基金经理薪酬将与投资者回报强挂钩

Core Viewpoint - The newly released "Action Plan for Promoting the High-Quality Development of Public Funds" introduces significant reforms aimed at aligning fund company revenues with investor returns, enhancing long-term performance assessments, and implementing a reward and punishment mechanism for fund managers based on their performance relative to benchmarks [1][2][4]. Group 1: Key Measures of the Reform - The plan includes 25 measures focusing on optimizing fund operation models, establishing a performance-linked floating management fee system, and enhancing long-term assessment and incentive mechanisms [2][3]. - A floating management fee model will be implemented for newly established actively managed equity funds, linking fees to performance relative to benchmarks, with a target for leading firms to issue at least 60% of their new funds under this model within a year [2][3]. Group 2: Performance Assessment and Manager Accountability - The plan emphasizes the importance of performance benchmarks, with strict regulations on how fund companies select and use these benchmarks to ensure they effectively guide investment strategies and assess performance [4][6]. - Fund managers whose products underperform benchmarks by over 10 percentage points for three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive increased compensation [4][5]. Group 3: Market Impact and Future Outlook - The reforms are expected to shift the focus of fund companies from scale to returns, encouraging managers to prioritize long-term performance and investor interests, thereby enhancing market stability and resource allocation efficiency [6][7]. - The introduction of clear performance benchmarks aims to improve investor confidence in public funds, potentially attracting more long-term capital into the stock market [6][7].