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”

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, aiming for high-quality industry development and prioritizing investor interests [1][4]. Summary by Sections Fee Reduction - Significant fee reductions will 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%. 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 reduction is from 0.4% to 0.2% per year, and for money market funds from 0.25% to 0.15% per year. Overall, the reform is expected to save investors around 30 billion yuan, a reduction of approximately 34% [1][2]. Redemption Fee and Service Fee Optimization - The redemption fee structure is optimized to ensure that all fees go to the fund's assets, encouraging sales institutions to shift from a "flow" income model to a "retention" income model through ongoing service. Additionally, no sales service fees will be charged for equity, mixed, and bond funds held for over a year, promoting long-term and rational investment behavior [2][3]. Differentiated Commission Structure - A differentiated cap on trailing commission payments is set to encourage sales institutions to enhance personal client service and develop equity funds. The cap for personal client maintenance fees remains at a maximum of 50% of management fees, while for institutional clients, the cap for equity funds is 30%, and for bond and money market funds, it is reduced from 30% to 15% [3]. Direct Sales Service Platform - The establishment of the Fund Industry Service Platform (FISP) provides a centralized, standardized, and automated "one-stop" service for institutional investors, improving the service level of direct sales in the industry [3]. Phased 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 and trading commissions. The recent revision of sales management regulations aims to shift the market focus from scale to investor returns, promoting a new ecosystem for the public fund industry [4].