--A new company has no way out and then look back, strong has something to say the air waves, borrowing of the institutional investment, Jin and Yuan dynasties than the outgoing General Manager external opening for the first time. A just outgoing General Manager, willing at the time it's embarrassing public media, is the need for considerable courage, Yi Qiang on the investment of two hours of sincere and we all feel he held the industry favorite, created on the left hand of Jin and Yuan dynasties than the fund company does not care.
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How much love, get back up; the number of people, willing to wait ... ...
If you also have the opportunity, hope Yi Qiang also have the courage to "love"!
│ Investment Institution Investment Ning Peng new companies have no way out of the investment: a late start of operations of the fund company faces many challenges, how can the current market environment of tight encirclement?
Yi Qiang: Happy Valley enclosure now time is over, unless there is a great deal of courage and determination to carry out large inputs, otherwise it is difficult to go and other fund companies to seize market share. Now there are many new companies were established, but based on my experience, if this mode of operation of the new company is also in accordance with the present, I really do not see any profit in the company of hope.
I recently read that many business plans of the new company, I can say is too optimistic.
Early too optimistic, problems that may exist on underestimated when the company encountered difficulties in the future will be helpless.
Of the investment: you think that the new Fund will have no way to go?
Yi Qiang: If in now way does, absolutely no way to go. Accounts can be a sum, in now way, company opened the new Fund is generally 40-50 personal framework. Fixed overhead and salary needs to spend more than $ 30 million a year or so, rent 5 million per year, plus travel and banking sources some of the expenses.
Expenditures will reach 60 million-70 million per year.
The current market, a fund size of around 500 million made by the new company, 1.5% of management fees, in accordance with the proportion with large banks into, can only get up to half, divided into income after 3.75 million.
Expenditure is fixed, but income is only 3.75 million.
There, now is definitely not the practice.
Of the institution: any way to break through?
Yi Qiang: development of the new company must be to the differentiated road.
Although we all know that performance and channels are very important, but the new company may not be able to find the best talent, it is difficult to make a first-class performance, you must follow a different course.
Previously the early stages of development of the market is an extensive operation, more intensive cultivation is the result of smaller gains, fund companies must now have its own clear definition and a distinct characteristics, no differentiation strategy could not have succeeded.
Product innovation, channel to innovation, service innovation.
Of the investment: product innovation as we know, but channels how to innovate?
Yi Qiang: banks have a lot of invisible costs, spend so much money, just get a bank counter on qualifications. Invested in early if you have access to customer to the stability, also can be said to have an investment of inputs and outputs. In fact, and channels of cooperation is not fixed.
You spend money to send bank account manager training abroad, however, he only fund does not sell your, your input was lost.
Banks protect their customers, will not let you contact with the customer, never turned these customers into their own customer.
Should find a like-minded channels established long-term in-depth cooperation. Of the investment: how long do?
How deep?
Yi Qiang: you can find small and medium sized joint-stock banks or city commercial bank, established close strategic partners, is the relationship between fund companies and banks is relatively fixed. Fund company's product design, to give the partner customer tailored features. Starting from product design, collaboration with channels, depending on customer needs, establish a common understanding of both products.
Now this "sell Fund" concept and pattern must be completely changed.
We all know the theory, but now no one attempts to or not willing to try. Due to the relatively fixed channels, channels and customer service to work on more planning and stability, as long as the performance and stability, good expansion of channels and customer relationships inherent assets. Another aspect, because channels fixed, upfront investment of the Fund and costs will be significantly reduced.
Fund companies may now to maintain 3-5 bank account manager, now used only in one Central Bank within a limited area, natural marketing costs will be significantly reduced.
Of the investment: this model may be facing such a problem, small banks can sell out large scale?
Yi Qiang: previously only the size of big banks can sell, but the scale of big banks are now sold out. Industrial and commercial bank (601,398, unit) a year selling 30-50 products, and small banks like Bank of Shanghai a year sell buy 3-5 products.
Sell the scale would not vary.
