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1、1,Western XX FMC Business Plan,2,Content,1、Profile of Western XX Asset Management Co.,Ltd. 2、Organizational Structure 3、Business Development Strategies 4、Roadmap 5、Assumptions and Forecast 6、Sales Breakdown in 2005,3,1、 Profile of Western XX Asset Management Co.,Ltd.,4,Registered Capital and Share S
2、tructure,Registered Capital: RMB 100 million Registered Place: Pudong District, Shanghai, China Proposed Share Structure: Western Securities Co., Ltd. RMB 40 million Other foreign sponsor RMB 33 million Shaanxi Investment Group Co.,Ltd. RMB 27 million,5,Business Scope,Fund management and investment
3、advisory business in China as permitted by the applicable law. (incl. promotion, sale,issuance and management of investment funds),Other asset management business permitted by the applicable law.,6,Vision, Philosophy and Strategy,Vision,One of the leaders in the great China wealth management,Philosh
4、ophy,Investors benefits are everything,Strategy,Brand, Service and Product all in one,7,Business Goal,Grow the JV into one of the top 5 FMCs in China, in the following three categories: Profitability Fund Performance Total AUM Professionalism,8,2、Organizational Structure,9,FMCs Organization Chart (a
5、t the beginning),CEO(1),CMO(1),CIO(1),CEO/COO(1),Sales& Customer Service (5),Marketing &Product development (3),Head of Compliance(1),R&D (5),Fund Manager (2),BOD Chairman(1),Trader (2),Fund Account -ing &TA (3),IT (2),Admin &HR (2),Auditing& Compliance (2),32 persons in the 1st year(proposed),10,FM
6、Cs Organizational Chart (in 3 years ),Customer Service Dept.,CMO,CIO,COO,Fund Manage -ment Dept.,Fund dealing Dept.,R&D Dept.,CEO,TA,IT Dept.,HR& Admin. Dept.,Fund Sales Dept.,Marketing Dept.,Strategy research,Finance engineer -ing,Industry & Company research,Central dealing room,Call center,Fund Ac
7、count- ing,Market -ing & Product develop -ment,Direct sale,Agency sale,OA,System maintain -ence,Compliance office,Auditing &Supervis -ing,Info. disclosure,Head of Compliance,11,Structure of Governance,Board of directors,Qualification examination and compensation committee,CEO,The shareholders meetin
8、g,Board of supervisors,The compliance committee,Head of Compliance,12,Structure of Business Operation,CEO,Investment decision committee,Risk control committee,Fund appraisal group,CMO,CIO,COO,Head of Compliance,13,3、Business Development Strategies,14,Adding long-term value,Distribution Channels Clie
9、nts base Local market acknowledgement,22 branches, strategic cooperation with ICBC, CCB etc. 700,000 individual clients, main institutional clients exceed 400 Excellent performance record, good reputation , Strong government support, Opportunities from the development of western China,Professionalis
10、m International experience Product development,International standard in FM. International management team Fund product innovation& importation,15,Outsourcing,Value-added business,Market Segmentation,Product Design,Promotion/Fund Distribution,Research and Development,Fund Transaction/ Investment Man
11、agement,Risk Control/ Performance evaluation,Non value- added business,Compliance,HR/ Administration,IT Maintenance,Customer Service,TA/ Fund accounting,Internal Audit,Outsourcing to the reliable third-party,16,Market Segmentation,Market analysis Market volume 182 billion units in 2003 Growth rate A
12、ver. annual growth rate 50% New opportunities QFII,National Security Funds asset allocation Deregulation in fund issuance procedure Customer segmentation Institutional v.s. Individual clients 40%v.s.60%(estimate) Internal sales package A.M. clients transfer into funds holders ,17,Customer Needs Anly
13、sis,18,Identifying the needs of domestic customers Institutional clients : Fixed income,low risk,cash flow management Individuals clients : Growth,Small and middle cap,active management Fee Structure varies according to client base Institutional clients: Low subscription and redemption fee Individua
14、ls clients: Varies according to the period of holding Deciding on distribution channels, depending on target groups Institutional clients : Direct sales/custodian bank recommendation Individuals clients : Agency sales via banks, securities houses etc.,Customer Segmentation,19,Product Strategy,Presen
