saw the change of coach of the brokerage asset management company.
On September 6, Changjiang Securities (Shanghai) Asset Management Co., Ltd. issued an announcement that Zhou Chun, the former chairman, resigned on September 5 due to work adjustment, and Gao Zhanjun served as chairman.
It is understood that Gao Zhanjun's appointment as the chairman of Changjiang Asset Management belongs to the air. He previously served in CITIC Securities for a long time, and served as the manager of the investment banking department of CITIC Securities and the managing director of the fixed income department. The Chinese reporter of
has noticed that since the beginning of this year, the new regulations on asset management have been officially implemented, and the asset management industry has fully entered the stage of net worth management. The complex and ever-changing domestic and overseas environments, the intensified volatility of the capital market, and the continuous refinement and improvement of regulatory policies have brought challenges and opportunities for asset management institutions, and the senior management of many asset management institutions has changed.
CITIC "Veteran" airborne as chairman
Changjiang Securities (Shanghai) Asset Management Co., Ltd. (referred to as "Changjiang Asset Management") in an announcement, announcing that the company's chairman has completed the change.
According to his resume, Gao Zhanjun is a "veteran" in the securities industry. Before coming to Changjiang Securities, he worked in CITIC Securities for a long time, and served as the manager and senior manager of the investment banking department of CITIC Securities, senior manager of the bond department, business director, and capital market department. Deputy General Manager, Executive General Manager of Capital Market Department, Executive General Manager of Bond Sales and Trading Department, and Managing Director of Fixed Income Department.
According to information from the Securities Association of China, Gao Zhanjun worked at CITIC Securities from June 2004 to July 2017. On June 8, 2022, Gao Zhanjun's practice information was registered with Changjiang Asset Management.
At the same time, Gao Zhanjun is also a special senior researcher of the National Finance and Development Laboratory. He has been engaged in investment banking and fixed income business for a long time. Consultant of and ChinaBond Credit Rating Company.
According to relevant sources close to Changjiang Securities, the change of executives is a normal internal personnel adjustment. This time, Zhou Chun, chairman of Changjiang Asset Management, no longer serves as chairman of Changjiang Asset Management due to work adjustment, but still serves as vice president of Changjiang Securities.
It is reported that Changjiang Asset Management was established on September 16, 2014 and is a wholly-owned subsidiary of Changjiang Securities. Its predecessor was Changjiang Securities Asset Management Headquarters, which has been engaged in asset management business since 2001.
Changjiang Securities mainly conducts asset management business through Changjiang Asset Management. As of the end of June 2022, the total assets of Changjiang Asset Management were 65.32 billion yuan, of which the collective asset management plan was 14.648 billion yuan, the single asset management plan was 30.679 billion yuan, and the special asset management plan was 30.679 billion yuan. The plan is 4.934 billion yuan, and the public offering products are 15.059 billion yuan.
In the first half of this year, affected by the decline in the secondary equity market, the scale and performance of new products in the asset management business of Changjiang Securities were affected to a certain extent, and the business profit margin declined. According to the company's semi-annual report, Changjiang Securities' asset management business achieved revenue of 138 million yuan in the first half of the year, down 31.78% year-on-year.
At the same time, the net fee income of Changjiang Securities’ asset management business was 100 million yuan, a year-on-year decrease of 30 million yuan, or a decrease of 23.37%. Changjiang Securities said that the main reason is that the asset management business of securities companies is in the stage of transformation and adjustment, and the management scale is shrinking.
In the first year of the new asset management regulations, executives changed frequently
In terms of performance, Changjiang Asset Management is almost the epitome of the first half of the asset management of most securities companies.
In the first half of 2022, the securities market continued to fluctuate, and the yields of securities companies' asset management products were once collectively under pressure. Although the market has recovered after the second quarter, according to data from the China Securities Association, the net income of the industry-wide asset management business in the first half of the year was 13.319 billion yuan, down 7.94% year-on-year.
takes the asset management of five leading brokerages with a net income of more than 1 billion yuan as an example. Except for Huatai Securities, which achieved a net income of 1.669 billion yuan in asset management business, with a year-on-year growth rate of 13.51%, the other four such as CITIC Securities, The growth rates of GF Securities , Orient Securities and Haitong Securities all declined, and some even reached 40.72%.
At the same time, the business concentration of asset management of leading securities firms is also declining.The total net income of the asset management business was 21.992 billion yuan, of which the net income of the TOP10 asset management business totaled 17.284 billion yuan, accounting for about 78.59%. In the same period last year, the proportion was 82.45%, which is equivalent to a decrease of 3.86 percentage points year-on-year.
However, in the eyes of industry insiders, the first year of the new asset management regulations is also a coexistence of opportunities and challenges for the asset management of securities companies. The asset management business of some small and medium-sized securities companies has achieved growth against the market.
For example, the asset management business of Zhongtai Securities achieved operating income of 327 million yuan, a year-on-year increase of 67.28%, mainly due to new progress in the transformation of asset management business public offering, further optimization of business structure, and steady increase in asset management scale and income; Tianfeng Securities Relying on the recently established Tianfeng Asset Management, it continued to strengthen investment and research capabilities and team building, improve active management capabilities, and enrich product lines. In the first half of this year, the asset management business achieved operating income of 501 million yuan, an increase of 51.82% over the same period of the previous year.
In addition, under the transformation of public offering, the enthusiasm of securities companies to apply for the establishment of asset management subsidiaries has not diminished. According to information on the
CSRC website, since Essence Securities was approved to set up an asset management subsidiary at the end of 2019, the establishment of securities firms’ asset managers, which had been interrupted for nearly four years, is gradually becoming popular.
Since the beginning of this year, Huaan Securities , Guosen Securities , Guolian Securities , Great Wall Securities have successively filed for the establishment of asset management subsidiaries; Guojin Asset Management has received approval from the China Securities Regulatory Commission on July 7; CITIC Securities The application for the establishment of two leading asset managers and CICC has also recently entered the feedback stage. Encouraged by the guidance of regulatory policies in the asset management industry, the asset management subsidiaries of securities firms may be expected to usher in a round of significant expansion in the future.
Under the changing industry environment, senior managers of securities firms' asset management are increasingly adjusted.
On June 2, China Merchants Asset Management announced that the new Xiong Zhigang was the vice chairman of the company. On July 2, China Merchants Asset Management issued another announcement. Due to work arrangements, Xiong Zhigang was appointed as the company's compliance director and Wu Man, the former compliance director. resign.
On July 2, Xingzheng Asset Management issued an announcement that due to personnel adjustments, Sun Guoxiong served as the chairman of Xingzheng Asset Management, and Hu Pingsheng, the former chairman, resigned.
On July 2, Debon Asset Management announced that Sun Wei, director of financial compliance and chief risk officer, resigned due to personal reasons, Wang Chengwei was the company's new compliance director, and Jiangsu was the company's new chief risk officer. Wang Chengwei is the current general manager of Debon Asset Management; Jiangsu is the current board secretary of Debon Asset Management, and concurrently serves as the director of the board office and board secretary of the shareholder Debon Securities.
On July 5, GF Asset Management announced that from July 4, Jiang Rong will serve as the company's deputy general manager and chief information officer, and the former chief information officer Ke Xue has resigned due to personal reasons.
On July 16, Galaxy Jinhui, an asset management subsidiary of Galaxy Securities, announced that it had appointed Guo Qing as the company's new general manager. Guo Qing also serves as the chairman of Galaxy Jinhui.
Editor in charge: Luo Xiaoxia
Proofreading: Zhao Yan
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