公募重磅！管理费挂钩业绩，绩差基金经理薪酬将明显下降

Core Viewpoint - The newly released "Action Plan for Promoting the High-Quality Development of Public Funds" introduces significant reforms aimed at linking fund company income and investor returns, establishing a performance evaluation system, and implementing a reward and punishment mechanism for fund managers based on their performance relative to benchmarks [1][3][5]. Summary by Relevant Sections Fund Management Fee Structure - The plan proposes a floating management fee structure linked to fund performance, particularly for newly established actively managed equity funds, with a target for leading institutions to issue at least 60% of their new funds under this model within a year [3][4]. - As of the first quarter of 2023, there are currently 131 funds utilizing the floating fee model, indicating a shift towards performance-based fee structures [4]. Performance Evaluation and Accountability - The plan emphasizes the importance of performance benchmarks, with strict regulations on how fund companies select and utilize these benchmarks to ensure they accurately reflect product positioning and investment strategies [6]. - Fund managers whose products underperform benchmarks by more than 10 percentage points over three years will face significant reductions in their performance-based compensation, while those who exceed benchmarks may see their compensation increase [6][7]. Long-Term Investment Focus - The plan mandates that long-term performance (over three years) will account for at least 80% of the evaluation criteria for fund managers, discouraging short-term performance chasing [7][8]. - This long-term focus is expected to stabilize fund performance and encourage the inflow of long-term capital into the market, benefiting both the capital market and the real economy [7][8]. Market Impact and Investor Confidence - The reforms are anticipated to shift the focus of fund companies and managers from scale to investor returns, enhancing the overall quality of public funds and potentially increasing investor confidence in the market [9]. - The introduction of clear performance benchmarks is expected to improve resource allocation efficiency in the market and attract more long-term investments, contributing to a healthier market environment [8][9].