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].

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 ...