129833985943390000_8You are here: Home > Home > Introduction to relevant sources today: date: June 05, 12 author: Zhang Hao font size: large medium small content review: private non-food, futures hedging temptation of 350 billion from 2006 to 2012 a quarter 5.3Trillion, just 5 years, trust management of assets, an increase of more than 10 times, seems to be the financial sector of the "nouveau riche".
But this supported by a single model of the extensive growth, is facing an increasingly strong bottleneck of pressure. Money on the economy now needs much less than last year, slightly loosening of monetary easing has pushed market rates for normalizingRegulation of real estate is the real estate investment trust tends to dull, and deepening the financial reform will allow banks, brokerages and other financial institutions expanding financing market share.
Industry sources said, although recent trust also continues to promote the business, but growth has clearly not enough, "reef" looms as soon as possible from "quantity" to "quality" transformation is imminent. FundingIn a crazy rush into trust, its hurricane-like development is staggering. In 2004, the thaw in trust only had 65 employees, profit per person is only $ 36,000 in 2011, huarong Trust Board employees only 788 people, per capita profit up to $ 1.31 million. Huarong trust annual report shows, in 2011 the company revenues of $ 3 billion
Diablo 3 gold, an increase of 66.94%, achieving net profit after tax $ 1.05 billion, an increase of 51.55%; return on equity ratio excluding shareholder capital increase factors, up to 52.22%. Natural advantages of cross-cutting investment trust business development opportunities emerging, "rich" is to a large extent because look at the "money on the economy of desire". Even though the financial crisisIn 2008, the stock markets fall sharply scale down 17% trust, but the real estate industry's explosive growth in real estate investment trusts 63%, 30% overall size growth of trust assets. In 2010, tightening the regulation of real estate trust brings unlimited "scenery", real estate trust growth this year 133%. 2011 real estateControl remains tight, trust company of becoming a property developer help "straw".
This year issued a total of 1003 real estate investment trust products, raise 286.41 billion yuan of funds, in the case of regulatory control measures introduced in the second half, offer increased compared to the previous year, by 43.7%. Of course, real estate investment trusts are not all trust companiesExhibition focus. From Shenzhen China resources of trust does not depend on the real estate trust embark on a path of steady development. From 2006 to 2011, China resources of trust trust grew from $ 6.37 billion to $ 126.4 billion in assets. Although the absolute amounts increased from $ 1.95 billion to $ 10.33 billion, China resources investment trust of real estate assets from the trust in 2006Dropped from 30.6% per cent in 2011.
Although the 5 year stock market ups and downs, but CR investment portfolio of the trust assets ratio has remained at around 20%, CR trust also has a Sun one of the largest private trust company. Variable emergence "to the trust industry stopped and thought about the future directionBetter late than never.
"Usufruct trust Studio Chief Analyst Li 旸 on the China Securities newspaper said. After several years of rapid development, bottleneck faced by a growing number of trust industry, although the results pretty eyes, but lost momentum. "Most trust companies still in the ' platform ', $ 5.3 trillion in trust assets, very little active management by trust company. "Li 旸Said. The industry believes, because of the complex of objective and subjective reasons, platform or channel of the trust business is still relatively high, mostly cooperation particularly in silver letters. In this part of the business, trust only to the channel, while the channel is expensive, but this is only temporary under the financial industry. Mixed operation is the trend, bank financial product has been put on the legal status of the rules of procedure ofSchedule, can be expected, silver products in cooperation with bank finance trust determines the nature of the product and die. Rugged and fast expansion also led to trust some of the project inevitably is at risk. Although repeatedly claims that real estate trust is not a trust company payment risk, but that does not mean that real estate investment trust there is no problem. "Almost every has a lot of trust of real estate investment trustsSecretary faces risk and some risk exposure, but these trusts can hold.
