从"造神"到理性回归，百亿基金经理阵营告别"光环"叙事。 一场以"业绩"为标尺的洗牌，正在公募基金主动权益"百亿俱乐部"悄然上演。 若以主动权益产品规模占在管规模60%以上为筛选标准，截至2025年底，主动权益类基金经理的数量超 过1690人，较上一季度有所减少。其中管理规模超过百亿元的达到102人，较去年三季度末减少10人。 目前，易方达基金张坤以483.83亿元的管理规模继续稳坐头把交椅，这意味着主动权益基金经理的行 业"天花板"已经降至500亿元之下。去年四季度，他管理的四只产品的平均回报为-4.91%，同期出现近 20亿份的净赎回，这也直接导致他的在管规模单季度减少了近82亿元。 紧随其后的头部基金经理规模同样承压。兴证全球基金谢治宇、中欧基金葛兰仅在"400亿+"梯队维持一 个季度，便重回300亿阵营，最新在管规模分别为386.18亿元、353.89亿元，单季度分别减少67.39亿 元、81.55亿元。 景顺长城基金刘彦春、中欧基金周蔚文则守住300亿阵营，最新管理规模分别为314.75亿元、310.04亿 元。与上一季度相比，虽有不同程度缩水，但头部阵营前五名的人员及名次保持稳定，展现出一定稳健 ...

2026.01. 28 本文字数：2890，阅读时长大约4分钟 作者 | 第一财经 曹璐 一场以"业绩"为标尺的洗牌，正在公募基金主动权益"百亿俱乐部"悄然上演。 以张坤为首的顶流基金经理管理规模普遍回落，行业"天花板"短短数年间降至500亿元以下；同时，一批业 绩亮眼的基金经理凭借超额收益强势崛起，甚至仅用一年时间就完成从数千万元到100亿、甚至300亿的跨 越式增长。 这场百亿基金经理阵容的变化背后，业绩正在取代名气，成为决定资金流向的"硬通货"。在业内人士看来， 投资者如今更愿意追逐能创造持续回报的绩优产品，行业也正从追逐"明星光环"的规模竞赛，加速转向以持 续回报为核心的"去明星化"深层转型。 500亿"天花板"已成过去式 紧随其后的头部基金经理规模同样承压。兴证全球基金谢治宇、中欧基金葛兰仅在"400亿+"梯队维持一个季 度，便重回300亿阵营，最新在管规模分别为386.18亿元、353.89亿元，单季度分别减少67.39亿元、 81.55亿元。 景顺长城基金刘彦春、中欧基金周蔚文则守住300亿阵营，最新管理规模分别为314.75亿元、310.04亿 元。与上一季度相比，虽有不同程度缩水，但头部阵营 ...

Core Viewpoint - The recent announcements from CITIC Prudential Fund regarding the appointment of new fund managers for two of its products suggest a significant change in management structure, particularly indicating that fund manager Jiang Feng may be leaving the company [1][2][6]. Group 1: Fund Manager Changes - CITIC Prudential Fund announced the addition of new fund manager Wang Ying to both the CITIC Prudential Anxin Return Bond Fund and the CITIC Prudential Economic Selection Mixed Fund, resulting in Jiang Feng having no products under his sole management [2][4]. - Jiang Feng's management of three products has seen a substantial increase in total assets, reaching 5.782 billion yuan, which is a growth of 4.152 billion yuan or 254.72% compared to the first quarter of the year [2][3]. - The change in management structure reflects a broader trend in the public fund industry towards a "de-starring" approach, with more funds adopting a co-management model [3][5]. Group 2: Performance Metrics - Under Jiang Feng's management, the CITIC Prudential Economic Selection Fund achieved a return of 75.62%, while the CITIC Prudential Anxin Return Bond Fund gained 13.07%, both ranking well among their peers [3][4]. - Jiang Feng's management scale increased dramatically from 912 million yuan at the end of 2020 to 5.782 billion yuan in just six months, indicating a fivefold increase [3][6]. Group 3: Industry Context - The public fund industry has seen a high turnover of fund managers, with 307 departures and 427 new appointments reported in the current year [5][6]. - Factors contributing to this turnover include personal career development, compensation reforms, and increased competition within the industry, highlighting the demand for skilled fund managers [5][6].

