According to industry insiders, the ranking pressure of bank wealth management companies is increasing, and lowering the rate can increase the competitiveness of products in sales channels and increase the assets managed by the company.
Significantly reduce the fixed rate.
On February 23rd, Yin Xin Wealth Management announced that it decided to give phased concessions to the fixed management fee, sales service fee and custody fee of No.8 wealth management products in the year when Yin Xin Wealth Management was fully profitable. During the period from March 3, 2022 to March 30, 2023, the fixed management fee and sales service fee were reduced from 0.30%/ year to 0.05%/ year, and the custody fee was reduced from 0.05%.
Bank of Communications Financial Management and Nanyin Financial Management have also recently introduced rate concessions for a variety of wealth management products. Take Bank of Communications Financial Management as an example. From February 9, 2022 to March 7, 2023, the fixed management fee was reduced from 0.20%/ year to 0.05%/ year. From February 7 to June 30, 2022, the fixed management fee of ESG (minimum holding for 364 days) theme products was reduced from 0.8%/ year to 0.4%/ year.
Some products have zero tax rate. On February 2 1 day, BOC Wealth Management announced that the fixed management fee of BOC Wealth Management-Wenfu (holding period 14 days) was preferential from February 22, and the fixed management fee of products was reduced from 0. 10%/ year to 0.00%/ year, from February 22 to March 3.
However, some companies have raised the fixed management rate of their products. On February 17, Huaxia Financial announced that it planned to adjust the fixed management fee rate from 0.20%/ year to 0.30%/ year from March 2, 2022.
The floating interest rate has been raised.
Different from the reduction of fixed management rate and sales service rate, it is rare for many products to increase their super management rate recently.
On February 18, Agricultural Bank of China announced that during the closed period from April 6, 2022 (including that day), the performance benchmark of RMB wealth management products in the fourth phase of "Agricultural Bank Enterprising for Half a Year" was adjusted from 3.55% to 3.75%. From April 6th (inclusive), the excess performance share of product managers will be raised from 0%/ year to 40%/ year.
On February 23, Huaxia Wealth Management announced that the excess management rate of Huaxia Wealth Management Longying fixed income one-year regular open net worth wealth management product (No.007) is planned to be adjusted from 30% to 50%.
Excess management rate is a kind of floating rate, which means that when the performance of a product exceeds the preset performance comparison benchmark, it is paid according to a certain proportion beyond the accrual benchmark, which is an effective mode to bind the interests of managers and investors.
Some insiders have analyzed that the sales cost and custody cost of bank wealth management products are not high, and the excess management fee is an important source of income for bank wealth management business.
Scale ranking pressure
As for why some products have raised the excess management rate, some insiders said that this may be because the yield of wealth management products has increased under the current market conditions. By increasing the excess management rate, the management fee income can remain stable. In addition, as the performance of asset management ability of bank wealth management companies, it is reasonable to raise the excess management rate under the current market situation.
Zhou, a senior financial supervision policy expert, said that there may be two reasons for the downward adjustment of the fixed rate of products of bank wealth management companies: First, with the overall scale of bank wealth management companies rising, the pressure on operating performance has been released, and the rate is no longer a rigid requirement. At present, the scale ranking of bank wealth management companies, especially head companies, is under great pressure, and some new customers can be attracted by lowering the rate; Second, the market funds have been loose recently, and the yield of wealth management products has declined. Some wealth management products have fallen a lot due to their involvement in the equity market. The wealth management company's move is also to appease customers by making profits.
Some insiders believe that this is mainly to enhance the competitiveness of products in sales channels and improve the scale of asset management. On the one hand, it is to cope with the squeeze of peers, and on the other hand, it is to cope with the competition in the fund industry. It is understood that a number of fund companies have recently lowered their product rates, and some companies have even introduced measures to waive the management fees of loss-making funds.
Some insiders told china securities journal that the current bank wealth management companies are facing certain scale growth and ranking pressure, and it is expected that 2022 will be a year for bank wealth management companies to "compete for territory" to increase channels. The reporter also noted that since July, 20021,many bank wealth management companies have established agency cooperation with other banks, and some companies have also opened direct sales channels. As far as the whole banking industry is concerned, the scale may increase steadily. The Yif Wang team of Everbright Securities predicts that, on the whole, the scale of new wealth management in 2022 is expected to be roughly the same as that of the previous year, and the scale of its existence at the end of the year may exceed 30 trillion yuan. (Wang Fangyuan)
Source: china securities journal China Securities Network
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