年内已离任196人，创新高！公募基金经理“奔私潮”再起

Core Viewpoint - The public fund industry is experiencing a significant wave of fund manager departures, with many transitioning from public to private funds, reflecting profound changes in the industry landscape [1][2][5]. Group 1: Departure Trends - As of July 15, 2025, the number of public 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 [2]. - 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 [2][4]. - The current wave of departures is characterized by a shift towards private funds, with many managers seeking new opportunities outside the public fund sector [1][4]. Group 2: Factors Driving Departures - 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 [5]. - The market concentration among the top ten public fund companies reached 58% in Q1 2025, significantly reducing the survival space for smaller firms and prompting managers to seek better resources either by moving to larger firms or transitioning to private funds [5][6]. - The current departure trend is influenced by a combination of regulatory changes, market conditions, and a shift from extensive growth to high-quality development within the industry [5][6]. Group 3: Performance of "Going Private" Managers - As of June 2025, the number of public fund managers who transitioned to private funds reached 863, with 886 of them managing private fund products that yielded an average return of 18.43% in 2024, ranking second among all fund managers [7][9]. - However, the performance of these "going private" managers shows significant variability, with some achieving outstanding returns while others struggle [7][9]. - For instance, Yang Ping's product achieved over 200% return in 2024, while other managers faced substantial losses, highlighting the mixed outcomes of this transition [10][11]. Group 4: Industry Dynamics and Future Outlook - The competition in the private fund sector is intense, with many former public fund managers facing challenges similar to those of newer private firms, indicating a need for adaptation and strategic development [13][15]. - The reliance on platforms and resources from previous public fund roles is a critical factor affecting the performance of these managers in the private sector, as they often lack the extensive support systems available in public funds [15]. - The industry is expected to see a dual flow of talent between public and private sectors over the next 3-5 years, as both types of institutions adapt to changing market conditions and regulatory environments [16][17].