$ 6.2 billion.
This is 2010 fund company to 93 brokerages "out of money".
Significant, but faced a problem, $ 6.2 billion to 93 brokerage, how? Talk about when they select the seats on the trading of securities companies and positions, Director of a large fund companies to invest in Shenzhen said that major research strengths of value brokerage. However, this is not exactly, according to the investor survey of newspaper reporters, hidden rules in the industry is, the warehouse number also depends on the kinship among fund companies and brokerages, brokerages are shareholders, brothers or contributions to fund the company's sales of the company, can often get additional care.
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· ICBC go debt relative arbitrage space 5% public private second quarter sing more blue-chip debt Base Manager out: transfer worth rushed 5,002,011 spring private equity Tsim peak Forum 24 only fund heavy warehouse unit April lifted 160 billion fund 17 days reduction raised South glass A19 billion yuan fund a quarter heavily buy chemical unit [hexun know] which only fund configuration ability strong select which home brokerages of transactions seats and by what of proportion min warehouse, in accordance with the public raised fund industry currently most passage of rules, main has two a pursuant to: brokerages research report of quality, and brokerages for fund company of sales contribution.
While the latter was in fact disguised violation on perfecting the system of securities investment fund trading seat, SFC notification on the relevant issues in the relevant provisions of, in the long run, damage the interests of the majority of Christian democratic. The investor newspaper reporter learned that, on the overseas mature markets, select warehouse at securities firms to study the contribution of the Fund is based.
Talk about this, Shanghai, a joint venture company Marketing Director of the Fund believes that research contributions include warehouse based on the best interests of the holders of the Fund, the choice. research strength decides the warehouse? what is a warehouse?
as the fund company does not have membership of Shanghai and Shenzhen exchanges, must by brokerages trading seat to deal, at the same time, due to fund large scale trading through a number of brokerages trading seat, which is known as "the warehouse".
A fund company account manager told the investors newspaper reporter, although the Fund for equity relationship factors, in determining the warehouse at voting, is more or less biased unit East, but can enter the warehouse first echelon of the brokerage, final fight is the study of strength, because talking fund investment depends on the results of an inquiry. This has a certain basis.
Wind information and statistics show that in 2010, 60 firms contribute 6.241 billion yuan total to 93 brokerage commissions, famous for its research strengths of shenyin wanguo by virtue of 402 million dollars comes top, likewise, study on strength of CITIC, guotai Junan securities ranked second and third.
Read product or semi-annual report of the annual report of the Fund, have a large capital strength, good reputation and research is basically the main basis for fund companies brokerages.
As Huaxia Fund 2010 report shows under, criteria for selecting brokerages are: business code of conduct, no major irregularities in nearly a year; the company in good financial standing; have good internal control system, has a good reputation in the industry; there is a strong research capacity. The investors look at many fund companies annual reports on exactly how to choose the security companies, brokerages, where sales relationship between the contribution and the warehouse, makes no mention.
Realistic?
Behind these high-sounding data and statements, also some hidden potential rules. the warehouse three unspoken rules of "our brother unit because the warehouse to complain with us every year.
"A Shanghai joint venture fund company marketing director told the investors newspaper reporter.
Many told journalists, Fund warehouse at potential rules exist, and the question of Commission representation is one of the Fund to the brokerages transport interests of companies.
Early in 2007, the SFC on perfecting the system of securities investment fund trading seat, issued a circular on the relevant issues, because the file number to "document Fund" 2007 "48th", is referred to in the trade as "Army 48".
Notice clearly defined, trading commissions fund company seats shall not exceed all funds for the sale of securities and Exchange Commission in the same year 30%; fund company seats shall not be set up and fund linked to the sale of securities companies and fund company shall not in any way commit transaction volume. This to some extent limited the funds directly to the transmission of securities companies act in the interests of the company, but unspoken rules still.
As in the warehouse there is not much on quantitative criteria, for "blood" relation of proportion tilt the warehouse, warehouse-for sale, and calculated to improve the exchange rate make up for the trading seat remains hidden rules.
As second only to the banks of the Fund's second-largest sales positions, sales of securities companies and fund companies products and services is an important line of both sides privately promised the warehouse chips.
The industry pointed out that, who has the right to speak, to the market in General is good or bad may be.
Market market good Shi, some fund company especially medium above company on from brokerages of sales doesn't care, in care to blood relationship of Foundation Shang, research report quality is good or bad became decided min warehouse volume how many of main standard, at this time, fund company cast inquiry sector has larger discourse right; and Dang market market bad Shi, fund company on brokerages channel of sales has must rely on, is discourse right greatly weakened. "But on the whole, as the second largest sales channel, large brokerages have some say.
"A fund manager told a press conference in Shenzhen, for some of the relatively small scale or debt trading volume for small varieties such as base, in order to broker seats cost compensation, some fund companies artificially expanded volume of seats will be taken, such as improving exchange rate. linked to the warehouse and sales as one of the important hidden rules, decided to give a brokerage Oita cartridge weights, sales contribution is an important indicator.
In this connection, the investors newspaper reporters many fund companies don't withdraw. The investor newspaper learned that at present, when deciding on the proportion of number of the warehouse to a brokerage, fund companies generally implement the scoring system, most of the month for the cycle, a quarter cycle, some fund companies have internal detailsWith the scoring rules, including scoring objects, contents, weight, etc.
But in the implementation process, large mobility, particularly in a number of small and medium-sized fund companies.
Worthy of note is that many fund companies recognize that participation rate of major departments apart from investment and research, and sales departments are also major players in the market. A major fund company in Shenzhen confirmed that every month the company market channels and investment and research sectors of major brokerages will be scored, use this as a main reference for the warehouse number of securities companies.
A Fund Manager said that many analysts of securities companies to pull their own ballot papers, so each month scoring relatively more objective. "Army 48" explicitly stipulates that "seats on the Fund management company shall not be linked to the creation and sale of securities companies.
"But now the brokerage sales contribution remains companies determine how much of the warehouse at one of the important objectives of the Fund, this reporter learned that, this is actually a thin hit. Brokerages and fund two business between companies, brokerages is both a fund company sales channels also provide research services for fund companies.
Former is directly associated with the Fund the company's interest, which indirectly affect the income of the investor. Commission fee from investors pockets, in the view of Shanghai industry veteran who, as a valet wealth management industry, bring to holders of higher commissions for securities of interest, rather than to the most able to help fund companies selling fund securities, is "hold interests in the first place" should have the means.
