公募基金经理“奔私”潮再起：平台与明星都在重新洗牌

Core Viewpoint - The public fund industry is experiencing a significant shift as many star fund managers are leaving for private equity, leading to a "de-starring" trend in the industry [2][5][9]. Group 1: Departure of Fund Managers - In 2023, a wave of departures among public fund managers has been noted, with 212 managers leaving by July 29, marking a 7% and 23% increase compared to the same periods in 2024 and 2023 respectively [2]. - Notable fund managers such as Zhang Yifei and Zhou Haidong have left their positions, with Zhang managing over 30 billion yuan before his departure [3][4]. - The trend of "clean slate" resignations is prevalent, with many managers opting to join private equity firms, indicating a shift in career paths within the industry [2][3]. Group 2: Impact on Public Funds - The departure of star managers often leads to significant fund redemptions, as seen with Zhou Haidong, whose exit could trigger withdrawals from his managed funds [4]. - The public fund industry is undergoing a transformation as it faces challenges related to scale fluctuations and performance pressures due to the loss of key personnel [5][8]. - The current environment is characterized by a shift from a "license dividend" to a "capability competition" phase, indicating a fundamental change in how public and private fund sectors operate [8]. Group 3: Performance of Departing Managers - As of mid-2025, 863 private fund managers with public backgrounds are noted, with only 36 managing over 10 billion yuan, highlighting a trend towards smaller private firms [9]. - The average performance of former public fund managers who transitioned to private equity in the first half of 2025 was 9.18%, with top performers achieving returns as high as 45.66% [10]. - However, some managers have struggled post-transition, with notable cases of poor performance and significant losses in their new roles [11][12].