观察| 公募改革方案落地！广东机构如何与基民“同船共渡”

Core Viewpoint - The newly released "Action Plan for Promoting High-Quality Development of Public Funds" aims to address the issue of "funds making money, but investors not benefiting" by implementing 25 measures that link fund performance to management fees and compensation for fund managers, marking a shift from a focus on scale to one on returns in the public fund industry [2][3][4] Group 1: Fee Structure Reform - The plan introduces a floating management fee model based on performance benchmarks, where funds that underperform will have lower fees, while those that exceed benchmarks will have higher fees [3][4] - The China Securities Regulatory Commission (CSRC) emphasizes that fund companies must reduce management fees for poorly performing funds, addressing the criticism of the previous fixed fee model [3][4] - Major fund companies, including E Fund and GF Fund, are already adapting their fee structures to align with the new regulations, focusing on performance-based fees [4][5] Group 2: Performance-Based Compensation - The plan establishes that fund managers' compensation will be linked to their funds' performance relative to benchmarks, with significant penalties for underperformance and rewards for exceeding benchmarks [6][8] - Fund companies are required to implement long-term performance assessments, with at least 80% of the evaluation based on three-year performance metrics [6][8] - Companies like E Fund and GF Fund are already revising their performance evaluation systems to align with the new guidelines [6][8] Group 3: Shift to Buy-Side Advisory - The plan mandates a transition from a sales-driven approach to a client-focused advisory model, emphasizing the importance of investor returns over company profits [9][10] - Fund companies are encouraged to develop investment advisory services to better align with investor interests and improve overall client experience [9][10] - The Guangzhou Investment Advisory Academy is working on standardizing advisory services to enhance the quality and consistency of investment advice provided to clients [10]