Core Viewpoint - The public fund industry is experiencing a significant wave of fund managers transitioning to private equity, with a notable increase in departures compared to previous years [2][7]. Group 1: Fund Manager Departures - As of July 29, 2024, a total of 212 public fund managers have left their positions this year, marking a 7% increase from 2023 and a 23% increase from 2024 [2]. - Notable fund managers such as Zhang Yifei and Zhou Haidong have made "clearance-style" departures, with Zhang managing over 30 billion yuan before leaving [3][4]. - The departure of star fund managers often leads to significant fund redemptions, as seen with Zhou Haidong, whose exit could trigger withdrawals from funds he managed [4]. Group 2: Industry Changes - The public fund industry is undergoing a transformation as it moves away from reliance on star managers, leading to a "de-starring" effect [5]. - The recent wave of departures is attributed to reforms in compensation and fee structures, which have made the industry more performance-driven [7]. - The shift from public to private equity is not merely cyclical; it reflects a deeper restructuring of the value chain between public and private fund management [7]. Group 3: Performance of Private Fund Managers - As of June 2025, there are 863 private fund managers with public fund backgrounds, managing 320 products with an average return of 11.17% in the first half of the year [2][9]. - Among the private fund managers who transitioned from public funds, those with three or more products achieved an average return of 9.18% in the first half of 2025 [10]. - Some private fund managers have excelled post-transition, with top performers achieving returns as high as 45.66% [9][10]. Group 4: Challenges Faced by Departing Managers - Some former public fund managers struggle in the private sector due to a lack of adaptability and the absence of the structured environment of public funds [11]. - Issues such as strategy dependence and inadequate risk management have been highlighted as challenges for those who have moved to private equity [11].

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].