基金经理薪酬迎重大改革！三年跑输基准超10%且利润率为负，绩效薪酬至少降三成

Core Viewpoint - The China Securities Investment Fund Industry Association has revised the "Guidelines for Performance Assessment and Compensation Management of Fund Management Companies," now titled "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)," focusing on establishing a performance assessment and compensation management system centered on fund investment returns [1] Summary by Sections Performance Assessment and Compensation Management - The revised guidelines consist of 7 chapters and 32 articles, emphasizing the need for fund companies to establish a robust performance assessment and compensation management system linked to fund investment returns [1] - The guidelines introduce a tiered performance compensation adjustment mechanism specifically for active equity fund managers, enhancing the clarity and operability of performance assessments [4][5] Salary Adjustments for Fund Managers - Fund managers whose products underperform the benchmark by over 10 percentage points over the past three years and have negative profit margins must see their performance compensation decrease by at least 30% compared to the previous year [6][7] - As of December 5, 2023, over 1,400 active equity products have underperformed their benchmarks by more than 10 percentage points, affecting nearly 1,000 fund managers, including notable figures like Shi Cheng and Liu Yan Chun [3][7] Performance Assessment Mechanism Reform - The guidelines require fund companies to create a performance assessment system centered on fund investment returns, incorporating actual profit and loss, and benchmark comparisons, with long-term indicators accounting for at least 80% of assessments [8] - Differentiated assessment indicators and weights must be set for senior management, investment personnel, and sales staff based on product type and responsibilities [9][10] Investor Interest Alignment - The guidelines mandate an increase in the co-investment ratio for senior management, key business department heads, and fund managers by 10%, with a minimum holding period of one year [12] - Senior management and key department heads must invest at least 30% of their total performance compensation in the funds managed by their company, with at least 60% of that in equity funds, while fund managers must invest at least 40% of their performance compensation in the funds they manage [12]