Research On The Developement Of Asset Management Differentiation For Securities Companies

The asset management business for China’s securities companies originated since the 1990 s.Following the release of regulatory in the year 2012,the industry began entering a period of accelerated development.For the time being,the expansion of the asset management scale depends on the growth of the channel service and the optimization of the business structure as a result of the limited ability of active management.With the acceleration of the process of interest rate marketization in China,the regulatory authorities increase the supervisions to the shadow banks to handle the problem of asset price bubbles and idle funds in the financial market.Thus,the development model in the past few years relying on channel service will be difficult to continue.This paper will focus on the theme of the discussion about how to choose the development strategy based on their own resources,in addition to the success key for the securities companies in the field of asset management business.In this paper,the differences of asset management business for securities companies are defined,and it illustrates the differences reflecting to the business development model and the differentiation of product types.The development model of asset management(AM)includes two directions,namely the universal AM and the specified AM.The universal AM emphasizes on the overall business,can provides a variety of dimensions of integrated asset management services.The specified AM emphasizes on one professional or one part of business,focusing on a specified area.Through international comparison,there are many problems exist in the asset management chain for China’s securities companies,such as the disproportion of the investor structure,single production dependence,low asset allocation capabilities in aspects of information.Based on above issues,it is recommended a depth development for all aspects of the business chain and to create a one-stop service platform for the companies which choose the universal AM model.For the companies which hold the specified AM,it will be preferred to focusing on product design and to improve the ability of active management.