This article is produced by Li Qingcai.
Aladdin, whose name is known for the first time, is a character in the fairy tale Arabian nights. However, in the global asset management industry, this is a name that is beyond the reach of countless financial institutions:
The Aladdin system, a risk management and trading platform independently developed by BlackRock, provides asset management services to institutions in more than 65,438+000 countries and regions around the world, and the global capital scale based on this platform exceeds 65,438+05 trillion US dollars.
There are also many admirable institutions in China. About seven or eight years ago, many domestic asset management institutions went abroad for inspection and tried to copy an Aladdin system in China, but so far, none of them succeeded.
With the maturity of China's asset management technology market, it has its own Aladdin, which is different from BlackRock's next generation Aladdin. Where is Aladdin in China Asset Management Market?
Within a digital technology company, there is a product with engineering code name "Next Generation Aladdin", which is ——JT, an intelligent asset management technology platform launched by JD.com in February 2065438+2009. . JT？ What can you do? What are the similarities and differences with Aladdin? Why, JT? Have a chance to be Aladdin of China?
A question that has attracted much attention is, why did domestic asset management agencies fail to explore Aladdin before?
Chen Tong, vice president of E Fund, said that it is mainly related to the input of scientific and technological talents and resources. For example, the most profitable fund companies have a net profit of less than 2 billion a year. In addition to a large amount of capital investment, Aladdin also invested in technicians and systems, which is obviously not supported by the current asset management institutions.
Whether it is the investment in science and technology or the talent system, the Internet institutions represented by JD.com are stronger; At the same time, as a platform company, it is not limited to self-use but also open to the outside world, which greatly reduces the marginal cost.
In the current background of asset management industry, a benchmark like Aladdin is needed too much. Where's JT The birth, at the right time. Light finance thinks, JT? There are three similarities between the birth of Aladdin and Aladdin.
First, the financial environment is similar. Aladdin has created more than ten trillion dollars of asset management myth overseas, and one of the important reasons is the high acceptance of passive investment and professional investment consultants in the American market.
In contrast, China's asset management industry contains huge demand for science and technology, and asset management institutions urgently need Aladdin's asset management technology system: on the one hand, the attractiveness of indexed passive products is also increasing; On the other hand, the new asset management regulations guide asset management institutions to return to their original sources, and the insight into assets needs the help of asset management technology.
20 19 10 The first batch of fund investment pilots were released, and the transformation of wealth management accelerated. The demand of asset management institutions for product design, investment and research system construction and customer operation provides opportunities and soil for asset management technology.
Second, they all emphasize scientific and technological capabilities. Before 2008, BlackRock's scientific and technological investment /AUM ratio exceeded 0.02%, and its scientific and technological capabilities were continuously improved through internal innovation and external cooperation. Today, BlackRock's asset management scale has exceeded 7 trillion, and the investment in science and technology has fed back BlackRock's asset management business.
AI, cloud computing and other technological capabilities are also JD.com JT? A big label of the platform, its new strategy is to create a more open and intelligent asset management technology ecosystem through the application of "cloud-ground collaboration" mode and the localized deployment of core systems, and become the "next generation Aladdin" that meets the needs of the current domestic asset management industry.
Third, they all played the role of a platform. Aladdin has a strong polymerization effect. The more financial institutions connected to the platform, the stronger the risk control capability. While empowering its own business, BlackRock actively provides technical management services to the outside world. In 20 18, the corresponding technology realized revenue reached 790 million US dollars, and the revenue contributed 6%.
JT introduced by JD.COM Mathematics Department? -A new digital operating system for asset management.
According to Xu Yerun, vice president of JD.COM Mathematics, JT? Like Aladdin's genes, they all adopt a platform-based solution: at first, they invested a lot, and later, as the benefits were released bit by bit, the marginal cost became lower and lower. "We are the only one who has clearly put forward the platform strategy."
Of course, to achieve this goal, JD.COM mathematics needs to be localized first. In the early stage, we should cooperate with the head financial institutions to continuously enrich the core functions. At the same time, cooperation with small and medium-sized financial institutions will also be an important direction. "In fact, we are more concerned about customers at the waist and tail. This kind of institution needs external technical support. "
Meanwhile, JT? There are three major differences with Aladdin.
