“T-5”变“T-2”，百亿量化私募更新赎回规则！影响多大？

Group 1 - The core viewpoint of the article is that leading quantitative private equity firms are shifting from a long redemption notice period to optimizing liquidity to enhance customer experience [1][4]. - On March 30, 2023, Pansong Asset announced a significant change in its redemption rules, reducing the notice period from T-5 trading days to T-2 trading days, thereby improving liquidity [3][4]. - Pansong Asset, established on June 29, 2022, has rapidly grown its assets under management (AUM), surpassing 20 billion yuan in July 2023, reaching 50 billion yuan in March 2024, and exceeding 100 billion yuan by July 2024 [3]. Group 2 - The adjustment in redemption notice time is seen as a landmark move for liquidity optimization in the industry, reflecting the confidence of quantitative firms in their strategy capacity and capital stability [4]. - In March 2023, many leading quantitative private equity firms experienced a significant decline in average returns, with losses ranging from 9% to 12% for their strategies [6]. - The private equity market has seen a surge in new quantitative long strategies, with a notable increase in the number of registered products, which doubled year-on-year and month-on-month [6][7].