近千名基金经理面临“降薪”

Core Viewpoint - The article discusses the upcoming regulatory changes in the public fund industry, specifically the new performance assessment guidelines that will significantly impact fund manager compensation, linking it closely to long-term performance and addressing the issue of fund managers profiting despite poor performance [3]. Group 1: Regulatory Changes - The new guidelines, titled "Performance Assessment Management Guidelines for Fund Management Companies (Draft for Comments)," will tie the compensation of active equity fund managers to their long-term performance, introducing a strict reward and punishment mechanism [3][4]. - Fund managers whose products underperform the benchmark by more than 10 percentage points over three years and have negative profit margins will face a mandatory salary reduction of at least 30% [4][5]. - Conversely, fund managers whose products significantly outperform the benchmark and are profitable will be eligible for reasonable salary increases [5][6]. Group 2: Impact on Fund Managers - As of December 5, over 1,400 active equity products have underperformed their benchmarks by more than 10 percentage points over the past three years, affecting nearly 1,000 fund managers [3][6]. - Notable fund managers, such as Shi Cheng and Liu Yan Chun, are among those whose products are at risk of salary reductions due to poor performance [6][7]. - In contrast, 982 active equity funds have outperformed their benchmarks by over 10 percentage points, with 146 of these exceeding 50 percentage points, indicating a clear distinction between high and low performers [7][8]. Group 3: Long-term Assessment Mechanism - The introduction of a tiered performance salary adjustment mechanism marks a shift from previous vague assessments to a more operational and clear evaluation system [4][5]. - The guidelines emphasize a long-term assessment approach, with performance indicators such as fund profit margins and the proportion of profitable investors being included in the core quantitative assessment [11][12]. - The new rules aim to strengthen the alignment of interests between fund managers and investors, ensuring that key personnel have a vested interest in the performance of the funds they manage [12].