China Fund News reporters Fang Li and Sun Xiaohui
has indeed declined!
In July 2023, the reform of public fund fee rates was officially launched, and the market paid great attention to fund fees. As the 2023 annual report of public funds has been fully disclosed, fund management fees, transaction commissions, custody fees, sales service fees, customer maintenance fees, etc. have finally been unveiled. Data from
shows that although the overall public fund management scale will increase by 1.57 trillion yuan in 2023, due to multiple impacts such as A-share shocks and new fee regulations, the "four fees" of public funds have declined significantly. The total amount of these expenses reached 202.763 billion yuan, a decrease of 5.52% from 214.601 billion yuan in 2022. Both management fees and custody fees fell significantly.
Management fee income in 2023 will be 133.346 billion yuan
A year-on-year decrease of 7.55%
With the help of the significant growth in the scale of monetary funds, bond funds, ETFs and other products, the total scale of public offerings in 2023 will increase by 1.57 trillion yuan, and the total scale will reach 276,000 at the end of the year billion. However, due to the shrinkage of active equity funds and the impact of the implementation of new regulations on public offering rates, fund management fee income last year declined compared with 2022.
Tianxiang Investment Consulting statistics show that the total management fee income of fund companies in 2023 will reach 133.346 billion yuan, a decrease of 7.55% compared with 144.243 billion yuan in 2022. In the first half of 2023, public offering management fee income dropped by 2.56% year-on-year. This also means that since the public offering fund fee rate reform officially launched in July last year, the fund industry management fee income will continue to decline in the second half of the year.
The largest source of management fee income is hybrid funds. In 2023, a total of 55.75 billion yuan in management fees will be collected, accounting for 41.81% of the total income. However, compared with 69.637 billion yuan at the end of 2022, there was a 19.94% decline. Monetary funds and bond funds are also the main force in management fee income. Last year, the management fee income of these two types of funds reached 28.947 billion yuan and 25.179 billion yuan respectively, a year-on-year increase of 7.51% and 1.94%.
The biggest increase in management fees is qdii and other funds. The management fee income in 2023 will be 2.669 billion yuan and 421 million yuan respectively, a year-on-year increase of 13.04% and 79.19% respectively. In addition, the management fee income of stock funds in 2023 will be 19.335 billion yuan, a slight increase of 0.74% compared with 2022.
35 companies have management fee income exceeding 1 billion yuan
Tianxiangtou Gu statistics show that in 2023, among the 154 public fund companies for which statistics are available, 35 of them have management fee income exceeding 1 billion yuan. In 2022, this number will also be 35.
Specifically, industry leader E Fund ranks first with management fee income of 9.274 billion yuan, becoming the only fund company with management fee income exceeding 9 billion yuan last year. The company's management fee income in 2022 will exceed 10 billion yuan. A year-on-year decrease of 8.64%.
Guangfa Fund, China Asset Management, and Wells Fargo Fund, which are also in the top echelons, followed closely. In 2023, management fee income reached 6.655 billion yuan, 6.087 billion yuan, and 5.474 billion yuan respectively. GF Fund and Wells Fargo Fund experienced year-on-year increases of 9.55% and 11.38%. fell, while China Asset Management increased by 0.65% year-on-year.
In addition to the above four companies with management fee income exceeding 5 billion yuan, the management fee income in 2023 of China Universal, China Southern, Harvest, China Merchants, and China Europe Fund will exceed 4 billion yuan. In addition, the management fee income of Tianhong Fund, ICBC Credit Suisse, Invesco Great Wall Fund, etc. also exceeded 3 billion yuan.
data also shows that the top 16 companies collected a total of 73.872 billion yuan in management fees, exceeding "half" of the industry's total revenue. However, 36 fund companies' management fee income last year was less than 40 million yuan, with the lowest receiving only 650,000 yuan in management fees. The "Matthew Effect" in the industry is obvious, and small and medium-sized fund companies are seeking differentiated ways to break through.
Compared with 2022, the management fee income of 65 fund companies has increased in 2023, especially some small and medium-sized fund companies have achieved geometric leaps. Ruquanguo Fund's management fee income in 2023 will be 218 million yuan, a surge of 621.34% from 30.2 million yuan in 2022. In addition, the management fee income of Shangzheng Fund, China International Finance Fund, Mingya Fund, etc. increased by more than 100%.
The management fee income of some medium-sized fund companies will buck the market trend and rise in 2023. For example, among companies with management fee income exceeding 1 billion, the management fee growth of Vanguard Fund, Huatai-PineBridge, Huashang Fund and other companies has reached "double digits". In addition, the management fees of SDIC UBS Fund, Great Wall Fund and Yongying Fund all increased by more than 7%.
Industry insiders said that in 2023, ETF products, fixed-income products, small-cap style funds, etc. will usher in the "wind". Some fund companies have seized the opportunity to drive the scale of product management forward, thereby achieving steady growth in management fee income.