"Li 旸 said that although these trust companies can take new or old, for help shareholders to ride, but to reflect on these projects. Trust needs to be behind improving the ability of investment and research and wind control, is the thirst for high end human resources. Second half of the yearYear, many trust companies began mass "recruit", such as ping an trust for future expansion to financial Manager 2000. Boom expected to attract more players in the industry, had previously been rectifying trust company doing business again last year. Trust in order to attract people to continuously increase pay to speed up industry-wide mobility, this trustAim running led to uncertainties. Financial reform has started, is also a challenge for the trust industry more opportunities. Now trusts can invest in almost all areas of industry, trust investment more flexible for the description on the one hand, also note the lack of clear positioning. Financial reform means that banks, brokers, funds, insurance companies and other financial institutions canInvestment of more and more, trust existing "flexibly" advantage will be less and less. Domestic financial institutions continue to mature, mixed interest rate market and industry trends to determine trends, trust company of the existing space will continue to be eroded. In addition, the concentration in one area, it will be stopped. Strengthening the regulation of real estate investment trust is one example. Stop notesAfter the trust earlier this year and a halt to deposit such trust. "Universal" the trust itself, seems to be only a transitional form of financial institutions. Abroad did not trust this statement, home trust company doing things abroad is a Bank Trust Department, investment banks and funds. "From Taiwan and Japan experience, trust the futureObject that is being consolidated, merger or other financial institutions, or its own annexation of other larger and stronger, which is destined to be a minority, "said Li 旸. Private non-trust "cuisine", let trust be afraid there are about "breaking" new laws may provide, can reach a certain scale of private equity directly through banks to raise capitalGold.
For trust, this is undoubtedly a major bad, its perennial rely on private platform, Sun resources loses value. Both CR trust "Spring Thunder" scheme, also is Hua Bao trusts "stars of hedge hedge fund list of China" claim, to participate on the project's private equity provides "performance witnesses" service, speak to some degree, this is hardPromote trust "platform" value. But this witness the performance of private equity "platform" Bank can do. In addition, judging from the recent development situation of private equity performance witnesses better for them does not seem to play a positive role. Today, many private placement in this performance under witness, bujianzongying. If the stock market remain weak, private equity fund OutlookNot optimistic. Currently trust company account of high costs, are also to release Sun product private-involved. In fact, single hedge funds, many private equity release products are some of the free zones established partnerships, this can save an account fee and can avoid the trust to be subject to supervision. Private confession, now private developments can throwOpen a trust company, who is no longer a trust company "cuisine".
Day not as in the past, water despite the imagined space of the trust business is still there, but this year's day is not as moist as the past few years, changes in the macroeconomic environment of the industry faces many uncertainties this year. "Development of trust industry as a whole is missingIdeas. "Puyi wealth Fan Jie, a researcher at the China Securities newspaper reporters, issuance of stock index future licence for securities investment trust company offers new opportunities, but within a short time it is difficult to translate into value. "Even provide the conditions for the development of the stock index futures to hedge funds, trust companies use this tool is likely to have to pay some fees, cannot hope to stock indicesGoods as a trust company customer profitability in the short term. At least for now, little significance and on securities investment trust companies. "According to the Association of Chinese trust industry, by the end of 2011, all trust assets into securities market share for 9.06%, only 3.7% to stock, and into the underlying trust assets for the industry accounts for 21 per cent.88%, investment trust of real estate assets ratio of 14.83%. Left the field of securities investment trust companies is not much chance of, futures and equities are very familiar with less talent, lot of trust management for the Futures is also poorly, why the "us plans", "stars of hedge hedge fund in China list" such activities to look for a good fuckHands. Benefit trust Liao Hekai, a researcher in the Studio believes that improve the ability of active management is the only way to trust in the future to enhance the competitiveness of, regardless of whether to invest in the stock market or real economy, you need to trust itself has a strong investment and risk control
Diablo 3 CD-KEY, it is clear that both abilities are currently almost all trust companies had risen in the space. "TrustProduct buyers are still used to buy traditional trust products, if the manager told investors this product is the active management of a trust company, most customers are skeptical of the benefits can achieve.
"Liao Hekai said. "Trust company should focus on high-end financial management, and distinguish common financial products of the Bank, to find their own market segment; if it is unable to distinguish between castLoss of funding would, in the eyes of many people, bank financing products seems to be more security. "Fan Jie said," but most trust companies were just myself as a platform, lost under the premise of policy, trust the day will not be better than this year. Is destined to be the trust industry as a whole year of slowing this year. "Face the risks that may arise,Trust company has begun.
Trust companies can license more exclusive competitive value reflect the core values, this might be a future asset management trust how to develop into an important reference in the market variables. "Futures hedging temptation" China resources investment trust securities, Senior Manager, Li Songzhe has been very busy. Beginning on May 5, hePropagation between cities such as Shenzhen, Guangzhou, Shanghai, Hangzhou, intensive Roadshow that he can't afford the time to be interviewed. "Schedule to the July 7. "In the space of an hour during the interview, Li Songzhe took 4 phone.
