Source: 21st century business herald.
21 Interview with Chief Investment Officer of BlackRock Jianxin Finance: Deeply cultivate CCB channels, and focus on equity and multi-assets in investment and research capabilities.
21st century business herald reporter Fang Haiping and intern reporter Xinyu Chen reported that with the appearance of the first product, the joint venture financial management company gradually unveiled its veil to the market. As a product of the dual background of the net-worth transformation of China Bank’s wealth management market and the financial opening to the outside world, the positioning and business direction of joint venture wealth management companies have attracted the attention of the asset management market since its establishment.
In particular, BlackRock Public Offering of Fund was approved to be established, becoming the first foreign-controlled Public Offering of Fund in China market. In the process of deepening financial management transformation, the form of bank financial management is getting closer and closer to that of Public Offering of Fund. What is the differentiated positioning between BlackRock CCB Financial Management and CCB Financial Management, BlackRock CCB Financial Management and BlackRock Fund? What is the long-term development strategy of BlackRock Jianxin Finance? 21st century business herald recently interviewed Zhu Guoqiao, deputy general manager and chief investment officer of BlackRock Jianxin Finance, and he responded to the concerns of these markets.
In May of this year, BlackRock Jianxin Wealth Management was approved to start business, becoming the second joint venture wealth management company to start business. Three months later, its first wealth management product, BlackRock Beiying A-share New Opportunity, privately owned equity wealth management products. It is understood that it is currently in the fundraising period.
21st century: What is the orientation and development direction of BlackRock CCB Financial Management? What are the differences and relationships between BlackRock CCB Financial Management and other Chinese-funded financial management salaries, and BlackRock Fund?
Zhu Guoqiao: The relationship between BlackRock CCB Financial Joint Venture and CCB Financial, a wholly-owned financial subsidiary of CCB, is very clear. In the process of preparation, we have full communication. The joint venture financial company will fully understand the needs of CCB’s customers and products with the help of partners’ resources, meet the different needs of investors through CCB channels, encourage more people to convert their savings into investment, and help them achieve wealth and happiness.
The relationship between BlackRock CCB Financial and BlackRock Fund is also very clear. Blackrock CCB Financial mainly serves the customers of CCB, and understands and meets the needs of CCB customers. BlackRock Fund is a market-wide and omni-channel business. The dual-track layout of the two meets the needs of customers with different risk preferences through different distribution channels.
21st century: What is the setup of your investment and research team and the construction of your investment and research ability? What kind of ability will you pay more attention to in the future?
Zhu Guoqiao: Our company’s big strategic principle is to give full play to the advantages of all shareholders, and the investment and research team setting is also consistent with this. At present, the investment and research team members include overseas personnel from BlackRock, personnel from China Construction Bank/CCB Financial Management, and investment and research talents hired by other external asset management institutions in China’s state-owned assets management market.
At present, the capacity building of investment and research is mainly based on equity investment, and the future development direction mainly takes into account the investment direction of multi-assets, and also fully considers the factors when recruiting externally. Many investment and research personnel, including myself, have rich experience in multi-assets investment.
I think joint venture financial companies have a good prospect in multi-asset investment in the future. Doing multi-asset investment requires various investment capabilities, including equity investment and bond investment. Therefore, from the aspect of building investment capabilities, we must definitely develop in multiple directions. As for the specific products to be launched, it depends on the demand of channel customers.
21st century: Your first product is an equity product. What is the decision-making process and what are the considerations?
Zhu Guoqiao: This is also a decision made on the basis of full consideration and research. Three factors are mainly considered:
First, when we studied the customer demand of CCB in the early stage, we found that the concept of asset allocation was emphasized one by one throughout CCB. This concept has been widely used in private bank customers and private bank channels. In this process, different types of assets and different risk levels are needed, and there is a great demand for equity products.
Second, there are few equity products in bank wealth management products. At present, this part of customers’ demand is met by Public Offering of Fund or private equity funds. We think there are great opportunities here, and we also have this ability and advantage to fill a big gap in the market.
Thirdly, it is also a great demand for supervising the introduction of foreign capital to participate in China’s wealth management market, hoping to introduce some international investment ideas and ways to enrich the product types of China’s wealth management market.
21st century: What is the future product line layout?
I wish to cross the bridge: we will do in-depth research after the first equity product, and then we will launch corresponding investment strategies and launch corresponding products for other needs. In fact, we very much believe that multi-assets will have a relatively large application space in the future. Multi-assets can be applied in different ways from different dimensions.
Customers can allocate assets in a multi-asset way, and asset allocation itself has different applications. For example, investment consultants of private banks can provide advice to investors in a multi-asset way. In addition to asset allocation, other products such as fixed income+are an application of multi-assets to some extent, but at present, many stick to+in the market are based on fixed income and then add some other products. In fact, there may be a better way to achieve the investment purpose of fixed income+want to achieve. Starting from the investment goal, we can meet this investment strategy to the greatest extent by using various strategies, which is more flexible and easier to meet the demands of investors than adding something from the fixed income.
21st century: How is the channel considered and planned?
I wish to cross the bridge: in the early stage, we mainly studied and served the channel customers of CCB. In the final analysis, we hope to become the most respected and trusted wealth management company in the market. To achieve this, it is very important to fully understand the needs of customers and meet them in different ways. Instead of casting a net throughout the market, we hope to deepen the channel of CCB.
As for whether there will be other expansion in the future, we will judge when it is appropriate. In fact, there are many things to do here for a long time.
21st century: There are many levels and types of customers of CCB. Do you cover all or focus on a certain customer group?
Zhu Guoqiao: Full coverage. In fact, there is a very obvious feeling in the previous research process that there are many unmet needs of both private bank customers and gold customers. We hope to use BlackRock’s experience to supplement and meet the needs of these customers.
21st century: How do you view the current market situation, investment opportunities and asset allocation strategies?
Zhu Guoqiao: At present, China has shown the world its long-term investment value. In July this year, BlackRock think tank released the global market outlook for the second half of the year. In this outlook, we singled out China from emerging markets for the first time and appealed to global investors to increase the allocation of China. Facing the numerous investment opportunities in China, we will make use of the breadth and depth of BlackRock’s global investment, especially its characteristics and advantages in stock and asset allocation, and strive to bring BlackRock’s unique strategies and products to China investors. Our first product, Beiying A-share, is a new opportunity. On the basis of long-term market returns in China, we strive to provide investors with sustained and stable excess returns, which is a very good long-term asset allocation tool.
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