章節 1403: Chapter 1403: The Benefits of a Giant Asset Management Company
'Chairman, sorry to keep you waiting.'
'Well, sit down!'
The next morning, Wang Qi arrived at Xia Yu's office.
Seeing Wang Qi's mental outlook and natural temperament, Xia Yu was very satisfied.
'Wang Qi, I asked you to come over this time because I have an important task that I want to give you to do.'
'It's not suitable for anyone else, and I don't feel at ease with anyone else.'
Hearing Xia Yu's words, Wang Qi said with a serious face, 'Chairman, please arrange it, I promise to do my best to implement it.'
Xia Yu said with a smile, "To do a good job, you have to devote most of your energy to it. You can't manage Jiuding Securities Company, let Yuan Tianfan continue to take over.'
'Any objections?'
Wang Qi decisively shook his head and said, "No objections, I will fully obey your arrangements.'
Xia Yu nodded with satisfaction, then picked up a document from his left hand and placed it in front of Wang Qi.
'Take a look first. This is what you need to do.'
Wang Qi picked up the document with curiosity, opened the cover, and immediately understood when he saw the words 'asset management'.
He was no stranger to the field of asset management, as Jiuding Securities was currently doing it.
Of course, the asset management business was a subsidiary of Jiuding Securities, and it was not very large.
On the contrary, the asset management department of Jiuding Bank was even larger.
Jiuding Insurance Company also has an asset management department.
However, at present, the asset management businesses of Jiuding Bank and Jiuding Insurance Company are different from those of Jiuding Securities Company. The first two companies manage their own assets and have not opened up to external businesses.
On the contrary, Jiuding Securities Company's asset management subsidiary is entrusted asset management.
This entrusted asset management is different from the nature of Jiuding Trust Company's business.
This time, since the chairman of the board of directors came to talk to him about this matter alone, then he must not be satisfied with the current situation.
The truth will be clear after reading the materials.
With a series of questions in mind, Wang Qi quickly skimmed through the material.
This material was actually a report on the global asset management industry that had been investigated.
The asset management industry originated a long time ago, as early as the 18th or 19th century.
For example, the parent company of Hong Kong Baoyuan Investment Company, the British Schroder Group, was an asset management company established in 1804.
The reason why the general public is not familiar with it is that the asset management industry has never been primarily aimed at the general public since its inception.
Unlike banks and securities companies, which deal with the general public a lot,
the asset management industry has an extremely broad market and is also dominated by large players.
The four major domestic AMCs in the future, Huarong, Great Wall, Orient and Cinda, are all giants.
But compared with foreign asset management giants, they are small potatoes.
For example, BlackRock, the world's largest asset management group, manages assets of up to US$7.3 trillion.
The second is the US-based Vanguard Group, with assets under management of up to 6.1 trillion US dollars.
More than 3 trillion US dollars are also managed by UBS Group AG, State Street Global Advisors and Fidelity Investments.
More than 2 trillion US dollars are managed by Allianz Global Investors, JPMorgan Chase Asset Management, Goldman Sachs Group, BNY Mellon and Pacific Investment Management Company.
There are more asset management giants with more than 1 trillion US dollars.
The influence of any of these asset management groups is staggering.
You can find these asset management giants among the top ten shareholders of any listed Fortune Global 500 company.
As a result, these asset management giants have a global reach and an unfathomable amount of resources at their disposal.
Although asset management companies are, in short, simply managing money on behalf of clients, the money comes from clients, whether individual or institutional investors, including government or local government pensions, foundations, endowments, official institutions, financial institutions and enterprises, etc.
But influence is not calculated according to ownership, but according to the right to use.
Regardless of who grants the power, the key is who holds it.
Because the people in power are the ones who have more direct contact with all sectors of society.
Of course, these are the giants who will dominate the future.
According to current investigations, the king of asset management, BlackRock Group, has not yet registered, not even a shadow.
Bank of New York Mellon has not even appeared yet, and it is still just Bank of New York and Mellon Financial Corporation, which have not yet merged.
Companies like Pacific Investment Management Group, Fidelity Investments Group, and Vanguard Group were only established 20 years ago, and although they are now large companies, they have not yet entered the global top 10.
In this era, there are a large number of asset management companies and many investment opportunities, which has prevented mergers and acquisitions from becoming a common phenomenon in the asset management field.
Therefore, on a global scale, no asset management group has assets exceeding one hundred billion US dollars.
What trillion or even six or seventy trillion US dollars in assets, in an era when money is still valuable, is even more unthinkable, and no one dares to imagine it.
...
Time flies.
It's only been a matter of two cups of tea.
Wang Qi finished reading all the materials in his hands.
After putting the documents down, he said to Xia Yu, 'Chairman, are you planning to re-establish an asset management company and let me manage it?'
Xia Yu smiled and nodded: "That's right.'
'Are you under any pressure?'
Wang Qi gave a wry smile and said frankly, "There is definitely pressure, but I have absolute confidence in building it up.'
