公募重磅改革：超六成主动权益基金经理收入将下降

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, shifting the focus from scale to returns in fund assessments [1] Group 1: Action Plan Overview - The action plan outlines five key areas for reform, emphasizing investor protection and standardized operational requirements for various institutions in the public fund industry [1] - The introduction of a floating management fee mechanism linked to fund performance is highlighted as a new pillar for high-quality development in the fund industry [1] Group 2: Management Fee Structure - The regulatory aim is to transition from a fixed fee model to a performance-linked floating fee model, enhancing the alignment of interests between fund managers and investors [2][3] - New active management equity funds will implement a floating management fee based on performance benchmarks, with fees adjusted according to the fund's performance during the holding period [2][3] Group 3: Performance Assessment - The action plan mandates that fund companies establish a performance assessment system centered on investment returns, with a focus on both fund performance and investor profitability [5][6] - Fund managers will face increased pressure to enhance their investment management capabilities, as the new assessment mechanism emphasizes long-term performance over short-term gains [7] Group 4: Dual Assessment Mechanism - The action plan introduces a dual assessment mechanism, incorporating both excess return rates and profit rates into the evaluation of fund performance [8] - Fund manager compensation will be closely tied to long-term performance, with penalties for underperformance and rewards for exceeding benchmarks [9] Group 5: Governance and Accountability - The plan strengthens the requirements for fund companies, executives, and key personnel regarding mandatory co-investment ratios and lock-up periods [10] - A deferred payment system for performance-based compensation is to be implemented, ensuring accountability for fund managers and executives [10]