According to common sense, the income of a fund company is not directly linked to the profit or loss of the fund, but depends on the size of the fund, various services including management fees, and handling fees, which together constitute the income of the fund company.

Regardless of whether the fund is a profit or a loss for the client, the fee is the same for the company that manages the fund.

Therefore, the most important indicator to evaluate a fund company is not the profitability of the fund it operates, but the size of the fund.

Similar to the 'fundamentals' of stocks, as long as the scale of the fund is expanding, the 'fundamentals' of the fund company are good.

Of course, generally speaking, the larger the fund, the more guaranteed the profitability, which in turn will prompt more customers to buy the fund and further increase the scale.

In short, although Tianhong is losing money, due to the total plate of several funds, they are still growing slowly, Tianhong's fundamentals are quite passable, and Tianhong Fund is still developing positively under the leadership of Guo Shuqiang.

Li Dong glared: "Mr. Guo, that's a good thing to say, but we have to make it clear that no matter the positive and negative development, the ultimate purpose of the company is to make money! No matter how good the development is, if it doesn't make money, it will still lose money, and who can stand the loss of more than 10 percent a year? Several major shareholders are already jumping on their feet, do the math yourself, the original investment of tens of millions, a loss of more than 10 percent a year, how much is left now, and the company can still withstand a few years of losses?"

Guo Shuqiang is Li Qi's old partner, when Li Qi was an executive at China Asset Management, the two had many cooperations and had a tacit understanding with each other.

Mr. Guo also knows that Chairman Li is accountable, and those shareholders are urging him behind, and the financial crisis has barely subsided, and several shareholder companies behind him have been affected to a greater or lesser extent, and they are eager to make achievements in the financial market.

Guo Shuqiang got up and closed the office, his tone slowed down slightly, frowned, and said, "Lao Li, you used to work in Huaxia, it should be clear that the fund company doesn't make money, and it's not ours." To put it bluntly, we are working for banks, and even big fund companies like Huaxia and GF can't do it. ”

"Bank ......" said these two words, Chairman Li Qi's brows couldn't help jumping.

The attitude of fund companies towards banks can be said to be both love and hate. On the surface, he respects the bank like his ancestors, and in his heart, he can't wait to overturn the eighteenth generation of the bank's ancestors.

The plate of the fund company has become larger, and various fees will naturally be charged more, but why is it still a loss?

It's because the bank is in the middle, sucking blood fiercely.

Generally speaking, in addition to the profit and loss income of the fund itself, there are several other pieces that can be brought by a fund, which are shared by the financial market.

Purchase fees, such as subscription fees, subscription fees, and sales service fees, are all owned by purchasing channel institutions, that is, by banks;

redemption costs, about a quarter of which go to other investors in the fund, and the remaining 75% to the sales agency, i.e. the bank;

The custodian fee, hence the name, is owned by the custodian. Who is the custodian and the bank!

The only thing that a fund company can really make money is the 'management fee'.

The fund company specifically operates the fund, so that it can make profits in the financial market, and collects management fees from buyers, which is generally about 1.5% a year, which is the absolute majority of the income of all fund companies.

However, a significant part of this money has to be given to the bank!

Why?

Theoretically speaking, there is really no theoretical support, the so-called 'management' is to operate the fund and make it money, which is completely the operation of the fund company.

If you have to say a reason, that is, the banking channel is awesome, stuck in the neck of the fund, and occupies an absolutely strong position and voice in the cooperation with the fund company.

The issuance of new products can only be established with the help of strong recommendations from banks, and during the continuous marketing period, it is also necessary to rely on bank channel recommendations to continue to expand the scale, on the contrary, if the fund company does not cooperate with the bank channels, the bank's staff will advise customers to redeem the fund.

"Eldest sister, this fund has been very risky recently, I suggest you sell it as soon as possible. "Sister, don't worry, the risk of this fund is almost 0, you can buy it with confidence"

When the bank's staff says these two sentences to the user, what will the user choose?

