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]

公募基金失去"明星"的同时，基金经理也不再拥有平台光环。 今年以来，公募基金行业再次掀起"奔私"浪潮。 据不完全统计，鲍无可、张翼飞、周海栋、张宇帆、王士聪、王鹏等多位绩优基金经理"清仓式"卸任， 曹名长、于洋、周克平等知名公募基金经理的离任也引发了市场的广泛关注。第一财经据Wind统计， 截至7月29日，年内离任的公募基金经理数量已达212人，较2024年和2023年同期，分别增长7%和 23%。 "投奔私募或成为公募基金经理的重要去向之一。"据私募排排网统计，截至2025年6月底，拥有公募从 业背景的私募基金经理有863位，他们管理且有业绩显示的私募产品为320只，上半年收益均值为 11.17%。 沪上一位公募行业人士对记者分析称，随着公募行业薪酬与费率改革的推进，公募基金经理的流动加 速，行业正在重新洗牌。不过，管理规模较大的明星基金经理离任影响不容忽视，这也倒逼公募基金行 业加速"去明星化"，行业生态正在发生深刻变化。 相继"清仓式"卸任 近日，安信基金连发12份基金经理变更公告，宣布首席投资官张翼飞卸任其管理的全部9只基金并离 职。 张翼飞在安信基金任职13年，管理规模超300亿元。从目前市场层面的 ...

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]