In fact, took the lead in the futures licensing trust companies are busy for the establishment of hedge fund incubation platform in the near future. HatchPlatform of "Sprint" Li Songzhe busy is a method called "us plans" hedge fund incubation platform. "Us plans" background was, in May of this year's foreign trade and China resources trust to be allowed to participate in the second instalment of the trust company of the stock index futures. Previously, Warburg trust in November last year, won the first stock index futures trading business licence. At this point, the three areas of Beijing, Shanghai, ShenzhenThis licence to have 1 home trust company. "Mans hand, we began operations, as the ' Jubilee '. "Li Songzhe said that he was so busy. CR trust decided to 16 futures brokerage companies and 10 home to launch a hedge fund incubation platform, named it "Spring Thunder". As lead person of the plan, Li Songzhe since the beginning of MayHis 10 city road show tour. Construction of "us plan" aims to find the best asset manager of, at the same time providing results for the credibility of the witness service, selection of leading teams in the performance of a variety of trading strategies, and provides a variety of opportunities to extend Manager's assets under management. Li Songzhe's vision, by "us plans" platform, you can eitherUnderstanding that future private equity performance in the past, also through the cooperation for the establishment of an investment adviser, futures company, securities company resource library of tripartite cooperation. CR trust currently has 13 private products to complete the Sun only to participate in preparation of stock index futures, total market capitalisation of $ 1.5 billion. Li Songzhe, the fastest two months after China Resources Trust Sun, owned by the private equity products can really start stock indexFutures trading.
In addition, a pure inter-temporal arbitrage index futures are also in the making. First trust company obtained licence of stock index futures, Warburg trust also attaches great importance to this opportunity. Last December, Warburg trust in a licence for one month later, through its trust products "Reed stone first" achieved trust products participated in the stock index futures firstA transaction code.
In April of this year, China resources trust us plan launched a week ago, Warburg trust combined with CITIC Securities certificate futures, in the Shanghai Branch, Sun launched the same forever to hatch and look for the best to hedge investment adviser "stars of hedge hedge fund list of China". Foreign trust private objects that are frequently visited, also recently became the Sun. Foreign trade lettersSupporting Department of securities investment Assistant General Manager Ma Shaojing told China Securities News said, they have recently been busy,-intensive sunshine private reception around the consulting futures business, and intensive contact with the future, large and small companies to discuss cooperation matters. "This is not the hard work and preparation, submission of various documents to assist Sun private equity products agreementTerms of increased investment in futures, tissue holder Assembly trust products, there is a lot of work to do. We are striving for the shortest possible time in the foreign trade Trust launches hedging products on this platform, but at the same time to ensure security compliance.
"People in the industry say, a traditional private sunshine into a hedge, the approval process only after almost 3 months of time. “Curve "to achieve" hedging "industry insiders said, because of securities investment trust companies cannot apply for the creation of new accounts, even if a trust company to the stock index future licence nor the establishment of trust, can only be added to the existing product hedging mechanisms. Just trust the internal compliance processes after a long time. Through an internal processHou, trust company or you want to apply to the gold in China Banking Regulatory Commission and the lines. Therefore, the futures licensing trust real stock index futures trading, take a very long time.
Therefore, they trust seems to be working "only inputs and no outputs". But they go in front of a trust company is not at this time. Trust company stock trading accountsLet go of expectations, will soon introduce a new Fund, making their work more long-term significance. Li Songzhe said, if the same amount of trust funds can apply for line of hedge and arbitrage, which can do such a sunny private "hedging", judging from the current situation, the requirement does not seem to be clear about this ban. At the same time, the trust company participated in the stock index futuresBusinesses will also modify the guidelines, may expand the scope of trust involved in futures trading, private hedge Sun to provide more space. In addition, the "trust company opening a securities account is expected to open" message in the circle of rumors. In response, Li Songzhe said this was "very reliable". "If it is true, the trust industry's majorFeel good ", which means that the new Sun hedge private fund be set up, real income in the trust company from the stock index futures trading. Grant of stock index futures trust company has been increased to 3, a number of trust on the China Securities newspaper reporters also actively applying for licence of stock index futures, is expected to receive in the second half of this year. For aspiring "test the waters" hedging transactionsSunshine private equity, there will be multiple platforms to choose from, distribution channels will be more convenient, this is the reason the trust scrambling for customers. Insiders pointed out that future trust companies to provide customers with personalized service, differentiated private competition can really attract the best of the Sun team. For a trust company, as financial reform deepeningThe "platform" value will gradually fade, use licence allows to pass an opportunity to increase their investment and research and risk control ability, is the real way to win. Ping an trust: trust not only private open platform as compared to other trust companies, back on the Ping ping an trust has been holding on to their wealth management route. Ping an trust wealth management divisionProduct development manager Jin Zhiyong said in China Securities News reporter an exclusive interview, the ability to focus more on active control, trust companies are not just tools for private equity fundraising.
