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1、1 Western XX FMCBusiness Plan 2ContentContent1、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 20053n1、 Profile of Western XX Asset Management Co.,Ltd. 4Registered Capital and Share
2、 StructureRegisteredCapital:RMB100millionRegisteredPlace:PudongDistrict,Shanghai,ChinaProposedShareStructure:WesternSecuritiesCo.,Ltd.RMB40millionOtherforeignsponsorRMB33millionShaanxiInvestmentGroupCo.,Ltd.RMB27million5Business ScopeFund management and investment advisory business in China as permi
3、tted by the applicable law. (incl. promotion, sale,issuance and management of investment funds)Other asset management business permitted by the applicable law.6Vision, Philosophy and StrategyVisionOne of the leaders in the great China wealth management PhiloshophyInvestors benefits are everythingStr
4、ategyBrand, Service and Product all in one 7Business GoalGrow the JV into one of the top 5 FMCs in China, in the following three categories: Profitability Fund Performance Total AUM Professionalism 8n2、Organizational Structure9FMCs Organization Chart (at the beginning)CEO(1)CMO(1)CIO(1)CEO/COO(1)Sal
5、es& CustomerService(5)Marketing&Productdevelopment (3)Head of Compliance(1)R&D(5)Fund Manager(2)BODChairman(1)Trader(2)FundAccount-ing&TA(3)IT(2)Admin&HR(2)Auditing&Compliance(2)32 persons in the 1st year(proposed)10FMCs Organizational Chart (in 3 years ) Customer Service Dept.CMOCIOCOOFund Manage-m
6、ent Dept.Fund dealing Dept.R&DDept.CEOTA IT Dept.HR&Admin. Dept.FundSales Dept.Marketing Dept.Strategy researchFinance engineer-ingIndustry& Company researchCentraldealing roomCall centerFundAccount-ingMarket-ing &Productdevelop-mentDirect saleAgency saleOASystemmaintain-enceComplianceofficeAuditing
7、&Supervis-ingInfo.disclosureHead of Compliance11 Structure of GovernanceBoard of directorsQualification examination and compensationcommitteeCEOThe shareholders meetingBoard of supervisorsThe compliance committeeHead of Compliance12 Structure of Business OperationCEOInvestment decision committeeRisk
8、 control committeeFund appraisal groupCMOCIOCOOHead of Compliance13n3、Business Development Strategies14Adding long-term value DistributionChannelsClients baseLocal market acknowledgement22 branches, strategic cooperation with ICBC, CCB etc.700，000 individual clients, main institutional clients excee
9、d 400 Excellent performance record, good reputation , Strong government support, Opportunities from the development of western China ProfessionalismInternational experienceProductdevelopmentInternational standard in FM. & research Organizational Know How;International management teamFund product inn
10、ovation& importation15Outsourcing Value-addedbusinessMarket SegmentationProduct DesignPromotion/Fund DistributionResearch and DevelopmentFund Transaction/ Investment ManagementRisk Control/ Performance evaluation Non value- addedbusinessComplianceHR/ Administration IT MaintenanceCustomer ServiceTA/
11、Fund accountingInternal AuditOutsourcing to the reliable third-party16Market SegmentationMarket analysis Market volume 182 billion units in 2003 Growth rate Aver. annual growth rate 50% New opportunities QFII,National Security Funds asset allocation Deregulation in fund issuance procedureCustomer se
12、gmentationInstitutional v.s. Individual clients 40%v.s.60%(estimate) Internal sales package A.M. clients transfer into funds holders 17 Customer Needs AnlysisReturnSafetyLiquidationGovernmentOrganizationLowHighMediumInsurance CompanyHighMediumLowState-owned EnterpriseLowHighMediumPrivate-owned Enter
