. China Life Group is China's largest commercial insurance group company and the largest investor in the capital market. Its available funds are close to 3 trillion yuan. China Life Insurance Fund is an important part of the Group's financial holdings. Therefore, it is relatively smooth in the development of institutional investor relationship. At present, more than 80% of the asset management scale of China Life Insurance Fund comes from institutional funds, which is also compliant. The institutional development trend of the entire market.
Third, dilute the relative income ranking. The mainstream assessment method of public funds is to look at the relative rankings. Therefore, on the one hand, “the fund managers can also get bonuses when they lose money,†on the other hand, on the other hand, a considerable part of the fund holders’ wealth has not achieved long-term sustained growth. Therefore, at the beginning of the establishment of the China Life Insurance Fund, more absolute gains were considered. It is better to have a firmer increase in net worth, but not a negative return. At present, China Life Insurance Fund has a total of 23 products, covering Stock, hybrid, bond, currency and other types, the main product performance is excellent, active management products have achieved positive returns. As of the end of the second quarter of 2016, the company's total fund income and fund net income both ranked among the top ten in the industry; on average, since 2014, investors have earned 10.15 yuan for every 1 yuan management fee, ranking the industry's ninth in the same period. .
China Securities Journal: China Life Insurance Fund does not seem to deliberately promote and build a star fund manager. What is the top performance and scale expansion?
Zuo Jiqing: There is a great relationship between investment and mentality. Therefore, in the research and development, we create a relaxed environment, and fund managers do not have to worry about the relative ranking of each day. If the company's atmosphere does not value short-term interests, the fund manager's investment style will pay more attention to value investment to obtain long-term stable returns.
At the beginning of the establishment of the China Life Insurance Fund, it was not intended to create a star fund manager. Because investment is not a matter of one person, it depends on the team. Otherwise, the company's performance is easy to rise and fall due to the loss of talent. At present, our investment research team has more than 38 people, and the investment staff has an average of about 7.5 years of experience. The company advocates the investment-investment culture of “research-driven investmentâ€, with a research team of 25 people, and an independent credit evaluation team and a research team covered by the whole industry. Through comprehensive and in-depth research work, and using market-based mechanisms to motivate fund managers, they have achieved good results. In terms of scale expansion, it is mainly in line with the development trend of the asset management industry, and vigorously develop fixed-income products and customized products.
The differential path of insurance fund
Zuo Jiqing, who has made more than 20 years of investment, likes to play Go. After taking over the post of General Manager of China Life Insurance Fund, he realized that the management fund company has the same connection with the game of the next game. Chess has to be optimistic about the overall situation, and the development of fund companies must also look at the direction. Is it a profit, or a brand, or a scale? Both correspond to different business development directions.
But to look at the direction, you must first find the right position. Today, the word "innovation" is seen as a competition Bible in the fund industry. No matter the size of a company, it is only the development of "innovation". However, Zuo Jiqing believes that innovation is not the only priority for new fund companies. “It is necessary to look at the future direction while doing the traditional business.†In this process, maintaining differentiation is a key factor in an invincible position.
China Securities Journal: How does China Life Insurance Fund plan to take the "differentiation" in the future?
Zuo Jiqing: We have two very obvious advantages:
First, excellent risk management capabilities. Insurance fund companies generally pay more attention to risk control. This is particularly evident in the China Life Insurance Fund. In the case of bond investments, we have established a strong corporate credit rating team from the outset, established an internal rating for all-market credit bonds, and maintained a long-term track of weekly updated ratings. So far, there have been no credit risk events in its fund holdings.
Second, the group advantage derived from China Life. China Life Insurance Co., Ltd. has obtained fund sales qualifications, with more than 4,000 service outlets throughout the country, plus more than 1 million insurance salesperson reserves. While doing the traditional fund marketing work, in the future, once the above resources are all used for fund sales, Will become a strong sales channel. Insurance salesmen have become financial planners, and there are precedents to follow in foreign countries. Australian security group, the parent company of China Life Insurance’s foreign shareholder, Security Capital Investment Co., Ltd., successfully cultivated its life insurance marketers into financial planners. In this regard, we can learn from their experience.
Therefore, in terms of business layout, China Life Insurance Fund hopes to become a wealth manager who provides productized investment management services for individual and institutional clients. It is built to reflect the characteristics of insurance finance group, outstanding investment style, perfect product line and complete asset management business. Business system.
