基金经理团队制受关注 公募探索投研一体化改革

Core Viewpoint - The team-based management model for fund managers is recognized as a crucial approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][6]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission (CSRC) has proposed an action plan to support the establishment of a team-based management model for fund managers, emphasizing the need for a comprehensive research and investment system [2][6]. - Some fund companies have already begun to explore integrated research practices and the co-management model among fund managers to address the limitations of single-strategy funds [2][5]. - The trend of co-management is increasing, with examples of funds being managed by two or three managers, indicating a shift towards collaborative management [2][5]. Group 2: Advantages of Team-Based Management - Team-based management can enhance the stability of fund performance by leveraging the complementary strengths of different fund managers, thus improving compatibility with various investment styles [3][6]. - The collaborative approach aims to mitigate risks associated with individual fund managers, such as personal biases and the impact of manager turnover on performance [3][6]. Group 3: Challenges and Limitations - Despite the potential benefits, the current co-management model has not yet demonstrated significant advantages, with concerns about decision-making conflicts and unclear responsibilities among managers [4][5]. - The effectiveness of co-management is hindered by the reluctance of established fund managers to share control and the potential for coordination challenges [4][5]. Group 4: Future Directions - The development of a team-based management model requires a fundamental change in the investment research mechanism, emphasizing the need for a structured approach to integrate various analytical strengths [6][7]. - The future of team-based management in public funds will depend on the establishment of a supportive culture and governance framework that encourages collaboration and effective resource allocation [7].