公募基金经理“奔私潮”再起：有人年收益超200%，有人已隐匿江湖

Core Viewpoint - The public fund industry is experiencing a significant wave of talent migration, with many well-known fund managers transitioning from public to private funds, reflecting deep changes in the industry landscape [3][4][7]. Group 1: Talent Migration Trends - As of July 15, 2025, the number of fund managers who have left their positions reached 196, marking a historical peak and an increase of 11.4% and 20% compared to the same periods in 2024 and 2023, respectively [4]. - Notable fund managers such as Zhou Zhishuo from Jianxin Fund and Wang Peng from Taida Hongli Fund have made headlines with their departures, indicating a trend of "going private" among high-profile managers [4][6]. - The current wave of departures is characterized by a shift from a focus on individual performance to a more structured approach in the industry, with many firms adjusting their research and talent structures to align with new regulatory requirements [8]. Group 2: Factors Driving the Transition - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2025 has been a critical turning point, introducing performance-based compensation structures that have pressured underperforming managers to leave [7]. - The market concentration among the top ten public fund companies has increased to 58%, leading many mid-sized fund managers to seek better resources either by moving to larger firms or transitioning to private funds [7]. - The current talent migration is not solely driven by individual choices but is also a response to the industry's shift from extensive growth to a focus on high-quality development [8]. Group 3: Performance of "Going Private" Managers - As of June 2025, the number of fund managers who transitioned from public to private funds reached 863, with many choosing to either establish their own firms or join existing private platforms [9]. - Data shows that private fund managers with public backgrounds achieved an average annual return of 18.43% in 2024, ranking second among all types of fund managers, although the proportion of profitable products was the lowest among different categories [10][12]. - Individual performance varies significantly, with some former public fund managers achieving outstanding results, while others have struggled, highlighting the challenges of adapting to the private fund environment [12][13]. Group 4: Industry Dynamics and Future Outlook - The transition of fund managers from public to private sectors is reshaping the asset management industry, with a predicted dual flow of talent between public and private funds over the next 3-5 years [18]. - The differences in operational mechanisms between public and private funds necessitate a reevaluation of investment strategies and performance expectations for transitioning managers [18]. - The industry is expected to evolve towards a healthier and more diversified ecosystem, with public funds focusing on systematic research platforms and private funds enhancing compliance and risk management frameworks [18].