Core Viewpoint - The recent statement by Cai Zhen, a fund manager at China Merchants Fund, regarding the need to reduce the number of managed products has sparked widespread discussion in the market about the "one manager, multiple funds" phenomenon in the public fund industry [2][10][12] Group 1: Cai Zhen's Statement and Management Situation - Cai Zhen expressed a desire to reduce the number of products he manages, indicating a mismatch between his personal needs and the company's expectations, and emphasized focusing on a few products he can manage well [2][5] - Cai Zhen has over 10 years of experience and currently manages 12 fund products, which, when split by A/C shares, amounts to 20 products with a total management scale of 13.599 billion yuan [5][6] - His management includes various types of funds, such as bond, enhanced index, mixed equity, flexible allocation, and ETF funds, with a notable increase in the number of funds he has taken over since 2024 [5][6] Group 2: Industry Context and "One Manager, Multiple Funds" Phenomenon - The "one manager, multiple funds" issue is not unique to Cai Zhen but reflects a broader trend in the public fund industry, with 286 fund managers managing 10 or more products as of November 2023 [8][10] - The average number of funds managed per fund manager is 3.22, with some managers overseeing as many as 23 funds, raising concerns about the impact on performance and risk management [8][10] - The phenomenon is driven by the industry's focus on scale, where fund companies issue more products to capture market share, potentially compromising the quality of fund management [10][11] Group 3: Regulatory and Industry Response - There are currently no explicit limits on the number of products a fund manager can oversee, but recent regulations aim to ensure that fund managers have the capacity to manage their assigned products effectively [12] - Industry experts suggest adopting differentiated management limits based on product types, such as capping active equity products at three and passive products at ten, to enhance management quality [12] - The shift towards team-based management models is encouraged to reduce reliance on individual fund managers and improve overall fund performance [12][13]