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Back台灣前三大投信ETF管理費收入達171億元 銷售費收入卻呈衰退
台灣前三大投信ETF管理費收入達171億元 銷售費收入卻呈衰退
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自由时报1 hour agoBusiness2 min readChinaView translation

台灣前三大投信ETF管理費收入達171億元 銷售費收入卻呈衰退

etf管理費銷售費

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根據台灣前三大投信公司元大、國泰與富邦投信的財報，一年僅管理費收入就高達171億元，其中元大投信貢獻76.65億元，國泰投信為62.36億元，富邦投信突破32億元。然而，隨著ETF經由券商次級市場交易取代銀行通路申購，三大投信的銷售費收入呈現停滯或衰退，元大微降至1.83億元，富邦下滑至1.38億元，國泰其他收入年減近15%。

AI-generated summary

Why It Matters

台灣人熱衷投資ETF，規模僅次於中國與日本，穩居亞洲第三。過去投信主要依賴銀行通路銷售主動型基金，賺取申購手續費；但ETF興起後，投資人可直接透過券商在次級市場買賣，導致投信銷售費收入受衝擊。

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根據台灣前3大投信公司財報，一年光是管理費（經理費）收入就高達171億元。（資料照）

〔記者高嘉和／台北報導〕台灣人瘋ETF（指數股票型基金），規模穩居亞洲第3大，僅次於人口基數遠超過台灣的中國與日本。根據台灣前3大投信公司財報，一年光是管理費（經理費）收入就高達171億元。

以ETF發行規模來看，前3大的元大、國泰與富邦投信，尚未揭露今年最新半年報，但從去年財報來看，元大投信憑藉龐大台股ETF規模，光是收取的管理費就達76.65億元。

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緊追在後的國泰投信從2024年的52.68億元跳躍成長至62.36億元；而富邦投信受惠於市場熱度與整併效益，管理費更狂飆逾4成，一舉突破32億元大關。

光是這三大投信，一年從投資人手中收取的管理費就高達171億元，這說是這波台股ETF狂潮最大贏家。

雖然管理費賺飽飽，三大投信的「銷售費收入」卻全面呈現停滯甚至衰退。

2025年元大投信銷售費微降至1.83億元，富邦投信也下滑至1.38億元，而國泰包含銷售費在內的其他收入也年減近15％。

這趨勢顯示出過去主動型基金時代，投信高度仰賴銀行通路銷售，賺取一次性的「申購手續費」；但在ETF時代，投資人可直接透過券商在次級市場買賣，反而是券商大賺交易手續費。且為搶占初級市場市占率，投信在ETF首次公開發行（IPO）時往往大打免手續費促銷，導致銷售費收入無法跟上總資產規模的成長。

一手掌握經濟脈動 點我訂閱自由財經Youtube頻道

Open Questions

  • 銷售費收入持續下滑是否會影響投信整體盈餘結構？
  • 投信是否會調整業務模式以補足銷售費收入缺口？
  • 券商從ETF交易中獲得的手續費收入是否相應增加？

Related Topics

etf
Organizations元大投信國泰投信富邦投信
Places台灣
Topics管理費銷售費元大投信國泰投信富邦投信台股
This article was originally published by 自由时报.

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