Without giving money, the bank can easily 'block' a fund.

This money is actually a protection fee and a benefit fee, which is called 'trailing commission' in the industry, also known as 'customer maintenance fee', which is almost useless for banks, and it is a mountain that is pressed on the body of fund companies.

Last year, the total income of more than 70 fund companies in the country was about 25 billion yuan, and the total fund inventory increased by nearly 7 percent, but the 'customer maintenance fee' for banks alone was as high as 5 billion yuan, an increase of 11 percent year-on-year.

As long as the growth rate of the total plate cannot keep up with the growth rate of the maintenance fee to the bank, the fund company will definitely lose money.

Large funds like Huaxia are in a better situation, and they have a certain right to speak in front of the bank, and they can barely cope with the maintenance fee of about 20 points per year for the bank;

However, some small and medium-sized funds have no room for bargaining with the bank at all, and absolutely dare not offend the bank, so in order to ensure the issuance and sale of the fund, they can only let the bank ask for a price.

Last year, the most exaggerated small fund company in the industry, the annual service fee income was only 4 million, but the customer maintenance fee to the cooperative bank was as high as more than 3.7 million, more than 9 percent!

The vast majority of the income, even more than 80% or 90%, goes to the bank, which is very common in small fund companies.

The situation of Tianhong Fund is slightly better, but it is not optimistic, the company's total income for a year, nearly 7% of which is given to the bank.

What a fart!

Sometimes Mr. Guo accompanied the leaders of the bank to drink, and when he drank too much wine and went to the toilet, he often couldn't help but want to suffocate the other party in the toilet.

"Okay, okay, you don't have to complain about these useless things. Li Dong frowned and waved his hand, he used to deal with people in the bank in Huaxia Fund, and he could fully understand Mr. Li's difficulties, and he often had strange impulses such as 'suffocating him to death in the toilet, hanging himself from the fan, his wife, and killing his father'.

However, it is useless, and the status quo is like this, either through the bank channel or through the dealer channel. However, the channel ability of the roll merchant is not as good as that of the bank, and it will not be much more polite than the bank in terms of fees.

"Li Dong......" Guo Shuqiang resumed his position and said: "You also said, this is the status quo, fund companies all over the world are like this, for funds, channels are very important, almost everything." Tianhong is still in the development stage, and it is normal to have losses. When the shareholders invested in Tianhong, they should have known this for a long time, and they would not be able to get it in a hurry. That's why I said that as long as the fund's total plate is growing healthily, the company has a future. ”

"Don't talk about these theories, you just give the board a clear deadline, how many years will it take to make a profit?" asked Mr. Li.

"How can I give a deadline for this!"

Guo Shuqiang's address to the other party changed again, and said: "Lao Li, if the board of directors wants a beautiful report, then no problem, you say whether it is three years or five years, I can make the data and ensure that there is an explanation to the board of directors." But the two of us are our own people, I tell you the truth, where is there a time limit for this kind of thing, you can only take your time, and when Tianhong's plate is getting bigger and bigger, you will have more confidence to negotiate terms with the bank, and then you will naturally turn losses into profits. Either that, or waiting for policies, wind directions, or opportunities, but they are all unavoidable. ”

"On the board side, you better make a report first, no matter what, you have to get by on the face. In the wake of the financial crisis, the companies of those shareholders must also have a minimum explanation to their board of directors. As for the chances you mentioned......"

Li Dong paused, "Have you heard of Zelianke in Southern Jiangsu Province, Mr. Bao of Huahai Securities contacted me today and said that the boss of Zelianke wants to cooperate with us." ”

"Zelianke, I know, Zeyue Chinese Network is not their listed company. We have an equity fund with a portion of Zeyue's shares, and the market is doing very well. Mr. Guo nodded: "How did you cooperate?"

"I didn't say anything on the phone. In this case, you first contact the other party on behalf of the company. Listen to what the other person thinks. ”