Group 1: Market Overview - The Shanghai Composite Index has recently surged, breaking a nearly 10-year high, with total market turnover reaching 2.8 trillion yuan [2] - As the A-share market continues to rise, some public funds have initiated purchase restrictions [2] Group 2: Fund Purchase Restrictions - As of August 13, 303 funds have suspended purchases or large-scale subscriptions, including various types such as bond, mixed, stock, and international funds [2] - Notable funds like China Europe Innovation and China Europe Medical Innovation have announced daily purchase limits of 1 million and 100,000 yuan respectively, effective from August 11 [3] - China Europe Digital Economy had already suspended large subscriptions over 1 million yuan starting August 6 [3] Group 3: Performance of Restricted Funds - Many of the funds implementing purchase restrictions are high-performing products, with China Europe Digital Economy achieving a 149.64% return over the past year, ranking first in its category [4] - Other notable funds include China Europe Medical Innovation with an 84.49% return, and China Europe Value Discovery with a 36.95% return [4] Group 4: Industry Trends and Changes - The asset management industry is undergoing "industrialization," with 457 funds experiencing manager changes since July [6] - The trend includes both dismissals and new hires, with companies increasingly adopting a team management approach to enhance performance [7] - The China Securities Regulatory Commission has encouraged the development of a "platform-based, integrated, multi-strategy" research and investment system [8] Group 5: China Europe Fund's Industrialization Strategy - China Europe Fund is implementing an "industrialized" research and investment system to improve efficiency and product stability [9] - The goal is to create a unified investment philosophy and standardized processes to enhance communication and decision-making within teams [10] - This approach aims to build a sustainable competitive advantage in the increasingly competitive public fund market [10]

Core Viewpoint - The public fund industry in China is transitioning into a "post-star era" as several prominent fund managers have left their positions, leading to a re-evaluation of the traditional belief that "buying a fund means buying the fund manager" [1][2] Group 1: Departure of Star Fund Managers - A total of 247 fund managers have left their positions in 2023, compared to 216, 190, 187, 199, and 168 in the previous five years [2] - The departure of star fund managers often results in significant redemptions from their associated funds, as investor interest is closely tied to individual managers [2] - For instance, a fund manager who left in July 2024 saw the total assets of their five managed funds drop from over 14 billion to around 8 billion, a decrease of over 40% [2] Group 2: Industry Transformation Strategies - The public fund industry is exploring multiple strategies to adapt to the "post-star era," including industrialization and platformization of research, multi-manager systems, and a shift towards index-based products [4][5] - The China Securities Regulatory Commission has encouraged fund companies to strengthen their resources and develop a platform-based, integrated research system [4] Group 3: Multi-Manager Approach - The trend of replacing single fund managers with multi-manager teams is gaining traction, as it allows for diversified strategies and reduces reliance on individual performance [7][10] - Successful examples of this approach include the collaboration of multiple fund managers in managing products, which has shown superior performance compared to traditional single-manager funds [8][9] Group 4: Shift in Investment Philosophy - The traditional investment philosophy of "choosing funds means choosing people" is being challenged, with a focus now on the overall strength of the investment team and the research capabilities of the fund company [11][12] - Investors are encouraged to consider the collective expertise of the team and the company's support systems rather than solely relying on the reputation of individual fund managers [12]

