收益1%管理费收0.9%，这些基金“历史遗留”问题待解

Core Viewpoint - Recent adjustments in management fees for several public fund money market funds have drawn market attention, particularly as their yields hover around 1% while management fees reach as high as 0.85% to 0.9% [1][3]. Group 1: Management Fee Adjustments - Many of the funds adjusting their management fees are transformed from asset management collective products, which previously had a floating fee model [1][4]. - The recent decline in money market fund yields has triggered fee adjustment mechanisms, with some funds reporting 7-day annualized yields below 0.9%, which is lower than their management fees [1][6]. - The average management fee for money market funds is currently around 0.23%, with a median of 0.2% [1][6]. Group 2: Fee Adjustment Mechanisms - The fee adjustments are based on a "floating fee rate" rule, where management fees decrease if the 7-day annualized yield is less than or equal to twice the current savings deposit rate [4][6]. - Specific funds have seen management fees fluctuate significantly, with one fund's fee changing from 0.30% to 0.85% based on yield conditions [3][4]. - As of December 17, 2023, there are approximately 103 public funds that have transitioned from collective asset management products, with a total asset value nearing 200 billion [6][9]. Group 3: Historical Context and Future Expectations - The high management fees are largely a "historical legacy" issue, as these funds were initially designed for high-risk investors who were less sensitive to management fees [7][9]. - There is an expectation that as more of these products emerge, management fees will likely be adjusted to align with market conditions [5][7]. - The transformation of these funds began in late 2018 due to regulatory changes, with a preference for obtaining public fund management qualifications [9][10].