On the third anniversary of the new asset management regulations, the trust industry has changed.

Today, it has been three years since the Guiding Opinions on Regulating Asset Management Business of Financial Institutions (referred to as "New Asset Management Regulations") was officially promulgated.

A report recently released by the 50-member Forum of China Wealth Management pointed out that since the implementation of the new asset management regulations for three years, on the one hand, the supervision system has been continuously improved, and the chaos in some industries in the early stage has been fundamentally managed, laying the foundation for the staged success in preventing and resolving major financial risks; On the other hand, the development of asset management industry is first broken and then established, and gradually moves towards a new stage, showing the characteristics of new models, new products and new patterns.

Specifically, what changes have the new asset management regulations brought to trust products?

Functions and investments have changed greatly.

The non-compliant part of the transaction management trust is the key reduction target, such as the financial interbank channel business characterized by regulatory arbitrage and potential risks.

At the end of 2020, the scale of transaction management trust was 9 19 trillion yuan, which was 4 1% lower than the historical high of 15.65 trillion yuan at the end of 20 17. From 20 18 to 2020, the scale of transaction management trust kept declining for three consecutive years, reaching 2.4 trillion yuan, 2.6 trillion yuan and 1.46 trillion yuan respectively.

In addition, the scale of financing products has dropped a lot recently, and gradually reducing financing trusts will become the long-term goal of the industry.

After the implementation of the new asset management regulations, the balance of financing trust decreased steadily in 20 18, but the scale of financing trust assets rose rapidly from 20 19 to 6.4 trillion yuan at the end of June 2020. In June 2020, China Banking Regulatory Commission issued the Notice on Risk Disposal of Trust Companies, requiring trust companies to reduce their investment in non-compliant financing trust business. In the second half of 2020, the scale of financing trust dropped sharply, dropping by 1.59 trillion yuan in the third and fourth quarters.

Among the three types of trust products, the only one whose scale and proportion keep growing at the same time is investment trust products. By the end of 2020, the scale of investment trust products was 6.44 trillion yuan, an increase of 6.6% compared with 6.05 trillion yuan in 2065438+March 2008, and the proportion increased from 24% to 32%. At present, investment trust has accounted for nearly one-third of the three functional products, and it is expected that this share will be further enhanced in the future.

From the perspective of asset investment, the fund trust that invests in standardized wealth management products has grown against the trend, and there have been two major changes in asset investment: First, the growth trend of real estate trust has reversed. At the end of the first quarter of 20 18, the scale of real estate fund trust was 2.37 trillion yuan, and the balance of real estate fund trust decreased to 2.28 trillion yuan by the end of 2020; Second, the standardization trend of wealth management products began to appear. From 2065438+08 to 2065438+09, the investment scale of standardized assets also experienced a rapid decline, but with the recovery of the stock market and the policy guidance of the regulatory authorities, the investment trend of standardized wealth management products began to appear in 2020.

Two typical problems need to be solved urgently.

A report recently released by China Fortune Management 50 Forum also pointed out that the new asset management regulations have effectively solved many risk points in the asset management industry, but they cannot cure all diseases. At present, there are still some problems to be solved in the development of China's asset management industry, including two typical problems.

First, the financing problem of investment business still exists. The financing of investment business, on the surface, is that asset management institutions provide services for investors, but in fact, they are providing services for financiers and obtaining benefits from them. In direct financing business, investors and financiers are counterparties. If asset management institutions serve both parties at the same time, they will face huge moral hazard and irreconcilable conflicts of interest. Relevant experts said that the current "new regulations on asset management" and related supporting rules still lack relevant requirements for strictly distinguishing asset management business from investment banking business. In the next stage, the relevant regulatory authorities should fully realize the harmfulness of financing investment business and pay attention to it.

Second, investor education has a long way to go. First, the gangdui culture has not been completely broken in a short time. Most investors still have a low acceptance of the concepts of net product value, asset allocation and long-term investment, and pay insufficient attention to the contract terms, risk classification, net value change and investment and research ability of asset management products. Second, the macro-strategic planning and long-term mechanism of investor education need to be improved, and the working mechanism of investor education is fragmented, lacking overall planning and legislative arrangements at the national level; Third, the enthusiasm of asset management institutions to participate in investor education still needs to be improved; Fourth, the effectiveness of investor education needs to be strengthened.