公募重磅改革方案落地 基金公司最新解读

Core Viewpoint - The public fund industry is undergoing significant transformation with the release of the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to shift the focus from scale to returns, enhancing investor experience and aligning interests between fund companies and investors [1][2]. Group 1: Key Measures of the Action Plan - The plan emphasizes the establishment of a performance-based floating management fee system to bind the interests of fund companies and investors, moving away from the traditional fixed fee model [2][3]. - Fund companies are required to report the first batch of innovative fee structure funds, which will charge management fees based on the performance of the fund during the holding period [2][3]. - The plan mandates that leading fund management firms issue at least 60% of their new active management equity funds as floating fee products within a year [3]. Group 2: Performance Evaluation and Incentives - The plan introduces a performance evaluation system that prioritizes investment returns, reducing the weight of operational metrics like scale and profit in assessing fund companies [5][6]. - Fund managers will be evaluated with a focus on long-term performance, with at least 80% of their assessment based on returns over three years [6][7]. - A salary management mechanism linked to fund performance will be established, ensuring that fund managers' compensation reflects their investment success [6][7]. Group 3: Innovation and Market Development - The plan encourages the innovation of equity funds, including the development of products that link fees to performance and promote long-term holding [8][9]. - A rapid registration mechanism for equity funds will be implemented, allowing for quicker market entry of new products [9]. - The expansion of equity funds is expected to enhance market liquidity and stability, attracting long-term capital into the stock market [9][10]. Group 4: Investor Services and Compliance - The plan calls for improved investor service capabilities and the establishment of a classification evaluation mechanism for fund sales institutions [11][12]. - It emphasizes the importance of risk control and compliance, aiming to create a stable and self-regulating industry environment [13]. - The plan outlines measures to enhance internal management and accountability within fund companies, ensuring adherence to regulatory standards [12][13].