易方达基金副总裁王骏：以投资者利益为核心，走好费率改革“最后关键一步”-基金-金融界

Core Viewpoint - The release of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds (Draft for Comments)" indicates that the fee reform for public funds has entered its final stage, paving the way for high-quality industry development [1] Group 1: Fee Reduction Highlights - Significant fee reductions will directly benefit investors, with maximum subscription fees for different fund types reduced to one-third to two-thirds of previous levels: equity funds to 0.8%, mixed funds to 0.5%, and bond funds to 0.3% [1] - Sales service fees for equity and mixed funds are reduced from 0.6% to 0.4% per year, while for index and bond funds, the fees drop from 0.4% to 0.2% per year, and for money market funds, from 0.25% to 0.15% per year, with the highest reduction being a 50% cut [1] - The overall reform is expected to save investors approximately 30 billion yuan, representing a reduction of about 34% based on average data from the past three years [1] Group 2: Redemption Fee and Service Fee Optimization - The redemption fee structure is optimized to ensure that all redemption fees are allocated to the fund's assets, encouraging sales institutions to shift from a "flow" income model to a "retention" income model through ongoing service [2] - For funds held for over one year, no sales service fees will be charged for equity, mixed, and bond funds, promoting long-term and rational investment behavior among investors [2] Group 3: Differentiated Commission and Service Platform - A differentiated cap on trailing commission payments is set to encourage sales institutions to enhance personal customer service and promote equity fund development, with a cap of 50% for personal client maintenance fees and 30% for equity fund client maintenance fees [3] - The establishment of the Fund Industry Service Platform (FISP) aims to provide centralized, standardized, and automated services for institutional investors, improving the service level of direct sales in the industry [3] Group 4: Overall Industry Reform Progress - Since the initiation of the fee reform in July 2023, the first and second phases have been successfully completed, including reductions in management fees, custody fees, and trading commission rates for actively managed equity funds [4] - The recent revision of sales management regulations by the CSRC aims to shift market focus from scale to investor returns, encouraging long-term and value investment practices, marking a critical final step in the phased fee reform [4]