谁来接棒“顶流”公募多路突围“后明星时代”

Core Viewpoint - The public fund industry in China is transitioning into a "post-star era" as several prominent fund managers have left their positions, leading to a re-evaluation of the traditional belief that "buying a fund means buying the fund manager" [1][2] Group 1: Departure of Star Fund Managers - A significant number of well-known fund managers, including Zhai Xiangdong and Bao Wuke, have left their positions this year, with a total of 247 departures reported by mid-August, surpassing the numbers from previous years [1] - The departure of star fund managers often results in substantial redemptions from their associated funds, with one fund's total assets dropping from over 14 billion to around 8 billion, a decline of over 40% [2] - Fund companies are striving for a "soft landing" during these transitions by promoting their internally trained teams to manage funds, which has led to some funds achieving impressive returns despite the manager's departure [2][3] Group 2: Industry Transformation - The public fund industry is exploring three main transformation paths: industrialization and platformization of research, establishing multi-manager systems, and adjusting product structures towards indexation [3][4] - The China Securities Regulatory Commission has emphasized the need for fund companies to strengthen their research capabilities and support team management models to enhance competitiveness [3] - The shift from "star manager" reliance to a platform-based research approach is seen as essential for maintaining market competitiveness [4][5] Group 3: Multi-Manager Collaboration - The trend of replacing single-manager models with multi-manager collaboration is gaining traction, with several funds adopting this strategy to diversify management and reduce reliance on individual managers [6][7] - Successful examples of multi-manager collaboration have been observed in both domestic and international markets, indicating a potential for improved performance through shared decision-making [6][7] - The multi-manager model requires a robust system for collaboration and decision-making, which includes restructuring trading, valuation, and risk management systems [7] Group 4: Changing Investment Philosophy - The traditional investment philosophy of "choosing funds means choosing people" is being challenged, with a focus shifting towards the overall strength of the investment team and the research framework of the fund company [8][10] - Fund managers are increasingly valuing specialized expertise in specific sectors rather than seeking "all-rounder" managers, emphasizing the importance of systematic asset allocation [8][10] - The importance of finding capable leaders who can effectively manage teams and strategies is becoming more pronounced as the industry evolves [9][10]