The transition of brokerage asset management products into public funds is nearing completion, and this large-scale asset migration is reshaping the industry landscape.

Taking brokerage cash management funds as an example, as of December 7, eight such products have had their management transferred to public fund companies in Q4, with a combined scale exceeding 85 billion yuan (as of Q3). Another nine products, totaling over 140 billion yuan, are still in the transition process. This means the total scale of such transfers exceeds 220 billion yuan.

For industry giants managing trillions, inflows of hundreds of billions have a limited impact. However, for mid-tier fund companies with assets near the 100-billion-yuan threshold—particularly those ranked between 50th and 70th—such a massive injection could significantly alter competitive standings, potentially reshuffling the mid-tier segment.

With the official launch of Everbright Sunshine Cash Treasure Fund on December 1, 2025, all of Everbright Securities Asset Management’s "public fund" mega collection products have been smoothly transferred to Everbright BSSD Fund.

Wind data shows that as of September 30, Everbright Securities Asset Management managed 13 products with assets totaling 33.43 billion yuan. By December 4, 10 of these "public fund" mega collections had been transferred to Everbright BSSD Fund, retaining a combined scale of over 32 billion yuan.

Everbright BSSD Fund’s AUM stood at 82.83 billion yuan at the end of Q3, ranking 68th. With these transfers, its AUM is expected to surpass 110 billion yuan by year-end, entering the "100 Billion Club." Meanwhile, Western Lead Fund, ranked 55th with 113.48 billion yuan, could see Everbright BSSD leapfrog over 10 spots.

Similar cases include Shenwan Hongyuan Fund and Essence Fund. Shenwan Hongyuan Fund’s public AUM was 80.85 billion yuan (70th) in Q3, while its parent’s two cash management funds—Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li—totaled nearly 29 billion yuan. If fully integrated, Shenwan Hongyuan Fund’s AUM would exceed 100 billion yuan, though delays may push this milestone to Q1 2026.

Essence Fund, with 85.37 billion yuan in Q3, could also breach the 100-billion-yuan mark if it absorbs SDIC AM’s 17.47-billion-yuan Tian Li Bao Money Fund, though timing depends on completion.

CSC Fund, with 71.49 billion yuan in Q3, saw its parent’s 26.96-billion-yuan cash management fund transferred in October, likely pushing its AUM past 90 billion yuan in Q4.

The migration is also boosting firms already in the "100 Billion Club." For instance, Galaxy Fund (57th, 108.09 billion yuan) may approach 140 billion yuan after absorbing Galaxy Jinhui’s 32.51-billion-yuan cash fund, potentially breaking into the top 50.

Smaller firms like Xinjiang Qianhai United Fund (9.01 billion yuan) and Xiangcai Fund (7.17 billion yuan) could cross the 10-billion-yuan threshold with transfers, while Fuanda Fund (9.9 billion yuan) may also benefit.

Beyond cash funds, Dongzheng Ronghui’s two star bond funds (totaling ~30 billion yuan in 2024) are set to transfer to Dongcai Fund, diversifying its bond product line.

This massive migration presents both opportunities and challenges. While stable fee income from cash funds boosts profitability, integrating millions of client accounts and maintaining seamless operations require significant IT and operational investments.

As one Beijing-based fund manager noted, firms must leverage this scale to enhance research, risk management, and compliance—transforming short-term gains into long-term competitive advantages—or risk remaining reliant on superficial growth.