招商基金4位知名经理年内相继离职，“公奔私”现象再引关注

Group 1 - The departure of fund manager Zhai Xiangdong from China Merchants Fund is part of a broader trend of talent migration within the public fund industry, with 242 fund managers leaving since 2025, marking a new high [2][6][8] - Zhai Xiangdong achieved a return of 117.90% and an annualized return of 27.24% since taking over the China Merchants Advantage Enterprise Mixed Fund, which grew from less than 40 million to over 10 billion in size [3][4] - The fund's size has decreased to 81.32 billion following Zhai's departure, with over 300 million shares redeemed, raising concerns about the future performance under the new manager [3][4] Group 2 - The trend of talent loss at China Merchants Fund is not isolated, as four prominent fund managers have left the company this year, including Ma Long and Su Yanqing, due to personal reasons [4][5] - The public fund industry is experiencing a shift from a "star manager" model to a "platform" model, emphasizing team collaboration and reducing reliance on individual managers [9][10] - The industry is seeing an increase in competition for talent, with factors such as salary reforms and regulatory changes driving the migration of fund managers to private equity firms [9][10] Group 3 - The average tenure of fund managers in the industry is around 4.15 years, with a significant number of managers leaving their positions, indicating a high turnover rate [7][8] - The trend of high-level personnel changes is also evident, with frequent adjustments in executive roles across various fund companies, reflecting the competitive landscape and the need for strategic realignment [11][12][14] - The ongoing transformation in the public fund industry is pushing firms to focus on long-term performance, risk management, and effective communication with investors, which raises the bar for fund managers' professional skills [10][14]