大洗牌！多位绩优基金经理“清仓式”卸任

Core Viewpoint - The public fund industry is experiencing a significant wave of fund managers transitioning to private equity, driven by changes in compensation structures and performance pressures within the public fund sector [1][13][14]. Group 1: Manager Departures - A total of 212 public fund managers have left their positions in 2025, marking a 7% increase from 2024 and a 23% increase from 2023 [1]. - Notable fund managers such as Zhang Yifei, Wang Peng, and Zhou Haidong have made "clearance-style" departures, raising concerns about potential fund redemptions [4][5]. - The departure of star managers often leads to significant fund redemptions, as seen with Zhou Haidong, whose management accounted for 58% of his fund's total scale [5]. Group 2: Industry Transformation - The public fund industry is undergoing a "de-starring" process, as the departure of prominent managers forces companies to adapt and transform [8][9]. - The shift from a "license dividend" to a "capability competition" phase indicates a reallocation of value chains between public and private fund sectors [16]. - The trend of public fund managers moving to private equity is not merely cyclical but reflects deeper structural changes in the industry [16]. Group 3: Performance of Private Fund Managers - As of June 2025, there are 863 private fund managers with public fund backgrounds, with only 36 managing over 10 billion yuan, indicating a trend towards smaller private firms [18]. - In the first half of 2025, private fund managers who transitioned from public funds achieved an average return of 9.18%, with top performers reaching returns as high as 45.66% [19][20]. - However, some former public fund managers have struggled in the private sector, facing challenges such as inadequate strategy adjustments and risk management [22][23].