First of all, the technological environment of birth is different. Whether it is the asset management industry or the development stage of financial technology, JT? It is very different from Aladdin, who was born more than 20 years ago. A large number of mature applications such as AI and big data have been applied in a few years, which has provided new help for asset management technology. On the other hand, this is also for JT? The future brings potential room for improvement.
Secondly, Aladdin was born out of JT, a global giant asset management institution. It was launched by China financial technology giants. JD.COM Mathematics Department has laid out asset management technology for many years, with both scientific and technological capabilities, and is committed to becoming a big platform. As a third-party service organization in the asset management industry, it may be the soil where Aladdin in China was born.
Finally, the development stage is different. At present, Aladdin system provides comprehensive solutions for more than 200 financial institutions in 65 countries around the world, tracking about 65,000 investment portfolios. BlackRock plans to increase the revenue contribution of Aladdin-centric solutions to 30% by 2022.
Where's JT Less than two years after its launch, it is still in its infancy. JD.COM Mathematics Department hopes to build an open platform after localization, which is also different from Aladdin. "We take Aladdin as our chasing target. On this basis, we will carry forward, be more intelligent and open. "
In BlackRock's data center in Washington, there are 6,000 computers running day and night every day, helping professional investors to manage risk assessment and trading decisions of assets exceeding 10 trillion dollars. Aladdin platform refines the forecast to every day through its massive historical data and mature data model.
In the domestic market, since the promulgation of 20 18 new asset management regulations, a large number of asset management institutions have increased the layout of intelligent investment and research, multi-asset intelligent trading, full-scenario risk control, post-investment comprehensive management and intelligent investment, which greatly promoted the process of asset digitalization, and asset management technology has become an important engine for asset management institutions to transform and adjust.
On the other hand, there are not many platform companies in the asset management technology industry. Similar to Aladdin's function, JT? Core solutions of, including information and; Data, intelligent trading, risk management, intelligent investment, basic technology and engineering capabilities all reflect JT? "Cloud-ground collaboration" output mode of platform application+core system localization deployment.
JT？ It also has its own characteristics. JT？ It is not only a cloud integrated asset management technology service platform, but also has more intelligent systems and tools, which can help financial institutions solve efficiency problems; It is also an open platform at the ecological level, which can enhance the connectivity of all kinds of funds and assets, thus making it more convenient for asset management institutions to conduct cross-market, cross-variety and inter-institutional transactions.
For example, Xu Yerun said that the domestic market is different from overseas markets, such as non-standard assets and many financial products suitable for the domestic market. JT？ From the beginning, it was completely designed around the product system and needs of domestic institutions. The solution of localization deployment is this embodiment-from the perspective of internal compliance and security of financial institutions, the solution around the core system must be deployed internally to achieve autonomy.
With asset management technology becoming the core of financial technology in the second half, JT? Welcome the historical opportunity period. Xu Yerun believes that asset management technology will play an advantage in product design and operation, data standards and governance, real-time asset pricing, all-round risk management, cross-market transaction management and other fields. And help asset management institutions improve the overall operational management efficiency, especially the efficiency of core links such as investment and research, so as to better seize market opportunities.
It is precisely because it meets the urgent needs of asset management institutions that it has been officially launched since the beginning of 20 19, JT? At present, IT has served more than 600 institutions such as Agricultural Bank of China and Huaxia Fund, and provided platform-based and customized comprehensive solutions for the needs of asset management institutions such as research and analysis, investment decision-making, risk management, intelligent transaction and IT system architecture upgrade.
A case worth mentioning is that in June of 20 19 and 10, the Agricultural Bank of China and JD.com jointly launched the "Intelligent Custody Platform". JD.com, JT? Open up with the Agricultural Bank of China's hosting platform to help ABC create online one-click, integrated and full-process intelligent hosting services for customers.
As a new institution, the first bank financing subsidiary has been established for one year. At present, financial subsidiaries urgently need to establish their own product design, risk management, investment and research management systems, and strengthen the ability to allocate large categories of assets. In this process, team building is on the one hand, and leveraging asset management technology is also an important way, JT? It can help bank financial subsidiaries to improve the layout of investment and research system.
