1拖20不堪重负，基金经理不想发新产品 招商基金怎么了？

Core Viewpoint - The recent comments from Cai Zhen, a fund manager at China Merchants Fund, about misalignment between personal needs and company direction have raised concerns within the industry regarding the internal management and operational challenges faced by the firm [1][4]. Group 1: Company Performance - China Merchants Fund has seen a decline in its non-monetary fund scale ranking, dropping out of the top ten in the industry as of the end of Q3, with a non-monetary scale of 563.56 billion yuan, despite a quarterly growth of 31.55 billion yuan [7][8]. - The firm is experiencing significant competition, with rivals like Huatai-PB and Jingshun Longcheng Fund showing much stronger growth rates, leading to a challenging environment for China Merchants Fund [9][10]. Group 2: Fund Manager Dynamics - Cai Zhen manages 20 funds with a total scale of 13.6 billion yuan, and while some of his products have performed well, others have underperformed, particularly those he took over in 2024 [5][6]. - The company has faced a wave of departures among fund managers, including notable figures, which has raised concerns about talent retention and the stability of fund management [10][12]. Group 3: Internal Management Issues - There are indications of internal pressure within China Merchants Fund, as fund managers are reportedly overloaded with tasks, leading to a mismatch between their personal needs and company expectations [1][10]. - The firm has implemented a dual-track mechanism for talent development, combining internal training with external recruitment, in response to the challenges it faces [12].