13、priseMediumHighHighWealthy InvestorHighMediumLowOrdinary Investor LowHighLow18Identifying the needs of domestic customers Institutional clients : Fixed income,low risk,cash flow management Individuals clients : Growth,Small and middle cap,active managementFee Structure varies according to client bas
14、e Institutional clients: Low subscription and redemption feeIndividuals clients: Varies according to the period of holdingDeciding on distribution channels, depending on target groupsInstitutional clients : Direct sales/custodian bank recommendationIndividuals clients : Agency sales via banks, secur
15、ities houses etc.Customer Segmentation 19Product StrategyPresent 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
16、frame Based on capital market environment Image/Brand20High Risk LowEquity Fund Low Return HighProduct FrameFund Type21Distrubution Distribution methodsDirect sales to main institutional clients Agency sales through agency banks, securities firms, China Unionpay etc.E-business through website and ca
17、ll centerDistribution channelsPresent channels banks, securities firms,internet etc.Channels selection 3-4 commercial banks,10 sec. firmsIncentive scheme front-load fee kickbacksBinding promotion flight tickets,insurance,credit card,lottery etc.22Investment ManagementInvestment StrategiesActive / Pa
18、ssive BenchmarkError trackingPerformance evaluation/Risk managementReporting systemResearchTop to down /Bottom up Investment strategiesListed companies research ModelingStock-based loan23Operational managementIT frameworkTA (Self-establishment / The third-party supporting)Software and hardware selec
19、tionCustomer service systemCompany web OAHuman resources & General AdministrationThe number of staffCore employeesJob descriptionTrainingCorporate finance and administration24ComplianceAuditing and supervisingFund and company assets auditingBehavior supervisingRisk evaluation FirewallEmergency event
20、 handling schemePublic relationshipRelationship with CSRC, the exchanges and securities associationLegal affairs, information disclosure, international business25n4、Roadmap26Initial Process in Seting up JVFMC Sign the Joint Venture agreement and the article Set up joint preparatory team Prepare appl
21、ication documents required by CSRCObtain the approval of establishmentRecruitment and trainingInstall the equipment and software of JVFMCs operationFund product development and key clients contactSetup of contracts with custodian bank and distributors PromotionFund issuance 27Short-/Medium-/Long Ter
22、m Target SettingPeriodThe Number of Fund ,Total AUMThe Number of Fund ,Total AUM(in billion unit)(in billion unit)The Number of The Number of Staff,Location Staff,Location of Branchesof BranchesShort-term(1-2 year)Num of funds: 1-2 Series funds the first year: 6-8 billion the second year: 9-15biliio
23、n32-45Beijing,Shanghai、Guangzhou、Shenzhen,XianMedium-term(5year,top10)Num of funds: 7-8 funds Mutual funds: 30-50 billion Pension funds: 25 billion Mandates: 25 billion 60-85Major cities in China mainland & HongkongLong-term(8-10 year, top 5)Mutual funds：80-100billionPension funds & mandates：60billi
24、onInternational business：10billionOther asset management business: 10billion 100-120 Taiwan 、Singapore and other Asian countries28n5、 Assumption and Forecast29Macroeconomy GDP growth rate 7%-8% annually Inflation rate Under 1% Resident Savings 20% growth annually 30Shareholder Concept2003 2004 2005
25、2006 200767%33%Maintain 33%Call Option to 49%OrShare transferCapital Expansion 31Earning Distribution ConceptJV-FMCShare Capital& ResourceShare Capital& ResourceDividends& Service feeDividends& Service feeDividends destribution bases on share stuctureService fee based on the shareholders contributio
