This Wednesday (May 11), foreign capital from the third round of Sino-US strategic economic dialogue opening lines to sell domestic public-fund, the mutual fund managed licensing message, foreign expansion of business scope, improving business revenue positive. According to informed sources, after Chinese senior government commitment to release foreign access, regulators will soon draw up specific rules, is expected this year foreign investment could make the trip on the line to sell mutual funds.
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Is expected to take place during the year the third round of Sino-US strategic and economic dialogue on Tuesday in the United States closing in Washington, in reaching a large consensus, in China with Chinese commitments to allow the formation of the United States and other foreign banks selling mutual funds, a common fund managed license and qualified foreign institutional investor (QFII) futures transaction acts as a security deposit in the Bank.
Some foreign executives of the business daily said regulators are currently developing specific rules, is expected in 2011 year will make the trip. "Foreign investment has been very high demand on this service release, or one does not become a subject of Sino-US strategic economic dialogue. "A foreign bank's branch manager said," now line of products with their own design of structure of foreign investment-type products, richness of the products does not completely meet the needs of high-end customers, restricted the development of the private banking business.
"It is understood that to East Asia, HSBC, Citibank as representatives of foreign legal-person banks, already preparing for the domestic offering Fund and managed to sell the preliminary preparation. "Since the beginning of 2007 Corporate Bank is looking forward to this day, in terms of staff training are now ready to fully, next to proceed to gradually establish contact and Yi fang da, China Fund company, as a foundation for further cooperation.
"One of these foreign official said. Bank of East Asia said Chen Baixuan, head of wealth management center, "the Bank is a platform, like products like supermarkets, if we can release the distribution of domestic public-fund, from the perspective of asset allocation will give customers more choices, at the same time to provide customers with investment consulting and professional services team, will also help the customers have the best chance in a different market environment.
"Luen said one head of the Fund, foreign lines joining will help to fund the company's products to high-end account penetration, but lines of dots on a limited number of foreign capital, total is expected to sell limited cooperation mode also requires further discussion.
Bargaining power or not Chinese although China's official public commitment to offering Fund and managed to sell foreign release, not only to broaden the Fund's sales channels, the introduction of international advanced marketing concepts, and conducive to the development of foreign business areas and increase business revenues in the Middle, but there is also the concern of the voice in the industry. Singapore investment in a foreign bank personal banking of China and head of product, "said benefit domestic Fund scale of asset management companies in 2007 from Bull-a wave of inflation, has stalled ever since. "Statistics show that more than more than 60 domestic fund companies currently managed assets of about 2.4 trillion yuan. "The limited size of the existing market, coupled with the 60% above channel sales through the State-owned banks, the market pattern of foreign capital in the near future more difficult to shake.
"These people say.
At the same time, and dot, the number of customers accounting for absolute advantage compared to the Chinese line of foreign rows and how the bargaining power of the Fund when companies, has also yet to be verified. According to one Fund Manager revealed that the Bank holds "channel for the King", occupy an absolute advantage in and fund the company's bargaining power. Under the current trade practice, purchase costs of the Fund by the Bank's income in the bag, ranging from General by 1.2% per cent of sales, of large institutional customers purchase costs $ 1000.
In addition, 1.5% the management fee from the Bank and fund company into, maintenance fees on behalf of the banks to their customers take the greater part, General 1%, be able to get a maximum of 70%. "Cooperation to with the ICBC, we, for example, if a product in the industrial and commercial bank of outlets spread of sales, some products can sell billions of and at worst can also sell several hundred million, generally in more than 1 billion, foreign rows are difficult to catch up with this figure.
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