But close cooperation and loose cooperation, there is still a great deal of difference. We previously thought was too narrow. Now in addition to Bank sales, there are many other models.
Now sales of third-party payment and independent institutions have become the new choice.
home from the Hill of the Fund for the year 2007 of the investment fund industry entered a period of low, what do you think the low tide? Yi Qiang: fund industry now is debt 07 Fund called the Grand development of the industry, actually caused a great deal of damage to investors, and baseGold company but also because of easy access to a large number of assets, have become complacent.
2007 buy funds that groups of people, I estimate there is also one of the 2-or one-third not out. At that time a good Fund of tens of billions of, into agreement with the Bank of the year.
Many investors have not out, now also in contribution management fees.
People see Fund of staff previously, will be respected, and now with a look of contempt for you.
Of the investment: do you have any signs of improvement or recovery?
Yi Qiang: there is already a lot of positive signs.
Release of the product distribution channel, although the small company brings a lot of pressure, so that small companies can also choose path of innovation and differentiation.
A year before approval of the two products for small firms is the kind of protection, but also limit the innovation of small companies.
Draft amendments to the law of the Fund in China mentioned the Fund investment restrictions on release, is also a positive factor.
Of the investment: If investors are injured, from the industry on the whole, who are vested, shareholders, banks are also practitioners?
Yi Qiang: the industry pay was too high, has become an important factor impeding the development of the industry.
Each job salary is reasonable should take a look at the creation of value and take the risk.
Fund Manager is guaranteed income down, great take bonus, however the up will have a lot of space.
Actually public placement Fund comparison with average market benchmarks, neither do performance royalty nor do absolute gains.
Not only are higher than the investment professionals in other industries, do public-fund of the world, in addition to Hong Kong, Singapore, China absolute income of the Fund Manager is already complete and international practice. Foreign fund managers as portfolio managers, portfolio does in fact just do it.
You earn the Fund last year to customers in the management of several hundreds of millions, but when you lose it?
Of the investment: fund industry-what are the causes of excessive pay do you think?
Yi Qiang: starting point for public placement fund industry in China is too high, although late, but the starting point is high, on top of financial industry in the first place, initially to join the industry was the most talented people.
Europe now or phone orders, while China fund industry initially uses the most advanced systems, configuration is also the highest talent.
There are reasons for supply and demand.
If is open, and open market, such a high salary levels, will be a lot of people to do it. Now many artificial factors, resulting in a scarcity.
Provisions such as the SFC, a Fund Manager can pipe the two funds.
Conception is good, hope that the fund managers can focus on one or two funds, it also became the important cause of Fund Manager hoard as a rare commodity.
strategy determines the success or failure of the company of the investment: as a professional manager, what do you think company's General Manager for the position of the Fund influence on the development of the company? Yi Qiang: in front of a large body, personal power is very small.
As the company's General Manager, just implementation of the strategy of the company.
Board decided to do the capital preservation fund, I went to execute the company's strategy, in accordance with the strategy to build the company's team. Explain the characteristics of the Chinese market with shareholders, investors will say that I understand you, why not try it?
He is also using his most familiar way to try, select themselves believe that the most suitable candidate, as a just resolution of the Board, General Manager of the performer.
Of the investment: now recognized core competence is the performance of the fund industry, how do you see this problem?
Yi Qiang: from the perspective of survival of the company, not pinning their hopes on performance on the long-term beyond the benchmark. At the time of doing a business plan must be assumed that the performance of the company is the market average, if, under this assumption the company's business model is also profitable, this is a rational, reasonable commercial plans. Any company that fully understand the importance of investment performance on company size, will do what we can achieve better investment performance.
But no one can guarantee results have been able to better than other companies, even if it is now more than hundreds of billions larger companies, so the average level of performance is important prerequisite for reasonable business planning and corporate strategy.
I see a lot of the company's business plan is size to 100 and even 20 billion within three years, one of the very important premise is good performance brought about significant growth in the size of the Fund, I think it is too optimistic and unrealistic plan. Judging from the company's strategy, excessive emphasis on investment performance, is a very dangerous trend. Investment performance is important, but not the performance as the only factor for the growth of the company.
