Core Viewpoint - The article discusses the phenomenon of institutional investors having advance knowledge of fund manager departures, leading to early redemptions that harm individual investors, highlighting the issue of information asymmetry in the mutual fund industry [1][12]. Group 1: Fund Manager Departures - As of November 10, 2023, 276 fund managers have left their positions this year, including notable figures such as Zou Xi and Jiang Feng [1]. - Prior to their official announcements, many of these fund managers experienced significant redemptions in their funds, indicating that institutional investors were aware of their departures beforehand [1][3]. Group 2: Redemption Data - Specific funds managed by departing managers saw substantial redemptions: - For example, Yang Siliang's funds experienced redemptions of 7.51 million and 2.22 million shares, leading to a decrease in assets of 13.71 billion and 17.1 billion respectively, representing declines of 73.51% and 64.3% [2][3]. - Other funds managed by different departing managers also faced significant redemptions, with percentages ranging from 6.08% to 64.30% [2][4]. Group 3: Institutional Investor Influence - Institutional investors hold a significant portion of mutual fund assets, with their share increasing from 29% in 2012 to 51% by the end of 2019, and currently at 48.25% [5][6]. - Institutions are considered "smart money" due to their expertise and large capital, which allows them to exert considerable influence over fund operations [6][7]. Group 4: Ethical Concerns and Market Transparency - The practice of institutional investors receiving advance notice of fund manager changes raises ethical questions regarding market transparency and fairness for individual investors [12]. - Current regulations do not explicitly prohibit fund managers from informing institutional clients about their departures, leading to potential exploitation of information asymmetry [12][13]. Group 5: Regulatory Developments - The China Securities Regulatory Commission has emphasized the need for investor-centric practices in the mutual fund industry, aiming to address the issues of information disparity and protect individual investors [12]. - A unified marketing service platform for institutional investors has been launched, indicating a move towards stronger regulation in the industry [13].

Core Insights - Several high-performing fund managers have announced their resignations this year, leading to significant early redemptions from their funds, primarily by institutional investors [1][3][7] - The phenomenon of institutional investors redeeming funds before official announcements raises questions about information asymmetry between institutional and individual investors [1][10] Group 1: Fund Manager Resignations - As of November 10, 276 fund managers have left their positions this year, including notable figures such as Zou Xi and Jiang Feng [1] - Prior to their official announcements, funds managed by these departing managers experienced substantial redemptions, indicating that institutional investors may have had prior knowledge of the changes [3][7] Group 2: Redemption Patterns - For instance, Yang Silang's funds saw redemptions of 7.51 million and 2.22 million units, leading to a decrease in scale of 13.71 billion and 17.1 billion yuan, respectively, prior to his resignation announcement [7] - Similarly, Zhou Haidong's funds experienced redemptions of 13.46 million and 4.8 million units, resulting in a scale reduction of 24% and 15.9% [8] Group 3: Institutional Investor Dynamics - Institutional investors have increasingly dominated the public fund market, with their share rising from 29% in 2012 to 51% by the end of 2019, and currently standing at 48.25% [9][10] - Institutional investors are considered "smart money" due to their significant resources and expertise, which allows them to make informed investment decisions [10][11] Group 4: Information Asymmetry - The early redemption behavior of institutional investors suggests a lack of information equality between them and individual investors, leading to potential disadvantages for the latter [1][14] - Fund managers may inform institutional clients about potential changes, which raises ethical concerns regarding market transparency and fairness [14][15] Group 5: Regulatory Developments - The China Securities Regulatory Commission has emphasized the need for investor-centric practices in the public fund industry, aiming to address the information disparity and protect individual investors [15]