A few days ago, a draft of new rules on insurance asset management was released. In the future, insurance asset management will compete with bank wealth management and private equity funds on the same starting line. Standing on the eve of the industry outbreak, the "grabbing war" of insurance asset management agencies has been surging.
Brokerage Chinese reporters learned from the industry that the asset management subsidiary of Bank of Communications, Honglian Life Insurance is recruiting general managers across the market. The requirements include "the financial industry has a good personal reputation" and will give "market-competitive salaries." Who will be the general manager of this insurance asset management company with a scale of nearly 50 billion? The answer will be announced soon!
50 billion-scale insurance asset management company recruits general manager
With the release of the consultation draft on new insurance asset management regulations, the news that the Bank of China Kanglian Life's asset management subsidiary will recruit general managers is also spreading in the industry.
Bank of Communications, Kanglian Asset Management is a wholly-owned subsidiary established by Bank of Communications, Kanglian Life Insurance. It was officially established on June 18 this year and is based in Shanghai. The opening of Bank of Communications, Kanglian Asset Management became the second joint venture insurance asset management company approved to open in China since it proposed to accelerate the opening up of the insurance industry in 2018. The parent company, Bank of Communications, Kanglian Life, was established in 2010, and the company's assets are nearly 50 billion yuan.
According to a Chinese reporter of the securities firm, the position of General Manager of Bank of Communications, Honglian Asset Management requires more than 10 years of experience in the asset management industry, 5 years of insurance asset management, or entrusting a company's senior management or department head.
The proposed general manager must have good risk control awareness, marketing capabilities, and rich management experience in investment, research, and trading, be familiar with various types of investment asset management business, and have experience in the allocation of insurance fund portfolios, especially with standardized asset management experience . Among them, the proposed general manager has a good personal reputation in the financial industry, and a deeper understanding of insurance asset management or insurance funds may be given priority consideration.
In terms of remuneration, people with knowledge of the situation called it "quite competitive in the market."
Judging from the description of Bank of Communications and Kanglian, this is a more open and complex position for large asset management institutions. In addition to the requirements of rich investment and research experience, the proposed general manager also needs to have good marketing capabilities and "have a good personal reputation in the financial industry", which is still relatively rare in the recruitment of insurance assets management that mainly manages the assets of the parent company of.
It is reported that according to the Bank of Communications and Kanglian's business plan, the proposed general manager will seize the third-party entrusted asset management business, that is, in addition to managing the insurance funds of the parent company, it will also expand external entrusted assets.
Asset management talents are "cross-border"
Although it manages more than 100,000 assets, the insurance asset management industry has only about 10,000 employees and the number of executives is as few as a few hundred. This is not a labor-intensive industry.
Where do the executives of insurance asset management companies come from?
According to a Chinese reporter from a securities firm, among the chairman and general manager of insurance asset management, many people have experience in funds and securities in addition to their insurance background, and some executives have worked in banking, trust, and futures industries.
Last month, the news that Chen Lin, the former chairman of Huabao Securities, became the general manager of CPIC Assets, caused concern in both the securities and insurance industries. From a certain level, Chen Lin's flow from securities companies to the insurance asset management industry is a reflection of the marketization of insurance asset management.
For example, CPIC's current senior management team also has many non-insurance asset management experience in fund companies and securities companies. Take Yu Yeming, the current chairman and general manager of CPIC Asset, as an example. Before joining CPIC, he had worked in 4 industries including securities, trust, industry, and investment company.
Broker Chinese reporters combed and found that among the seven insurance asset management companies with the largest amount of insurance funds under management, 10 of the 13 chairman and general manager (including the proposed) have had experience in fund companies, securities companies and other financial industries. There are 3 others who have experience in industrial companies and other industries.
For example, before joining China Life, Wang Junhui, president of China Life Asset Management, was a fund manager, assistant general manager and director of the investment department, and an executive member of the Investment Decision Committee of Harvest Fund, and has extensive experience in financial investment and administration.
