基金业薪酬改革征求意见下发 基金经理薪酬与长期业绩深度绑定

Core Viewpoint - The new regulations from the China Securities Investment Fund Industry Association aim to align the interests of fund managers and investors by implementing strict performance assessments and salary adjustments, marking a significant reform in the public fund industry [1][2]. Group 1: Key Changes in Regulations - The new guidelines introduce a performance assessment system that focuses solely on "investor returns," addressing the industry's issue of funds making profits while investors do not [3][8]. - A "mandatory co-investment" mechanism is established, requiring senior executives to invest at least 30% of their performance bonuses in the funds they manage, with a minimum of 60% in equity funds [5][18]. - A dynamic accountability system is created, including a tiered salary adjustment mechanism where fund managers with performance below benchmarks face mandatory salary reductions of at least 30% [6][20]. Group 2: Impact on Fund Managers - Fund managers who have underperformed against benchmarks for three consecutive years may see their salaries cut by over 30%, particularly affecting those managing actively managed equity funds [9][22]. - The new regulations are expected to discourage short-term speculative strategies, promoting a focus on long-term stable returns and increasing the proportion of profitable investors [11][24]. Group 3: Industry Transformation - The implementation of the new rules is likely to accelerate talent migration towards private equity, as top-performing fund managers may seek better opportunities outside public funds [25][26]. - The industry is expected to experience a "Matthew Effect," where leading fund companies benefit from their established research and performance stability, while smaller firms face increased pressure [26]. - The shift from a "star fund manager" model to a "team-based" approach is anticipated, emphasizing collective performance over individual accolades [26][27].