26、n to JVFMC under SLASLA and the payment method are to be discussed under the real legal enviroment32Market ShareOptimistic 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
27、 Share (in 3 years) (By the end of 2003)33Fee 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%*NANA* 0.25% sales service fee charged34Setup CostSpace 1000 M2 (Constructional area)Rent US$0.70/M2 / D (Aver, standard)Decoration 850 yuan /M2 0.85 million (Aver, st
28、andard) Computer Center 1 million Furniture/PCs 32 0.80 millionAutomobile 3 1.2 millionIT costs 11 million (TA,OA,hardware,software etc.)Depreciation method straight line2004.3-2005.3 12 months3536Staff Cost7 employees in establishing period aver. RMB10,000 yuan/m perOperational periodNumber of empl
29、oyee 32,45,55 in 2003-2007Base salary according to the position Bonus 30%-120% of base salary aver. 40% in BPNo compensation for foreign staff by JVFMC 3738 Operational Cost(2005-2007)Rent 2.1 million /yIT maintenance 1.1 million/y, 10% of IT costsTraveling and meeting 3.2-6.2 millionMarketing and P
30、romotion 11-21.5 millionResearch and development 2.1-3 millionCompliance 1.05-1.25 millionConsulting 5.175 million /yAdministration 0.6-0.84 millionSales tax 5%Income tax 15%3940Revenue,Profit and Cashflow ForecastOptimistic Scenario41Realistic Scenario42 Pessimistic Scenario43n6、 Sales Breakdown in
31、 2005 44n Asset allocation of Chinese insurance Company Direct Sales19992000200120022003Bank Deposits9261235.41930.63026.24549.6Bonds678.5956795.81107.81409.9Funds14.8133.5209307.8463.3Other Assets984.810491655.92052.31958.7Total Assets2604.13373.94591.36494.18378.5ASSUMEthatfundsinvestedbyinsurance
32、companiesincreaseby50percentannuallyand1percentmarketsharetakenbyJVFMC;aroundRMB0.7bnunitswillbesoldtoinsurance companies Unit: RMB 100 million yuan45n Potentials from Other Financial Institutions ex BanksTotalassetsoffinancecompaniesareRMB346bn,netassetsareRMB32.2bnbytheendofJun.2002Majorfinancecom
33、paniesinChina:ChinaElectricPowerFinanceCo.,ChinaPetroleumFinanceCo.,ChinaPetrifactionFinanceCo.,HuaNengFinanceCo.,ZhongwuFinanceCo.etc.Trust&SecuritiesCo.ownsRMB250bnassetsbytheendof2002Including:WesternTrust&InvestmentCo.,JinSinTrustCo.,PingAnofChinaTrustCo.,AiJianTrustCo.,ShangdongTrustCo.ect.ASSU
34、MEthat10%oftotalassetsoftheseinstitutionsareallocatedintomutualfundsand1%marketsharetakenbyJVFMC;morethanRMB0.55bnfundswillbesoldtothesecompanies46nNaCSSeF/Houese Reserve/Listed CompaniesTotalassetsofNationalCouncilforSocialSecurityFund(NaCSSeF)arearoundRMB124.1bnbytheendof2003whichof40percentisperm
35、ittedtoflowintosecuritiesmarketTotalassetsofNationalHouseReserveare346.7bnbytheendof2003,and1.5%oftotalsummanagedbyShaanxiProvincialHouseReserveAccordingtothebulletinsofChinaSecuritiesJournal,trustassetsoflistedcompaniesmanagedbysecuritiescompaniesexceedRMB3bnin2003ASSUME thataroundRMB20bnassetsofNa
36、CSSeFallocatedintomutualfundsand1percentmarketsharetakenbyJVFMC;0.2bnunitsfundswillbesoldtoNaCSSeFASSUME5%shareofShaanxiProvincialHouseReservetakenbyJVFMC,thatis0.25bnunits47 State-owned Enterpirise Groups (Strategic partners)ShaanxiProvincialInvestmentGroupState-ownedinvestmentholdingcompanywithare
37、gisteredcapitalofRMB3bn;tomanagethegovernmentalenterprises,realestateandfinancialassetsmorethanRMB15bnbytheendof2002HanNanAirlinesGroupListedcompanyinvestedbyAmericanAviationLtd.,andtotalassetsexceedingaroundRMB20bn;morethansixtythousandemployeesShaanxiProvincialElectricPowerCo.FullyheldbyNationalEl