15、t fund products Equity,bond,balance,hybrid,index, money market,guaranty etc. Competition products Deposit, fund biding insurance, asset management, trust, underground fund etc. Development plan Meet the needs of main clients group Product frame Based on capital market environment Image/Brand ,20,Gua
16、ranty Fund,Money Market Fund,Bond Fund,Balance Fund,High Risk Low,Equity Fund,Low Return High,Product Frame,Fund Type,21,Distrubution,Distribution methods Direct sales to main institutional clients Agency sales through agency banks, securities firms, China Unionpay etc. E-business through website an
17、d call center Distribution channels Present channels banks, securities firms,internet etc. Channels selection 3-4 commercial banks,10 sec. firms Incentive scheme front-load fee kickbacks Binding promotion flight tickets,insurance,credit card,lottery etc.,22,Investment Management,Investment Strategie
18、s Active / Passive Benchmark Error tracking Performance evaluation/Risk management Reporting system Research Top to down /Bottom up Investment strategies Listed companies research Modeling Stock-based loan ,23,Operational management,IT framework TA (Self-establishment / The third-party supporting) S
19、oftware and hardware selection Customer service system Company web OA Human resources & General Administration The number of staff Core employees Job description Training Corporate finance and administration,24,Compliance,Auditing and supervising Fund and company assets auditing Behavior supervising
20、 Risk evaluation Firewall Emergency event handling scheme Public relationship Relationship with CSRC, the exchanges and securities association Legal affairs, information disclosure, international business ,25,4、Roadmap,26,Initial Process in Seting up JVFMC,Sign the Joint Venture agreement and the ar
21、ticle Set up joint preparatory team Prepare application documents required by CSRC Obtain the approval of establishment Recruitment and training Install the equipment and software of JVFMCs operation Fund product development and key clients contact Setup of contracts with custodian bank and distribu
22、tors Promotion Fund issuance,27,Short-/Medium-/Long Term Target Setting,28,5、 Assumption and Forecast,29,Macroeconomy,GDP growth rate 7%-8% annually,Inflation rate Under 1%,Resident Savings 20% growth annually,30,Shareholder Concept,2003 2004 2005 2006 2007,67%,33%,Maintain 33%,Call Option to 49%,Or
23、,Share transfer Capital Expansion,31,Earning Distribution Concept,JV-FMC,Share Capital& Resource,Share Capital& Resource,Dividends& Service fee,Dividends& Service fee,Dividends destribution bases on share stucture Service fee based on the shareholders contribution to JVFMC under SLA SLA and the paym
24、ent method are to be discussed under the real legal enviroment,32,Market Share,Optimistic Scenario 60% 5% Realistic Scenario 45% 3.5% Pessimistic Scenario 30% 2%,Total Mutual Fund The num. Of FMCs The num. Of Funds 182 billion units 47 112,Scenario Growth Rate Market Share (in 3 years),(By the end o
25、f 2003),33,Fee rate Structure,0.25%,1-1.5%,1% 1% =3% 0-1%,0.6-0.75% 0.2% 1% = 1.5% 0-1%,1% 0.2% 1% = 1.5% 0-1%,0.33% 0.1% * NA NA,* 0.25% sales service fee charged,34,Setup Cost,Space 1000 M2 (Constructional area) Rent US$0.70/M2 / D (Aver, standard) Decoration 850 yuan /M2 0.85 million (Aver, stand
26、ard) Computer Center 1 million Furniture/PCs 32 0.80 million Automobile 3 1.2 million IT costs 11 million (TA,OA,hardware,software etc.) Depreciation method straight line,2004.3-2005.3 12 months,35,36,Staff Cost,7 employees in establishing period aver. RMB10,000 yuan/m per Operational period Number
27、of employee 32,45,55 in 2003-2007 Base salary according to the position Bonus 30%-120% of base salary aver. 40% in BP No compensation for foreign staff by JVFMC,37,38,Operational Cost(2005-2007),Rent 2.1 million /y IT maintenance 1.1 million/y, 10% of IT costs Traveling and meeting 3.2-6.2 million M
28、arketing and Promotion 11-21.5 million Research and development 2.1-3 million Compliance 1.05-1.25 million Consulting 5.175 million /y Administration 0.6-0.84 million Sales tax 5% Income tax 15%,39,40,Revenue,Profit and Cashflow Forecast,Optimistic Scenario,41,Realistic Scenario,42,Pessimistic Scena
29、rio,43,6、 Sales Breakdown in 2005,44,Asset allocation of Chinese insurance Company,Direct Sales,ASSUME that funds invested by insurance companies increase by 50 percent annually and 1 percent market share taken by JVFMC; around RMB0.7bn units will be sold to insurance companies,Unit: RMB 100 million
