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[Introduction] Several fund companies issued announcements: Termination of agency sales cooperation with Zhongmin Wealth

China Fund News reporter Cao Wenjing

Another fund sales agency was terminated by multiple fund companies and officially announced a "breakup".

These two days,Ping An, Dongfang, Baoying, China UniversalMany fund companies issued announcements stating that in order to protect the interests of investors,China Minsheng Wealth Fund Sales (Shanghai) Co., Ltd. (hereinafter referred to as China Minsheng Wealth)Handle the company's fund sales business.

Several fund companies terminated their contracts with China Minsheng Wealth Management

On August 15, Baoying Fund issued the "Announcement on Termination of Zhongmin Wealth's Handling of Fund Sales Business under the Company". The announcement shows that in order to protect the interests of investors, after consultation with Zhongmin Wealth, Baoying Fund will terminate Zhongmin Wealth's handling of Baoying Fund's fund subscription, application, redemption, regular fixed investment and conversion and other related sales business from August 15.

On the same day, China Universal Asset Management also issued a related announcement stating that, after unanimous consultation, China Universal Asset Management and China Minsheng Wealth Management terminated their cooperative relationship from August 16, that is, China Minsheng Wealth Management will suspend the agency sales business of the company's funds from August 16, and stop handling the subscription, application, regular fixed investment and conversion of the company's funds.

China Universal Asset Management also reminds investors to handle the fund share transfer or redemption business by themselves before August 30, 2024. For investors who have not handled it, the company will directly transfer the existing shares to the company's direct sales platform for investors.

In addition, Ping An, Orient Fund and many other fund companies also issued the "Announcement on the Termination of Fund Sales Business under China Minsheng Wealth Management Company" on August 14.

Zhongmin Wealth was previously required to suspend private equity fund raising business

The reporter noticed that in the past few years, many fund companies such as Haitong, Qianhai Kaiyuan, Southern, and Huaan have successively terminated or suspended their agency cooperation with China Minsheng Wealth.

Wind data shows that as of August 14, Zhongmin Wealth sold 1,262 public funds on behalf of 27 fund companies. It did not rank among the top 100 public fund sales and holdings.

According to public information, Zhongmin Wealth was established in November 2014 and is headquartered in Shanghai. It is a professional wealth management and community financial service platform under China Minsheng Investment Co., Ltd. (hereinafter referred to as Zhongmin Investment), with a registered capital of RMB 100 million. In 2016, the China Securities Regulatory Commission approved Zhongmin Wealth's securities investment fund sales business qualification.

It is worth noting that in January 2020, the Asset Management Association of China releasedDecision on suspending the private equity fund raising business of China Minsheng Wealth ManagementZhongmin Wealth is required to immediately stop its private equity fund raising activities and is not allowed to engage in the following activities during the suspension period: signing new sales agreements, promoting funds, selling fund units (equity), and handling fund unit subscription/application (subscription).

According to incomplete statistics, nearly 40 fund companies including Bank of Communications Schroder, Morgan Stanley, CITIC Construction Investment, Huabao, and GF Securities have officially announced their "breakup" with some sales agencies since the beginning of this year, a significant increase compared with the same period last year.Haiyin Fund Sales Co., Ltd., Beijing Zengcai Fund Sales Co., Ltd., Shenzhen Xinhua Xintong Fund Sales Co., Ltd., Shenzhen Fuji Fund Sales Co., Ltd., Shanghai Jupai Yumao Fund Sales Co., Ltd.And many other sales agencies.

Editor: Huang Mei

Review: Xu Wen

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