Ant Wealth's "Golden Choice Investment Advisory" was offline due to compliance issues and was only launched for about a week

The 21st Century Business Herald reporter exclusively learned that Alipay's Ant Wealth and 6 institutions launched a blockbuster investment advisory new product "Golden Choice Investment Advisor" on January 4 this year.

According to the 21st Century Business Herald reporter, Ant Wealth's "Golden Selection Investment Advisory" is the investment advisory portfolio strategy of Alipay United Industrial Securities Global Fund, Southern Fund, CEIBS Wealth, GF Fund, Harvest Wealth Five Fund Companies or Fund Subsidiaries and Caitong Securities.

The strategy is to formulate an investment strategy and construct a fund portfolio based on Alipay Golden Select Fund, combined with the manager of the investment advisory institution, thus forming a fund investment advisory portfolio composed of more than ten funds.

But in just about a week, this fund investment in new products went offline.

"Because of compliance issues." On January 12, a source told the 21st Century Business Herald reporter.

"'Golden Choice Investment Advisor' is to select funds within Alipay's Golden Selection Fund to construct a fund investment advisory portfolio, and Alipay frames the fund alternative pool of 6 investment advisory institutions, rather than being selected by the 6 investment advisory institutions themselves. Since Alipay does not have fund evaluation business qualifications, there are compliance problems in its selected fund pool, and the investment advisory strategy constructed on this basis is inevitably flawed. The source said.

On January 13, the 21st Century Business Herald reporter contacted Alipay in this regard, and the relevant staff of Alipay said that they were verifying with the relevant business departments.

"Golden Choice Investment Advisor" went offline

The 21st Century Business Herald reporter found that at present, there is no entrance to the home page of Alipay's wealth management column.

Previously, the "Alipay Search XX Golden Selection" propaganda poster of several major institutions listed in the "Golden Selection Investment Advisory" publicity poster has been listed, and the corresponding Golden Selection Investment Advisory Scheme is no longer displayed in the Alipay search "XX Golden Selection".

"It's really off the line at the moment." An insider of an institution involved in the launch of the "Golden Election Investment Advisory" told the 21st Century Business Herald reporter.

Previously, the investment advisory programs launched by the 6 major institutions were Industrial Securities Global Gold Selection Good Base, Harvest Gold Selection Enhancement, CEIBS Gold Selection All-Star, GF Super Gold Selection, Southern Gold Selection Upgrade, Caitong Gold Selection Value, in addition to the target annualized yield of 13% for the industrial securities global gold selection good base, the other 5 institutions' investment advisory programs have a target annualized yield of 15%.

There are subtle differences in the investment advisory strategies of various institutions, such as the scheme of Industrial Securities Global Gold Selection, setting a 95% equity position center, appropriately controlling the drawdown risk of the portfolio under the premise of pursuing high expected returns; Harvest Gold selecting enhanced equity fund positions of not less than 90%, using fund selection, industry style allocation, portfolio investment and other strategies to control risks and pursue a stable and beyond benchmark; GF Super Gold selects equity fund positions account for 90%-100%, fixed income fund positions account for 0%-10%, Strive to surpass the average return of the partial stock fund selected by Alipay In the medium and long term.

According to public information, the "Golden Selection Investment Advisory" project is Alipay's first blockbuster service upgrade in 2022, which aims to unite professional institutions to help investors solve three major problems such as difficulty in selecting foundation, difficulty in timing, and difficulty in allocation, and effectively improve the investment experience.

Judging from the feedback from 6 institutions, the expectations for the first batch of Alipay "Golden Selection Investment Advisory" that have been launched are also quite high.

The person in charge of the investment advisory business of CIS Global Fund said, "The first batch of online Alipay Gold investment advisors is a good start, looking forward to the future, the CIS Global Fund Investment Advisory team will continue to uphold the concept of giving priority to the interests of investors and create value for customers with professionalism." According to the research results of our fund selection and asset allocation team, we hope to further select funds with competitive advantages within the scope of golden selection funds. Strive to properly control the volatility risk of the portfolio under the premise of pursuing higher expected returns, and create an investment experience that investors can hold for a long time. ”

Compliance issues still need to be clarified

In fact, at present, Ant Fund and 6 institutions have fund investment advisory business qualifications and can provide fund portfolio strategies.

However, unlike ordinary investment advisors, Alipay "Golden Choice Investment Advisory" requires institutions to provide fund portfolio strategies within the scope of Alipay's "Golden Choice" funds.

That is to say, Alipay provides a fund alternative library for 6 institutions, that is, Alipay's gold selection fund.

According to the official introduction of Alipay, Alipay Golden Selection Fund is a list of funds jointly selected by China Securities News and Alipay Wealth Management Think Tank, the selection agency of the "Golden Bull Award", and suitable for the majority of investors to hold for a long time. The funds were screened from the dimensions of products, management companies, investment managers, etc., and finally more than 100 gold selection funds were screened out from more than 6,000 fund product pools.

According to the Notice on Doing a Good Job in the Pilot Work of Publicly Offered Securities Investment Fund Investment Advisory Business (2019), pilot institutions providing fund investment advisory services shall establish a special investment decision-making committee at the company level and establish an alternative library system for fund products. The company shall arrange a professional research team to carry out standardized and process-oriented due diligence on each fund product and related fund manager in the warehouse to form an evaluation report. The pilot institution shall clarify the standards for the entry and exit and storage of various types of products, the product exit and entry into the alternative library shall be deliberated by the investment decision-making committee, and the compliance risk control department of the pilot institution shall supervise the implementation of the fund product alternative library system.

"That is to say, the part of the work that the investment advisory institution should have established its own fund alternative pool, implemented due diligence, etc. was instead provided by Alipay, and the 'golden selection investment advisor' may not meet the regulatory requirements." A public fund person interviewed believes.

On the other hand, since Alipay does not have fund evaluation business qualifications, there are also compliance doubts in its assessment of the "Alipay Golden Selection" fund pool.

According to the information of the Asset Management Association, there are currently 7 fund evaluation agencies in the market, including Haitong Securities, Shanghai Securities, China Merchants Securities, China Galaxy Securities, Jinan Jinxin, Morningstar and Tianxiang Investment; in addition, there are 3 fund award media.

According to the 21st Century Business Herald reporter, the marketing promotion of "Golden Election Investment Advisory" by major institutions has not been small.