基金经理，坠入人间

Core Viewpoint - The article discusses the recent reforms in the public fund industry in China, emphasizing the need for a shift towards long-term performance and accountability for fund managers, aiming to restore investor confidence and improve the overall industry reputation [4][8]. Group 1: Regulatory Changes - In the past year, multiple regulatory measures have been introduced to address issues in the public fund industry, including the "Action Plan for Promoting High-Quality Development of Public Funds" released by the CSRC in May [5]. - By the end of October, guidelines for performance evaluation and management of fund companies were proposed, focusing on performance metrics and accountability [6][7]. - The new performance evaluation guidelines will require fund managers to achieve long-term performance benchmarks, with significant implications for their compensation and career progression [7][12]. Group 2: Performance Evaluation and Compensation - The new regulations emphasize a performance evaluation system centered on fund investment returns, with at least 80% of long-term indicators weighted over three years [11]. - Fund managers are now required to invest a significant portion of their performance-based compensation into the funds they manage, ensuring alignment of interests with investors [11][12]. - The introduction of deferred compensation payments aims to further bind the interests of fund managers and investors, with a minimum deferral period of three years [12]. Group 3: Industry Impact and Future Outlook - The reforms are expected to lead to a "survival of the fittest" scenario in the public fund industry, where only those fund managers who can consistently deliver superior performance will thrive [16]. - Fund managers who fail to meet performance benchmarks will face significant salary reductions, which may lead to a talent exodus from the industry [19][22]. - The article warns that the public fund industry must enhance its attractiveness to retain top talent, as many skilled fund managers are leaving for private equity opportunities that offer better incentives [22][23].