公募基金绩效改革：在不断调适中寻求共识

Core Viewpoint - The revised "Guidelines for Performance Assessment Management of Fund Management Companies" aims to reshape the value logic of China's asset management industry, which manages approximately 36 trillion yuan and involves over 700 million investors [1] Group 1: Key Design Features of the Guidelines - The guidelines extend the assessment period, requiring that at least 80% of performance indicators be based on a three-year horizon, encouraging institutions to develop investment capabilities that endure market fluctuations [2] - Performance compensation is closely tied to fund performance, with increased mandatory co-investment ratios, effectively aligning the interests of practitioners with those of investors, promoting a "shared risk and shared benefit" mechanism [2] - The guidelines allow for differentiation in assessments, focusing on performance deviations for fund managers, credit and liquidity management for fixed-income investments, and customer profit and loss for sales personnel, reflecting a nuanced regulatory approach [2] Group 2: Industry Concerns and Challenges - There are concerns regarding how sales personnel can be held accountable for uncontrollable client timing decisions, and whether fund managers might adopt overly conservative strategies to avoid penalties, potentially harming market vitality and long-term investor returns [3] - The intent behind assessing sales personnel is to shift their role from "seller" to "buyer advisor," encouraging a focus on servicing client accounts rather than merely selling products, which requires collaboration across the distribution ecosystem [3] - Balancing risk prevention with the encouragement of innovation is crucial for evaluating the effectiveness of the guidelines, as ensuring long-term investor interests and providing reasonable incentives for managers are not mutually exclusive [3] Group 3: Implementation and Industry Transformation - The guidelines represent a shift from a "scale competition" to a "value creation" focus, aligning with the fundamental interests of investors and the public [4] - The implementation process will involve ongoing adjustments among regulatory intentions, institutional transformations, and public perceptions, aiming for a consensus that fosters a healthier and more sustainable industry ecosystem [4]