管理费与收益率“倒挂”引争议 部分大集合产品等待转型末班车

Core Viewpoint - The transition of large collective asset management products to public funds is underway, with many products extending their duration to 2026, while some face liquidation. The management fees of these products remain high despite low yields, leading to market controversy [1][2][6]. Group 1: Transition of Products - By the end of 2025, most large collective asset management products are set to transition to public funds, with some extending their duration to 2026. A few products are also moving towards liquidation [1][2]. - Several products, such as the Yuekai Cash Benefit Money Market Fund, have announced extensions of their duration, with plans to convert to public funds in collaboration with fund companies [2]. - In 2025, over a hundred collective asset management plans are expected to transition to public funds, with companies like Everbright Prudential Fund and GF Fund being the major beneficiaries of this shift [3][4]. Group 2: Management Fee Controversy - Many money market funds that transitioned from large collective products to public funds have retained high management fees, leading to a situation where management fees exceed the low yields, causing disputes in the market [5][6]. - As of January 7, 2023, 13 money market funds still charge a management fee of 0.9%, while others have temporarily reduced fees due to low estimated yields [6][7]. - The high management fees are seen as unreasonable in the context of declining yields, prompting a trend towards fee reductions among various public money market funds [7][8].