Do not fund companies want to expand all their hopes on the investment performance.
Of the investment: If you only make the average market performance, how to make corporate expansion and profit?
Yi Qiang: still have to adhere to the path of differentiation.
First of all, products, innovative, able to attract customers and, secondly, differentiated channel, how to let more people know about my products.
Finally, differentiated services. Existing customer performance-sensitive or not sensitive customer.
As an enterprise asset management, all focus on the performance, fail to do that must be achieved, what do you do? In fact, this is a very dangerous tendency.
Many practices, bad for investors, the Fund also adverse long-term development of the company.
Of the investment: in addition to the differences of the road, you think the industry or what changes are needed? Yi Qiang: in the United States registered fund company, as long as the US $ 150,000.
Many companies do not have customer service personnel, not researchers, so live very well. Why not do the smaller is a long-term and stable development of the company?
Because of their large so much appetite.
In fact, marketing, customer service, background, research, outsourcing, personnel can significantly streamline.
Old company is now fine, the new company also not very understanding of the industry. Fund accounting, needs someone to review.
General for 4 person, 2 person is enough.
Do review each other.
Small fund self-contained, very no economies of scale. on foreign capital – yiyin China market of the investment: do you think today's Fund industry on offshore financeInstitution, do you still attractive?
Yi Qiang: fund industry like a besieged city, people want to go out in the city, people want to come in out of the city.
Some agencies are very clearly what they want to come in to do, for example, some small and medium banks (there are insurance companies) to be a fund company, their thoughts are clear. However some institutions (especially the non-financial enterprises) on the characteristics of the industry does not understand, prepare is not sufficient, assume that is simple.
Before you come in, expectations are high; after came in, being not acclimatized.
Most venture fund companies do well now, I think it is inevitable.
Of the investment: how to understand the "inevitable"?
Yi Qiang: trip fund industry itself, not much foreign financial institutions in China.
Foreign institutions operating in China, many of the products to be successful, service can be successful is rare.
Consumers and investors in China has its own characteristics, however very few foreign financial institutions to truly understand this point.
China investors on products of quality, and price, and return, aspects very sensitive, and on value-added service these aspects does not too sensitive, also does not willing to for of wrote value-added service more bear cost, for example recently withdrawal domestic market of hundred thinking buy may also faced also of problem; also a examples is China has been lack established in trust system Foundation Shang of broker system development of social background and Culture Foundation, in Fund of sales Shang is has been to Bank channel sales mainly, and abroad some to broker sales mainly of mode has is large of differences.
Of the investment: two talismans of foreign institutions are not working, how can it succeed in the Chinese market?
Yi Qiang: quantitative tools and analysis methods are a two-edged sword, are both advantages and disadvantages. In fact, many new products in the country, many of which are mature products abroad.
Foreign investment there is advantage in product design, including stock indices futures and the tools to design products.
, Boshi, Chinese-funded companies are not excluded in the South to learn from foreigners, but they do not require shareholders, knowledge.
Foreign investment in wind control also has a good idea, but needs to have a new understanding on the different market environment. Foreign design parameters and indices of the domestic market, all stocks have problems. Typical example of this is Mao (600,519, unit), because its turnover is relatively small, is listed as issue stock.
People can understand maotai volume small reason is because the high concentration of chips, we are not willing to sell.
Foreigners do not understand.
In addition many foreign companies in the areas of corporate governance and compliance management some good experience, are available to domestic companies of good reference.
interviews with PostScript: , Jin and Yuan dynasties than there are difficulties at present, but it is only a microcosm of the Fund for small and medium-sized companies, Yi Qiang believes that problems in the industry will face a very serious problem is not fixed, their leave is not professional managers of helpless choice in strong shareholder presence.
In an interview, we feel that Yi Qiang industry there are many problems of a clear understanding of the Fund, the fund industry and the future development of the new Fund, differentiated clear views of the route. Strong left helpless choice is not so much disagreement with shareholders, we prefer as he explore new ways and new methods of fund development of the industry.
