Core Viewpoint - The recent resignation of star fund manager Yu Yang from two funds managed by Wutong Fund has sparked significant industry attention, raising concerns about the career paths of star fund managers, talent mobility in the public fund industry, and performance pressures [1][6]. Group 1: Manager Resignation - Yu Yang's resignation was anticipated, as he had been gradually stepping back from managing his funds since March, with co-managers being appointed to both funds prior to his departure [2][6]. - After his resignation, the management of the funds will be taken over by Lin Qing and Zhang Hong, respectively [2]. Group 2: Career Background - Yu Yang began his career in 2011, combining academic and practical experience, with a strong background in pharmaceutical investment [3]. - He joined Wutong Fund in 2015 and achieved remarkable returns, including a 138.63% return on the Wutong New Power Flexible Allocation Mixed Fund during his initial management period [3][4]. Group 3: Performance Issues - Following his return to Wutong Fund in December 2021, Yu Yang's performance did not meet market expectations, with a cumulative loss of 11.29% during his management of the Wutong New Power fund [5]. - The management scale of his funds significantly decreased, from 76.60 billion yuan to 40.74 billion yuan, indicating a near halving of assets under management [5]. Group 4: Industry Trends - Yu Yang's departure reflects a broader trend in the public fund industry, where the number of fund manager resignations has increased, indicating deeper changes within the industry [7]. - The industry is moving away from reliance on star fund managers towards a more team-based and platform-oriented investment research system, as emphasized by regulatory guidance [7][8].

Group 1 - On May 17, the public fund industry experienced a significant wave of personnel changes, with multiple fund managers resigning from their positions, including notable figures like Bao Wuke and Zheng Peng, which has drawn considerable market attention [2][3] - As of May 17, a total of 138 fund manager changes have occurred in the year, indicating a notable acceleration in talent mobility within the industry [2][5] - Specifically, on May 17 alone, 27 funds announced changes in fund managers, involving 14 fund companies, highlighting the scale of the personnel shifts [2][3] Group 2 - Bao Wuke resigned from all eight funds he managed, with a total management scale of 16.207 billion yuan, and his departure is seen as a significant event given his long tenure and past performance [3] - Zheng Peng, with nearly 20 years of overseas investment experience, also left two funds, which is viewed as a critical adjustment for the QDII business of Huaxia Fund [3][4] - The trend of increasing fund manager departures is evident, with a 22.1% year-on-year increase in the number of fund managers leaving the industry in 2025 [5][6] Group 3 - The departure of fund managers is attributed to both external market pressures and internal incentive mechanism adjustments, with increased performance pressures leading to higher turnover rates [6] - The industry is witnessing a trend towards "de-starring," with a renewed focus on professional capabilities as evidenced by senior fund managers returning to frontline investment roles [6] - Fund companies are encouraged to enhance their research and investment systems to improve the depth and breadth of investment target research and responsiveness to market events [6]