【深度】基金生态隐秘的角落：“机构先跑”伤害了谁？

Core Insights - Several high-performing fund managers have announced their resignations this year, leading to significant early redemptions from their funds, primarily by institutional investors [1][3][7] - The phenomenon of institutional investors redeeming funds before official announcements raises questions about information asymmetry between institutional and individual investors [1][10] Group 1: Fund Manager Resignations - As of November 10, 276 fund managers have left their positions this year, including notable figures such as Zou Xi and Jiang Feng [1] - Prior to their official announcements, funds managed by these departing managers experienced substantial redemptions, indicating that institutional investors may have had prior knowledge of the changes [3][7] Group 2: Redemption Patterns - For instance, Yang Silang's funds saw redemptions of 7.51 million and 2.22 million units, leading to a decrease in scale of 13.71 billion and 17.1 billion yuan, respectively, prior to his resignation announcement [7] - Similarly, Zhou Haidong's funds experienced redemptions of 13.46 million and 4.8 million units, resulting in a scale reduction of 24% and 15.9% [8] Group 3: Institutional Investor Dynamics - Institutional investors have increasingly dominated the public fund market, with their share rising from 29% in 2012 to 51% by the end of 2019, and currently standing at 48.25% [9][10] - Institutional investors are considered "smart money" due to their significant resources and expertise, which allows them to make informed investment decisions [10][11] Group 4: Information Asymmetry - The early redemption behavior of institutional investors suggests a lack of information equality between them and individual investors, leading to potential disadvantages for the latter [1][14] - Fund managers may inform institutional clients about potential changes, which raises ethical concerns regarding market transparency and fairness [14][15] Group 5: Regulatory Developments - The China Securities Regulatory Commission has emphasized the need for investor-centric practices in the public fund industry, aiming to address the information disparity and protect individual investors [15]