In the public offering business, the first is to make large tool products, as well as products with absolute income characteristics and low risk characteristics, including money funds, fixed income funds, capital preservation funds, index funds, QDII products, and hedging strategy products. The second is to strengthen the equity products through the establishment of the stock investment division. Third, in the special account business, it is necessary to provide all kinds of customized products for institutional customers, which has become the main profit source of the company. In the end, a good development pattern in which public funds and special accounts support each other and promote each other will be formed. Starting from the insurance system itself, China Life Insurance Fund hopes to find a model to provide comprehensive financial services for the majority of insurance customers.
China Securities Journal: There are more and more insurance fund companies. Taikang, PICC and Taiping have launched public offerings. The insurance industry has also entered the public offering as a natural person. How does China Life Insurance Fund maintain its leading position?
Zuo Jiqing: Providing integrated financial services is a trend in the industry. In the future, the insurance company will also transform itself from managing insurance funds to a comprehensive asset management company that manages various types of assets such as public offerings and pensions. This is also an inevitable trend in the transformation of China's life insurance industry.
Insurance fund companies are now more and more, it is a good thing to improve the penetration rate of the public fundraising industry. In terms of investment, insurance fund companies have far better than other institutions' liquidity management capabilities, as well as excellent large-scale assets. The practical ability of the configuration, therefore, the investment management of FOF, long-term funds, and institutional funds is the biggest advantage of insurance fund companies. In addition, in terms of sales, future banks, insurance, and the Internet will likely form a three-pronged pattern of fund sales. Insurance salesmen will turn to financial planners to better serve investors, promote sales, and open up new sales for insurance sales personnel. Business space. However, insurance fund companies must adapt to the changing economic environment, the securities market and customer needs, and adopt differentiated business strategies to cover different customer groups and customer needs.
After three years of development and practice, China Life Security has built a clear development strategy, established a market-oriented management mechanism, formed an efficient operation structure, and achieved excellent investment performance. In the future, we will continue to follow the strategic plan of China Life Insurance Group Corporation and China Life Asset Management Corporation on third-party asset management business, and focus on the overall requirements of “bigger and strongerâ€, and strive to fight in the blue ocean of China’s wealth management market. It has become a leading fund management company with the core competitiveness in the domestic insurance industry and a core competitiveness in the fund industry.
Future asset management trends are globalization and institutionalization
Recently, under the trend of risk-free return, mixed competition, and product homogenization, the development of public funds seems to have reached a bottleneck. Zuo Jiqing believes that there is still room for development in the public fund industry, and new entrants also have opportunities.
China Securities Journal: What do you think of the future development of the fund industry?
Zuo Jiqing: First of all, the fund industry has huge room for development under the background of rapid growth of social wealth. Compared with the mature market, the scale of public offerings in China still has a large gap. At present, the fund assets account for a low proportion of the financial assets structure of residents, and there is a lot of room for improvement.
Second, new market entrants have a living space in the current market competition. As of the end of June 2016, there were 108 domestic fund management institutions, only one-eighth of the US. Among them, there are only 19 companies that manage public fund assets of more than 100 billion yuan, and companies with assets under management of less than 20 billion account for about 40% of the total number of domestic fund companies. As far as the competition environment of the fund industry is concerned, except for the top 20 fund management companies in the industry, the assets under management exceed 100 billion yuan and have strong business operation capabilities. Most fund management companies have not achieved absolute competitive advantages, and the industry concentration is low. The business model is also relatively convergent. Therefore, the sub-new fund companies still have good development opportunities and can enhance their development level through business innovation.
Third, business innovation in the fund industry will bring new development opportunities. At present, there are problems such as homogenization of fund products, convergence of investment methods, and product types that cannot meet the diversified investment needs of society. In order to meet the growing demand for differentiated customers, China's fund industry will, like its international peers, gradually tend to be more sophisticated in the management of complex assets, providing different risk-return characteristics for customers of different natures and different types of funds. Fund management products. The professional and diversified development of the asset management business means that in the future, more fund management companies with unique competitive advantages in the segmentation field will emerge, and large investment management institutions with large-scale capital, multi-asset categories and configuration management experience will emerge. In this process, it is more advantageous. Based on the above experience and resources, we can establish a competitive advantage in a new environment through multiple levels of subdivision and combination processes.
Fourth, the future trend of asset management will gradually move toward the globalization and institutionalization of investment. Our development strategy also pays close attention to these characteristics. In terms of globalization, we will work closely with foreign shareholders to find domestically scarce investment targets and product forms, and to deploy overseas business. In terms of institutionalization, more and more institutional clients will enter the field of public funds in the future, and more and more institutional investors will be more directly exposed to fund products and enjoy the same fund as the majority of small and medium investors. Investing services.
Enter [Sina Finance and Economics Unit] Discussion
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