What does outsourcing fund mean, and what the hell is a fund that accepts outsourcing funds

Outsourcing is also the outsourcing business of the bank, which refers to the entrustment of external investment by the bank's wealth management funds, and the company's asset management plan, brokerage asset management plan, trust plan, and insurance plan have become the four major forms of outsourcing investment.

Scale of outsourcing: At present, the capital outsourcing model is generally accepted by banks, and the five major banks, joint-stock banks (except Ping An), a large number of urban commercial banks, and rural commercial banks are involved in this type of business. Among them, the single business scale of the five major banks in large securities companies is usually about 10 billion, billions of joint-stock banks, and hundreds of millions of urban commercial banks.

In terms of funds, there are both financial management and self-management.

The form of outsourcing: large banks and joint-stock banks mostly cooperate with products in the form of trust plans and channels, and agree on a fixed rate of return (independent account), and the brokerage company measures the level of return to decide whether to undertake it, and the current mainstream rate of return is in. Most of the outsourcing of local banks is in the form of investment advisors, and the transactions take place in the bank's own system, and the brokerage company issues buying and selling orders to guide the bank's own operation.

In general, the form of outsourcing cooperation is mainly in a one-to-one manner.

It is the best mode of accepting outsourcing business, and carrying out outsourcing business is a new model for entrusting its own funds or wealth management funds to **, brokers, trusts and private equity companies; There are also some small and medium-sized banks that operate their outsourcing business in the form of investment advisors.

The origin of outsourcing business is due to the accelerated growth of the scale of wealth management and self-operated funds of urban commercial banks and rural commercial banks in recent years, but due to the inability to match the growth of their own investment teams, entrusted investment has become an important asset allocation channel. Against the backdrop of last year's "asset shortage", joint-stock banks and even large state-owned banks also joined the ranks of outsourcing.

At present, most of the forms of outsourcing are like this: product cooperation in the form of trust plans and channels, and a fixed rate of return is agreed upon (independent accounts). The current mainstream yield is in.

For example, an investor buys a wealth management product with an expected annualized rate of return from a bank, and the bank entrusts the wealth management funds to a ** company due to the limited ability of the investment team, and pays a certain management fee to the ** company. If it can achieve a revenue rate higher than, say, 5%, the company can also receive a revenue share.

What are the hidden dangers of accepting outsourced funds to establish **?

1. The number of households is small and the average household is large, which may bring huge fluctuations in the net value of a single day. The withdrawal of outsourced funds and market fluctuations will lead to great changes in the net value of this kind of **.

2. After the withdrawal of outsourced funds, it is very difficult to diversify the investment in the operation of millions or tens of millions, and the risk is more concentrated.

3. If the net asset value is less than 50 million for 20 consecutive days and the number of ** share holders is less than 200, it is likely to be liquidated.

Although the act of liquidation will not bring direct harm to the people, but you have spent so much time on this **, you didn't make much money, and finally ended up in liquidation, who will pay for the time cost you pay?

1) If there are outsourced funds in those **, will there be a "problem" in the calculation of net value when the outsourced funds are withdrawn?

2) When the outsourced funds are withdrawn, the scale of about one million yuan, the first manager does not bother to manage at all;

3) Small and micro **, it is very likely to be liquidated.

The first company cooperates, but this year this set of methods does not work", a public offering ** company in Shanghai institutional sales to the 21st Century Business Herald reporter said: "This year the bank is generally not very interested, we are now almost a sales, show what products we are pushing, what products we have cooperated with other banks, and then the other party basically does not express its position." ”

The so-called outsourcing refers to the mode in which the principal and the manager agree on the scope of investment, and the manager carries out active management. Banks' outsourcing investment as a major investor probably began in 2014, reached its peak in 2016, and began to reshuffle managers in 2017. There is no accurate data on the size of the outsourcing market, but a more reliable estimate, coupled with the consideration of the 2017 stock expiration and non-renewal, the scale is very likely to be less than 5 trillion yuan.

As of the end of 2016, the scale of the company's special account was one trillion yuan, and the average income of the overall special account was.

According to the 21st Century Business Herald reporter from banks, public offerings, private placements and brokerages to understand that this year, in addition to the currency or equity accounts, other theme products including bonds, quantitative and new products are difficult to sell. As of October, the scale of the currency** was one trillion yuan, which has doubled from the end of last year, and the increase has been achieved, while some outsourced bonds** and special accounts are in the stage of "dispute resolution". "A city commercial bank I contacted invested in some quantitative, deliverable bonds and new ones in the second half of last year, especially the quantitative income did not meet expectations, so it will be redeemed when it matures.

