薪酬新规透视 | 工银瑞信单文近三年在管4只仅1只跑赢基准，业绩首尾差超84%，工银信息产业A跑输基准超60%

Core Viewpoint - The fund industry is undergoing significant reform in its compensation system, emphasizing performance-based pay for fund managers, with potential salary reductions for underperforming managers [1][5]. Group 1: Compensation Reform - New regulations from the Asset Management Association of China stipulate that if a fund manager's product returns are more than 10 percentage points below the benchmark over the past three years and the fund's profit is negative, their performance-based pay must be reduced by at least 30% [1][5]. - Fund companies are required to assess fund managers managing multiple products based on weighted performance metrics, considering fund size and management duration, while excluding funds managed for less than a year from evaluations [1][5]. Group 2: Performance Analysis of Fund Manager - Fund manager Dan Wen from ICBC Credit Suisse has five funds under management, totaling 7.603 billion yuan, with the longest-held fund, ICBC Information Industry A, achieving a cumulative return of 169.87% since July 2017 [2][6]. - Among the four equity funds managed by Dan Wen, ICBC Hong Kong Small Cap RMB outperformed its benchmark by over 23%, while ICBC Information Industry A underperformed by nearly 60.79%, resulting in an 84 percentage point performance gap [3][4][7]. Group 3: Implications of New Regulations - The new "tiered salary adjustment" mechanism introduces pressure on fund managers, as three of Dan Wen's products significantly underperformed the benchmark by over 10 percentage points, which could trigger salary reduction clauses if their profit margins are also negative [4][8]. - The reform shifts the focus from "star product highlights" to "overall weighted performance of product lines," promoting independent accounting for each product and clear reward and penalty systems, thereby challenging the "one manager, multiple funds" model that fails to achieve balanced performance [4][8].