In the context of the continued compression of financing trust and channel businesses and the effective control of the scale of real estate trusts, the investment direction of trust funds is continuously tilting towards the securities market. The latest statistics show that as of the end of the second quarter of this year, the balance of fund trusts invested in the securities market was 2.8 trillion yuan, a year-on-year increase of 35.39% and a month-on-month increase of 15.17%.
The phenomenon of “moving house” of trust funds to the capital market continues.
The latest statistics from the China Trustee Association show that as of the end of the second quarter of this year, the balance of fund trusts invested in the securities market was 2.8 trillion yuan, and the securities market has become the second largest area of fund trust investment. In addition, thanks to the continued development of the securities market trust, the scale of trust assets ushered in the first rebound in the second quarter of this year after the promulgation of the new asset management regulations, and the overall scale of the industry reached 20.64 trillion yuan.
The scale of trust assets stabilizes and rebounds
After a relatively difficult transition period, as the transition period of the new asset management regulations is coming to an end, the business transformation of the trust industry has achieved certain results, and the changes in the scale of trust assets have gradually stabilized. The latest statistics from the China Trustee Association show that since the high point at the end of the fourth quarter of 2017, the scale of trust assets has stabilized and rebounded in the second quarter of this year, reaching 20.64 trillion yuan, an increase from the end of the first quarter of this year. 0.26 trillion yuan, an increase of 1.28%.
Specifically, in terms of funding sources, as of the end of the second quarter of this year, the scale of collective fund trusts was 10.37 trillion yuan, an increase of 0.76% year-on-year, and its proportion was 50.23%, an increase of 1.89 percentage points year-on-year. The single fund trust scale was 5.6 trillion yuan, a year-on-year decrease of 23.98%, and its proportion was 27.15%, a year-on-year decrease of 7.48 percentage points.
Zhai Lihong, director of the Institute of Trust and Financial Management of Southwestern University of Finance and Economics, said that the results of the transformation of the trust industry can be seen from the changes in the proportion of trust assets. “Since the promulgation of the new asset management regulations, in the context of the continuous reduction in the scale of trust assets, the scale and proportion of single fund trusts, mainly channel businesses, have experienced a long and continuous decline. As of the end of the second quarter of this year, single fund trusts The scale of is less than half of the high point at the end of 2017. The scale of collective fund trusts has remained stable as a whole, and its proportion has continued to increase.”
Securities trusts have strong ability to “attract gold”
In the context of the continued compression of financing trust and channel businesses and the effective control of the scale of real estate trusts, the investment direction of trust funds is continuously tilting towards the securities market.
The latest statistics show that as of the end of the second quarter of this year, the balance of fund trusts invested in the securities market was 2.8 trillion yuan, a year-on-year increase of 35.39% and a month-on-month increase of 15.17%. The securities market has become the second largest investment field for fund trusts. The share of securities market trusts in the five largest investment fields rose to 17.52%, a year-on-year increase of 5.82 percentage points.
“As the transition direction advocated by regulation, the securities trust business has become a key business that the trust industry is vigorously advancing.” A source from the asset management department of a trust company in Shanghai revealed, “Similar to last year, the amount of trust funds invested in the capital market has increased significantly since the beginning of this year. Soon, it has become a consensus that trust funds will continue to flow to the capital market.”
In Zhai Lihong’s view, the standardization of products is an important trend in the development of the industry, which can enable financial resources to be more efficiently and rationally allocated, thereby better supporting the real economy. “The “Interim Measures for the Management of Funds and Trusts of Trust Companies (Draft for Comment)” clearly restricts the investment proportion of non-standard assets. Under the guidance of policies, it is expected that the scale and proportion of securities market trusts will continue to increase.”
“Fixed Income+” products are more popular
According to the latest statistics from the China Trustee Association, as of the end of the second quarter of this year, the scale of trust funds invested in stocks, bonds and funds were 0.65 trillion yuan, 1.91 trillion yuan and 0.24 trillion yuan, respectively, representing a year-on-year increase of 13.07% and 51.83% respectively. And 2.24%. The data shows that the growth of securities market trusts has mainly been invested in stock and bond fund trust products, especially in bond fund trust products that have increased significantly year-on-year.
“Because the risk appetite of trust customers is relatively stable, some customers are not receptive to products that are directly invested in the stock market, and are more inclined to purchase fixed income products.” A person from a trust company in central China revealed to reporters. At present, although his company is actively promoting cooperation with public funds and other institutions, the most popular securities trust products are mainly bonds.
A person from a trust asset management department in North China also stated that the company’s focus is on actively managed securities trust products such as TOF. “But we will also cooperate with some private equity focused on the fixed income field, or invest in public equity fixed income special account products. Because traditional trust products need alternatives, the’fixed income +’strategy can increase customers through asset allocation. To increase returns, reduce risks, and meet their investment needs.”
【Error correction】
【Editor in charge: Liu Xuyao】
.