Core Viewpoint - The public fund industry in China is transitioning into a "post-star era" as several prominent fund managers have left their positions, leading to a re-evaluation of the traditional belief that "buying a fund means buying the fund manager" [1][2] Group 1: Departure of Star Fund Managers - A significant number of well-known fund managers, including Zhai Xiangdong and Bao Wuke, have left their positions this year, with a total of 247 departures reported by mid-August, surpassing the numbers from previous years [1] - The departure of star fund managers often results in substantial redemptions from their associated funds, with one fund's total assets dropping from over 14 billion to around 8 billion, a decline of over 40% [2] - Fund companies are striving for a "soft landing" during these transitions by promoting their internally trained teams to manage funds, which has led to some funds achieving impressive returns despite the manager's departure [2][3] Group 2: Industry Transformation - The public fund industry is exploring three main transformation paths: industrialization and platformization of research, establishing multi-manager systems, and adjusting product structures towards indexation [3][4] - The China Securities Regulatory Commission has emphasized the need for fund companies to strengthen their research capabilities and support team management models to enhance competitiveness [3] - The shift from "star manager" reliance to a platform-based research approach is seen as essential for maintaining market competitiveness [4][5] Group 3: Multi-Manager Collaboration - The trend of replacing single-manager models with multi-manager collaboration is gaining traction, with several funds adopting this strategy to diversify management and reduce reliance on individual managers [6][7] - Successful examples of multi-manager collaboration have been observed in both domestic and international markets, indicating a potential for improved performance through shared decision-making [6][7] - The multi-manager model requires a robust system for collaboration and decision-making, which includes restructuring trading, valuation, and risk management systems [7] Group 4: Changing Investment Philosophy - The traditional investment philosophy of "choosing funds means choosing people" is being challenged, with a focus shifting towards the overall strength of the investment team and the research framework of the fund company [8][10] - Fund managers are increasingly valuing specialized expertise in specific sectors rather than seeking "all-rounder" managers, emphasizing the importance of systematic asset allocation [8][10] - The importance of finding capable leaders who can effectively manage teams and strategies is becoming more pronounced as the industry evolves [9][10]

Core Viewpoint - The public fund industry is experiencing a significant shift as many star fund managers are leaving for private equity, leading to a "de-starring" trend in the industry [2][5][9]. Group 1: Departure of Fund Managers - In 2023, a wave of departures among public fund managers has been noted, with 212 managers leaving by July 29, marking a 7% and 23% increase compared to the same periods in 2024 and 2023 respectively [2]. - Notable fund managers such as Zhang Yifei and Zhou Haidong have left their positions, with Zhang managing over 30 billion yuan before his departure [3][4]. - The trend of "clean slate" resignations is prevalent, with many managers opting to join private equity firms, indicating a shift in career paths within the industry [2][3]. Group 2: Impact on Public Funds - The departure of star managers often leads to significant fund redemptions, as seen with Zhou Haidong, whose exit could trigger withdrawals from his managed funds [4]. - The public fund industry is undergoing a transformation as it faces challenges related to scale fluctuations and performance pressures due to the loss of key personnel [5][8]. - The current environment is characterized by a shift from a "license dividend" to a "capability competition" phase, indicating a fundamental change in how public and private fund sectors operate [8]. Group 3: Performance of Departing Managers - As of mid-2025, 863 private fund managers with public backgrounds are noted, with only 36 managing over 10 billion yuan, highlighting a trend towards smaller private firms [9]. - The average performance of former public fund managers who transitioned to private equity in the first half of 2025 was 9.18%, with top performers achieving returns as high as 45.66% [10]. - However, some managers have struggled post-transition, with notable cases of poor performance and significant losses in their new roles [11][12].

Group 1 - The public fund industry is experiencing a trend of "de-starring," with notable fund managers like Bao Wuke leaving their positions, indicating a shift from the previous "talent promotion" culture [2][6] - As of May 19, 141 fund managers have left their positions this year, surpassing the number from the same period last year, with a total of 361 departures in 2024, marking a 15% increase from 2023 [7] - Regulatory changes encouraging team-based management among fund managers are contributing to this trend, promoting transparency and strategy sharing within teams [6][8] Group 2 - Bao Wuke, a prominent fund manager with 17 years of experience, has officially left Invesco Great Wall Fund, managing assets totaling 16.207 billion yuan, and is recognized for his strong performance [3][5] - The departure of Bao Wuke has raised questions about the future performance of the funds he managed, with his successors now overseeing a total of 10 funds, reflecting a talent shortage in the industry [5][6] - Recent regulatory reforms have increased performance assessment pressures on fund managers, with a focus on long-term performance metrics, leading to a sense of uncertainty among active equity fund managers [7][8]