Research On The Development Of Fund Account Business In My Country

On January 1,2008,the implementation of the “Fund Management Approach for Specific Client Asset Management Business of the Fund Management Company” marked the formal entry of the domestic fund special account into the standard operation stage.On November 1,2012,the “Regulations on the Management of Subsidiaries for Securities Investment Fund Management Companies” was promulgated,allowing fund companies to set up subsidiaries to carry out special asset management plans.The special account business thus achieved the connection of non-standard assets.The timely issuance of fund accounts not only satisfies the individualized and specialized wealth management needs of investors,but also contributes to the important role of the asset management industry in transforming the economy.However,with the rapid expansion of the sca le of special accounts and risk measures that cannot be followed up in a timely manner,the industry focused on a large number of channel business risk events from 2014 to 2016,and intensive supervision policies were introduced to strengthen the supervisi on and rectification of related businesses.Under the heavy supervision,the arbitrage space for supervision of fund special accounts has been continuously reduced,the channel scale has begun to shrink,and the business is facing a transition.In the futu re,the return of fund accounts to business sources will be irreversible.As a young fund company,Caitong Fund has won three special awards in 2017 for its outstanding performance in the special account business,and has been reelected for the first time in a special account-Jinding Award.This paper takes Caitong Fund as an example to analyze the success and insufficiency of the “differentiated and characteristic” development model of its special account business,and provides reference and suggestions for the development of the special fund account in combination with the current general problems faced by fund institutions.First of all,the summary of the development of the fund special account business in China,the status quo,and the general business development profile of the Financial Fund account were introduced.Secondly,it analyzes the reasons for the opening of spe cial account business,including the strong support of regulatory policies,the investment demand of domestic high-end customers and institutional funds,and the rapid growth of special account management fee income.Thirdly,we analyzed the successes and problems of the two major business models of Caitong Fund's fixed increase and futures special account as well as the special account business.With the advantage of shareholders' background,Caitong Fund has taken the lead in the futures asset management and fixed increase market and has succeeded in gaining success,which has far-reaching implications for its subsequent business expansion.In addition,the financial and investment funds in the new three boards,quantitative investment,fixed income and ot her sub-sectors and special account subsidiary business are also in full swing;but at the same time also exposed the narrowing of the arbitrage space for fixed-industry growth,product size structure imbalance,professional talents Inadequate reserves and channel business risks.Finally,in conjunction with the analysis of the Finance Fund,we draw inspiration and make recommendations.