公募基金薪酬大变革，或要告别“旱涝保收”时代

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, which includes measures to closely link fund manager compensation with fund performance, signaling a significant industry transformation [1][2]. Group 1: Issues with Current Compensation Structure - Historically, public fund manager compensation has been tied to fund size rather than performance, leading to a disconnect and a "guaranteed income" situation, which has raised investor concerns [2][3]. - The public fund industry experienced a total loss of nearly 2 trillion yuan from 2022 to 2023, while still collecting over 270 billion yuan in management fees, highlighting the imbalance in interests and the need for reform [2][3]. Group 2: Key Reforms Proposed - The new regulations require active fund managers to invest a proportion of their own funds in the products they manage and establish a "lock-up period," promoting shared risk [3]. - Performance metrics will now account for at least 80% of the evaluation criteria for fund managers, with significant penalties for underperformance, such as a decline in performance-based compensation if returns fall below benchmarks by more than 10 percentage points over three years [3]. - The action plan aims to enhance transparency and fairness by revising the information disclosure templates for actively managed equity funds, ensuring comprehensive presentation of long-term performance and benchmark comparisons [3]. Group 3: Implications for the Industry - The action plan draws inspiration from the U.S. mutual fund model of "base management fees plus performance incentives," which is expected to have profound implications for the high-quality development of China's fund industry and the protection of investor rights [3].