38、ectricPowerCo.,Ltd;totalAssetsexceedingRMB24bnandbytheendof2002;sustainedlong-termgrowthandabundantcashChinaHuaNengGroup,ChinaLuNengGroup,JiangsuElectricPowerCo.,GuizhouElectricPowerCo.,ZhejiangElectricPowerCo.,ChinaInternationalTravelingGroup,ZhongHaiGroup 48 Non-profit Organization (Good relations
39、hip )UniversitiesandaffiliatedcompaniesXianJiaotongUniversity,NorthwesternUniversity,NorthwesternPolytechnicalUniversity,XianFanyiUniversity,ChanganUniversity,TongjiUniversity,ShanhaiFinancialUniversity,FudanUniversity,XijingUniversity,OuyaUniversity,ZhejiangUniversityTianjinUniversity,NankaiUnivers
40、ity,NanjingUniversityetc.HospitalsandaffiliatedinstitutionsXiJingHospital,XianDianziHospital,XianWujingHospital,EasternHospital,HuaxiUniversityetc.CharityfundsassociationYanlinAgricultureDevelopmentFunds,YanlinIndustryDevelopmentfunds,ShaanxiArchitectureIndustryFundetc.49Internal Sales PackageASSUME
41、100,000 units purchased by each top-level manager50,000 units purchased by each middle-level manager10,000 units purchased by each ordinary employeeProduct package should be well designed for individual investor, and the return should be superior to the market benchmarkEmployee can purchase JVFMCs f
42、unds at discount front-end fee rateTop-levelManagerMiddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7736554895931ShaanxiProvincialElectriPowerCo.50232003652440226ShaanxiHigh-techIndustryInvestment20453042875021WesternSecurities955633697Total7924150469335187550Top-levelManagerM
43、iddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7.718.2554.8980.84ShaanxiProvincialElectriPowerCo.50.2160365.24575.44ShaanxiHigh-techIndustryInvestment20.426.542.8789.77WesternSecurities0.92.756.339.98Total79.2207.5469.33756.03Unit: RMB Million yuanInternal Sales Estimation51R
44、etail SalesFund Assets under Custody in Chinese Commercial BanksOpen-endFundsClosed-endFundsTotalNum.ofBranchICBC278.83206484.83 17,000ChinaAgriculturalBank114.21230344.214,200ChinaConstructionBank125.52175300.5212,000BankofChina202.1160262.117,064BankofCommunication152.10146298.10ChinaEverbrightBan
45、k16.4516.45ChinaMerchantsBank40.8740.87ShanghaiPudongDevelopmentBank25.7225.72Unit:RMB100millionTotal955.818171772.8140,26452 Comprehensive Cooperation ContractsWesternSecuritiessignedthecomprehensivecooperationcontractswithICBCandCCBin2001;thecontractswillbesignedonceagainafter2004andbecomeeffectco
46、ntinuallyFollowingbankshavebeendiscussingcomprehensivecooperationcontractwithWesternSecurities:NationwideBanks:BankofCommunication,HUAXIABank,ShanghaiBank,ShanghaiPudongDevelopmentBankLocalCommercialBanks:XianCommercialBank,BaojiCommercialBank,XianyangCommercialBank,NanjingCommercialBank,TianjinComm
47、ercialBank,GuiyangCommercialBank,JiNanCommercialBank,YinChuanCommercialBank53Distribution Channels ASSUMEICBC,CAB,CCB,COB as JVFMC agency banks,10 securities firms,100branches as agency;Aver. 80,000 units distributed by each branch,total 3.2 billion units distributed through commercial banks;Aver. 3
48、,000,000 units distributed by each branch of agency securities firms,total 0.3 billion units distributed through securities firms ; 5 Direct sales centers in Beijing,Shanghai,Shenzhen,Xian,Fuzhou, 0.1billion distributed each center,total 0.5 billion;0.2 billion units distributed through Call-center,
49、website and other sub-contractors.54Sales Forecast in 200555Package Scheme/Saving up PlanPackage scheme (for different investors) 80% equity fund, 20% money market fund; 50% equity fund, 50% money market fund 30% equity fund, 30% hybrid fund,40% money market fund 20% hybrid fund, 80% money market fundSaving-up plan 80% initial purchase + 20% saving-up
