Recently, Xu Gang, head of ABS business of Guotai Junan Securities Asset Management Company, said that for leading brokers, "stability" and "prudence" are the way to survive, and they should combine their system awareness with their own comprehensive strength, focusing on quality and innovation.
In the interview, Xu Gang prefers to call himself the value undertaker of asset securitization business. "As a bridge between the real economy and the capital market, ABS is an advanced tool that can create value. We hope to create sustainable value for enterprises and society through asset securitization. "
By the end of September, 20 19, the scale of asset securitization products filed by Guo Jun Asset Management Company had reached 120 billion yuan, ranking second among the asset management subsidiaries of securities firms. Guo Jun Asset Management won the 20 18-20 19 Huaying Award for China Brokerage Asset Management and the Best ABS Brokerage Asset Management Award in China for its outstanding performance in professionalism, innovation, scale and robustness.
Systematic and jigsaw development
According to the data recently released by the China Foundation, as of the end of the first half of this year, a total of 132 institutions have filed and confirmed 2,244 special asset support plans, with a total filing scale of 303,965,438+26 million yuan.
With a scale of more than 3 trillion yuan, obviously, compared with the previous two years, ABS business has stepped out of the initial stage and has a certain development foundation. Despite this, with the strong support and encouragement of the regulatory authorities, it is still a market with great potential, attracting a large number of institutions to grab food. Especially for brokers, ABS business is a new growth point in the future, and everyone is increasing investment. How to make highlights and features requires not only the system resources given by the platform, but also a great test for the internal strength of the business team.
In 20 12, Guo Jun Asset Management, then 2 years old, set up the structural financing department, and Xu Gang was the first employee of this department, which filled the gap in the financing business of Guo Jun Asset Management. In 20 14, the asset securitization business changed from approval system to filing system, forming a blowout development. Facing the ever-expanding transaction volume, Guo Jun Asset Management Company set up an independent asset securitization department. Up to now, although the number of ABS teams in the company is not large compared with peers, the per capita profit has always ranked first in the industry. Xu Gang said that Guotai Junan Securities' perfect systematic platform makes the asset securitization sector connect with other sectors within the group, forming a strong fighting capacity. There is a strong synergy between teams, within asset management companies or between business lines of the group. Therefore, it has provided good support in business acquisition ability and capital sales ability, and laid a good foundation for the development of ABS business in Guo Jun.
"Every big brokerage firm has a strong branch system, but the organization and mining power of each firm are different, or there is a world of difference." For example, Xu Gang often gives training and business arrangement to the branch of Guotai Junan. Although these directional communication can not produce benefits in a year or two, it is very important for the later business development. "For example, the transportation of the project, Guotai Junan is very systematic at present, ensuring the source of the project." In his view, the integration and mobilization of the system is fruitful for large brokers.
On the other hand, the current competitive pattern of asset securitization is very fierce. Although it is good to enjoy the cool with the back of a big tree, its independence is the irreplaceable foundation to ensure its leading position in the industry. Xu Gang called it "internal strength", and his department has done a lot of exploration for it. "We need to make characteristics in the business chain, including growth effect and innovation, and have the concept of puzzles, which are weak and which are complementary." In his view, some efforts may not produce benefits in those years, but they must be done, with systematic awareness and the strength to match the exclusive operation of the sector, which complement each other.
The strategic layout pursues comprehensiveness.
In terms of strategic layout, it is the same as the positioning of Guotai Junan comprehensive securities firm, and Guo Jun Asset Management ABS business takes a comprehensive route.
"As a large institution, we will inevitably choose a comprehensive route. Every field has a voice, and we will do all the categories with large basic assets. However, the comprehensive route will still be more detailed and some sustainable categories will be strategically selected. " For example, there are many categories of commercial real estate, but the input-output ratio of many categories will be relatively small, so we will choose those sustainable categories. There are also financial leasing, and basically choose some head institutions with very strong regenerative ability.
At present, Guo Jun Asset Management's ABS business mainly focuses on several aspects. First, more traditional lines, such as leasing, are a battleground for the head office every year; In addition, supply chain and accounts receivable, as areas where ABS really plays a role, are also important sectors; At the same time, in the real estate field, CMBS will be an important force point this year.
"Cautious+Steady"
In the process of developing ABS business in Guo Jun Asset Management Company, "steadiness" has become its consistent style. This stability is reflected in the cautious implementation of the project.
This is the case in the field of consumer finance. 20 17 consumer finance has become the basic asset category with the highest proportion in the field of asset securitization. With the ABS of consumer finance, some brokers have made rapid progress on a large scale. But even so, Xu Gang remains cautious.
"This caution is more based on some objective conditions, and it is hard to say whether it is reasonable. However, at that time, we regarded consumer finance as a business form to leverage individuals, and Guo Jun Asset Management had a stronger' color' in serving entities and supporting the development of the real economy in the asset securitization business, "Xu Gang said frankly.
However, this year, Guo Jun Asset Management will make some attempts in the field of consumer finance around the Head Office. In Xu Gang's view, there are several main reasons. First, the market structure brought about by the gradual growth of consumer finance is clearer; In addition, the technology of some head mechanisms is also rising. Through several years of data precipitation, enterprises themselves can identify possible risks in risk management technology and ability; More crucially, the ABS team of Guo Jun Asset Management, as well as the whole market, have gradually improved their understanding of the data in the field of consumer finance, and the knowledge reserve is sufficient to control this previously "unclear and unstable" field.
"Just Right" Risk Control
Guo Jun Asset Management Company has a set of "tailor-made" risk control standards. In Xu Gang's view, the best way to control risks is "just right". The "one size fits all" approach is not only unscientific, but also causes the company to lose many business opportunities and team talents. However, we must not be too loose and we must not lose the pursuit of quality. To do this, we need to accurately grasp the risk control, which is a relatively difficult risk control technology.
"Just right" risk control, focusing on quality and highlights.
The ABS team of Guo Jun Asset Management Company has been in contact with a real estate project before. The rating of another company is not very high, but the property is mature in first-tier cities. The standard of this project is stuck in Xu Gang's "just right" standard.
"Generally, enterprises with such qualifications are often treated with caution, but through in-depth analysis of this company at that time, we found that they are very focused on their main business, strictly control business risks, and are also very focused on the formulation and practice of development strategies. After docking with the professional managers of the company, we found that they are also very honest and steady, have strong research on the industry, and are very precise and professional. " Xu Gang admits that there was a long debate within the team at that time, but he finally decided to do this project.
The pursuit of quality and the excavation of bright spots make Xu Gang's team grow healthily and steadily in various challenges. At the same time, a few years ago, the whole industry was in an emerging stage, and everyone was rushing around for "food and clothing", but now it has developed to a certain extent, with space and business support for thinking about the future.
Talking about the future vision, Xu Gang said that in the medium and long term, we should be a first-class team in the field of securitization. In his view, this first-class team not only refers to market share, but also refers to the team's choice space. "The stronger the ability, the greater the space. This space does not refer to income space, but refers to decision-making power and freedom. This is a virtuous circle. "
This article is from China Fund.
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