Customer maintenance fees are 38.06 billion yuan
In fact, fund companies do not get all the management fee income on the books. Fund sales channels such as banks and third-party fund sales companies also have to get a share of it. Customer maintenance fees are one of the important ones. expenditure link.
Tianxiangtou Gu statistics released data on 10,167 funds that released customer maintenance fees. In 2023, fund companies paid a total of 38.06 billion yuan in customer maintenance fees (i.e., "trailing commissions") to sales agencies, down 7% from 40.827 billion yuan in 2022. , which is basically consistent with the decline in management fee income. From this perspective, we can also see the impact of market shocks and new fee regulations.
statistics also show that in 2023, the trailing commission paid by the fund to the sales agency accounted for 24.61% of the management fee income. In 2022, this figure was 24.04%, which has basically maintained this level in recent years.
Judging from the situation of fund companies, the trailing commissions account for a large proportion of management fee income. Some fund managers have a higher proportion of trailing commissions accounting for management fee income, such as BlackRock Fund, Neuberger Berman Fund, Huiquan Fund, etc.
It is worth noting that, excluding the customer maintenance fees paid by fund companies to sales agencies, the actual net income from public fund management fees obtained by fund companies is approximately 95.286 billion yuan.
Sales and service fees 24.455 billion yuan
In addition to the above-mentioned fees, the sales and service fees charged by monetary funds, fund class C and other shares have also attracted industry attention.
Tianxiangtou Gu data shows that fund sales and service fee revenue in 2023 totaled 24.455 billion yuan, an increase of 12.68% from 21.704 billion yuan in 2022.
Among them, the sales and service fees collected by monetary funds last year were 18.198 billion yuan, accounting for 74.41% of all sales and service fees, and were the main force in collecting sales and service fees. A few years ago, this ratio was often at the 80% or 90% level. Apparently, in the past two years, many bond funds, hybrid funds, index funds, etc. have added shares of Class C, Class D, Class E, etc. and adopted sales services. The fee charging model has slightly changed the fee pattern.
The total sales and service fees of hybrid and bond funds will reach 3.123 billion yuan and 1.743 billion yuan respectively in 2023. The sales and service fees of stock funds will also reach 1.179 billion yuan in 2023. The sales and service fees of other types of funds are lower.
From the perspective of fund companies, the fund company with the highest revenue from sales service fees in 2023 is Tianhong Fund, which is approximately 2.167 billion yuan. E Fund, Southern Asset Management, GF Fund, China Asset Management, etc. followed closely, with sales and service fee income exceeding 1 billion yuan.
Fund custody fee income in 2023 is 28.496 billion yuan
ICBC ranks first.
Fund custody fee income has also received high attention from the market. With the implementation of fund rate reform, custody fees have also declined year-on-year. According to statistics from
Tianxiangtougu, 53 custody institutions collected a total of 28.496 billion yuan in fund custody fees. Compared with the fund custody fee of 30.456 billion yuan in 2022, there was a decrease of 6.44%.
Specifically, there are a total of 5 commercial banks with custody fees exceeding 2 billion yuan in 2023, with a total custody fee of 16.687 billion yuan. The market share of the above five giants is as high as 58.56%.
Compared with 2022, the seats of the top three institutions in fund custody revenue last year have not changed. Specifically, the "Universal Bank" ICBC continued to rank first with custody fee income of 4.571 billion yuan last year. China Construction Bank ranked second with custody income of 4.225 billion yuan.
Bank of China ranked third with custody fee income of 3.02 billion yuan, and China Merchants Bank continued to occupy fourth place, with custody fee income of 2.804 billion yuan. Agricultural Bank of China's management fee income also exceeded 2 billion yuan last year, reaching 2.066 billion yuan. Bank of Communications and Industrial Bank followed closely behind, ranking sixth and seventh with 1.887 billion yuan and 1.812 billion yuan respectively.
In addition, the custody fee income of China CITIC Bank, Shanghai Pudong Development Bank, Minsheng Bank, Postal Savings Bank, Ping An Bank, China Everbright Bank, etc. exceeds 500 million yuan.
The overall proportion of brokerage fund custody business is relatively low.The custody fees of 24 securities companies totaled 547 million yuan. The income of many securities companies was only a few million yuan or less, and the number of funds under custody was also small.
It is worth mentioning that the custody fees of many leading banks declined last year. In terms of absolute growth amount, Zheshang Bank, China Guangfa Bank, Hengfeng Bank, Bohai Bank, Hangzhou Bank, etc. all had an increase of more than 15 million yuan. It can be seen that in the past two years, some small and medium-sized banks have actively participated in the custody and issuance of innovative funds, and their custody scale and income have increased.
Editor: Xiaomo
Reviewer: Chen Siyang
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