公奔私升温！明星基金经理频出走，继任者面临业绩“保鲜”难题

Core Insights - The number of fund managers leaving their positions has increased from 212 last year to 240 this year, marking a year-on-year increase of 28, or approximately 13.21% [2] - Notable departures include star fund manager Zhai Xiangdong from China Merchants Fund, who left due to personal reasons, leading to significant attention in the industry [2][3] - The fund managed by Zhai, China Merchants Advantage Enterprise, is the largest actively managed equity fund under China Merchants Fund, with a total scale of 8.132 billion yuan as of August 8 [2] Fund Manager Departures - Zhai Xiangdong's departure is part of a broader trend, with several star fund managers leaving their firms this year, including Bao Wuke from Invesco Great Wall Fund and Zhang Yifei from Anxin Fund [3][5] - The public fund industry has seen a dual impact from fee reforms and salary adjustments, leading to increased pressure on fund managers and contributing to their departure [5] Performance Metrics - Zhai Xiangdong achieved a total return of 124.59% and an annualized return of 27.96% during his tenure, significantly outperforming the industry benchmark [2] - The fund's performance has been strong, with returns of 23.88% and 23.44% for its A and C shares respectively in the current year [2] Industry Trends - The trend of public fund managers moving to private equity is gaining momentum, driven by the flexibility and higher performance incentives offered by private funds [13][17] - The departure of high-performing fund managers poses a risk of significant redemptions for their previous funds, as seen with Zhonggeng Fund after the exit of a top manager [17][18] Manager Transition - Lu Wenkai has taken over as the new manager of China Merchants Advantage Enterprise following Zhai's departure, raising questions about his ability to maintain the fund's performance [10] - Lu has a diverse background in both public and private fund management, currently overseeing a total of approximately 12.441 billion yuan across six funds [10]