Wang Hao, General Manager of PICC Asset Management Company, has been the Deputy General Manager of Dacheng Fund since September 2002; since November 2008, he has been the General Manager of Dacheng Fund Management. Prior to that, he was still with China Merchants Securities.
In addition, many of the chairman or general manager of small and medium-sized insurance asset management companies come from the securities and fund industries.
Both Min Feng Tonghui Asset's chairman Xiao Feng and general manager Ge Xuan have more than 20 years of securities and fund experience. Xiao Feng was one of the earliest participants and leaders in the asset management industry and founded the Boshi Fund. Ge Xuan has worked for Boshi Fund, Penghua Fund, and also held senior management positions at Jinyuan Securities and West China Securities.
Zhang Hui, general manager of Everbright Sunshine Assets, has worked for China Everbright International Trust, Everbright Securities, Oriental Fund and Cinda Securities.
Zhuang Yuezhang, Chairman of Centennial Insurance Assets, worked in the securities industry before joining the insurance asset management industry. Since the beginning of his career, he has served as the Deputy General Manager of the South Securities Brokerage Business Management Headquarters, the General Manager of the South China Business Headquarters of Xiangcai Securities, the General Manager of the Asset Management Headquarters of West China Securities, the Vice President of Jinyuan Securities, and the Deputy General Manager of Minsheng Tonghui Asset Management. Securities brokerage, investment management, etc.
Wu Jianfei, the current general manager of Anbang Asset, has been in public offering for a long time in the securities industry experience for nearly 20 years, and has also worked for an insurance asset management company. After working at Changsheng Fund Management Company, Teda Manulife Fund, and CCB Fund, he served as General Manager of the Equity Investment Department at Ping An Asset Management Company, and later joined Minsheng Canada Banking Fund as General Manager. He was approved as Anbang Capital in February this year. Managing general manager.
An insurance asset management general manager said that third-party business is an important channel to promote marketization and specialization. Insurance asset management companies must seek breakthroughs and expand the market with a higher level of specialization. In the process of transformation, we must focus on building a three-dimensional, professional investment management team supported by the four pillars of "Understanding the industry, knowing finance, being proficient in finance, and familiar with investment banking."
As more and more cross-industry talents move to the insurance asset management industry, it will bring more new ideas for the use of insurance funds.
76 insurance asset management companies manage 18 trillion assets
The number of insurance asset management institutions is not large, but the management scale is not small.
Data show that since 2003, the insurance industry has established 27 comprehensive insurance asset management companies, 14 professional insurance asset management companies, 11 overseas investment subsidiaries, 16 insurance private equity investment companies, and 8 pension funds. Management company.
In other words, there are only 76 general manager positions in insurance asset management agencies, but the responsibility of these 76 people is not light. As of the end of September, the balance of the use of insurance funds was 17.78 trillion yuan, most of which was entrusted to the management of insurance asset management agencies.
Years of experience in managing insurance funds have allowed insurance asset management agencies to accumulate expertise in long-term allocation and general allocation. In recent years, insurance asset management has begun to explore non-insurance assets business, and the non-insurance funds under trust management have reached more than 1.5 trillion yuan.
In order to integrate into the era of big asset management, insurance asset management institutions have begun to plan for marketization. In recent years, insurance asset management institutions have successively built up their “productization” capabilities and launched insurance asset management product businesses. As of the end of September 2019, the balance of insurance asset management products was 2.68 trillion yuan, of which debt investment plans were 1.24 trillion yuan, equity investment plans were 0.12 trillion yuan, and portfolio insurance asset management products were 1.32 trillion yuan.
According to the China Insurance Asset Management Association, the investment and operation of insurance asset management products is generally prudent and stable, with long product maturities and low leverage, and basically no problems such as multi-layer nesting and fund pooling.
Last week, a draft consultation draft of new insurance asset management regulations was released. In the future, insurance asset management will be able to sell products to individual qualified investors, which opens up a new world of insurance asset management. At present, most insurance asset management companies have full investment business licenses, and the investment scope belongs to the broadest category in asset management institutions. Products issued by insurance asset management institutions will be attractive to individual qualified investors.