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Zhou Xiaoming, deputy general manager of Tianhong Fund: Differentiate to create a "national ETF" to be the largest domestic index fund service provider

June 13, 2013 is an unforgettable day for every "Tianhong person". On this day, Tianhong Yubao was born, which changed the structure of the entire public fund industry and made Tianhong Fund quickly become a top fund. Companies. Zhou Xiaoming, deputy general manager of Tianhong Fund, also remembers the day: "After the day ’s press conference, we heard that the news webcast at the meeting. I and my family (the current vice president of Ant Financial Wealth Group) were in the same house. The restaurant is waiting, watching the news webcast. "

Today, Tianhong Yu'ebao, bearing the financial needs of more than 600 million customers, has become a national-level financial tool. Six years later, in the same lecture hall, Tianhong Fund officially launched the release of ETF products. Zhou Xiaoming's interesting and professional keynote won applause from the venue. In an exclusive interview with a reporter from the Securities Daily after the meeting, Zhou Xiaoming still couldn't hide his excitement and joy: "What we are going to do this time is to build a national-level ETF and become China's largest index fund service provider."

Undertake the differentiated financial needs of 600 million customers and create a "national ETF"

In the past 6 years, Tianhong Fund has redefined the word "rise" in the public offering industry: the recognition and love of Tianhong Yu'ebao by ordinary investors has almost exceeded everyone's imagination, and Tianhong Yu'ebao's scale has quickly reached one trillion Meta level.

Zhou Xiaoming said frankly that at the press conference six years ago, he did not expect Tianhong Yu'ebao to reach the current scale. In recent years, while ensuring the stable operation of currency funds such as Tianhong Yubao, Tianhong Fund has continued to expand other businesses, and index funds have become a major strategic layout of the company. At present, it has accumulated tens of millions of off-market customers. We believe that a currency fund and an index fund can serve customers well through effective services and support a large number of customer ecology. "Zhou Xiaoming said.

Relying on money funds and index funds, how to meet the different needs of all users? Zhou Xiaoming told a reporter of the Securities Daily: "Monetary funds are cash management, or fixed income investment products, and index funds are equity investments. Both are instrumental, easy to recognize, and highly compatible with Internet platforms. Do The configuration of these two types of products can basically cover all the risk and return needs of customers. "

How to interpret the word "national" in "national ETF"? In Zhou Xiaoming's view, the word "national" includes a variety of meanings, including broad coverage, closeness to the people, and mainstream. The Tianhong Fund Development Index Fund and the company have consistently adhered to the concept of inclusiveness, and the company's business structure is the same. Index funds starting from 10 yuan or ETF products with a certain threshold in the market are all hoping to serve a wide range of customer groups and carry customers' confidence in investing in China's future.

Differentiated development ETF further enriches the base investment scenario

The domestic ETF market has developed rapidly in the past two years, but competition has also intensified. As a latecomer, how can Tianhong Fund catch up? Zhou Xiaoming had long considered this.

He said: "Tianhong ETF will strive to achieve differentiated development from the perspective of customer positioning and service innovation. Equal emphasis on individuals and institutions is one of the development strategies of Tianhong ETF. This customer positioning is similar to other head fund companies. Obviously different. Before the Tianhong Index Fund series only had OTC products, mainly for individual customers, now with the launch of the Tianhong GEM ETF, it means that the Tianhong Index Fund has entered the market from outside the market, and the customer group has also changed from Individuals extend to institutions. "

Based on his distinctive customer positioning, Zhou Xiaoming hopes to meet the ETF investment needs of individual investors and institutional investments through differentiated services. For individual investors, Tianhong Fund will continue to provide services to it from the two dimensions of transaction process investment advisory and investment advisory service productization.

He specifically mentioned that the lack of investment advisory services is a pain point for the entire public offering industry, but also an opportunity for the industry. Public funds have gone through 21 years, and the fund's overall performance has been good, but most customers feel that they have not made any money, largely because customers lack the necessary investment advisory services when purchasing funds. Fortunately, the public offering industry has begun to show signs of shifting from a seller-driven model of sales benefits to a buyer-investment model consistent with investor interests. Tianhong Fund's exploration in this area can be described as leading the industry.

For ETF institutional investors, Tianhong Fund will strive to provide it with optimal liquidity. Zhou Xiaoming said: "Because our off-exchange GEM index funds are active, this means that the Tianhong GEM ETF naturally has high liquidity, and the subsequent cooperation of market makers can provide good basic liquidity for institutions. .Besides that, we will also optimize the big order service process, build the most powerful single service capability, and strive to provide the best liquidity for institutional customers. "

In fact, Tianhong Fund first launched the GEM ETF, which is very meaningful. At present, Tianhong Fund already has a Tianhong GEM Index Fund with a scale of over 3 billion yuan. After the Tianhong GEM ETF is listed in the future, this OTC index product will be converted into a linked fund and invested in the GEM ETF in. The size of the linked fund and the initial subscription scale of the ETF will make Tianhong GEM ETF a larger scale when it is listed.

Outside of ETFs, Tianhong Fund has greater ambitions in index business. "Tianhong Fund's vision is to become China's largest index fund service provider. In the future, the company will promote the combination of index funds with more investment scenarios and further play the role of the underlying tools of index funds." Zhou Xiaoming said.

He told the reporter of "Securities Daily" that in the future, Tianhong Foundation will launch a heavy service specially for Yu'ebao customers, allowing these customers to experience equity investment, bond investment, and even portfolio investment, and by configuring other risks besides currency funds Assets to increase returns, in the process, provide risk control measures and investment advisory services.

Source: Securities Daily

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