Research On The Development Of Asset Management Business Of Securities Firms In The Era Of Big Asset Management

The asset management industry is one of the largest and fastest-growing industries in the global financial industry.Although the asset management business emerged late in China,it has developed rapidly.Since May 2012,China's asset management industry has started a wave of innovation driven by regulatory relaxation.The relaxation of supervision,while expanding the scope of investment and reducing the investment threshold,has also reduced the relevant restrictions,which has resulted in the breaking of the barriers to competition among companies such as brokers,futures,funds,and banks,and the entry into further competition,mixed industry,and diversification of asset management industries.The era of great asset management.Since entering the era of great asset management in 2012,the asset management of securities companies has grown rapidly.However,problems such as unbalanced business structure,insufficient revenue-generating capacity,and frequent risks have emerged during development.The accompanying regulatory policies have also been relaxed since the beginning.Regulatory and Encouraging Innovation to Regulate Regulatory Efforts to Clear Channels and De-leverage in the 2013 and 2014 Regulatory Regimes,and in November 2017,Guiding Opinions on Regulating the Asset Management Business of Financial Institutions(Consultation Draft The emergence of “)”(hereinafter referred to as the “New Regulations for Assets and Management”)marks the beginning of the unified supervision of the asset management industry.The development of the entire asset management industry will face a turning point.The asset management of the securities companies will be a member of a major asset management system.Under the background of large capital management,the channel business and capital pool business generated by regulatory arbitrage have a great impact.At this turning point,major problems in the development of asset management business of securities companies in the era of major assets were identified,and countermeasures and suggestions were proposed.The long-term and healthy development of the business is of practical significance.This article is based on the "great asset management era" this particular background,first through the macro asset management era of China's asset management industry in the development of the macro,regulatory environment,the development status of the current situation,and based on this as a basis for further analysis of the capital management era brokerage capital The development of the management and the “SWOT” method were used to analyze the strengths,weaknesses,opportunities,and challenges of the development of the asset management business of securities companies in the era of major assets management,and provide the basis for the future development strategy of the asset management business for future securities companies.Then,this paper summarizes the problems such as the unbalanced business structure of the asset management business of the securities companies and the lack of income-generating ability through the changes in the scale and income of the asset management business of securities firms in the past six years,and analyzes the internal control issues of the asset management of securities firms through typical cases.Analyze the causes one by one for the main problems.Finally,the main issues in the asset management business under the unified supervision trend in the era of the Great Assets Management transition from the main issues;enhance the active management capabilities;establish an independent implementation of the Department to establish at the same time "lifetime accountability,due diligence,resignation audit" and other measures to strengthen internal control Actively expanding margin products and extending the scope of public offerings to expand the scale of active management put forward countermeasures and suggestions,and finally concluded that after the official implementation of the “new regulations on asset management”,large-scale asset management will face unified supervision,and regulatory arbitrage will cease to exist.The development of the asset management industry has entered a turning point,and the asset management channel business of brokerage assets accounting for more than 70% of the asset management scale of brokerage companies is facing a gradual demise.In the future,brokerage firms should expand the active management scale and enhance the active management capabilities to increase the income from asset management services so that the securities companies can manage assets.It will become the core of securities companies' future income generation,and at the same time,it points out that internal control will become a core competitiveness of future development of securities companies.