JT？ There are also two technological advantages that can attract asset management institutions. 1. The engineering capability of localized deployment is a great advantage of JD.COM Mathematics Department, which supports the high security, high availability and easy expansion of technical solutions, and seamlessly interfaces with the existing IT systems of asset management institutions, helping institutions to reduce the repeated investment and construction costs of IT systems and ensure the rapid application of technologies on the premise of safety and compliance.
Second, the application of AI technology is another big advantage of JD.COM mathematics. Based on the application of AI in financial modeling, real-time calculation, dynamic analysis and other fields, it can help asset management institutions to realize intelligent risk analysis and assist in building core capabilities such as investment and research strategy, quantitative trading and asset allocation. At present, there are special solutions such as intelligent investment solutions and FOF investment management solutions.
Although JT? Since its launch, it has made rapid progress, but there is still a big gap from Aladdin. JT？ What else do you need to do to become Aladdin?
As a long-term and in-depth cooperation institution with JD.com, according to Wang Jinhai, general manager of Huatai Securities (Shanghai) Asset Management Co., Ltd., JD.com launched JT? It is an asset management technology service provider who wants to make use of ecological resources to make a full business chain.
"There may be many services and businesses derived from it. At present, my understanding is that 2B2C will cover. I believe that this platform will have great prospects after its completion, which is what all employees in the asset management industry hope to solve. "
Xu Yerun also mentioned that domestic asset management institutions need more open and intelligent applications different from BlackRock. At present, transactions and cooperation across markets, varieties and institutions are frequent, asset management institutions are faced with a complex and changeable market environment, and the application of advanced technologies is changing rapidly, which determines that asset management technical services cannot "rule the world with one stroke".
To be the next generation of Aladdin, did you win, JT? Inevitable choice.
The "openness" here refers not only to JT? The platform will continue to access more eco-service partners to provide asset management institutions with richer scenario applications; It also means that asset management institutions can flexibly access external services through API and other modes under the premise of safety and compliance, reduce the one-time technology investment cost, realize the rapid landing of intelligent applications, and solve the front-end business development problems. Opening up will eventually promote the benign connection and operation between capital and assets, technology and business.
Here, I would also like to mention the "technology+business+ecology" internet digital service created by JD.COM Mathematics Department. As Chen Shengqiang, CEO of JD.com, said, what JD.com has brought to finance and industry is the all-round service of "technology)+industry)+ecosystem", that is, the mode of "Tie".
In addition to building JT in JD.COM Mathematics Department? The asset management technology platform has also built a T 1 financial cloud. These two financial digital service systems are superimposed on the digital financial scene built by JD.COM Digital Branch, providing financial institutions with comprehensive services integrating digital technology and digital growth.
Taking the banking industry as an example, JD.com provided the following one-stop comprehensive solutions, which realized the landing and replication of the "technology+business+ecology" business model.
Digital solutions provided by JD.com for banking institutions
On August 25th, JT? For the first time, its open ecological layout was expounded, and the introduction plan of asset management technology ecological partners was officially launched. On the same day, JD.com Mathematics Department held a cooperation ceremony with more than ten representatives of asset management technology ecological partners to jointly build a new ecosystem of asset management technology services.
In the future, the assets generated by various scenarios in JD.COM Mathematical Ecosphere and the whole JD.COM Group Ecosphere, as well as the funds of hundreds of millions of users, will also become the commercial basis for supporting this ecological cycle. The platform and service system built by JD.com will in turn promote JT? Become stronger.
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In the digital transformation of asset management institutions, many scenarios and application systems are involved, and no service provider can get through all business links. The market must be "n pairs 1", that is, n service providers cooperate to meet the digital and intelligent transformation needs of an asset management institution, and opening up is the general trend.
JD.COM Mathematics Department will rely on JT? , connect with more institutions, work together to create an open and intelligent new ecosystem of asset management technology, help the transformation and upgrading of the asset management industry, and explore a reliable path to achieve efficiency growth, customer growth and scale growth.
Just as Aladdin is of great significance to BlackRock, the future revenue contribution ratio is planned to be 30%. JT？ In the future, the significance of JD.COM's mathematics is also extraordinary.