While panic and even hopelessness spread throughout the market, calm investors should also pay attention to some important information in the disk and financial markets to avoid more risks in the future. The first thing to focus on is the Umbrella Trust, which is considered to be the second unfallen boot after the tightening of margin financing and securities lending; followed by the performance of the Hong Kong stock market, the current AH share premium index has climbed to historical highs, the performance of Hong Kong stocks It will become an important reference for A shares; finally, pay attention to whether the class B shares of graded funds may continue to fall.
Yesterday (January 19), the A-share market plunged, mainly due to the China Securities Regulatory Commission's regulation of the two financing businesses, reducing investment leverage. In this context, the umbrella trust, which is also a source of leveraged funds, has also become one of the focus of market attention. It is even considered to be another boot that will hit the market next.
"Daily Economic News" reporter learned from the trust company yesterday that since the A-shares gradually came out of the trough in the second half of last year, the size of the umbrella trust has increased rapidly and is still accelerating. The priority funds for this type of trust products mainly come from the bank's wealth management funds and the bank's inherent capital investment. Most of the poor funds are held by professional consultant investment teams.
Earlier, the market rumored that some local securities regulatory bureaus had suspended umbrella trusts. Regarding whether the supervisory layer will stop this kind of business, the trust company researcher told reporters that the possibility of the supervisory layer completely stopping the business is unlikely. After all, the umbrella trust is not new to the trust company, and market demand is gradually increasing. It is only now that some trust companies have begun to shrink their leverage ratio, and they have stricter requirements for advisory investors.
Umbrella trust business is not affected
The Securities and Exchange Commission's "rectification" financing and securities lending business triggered a stock market plunge. Yesterday, the Shanghai Composite Index fell as much as 7.7%, of which the financial banking, insurance, and securities sectors all fell more than 9%.
The umbrella trust, which is also a source of leveraged funds, has also become one of the focus of market attention. The reporter learned from the trust company that at present, the trust company is still carrying out umbrella trust business on a large scale. Product scale is still accelerating.
Umbrella trust is a structured securities investment product in which securities companies, trust companies, banks and other financial institutions work together to combine their respective advantages to provide investment and financing services for investors in the securities secondary market.
A first-line business staff of a trust company told the reporter of "Daily Economic News" that the rectification of the two financial services by the CSRC has little effect on the umbrella company's umbrella trust business. The source of funds for umbrella trust products mainly depends on bank funds and the trust company's approval Issue collective products to raise priority funds.
According to the statistics of UIT Trust, in 2014, a total of 2,455 trust investment securities collective trust schemes were established, with a total scale of 104.97 billion yuan, accounting for 10.44% of the total trust establishment scale for the year, an increase of 34% year-on-year. The data shows that as the A-share market improves, the issuance of securities investment trusts in the fourth quarter of 2014 accelerated significantly. Among them, in December 2014, a total of 258 securities investment trusts were established with a total scale of 14.37 billion yuan. The size of the securities investment trust accounts for up to 15% of the total establishment size.
From the analysis of securities investment trust product structure model, umbrella structured trust is the hottest trust product.
Trust companies have low leverage
According to the reporter, the leverage ratio of the umbrella trust can reach up to 1: 3, while the leverage ratio of margin financing and margin trading is mostly 1: 1, and the leverage ratio of the umbrella trust is much higher than that of margin financing and margin trading.
The above-mentioned first-line trust personnel told reporters that in the umbrella trust, the inferior level is generally served by actual consultant investors, which may be a team or an individual; the priority comes from the bank ’s wealth management funds, and the cost of allocation is Between 8% and 10%, the cost of margin trading and securities lending business is about 8.6%. At present, some more aggressive brokerages can amplify the leverage ratio to 1: 4 or even 1: 5, which means that through the issuance of asset management products by brokerages, some of the funds of the “bad†can control up to five times the bank funds for A-share investment.
However, another trust company researcher told the "Daily Economic News" reporter that trust companies do not have much advantage in the development of structured products compared to the direct investment of securities companies through structured products designed by asset management businesses. One is that the trust company cannot control the operational capabilities of the consultant ’s investment team, and the second is that the trust company has a low leverage ratio to control the risk; and the brokerage can directly control the transaction status of the consultant ’s investment through the stock trading account and control it to a certain extent. risk.
A person in charge of the North China region of a large trust company told reporters that trust companies issue umbrella-shaped trust products, with priority given to not only large institutional clients such as banks, but also ordinary clients of many trust companies participating in fund allocation. Trust companies are transitioning to wealth management and diversifying their product lines. It is also a future trend to allocate funds for customers. Umbrella trust products will also have certain market demand. Moreover, this type of leveraged product has set a strict warning line and a stop loss line, and the security of funds for priority customers is guaranteed.
Earlier in the market, it was rumored that some local securities regulators called for umbrella trusts. As for whether the regulators would stop such businesses, the trust company researchers believe that this possibility is unlikely. After all, umbrella trusts are not new to trust companies. The product structure and trading model are very common, and market demand is gradually increasing, but now some trust companies are beginning to shrink the leverage ratio, and the requirements for advisory investors are more stringent.
For more information, please pay attention to China Umbrella Industry Network () Umbrella customization, umbrella investment, umbrella enterprise
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