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基金子公司1年瘦2.5万亿 肥了信托6万亿

2017-09-12 06:52:23   中国经济网

事实上,依托于中国经济的高速发展,大资管行业近十年取得了巨大发展。其中,信托行业在2007年只有7100亿的管理规模,到了2017年年中已发展到了23.14万亿。

“回流”信托成为一个趋势

随着基金子公司净资本管理的实施,金融监管逐步深化,基金子公司的比较优势已不复存在。2016年12月,《基金管理公司子公司管理规定》及《基金管理公司特定客户资产管理子公司风险控制指标管理暂行规定》落地,“史上最严的”新规对基金子公司的监管生态进行了重构。基金子公司业务发展遭受重创,整个行业一片哀鸿,资管规模逐步下降,基金子公司从2016年底的10.5万亿规模下降到2017年中的8.59万亿。

今年以来,信托资产规模高歌猛进,半年内资产管理规模增长了近3万亿,基金子公司资管规模却下降了近2万亿。有研报表示,信托受到的监管压力边际增强趋势明显弱于基金子公司,且未来被认证为首选通道,承担平抑经济周期波动使命的预期正逐步加强。

据沪上一家子公司总经理表示,在子公司新规实施后,增长的方式已发生了实质的变化。过去由于没有风险资本约束的成本,对项目的收费水平没有太多的硬约束,导致管理规模的盲目增长。在目前的风险资本约束下,必须以公司的资本回报水平为前提,以各类型业务的风险系数计算各类型业务的最低收费水平。在满足这一收费水平要求下,才会考虑项目是否可以立项。而最低收费标准的约束,就将很多通道业务挡在了门外,这类业务很多转到了信托公司。

不仅基金子公司的部分业务回流信托,基金子公司的部分从业人员也开始回流信托。据悉,目前不少基金子公司人员流动较大,前期业务通道化严重,业务人员中产品经理偏多,但投资型人才、资源型人才积累不足,也相应制约了公司获取优质资源或配置优质资产的能力。

在2013年至2015年,市场经常听闻某一家基金子公司挖了信托某高管,或者某一个信托团队加盟某一家基金子公司。自基金子公司新规实施后,原来从信托公司出来的基金子公司人员又回流到信托。据北京一位从基金子公司离开的从业人员表示,今年因新规影响,子公司离职率较高,有的选择了去信托。

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