800基金经理“公奔私”：36人站上百亿元平台，谁的业绩更好

Core Insights - The announcement from Anxin Fund regarding the resignation of prominent fund manager Zhang Yifei from all six managed products indicates a trend of public fund managers transitioning to private equity, reflecting a significant talent migration within the industry [2][5] - As of June 2025, there are 863 private fund managers with public fund backgrounds, managing 320 performance-displaying private products, with an average return of 11.17% in the first half of the year [3][5] - High Yi Asset has emerged as a leading platform for attracting talent from public funds, with six notable public fund managers joining its ranks [3][4] Private Fund Expansion - The private fund industry has reached a historical peak in talent reserves, with 863 managers having public backgrounds, an increase of 47 from the beginning of the year [3][5] - The top ten private fund managers have achieved an average return of 31.31% over the past three years, with a threshold of 24.34% for entry into this elite group [6][8] Reasons for Transition - The shift from public to private funds is driven by several factors, including more attractive incentive mechanisms, greater investment freedom, and the desire for personal brand maximization [5][10] - Private funds offer a high-performance sharing model compared to the fixed salary structure of public funds, making them more appealing to high-performing managers [5] Performance of Transitioned Managers - Notable performers among transitioned managers include Yang Ping from Shenzhen Shanzhe Private Fund and Li Zhenyue from Mufeng Investment, both achieving significant returns [6][7] - However, the transition is not without challenges, as some managers experience performance declines due to various factors, including the need for a fundamental shift in investment philosophy and market adaptability [9][10] Challenges Faced - The transition to private funds can lead to performance issues due to the differences in investment strategies and the operational challenges faced in a less structured environment [9][10] - Many managers struggle with the shift from relative performance metrics in public funds to absolute return requirements in private funds, which can complicate their investment approaches [10]