Based on the prudent judgment of the market, they are more focused on areas such as real estate, PE, monetary funds, securities will be stable. Currently focused on real estate, PE,Monetary Fund, China Securities News: Sun private equity products in the product line of ping an trust in what position? Gold zeal: ping an trust Sun to private-a late start, stop new trust company stock trading accounts, led to the current scale of private equity subsidiary of ping an trust Sun is relatively limited, but peace trust's efforts to look for excellent private equity team has notHas stopped. After several years of effort, the most elite private institutions have 70%-four cooperated with us
wow power leveling, ping an trust Sun private development of robust, strong business and have some influence. Ping an trust released the sunny private rankings on a regular basis, on the management of securities and investment trust products consultant ratings, as an investorSelect the product reference, but also to the dynamic tracking performance evaluation of scientific evidence as an investment adviser.
On this basis, we developed a series of TOT, after broken down for different investment adviser for investment style, combining different market conditions and investor risk appetite of its own, to diversify the product portfolio provides diversification of portfolio investment tool. China Securities journal:A saying is, trust company stock investment account is expected to release this year, ping an trust on what measures will be taken? Gold zeal: If the account opening, we will certainly preferred to develop new investment consulting, private industry, after all, is a newcomer have industry. Ping an trust private limited, sunshine is the root cause of the market downturn. Although, we and the privateFor some products, as well as their own ETF Portfolio, offering private relative ranking is very good, but absolute gains are not obvious. High net worth clients seeking absolute returns, income and does not appeal to them. Our fixed income 20% income can be achieved between the two years, the best stock investment products are also only a few percentage points of return。 Return on investment continues to be one of the most important evaluation criterion.
Based on the prudent judgment of the market, we are more focused on areas such as real estate, PE, monetary funds, securities will be stable. Homeopathy reorienting investment China Securities journal: if market conditions improve, ping an trust will increase the security investmentProportion of funding? Gold zeal: stand on the customer's position, ping an trust products is in line with the economic cycle. Because it is only helping customers make money, customers to remain cohesive. In particular economic circumstances, if only to sell to sell products to customers, is the company's business interests at the expense of the customer's economic interests. Previously foreign private banks in this regardPast lessons, is not suitable on a bad point in recommending merchandise, eventually was abandoned by the customer. Ping an trust will be adjusted in securities investment strategy, we judge the market in favour of bonds in the first half of this year, so the bonds had been tilted, our bond investment products are now the highest expected annualised yields of up to 20%. Although ping an trustNon-capital market competitive advantage, but we will follow the economic cycle full development in all spheres, because customers investment is also diverse.
China Securities journal: you can believe, there will be more trust investment stock index futures award, ping an trust have prepared? Gold zeal: application for stock index futures we are in, weTechnology, preparation of human resources have been put in place, and had begun to justify a hedge. At the same time, ping an trust in international practice has been on the market for hedging, through the QDII is one of our direction for the future development of overseas development, also in the future and some brokers, fund companies, more attempts. But we will implement any financial instruments toTo create valuable products.
China Securities journal: there's a saying, fund law may provide for private equity funds can directly raise funds through banks, ping an trust on the what's the response? Gold, wisdom, courage: as ping an trust is not just positioning himself as a private platform, Sun, even allowing private equity funds raise money directly through the Bank, Will not have a great impact on us. If private equity raising by Bank, the private equity is a major boon; for us, the only change in a cooperative way. Ping an trust's ability to focus more on active control, trust companies are not just tools for private equity fundraising. I think this is a an opportunity to embody the ability to ping an trust control.
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