'I'm not so sure about just trying to build it into a global asset management giant.'
In the documents he had just read, he had seen information about asset management giants in the United States and Europe.
He had heard of all these companies.
Within Asia, especially the Southeast Asian generation, even if it is an island country, he is confident that he can build an asset management company, because the Jiuding consortium has a huge influence within Asia.
As long as the asset management company is established, he will spread the word, and countless amounts of money will be begging to be managed.
Furthermore, in terms of the asset management market, the intensity of competition within Asia is not as great as in Europe and the United States.
However, if he wants to enter the European and American markets, it will be extremely difficult, because his opponents have a local advantage.
Pension funds, school education funds, government sovereign funds and other huge funds will not easily be managed by foreign companies.
What's more, the financial markets in Europe and the United States are already super prosperous, and Wall Street in the United States is the global financial centre, where big players gather. Even if Wang Qi is confident, he doesn't think he can do whatever he wants on Wall Street!
How can he compete?
Xia Yu heard Wang Qi's concerns.
He said with a smile, 'It's good to be under pressure, but don't belittle yourself.'
'In fact, in the financial industry, for investors, nothing is more important than a solid profit, regardless of relationships or other factors.'
'As long as you can bring investors enough profit and establish a good reputation and brand, they will come knocking at your door with money.'
If it weren't for this reason, the BlackRock Group, Vanguard Group and other giants would not have grown so quickly.
Investors are knocking at the door with billions and even hundreds of billions of dollars to request management.
'Chairman, I understand, I will do my best,'
Wang Qi took a deep breath and solemnly promised.
'Don't worry, have some tea first and let me finish explaining my requirements.'
'In fact, it's not as difficult as you think.'
Xia Yu smiled and continued after Wang Qi had drunk the tea.
'Although asset management companies are different from securities companies, there is also a lot of overlap.
'It's not impossible to expand Jiuding Securities into an asset management company, but there's no need to do so. Jiuding Securities' goal is to become a world-class investment bank.
'The new asset management company's business includes asset management, investment management, enterprise management, and entrusted asset management. Its income includes a guaranteed asset management fee and a share of investment income.'
'In fact, my goal for this company is not to make money. Company operating profits are not my pursuit. Do you understand?'
Wang Qi was stunned and frowned in thought.
After a while, he asked uncertainly, 'You mean, drastically reduce the asset management fees and the share of investment income, so as to gather as much capital as possible into the company?'
'And then use this money to invest in the assets you like in advance, and take over when it's time to acquire?'
Xia Yu smiled and said with satisfaction, 'It's good that you can think this far ahead.'
Hearing this, Wang Qi also smiled modestly, and his heart settled down.
He had guessed correctly.
This involves the common investment logic of the market.
Let me give you an example.
Suppose Xia Yu is preparing to acquire Texas Instruments Group in three years.
If he asks Polaris Capital to do it, then given Polaris Capital's current image, it will be immediately perceived as a hostile takeover, and the cost of the acquisition will be extremely high.
Even a normal acquisition will have to be at a high premium, and if the stock market moves even slightly, the share price of Texas Instruments Group will soar.
But if an asset management group is asked to do it, then the nature will be different.
The image that the asset management group wants to create is that of a global investment that appreciates in value and is a prudent value investor. Even if it does the same merger and acquisition business as Goldman Sachs, it will not change the nature of its value investment.
Therefore, it will be easy for the asset management group to go to the stock market to acquire Texas Instruments Group's shares, and the original shareholders will welcome it instead, because a super heavyweight shareholder has been introduced as a ballast for the stock price.
Even if it acquires the original shareholders' equity, it will not cause huge waves or arouse the vigilance of the original controllers.
In this case, the difficulty and cost of the acquisition will be much lower.
But after all, the purpose of investment is to make a profit. If there is a certain profit, it is very normal for the asset management group to sell its shares in Texas Instruments.
After waiting for a year or so for the storm to die down, Xia Yu can completely transfer all the shares in Texas Instruments held by the asset management group to his other companies at once. As for the price, it is up to him to decide. As long as there is no loss, investors cannot question insider trading.
Such an acquisition process, compared to a direct acquisition, has an extra step and takes longer.
But the advantages are obvious.
It can save huge acquisition costs and increase the success rate of mergers and acquisitions.
The cost savings here are actually the invisible profits that Xia Yu has obtained.
Compared to this profit, what asset management fees and investment income shares are, they are nothing!
If there is no money from this investor, and the acquisition is financed by borrowing from the bank, the bank interest and handling fees alone will be higher than the asset management fees and investment income shares, and it will also bring huge risks.
To sum up:
Xia Yu's goal in setting up an asset management group is to use other people's money to make investments for himself, saving himself money while the investors are still willing to pay!
Moreover, compared to small and medium investors, these high-quality individual investors and large institutions, because they entrust so much capital for investment, their profit requirements are not as high!
After all, as everyone who knows about investment knows, the difficulty of doubling a million dollars a year is worlds apart from making a 5% profit on 10 billion dollars a year!
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