30、 yuan,45,Potentials from Other Financial Institutions ex Banks,Total assets of finance companies are RMB346bn, net assets are RMB32.2bn by the end of Jun. 2002 Major finance companies in China : China Electric Power Finance Co., China Petroleum Finance Co., China Petrifaction Finance Co., HuaNeng Fi
31、nance Co., Zhongwu Finance Co. etc. Trust & Securities Co. owns RMB250bn assets by the end of 2002 Including: Western Trust&Investment Co., JinSin Trust Co., Ping An of China Trust Co., Ai Jian Trust Co., Shangdong Trust Co. ect.,ASSUME that 10% of total assets of these institutions are allocated in
32、to mutual funds and 1% market share taken by JVFMC; more than RMB0.55bn funds will be sold to these companies,46,NaCSSeF/Houese Reserve/Listed Companies,Total assets of National Council for Social Security Fund (NaCSSeF) are around RMB124.1bn by the end of 2003 which of 40 percent is permitted to fl
33、ow into securities market Total assets of National House Reserve are 346.7bn by the end of 2003, and 1.5% of total sum managed by Shaanxi Provincial House Reserve According to the bulletins of China Securities Journal, trust assets of listed companies managed by securities companies exceed RMB 3bn i
34、n 2003,ASSUME that around RMB20bn assets of NaCSSeF allocated into mutual funds and 1 percent market share taken by JVFMC; 0.2bn units funds will be sold to NaCSSeF ASSUME 5% share of Shaanxi Provincial House Reserve taken by JVFMC, that is 0.25bn units,47,State-owned Enterpirise Groups (Strategic p
35、artners),Shaanxi Provincial Investment Group State-owned investment holding company with a registered capital of RMB3bn; to manage the governmental enterprises, real estate and financial assets more than RMB15bn by the end of 2002 HanNan Airlines Group Listed company invested by American Aviation Lt
36、d., and total assets exceeding around RMB20bn; more than sixty thousand employees Shaanxi Provincial Electric Power Co. Fully held by National Electric Power Co., Ltd; total Assets exceeding RMB 24bn and by the end of 2002; sustained long-term growth and abundant cash China HuaNeng Group, China LuNe
37、ng Group, Jiangsu Electric Power Co., Guizhou Electric Power Co., Zhejiang Electric Power Co., China International Traveling Group, Zhong Hai Group ,48,Non-profit Organization (Good relationship ),Universities and affiliated companies Xian Jiaotong University, Northwestern University, Northwestern P
38、olytechnical University, Xian Fanyi University, Changan University, Tongji University, Shanhai Financial University, Fudan University, Xijing University, Ouya University, Zhejiang University Tianjin University, Nankai University, Nanjing University etc. Hospitals and affiliated institutions Xi Jing
39、Hospital, Xian Dianzi Hospital, Xian Wujing Hospital, Eastern Hospital, Huaxi University etc. Charity funds association Yanlin Agriculture Development Funds, Yanlin Industry Development funds, Shaanxi Architecture Industry Fund etc.,49,Internal Sales Package,ASSUME 100,000 units purchased by each to
40、p-level manager 50,000 units purchased by each middle-level manager 10,000 units purchased by each ordinary employee Product package should be well designed for individual investor, and the return should be superior to the market benchmark Employee can purchase JVFMCs funds at discount front-end fee
41、 rate,50,Unit: RMB Million yuan,Internal Sales Estimation,51,Retail Sales,Fund Assets under Custody in Chinese Commercial Banks,Open-end Funds Closed-end Funds Total Num.of Branch ICBC 278.83 206 484.83 17,000 China Agricultural Bank 114.21 230 344.21 4,200 China Construction Bank 125.52 175 300.52
42、12,000 Bank of China 202.11 60 262.11 7,064 Bank of Communication 152.10 146 298.10 China Everbright Bank 16.45 16.45 China Merchants Bank 40.87 40.87 Shanghai Pudong Development Bank 25.72 25.72,Unit: RMB 100 million,Total 955.81 817 1772.81 40,264,52,Comprehensive Cooperation Contracts,Western Sec
43、urities signed the comprehensive cooperation contracts with ICBC and CCB in 2001; the contracts will be signed once again after 2004 and become effect continually Following banks have been discussing comprehensive cooperation contract with Western Securities: Nationwide Banks: Bank of Communication, HUA XIA Bank, Shanghai Bank, Shanghai Pudong Development Bank Local Commercial Banks: Xian Commercial Bank, Baoji Commercial Bank, Xianyang Commercial Bank, Nanjing
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