Although our products in this area are not bad, we can't cut into it at this point. The above-mentioned public offering ** institutional sales said.

Another private equity person said that the company directly "cut" the entire quantitator shortage team when the product performance of the quantitative team can rank in the top 30% of the industry, "the boss feels that the cost is too high, and the debt is better than quantitative." At the same time, the above-mentioned public offering ** institutional sales said that the small and medium-sized banks that ran this year generally do not have much investment quota in their hands. "There is no scale, after communication, this year is mainly busy with supervision, and some of the previous interbank nesting practices are not allowed, including interbank certificates of deposit, and some regulatory policies have come out this year.

Most of the banks that choose private placement are banks below the level of small city businessmen, such as urban commercial banks in small cities, rural credit cards, agricultural cooperative cooperative systems, rural businesses, etc. These banks have poor total funds, poor business capabilities, and few asset management relationships, but they are generally high-level leaders. As long as the senior leaders of private equity are handled, they can get funds and business, so private equity does more.

Large and medium-sized banks mainly connect with public offerings and securities firms, and have very little business volume for private placements, mainly because policy and political risks cannot be prevented.

In 2016, the outsourcing business experienced a sharp expansion to the beginning of the tightening of the supervision of the business began to shrink the process of Kuannaixun, and will gradually shrink under strong supervision. In fact, if you think about it, you can also know that banks have funds and channels.

Now banks don't do it to private equity, they just don't know how to do it, and no one will do it. In the future, banks can operate on their own through the financial holding group. Since 2017, banks have been operating their own outsourcing business models, which is a clear trend.

In 2016, under the background of asset shortage, outsourcing customized products ushered in a wave of outbreak, data show that in terms of customization, as of the end of 2016, the total number of outsourcing customized public offerings was about 633, and the total asset scale was about 100 million yuan, of which the proportion of bonds was eighty.

Outsourcing customized products generally refer to product cooperation in the form of trusts and channels, usually agreeing on a fixed rate of return, entrusting self-operated funds or wealth management funds to companies such as **, brokers, trusts and private equity companies, and some small and medium-sized banks' outsourcing business is operated in the form of investment advisors.

The latest policy shows that after 16 months of December, it is not difficult to distinguish whether it is outsourced customization, the latest policy requires that when declaring, it must be clearly marked whether it is customized, specifically for the "outsourcing of customization Wu Sunzheng" ** reporting situation, focusing on the cooperation of product institutions, investment decision-making independence, and the protection of small and medium-sized investors, etc., the core is to issue a letter of commitment to the company. Comprehensive industry insiders' point of view: "outsourcing customization" is clearly stated, which means that the "institutional version" and "public version" are separated, and after being labeled as "outsourcing customization", it belongs to the "institutional version" product, which is a good thing for ordinary investors to remind.

It is really unclear how to define outsourcing within the bank, so we can only share some nonsense from the perspective of private equity: this year, the bank took the initiative to find us a lot, the reason is very simple - asset shortage, interest rates are falling, fixed income products are becoming fewer and fewer, and the era of just exchange will become a good memory, and a large amount of bank funds need to find high-quality assets. From the perspective of departments, there is the interbank department and the financial market department, which mainly provides priority funds and issues structured products for private equity; Personal Finance Department, Private Banking Department, consignment sales of private equity products; The asset management department mainly participates in private equity products in the form of FOF.

The so-called "outsourcing", I personally feel that one is out of compliance, for example, banks generally do not accept private placements as managers directly, and need to set a layer of managers in the list, such as public offerings, securities company asset management, ** subsidiaries, ** asset management, etc.; Second, most banks are relatively unfamiliar with private equity products, and they do not have internal evaluation and risk control teams, which is actually outsourcing due diligence, evaluation and risk control. In addition, the powerful private equity is basically managed, not structured products, it is possible that the parent level of FOF is structured, but the child is managed. Some banks will have co-investment or safety cushion requirements, and co-investment is fine, but the safety cushion is actually a class structure.

The second question, about the risk, if the public offering is used as the reference benchmark, then the risk of private placement is smaller, and there is a lot of data on the Internet. But in fact, this comparison is meaningless, the functions and operations of the two in the market are completely different, the public offering is to do relative returns, and the private placement is to do the income of Liangzhou, not to list them one by one, in short, two completely different businesses. Referring to the risk, this approach is not radical, the bank agency public offering ** has lost into a dog this year, if the quantitative hedging product will have a very good return.

In addition, this is also the result of the market reversal, with the downturn of the real economy, high interest rates, rigid exchange and other financial bubbles gradually burst, the original investment channels, has been unable to meet the massive bank funds, "outsourcing" should be born from time to time.