本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年以来，在公募行业激励机制发生根本变化、"去明星化"趋势加速、市场行情走牛等因素的驱使下，"公奔私"现象持续升温。 Choice数据 显示，截至9月19日，今年以来公募基金经理离任人数达307人，创下近五年新高，其中包括华商基金的周海栋、景顺长城基金的鲍无可、交银 施罗德的刘鹏等多位明星基金经理。 值得注意的是，传闻多位离职的明星基金经理将加入私募行业。根据深圳商报，鲍无可与周海栋"公奔 私"的选择均是高瓴资本旗下瓴仁投资。 从业绩层面来看，就在前些年已经"奔私"的基金经理中，不少人抓住了近日强势的行情。 私募排排网数据显示，截至 9月19日，从业背景为公 募的基金经理共有859位，其中今年来、近1年、近3年至少有3只产品符合排名规则的公募基金经理分别有40、39、27位，平均收益分别为 28.26%、57.63%、58.89%。 那么，具体有哪些"公奔私"基金经理在今年来、近1年、近3年业绩分别进入10强呢？ 0 1 今年来：望正王鹏辉夺冠！翰荣聂守华是唯一上榜量化基金经理 今年以来，旗下产品平均收益10强的"公奔私"基金经理的上榜"门 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年以来，在公募行业激励机制发生根本变化、"去明星化"趋势加速、市场行情走牛等因素的驱使下，"公奔私"现象持续升温。 Choice数据 显示，截至9月19日，今年以来公募基金经理离任人数达307人，创下近五年新高，其中包括华商基金的周海栋、景顺长城基金的鲍无可、交银 施罗德的刘鹏等多位明星基金经理。 值得注意的是，传闻多位离职的明星基金经理将加入私募行业。根据深圳商报，鲍无可与周海栋"公奔 私"的选择均是高瓴资本旗下瓴仁投资。 从业绩层面来看，就在前些年已经"奔私"的基金经理中，不少人抓住了近日强势的行情。 私募排排网数据显示，截至 9月19日，从业背景为公 募的基金经理共有859位，其中今年来、近1年、近3年至少有3只产品符合排名规则的公募基金经理分别有40、39、27位，平均收益分别为 28.26%、57.63%、58.89%。 那么，具体有哪些"公奔私"基金经理在今年来、近1年、近3年业绩分别进入10强呢？ [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫码查看收益数据。] | 排名 | 姓名 | ...

Group 1 - DeepSeek's parent company director is under investigation for allegedly siphoning off over 100 million in commissions from a brokerage [11] - The case involves a "rebate" scandal linked to top quantitative private fund Huanfang Quantitative and China Merchants Securities [11] - The investigation has led to the transfer of involved personnel to judicial authorities, with no current response from China Merchants Securities [11] Group 2 - The Chinese economy is experiencing anxiety and pessimism due to a shift from easy earnings to economic volatility, as noted by Fan Gang, Vice President of the China Economic System Reform Research Association [3] - Economic fluctuations are common in market economies, and despite a 5% growth rate, consumer behavior is being affected by this anxiety [3] Group 3 - The supply-side adjustment in China is facing greater challenges than in 2016, with severe overcapacity issues arising from production in recent years, according to economist Hong Hao [5][12] - The current market conditions are compared to previous years, highlighting the unsustainable pricing of products like electric vehicles and milk tea [5][12] Group 4 - Lenovo reported a record high revenue of 136.2 billion RMB for the first quarter of the 2025 fiscal year, marking a 22% year-on-year increase [13] - The company’s net profit also saw significant growth, with a 108% increase under Hong Kong Financial Reporting Standards [13] - Lenovo's CEO emphasized that China remains a competitive manufacturing base, with lower costs compared to other regions [13] Group 5 - The recent trend of high-profile fund managers leaving public funds has raised concerns about the "public to private" phenomenon, with 242 fund managers departing in 2025 alone [16] - This trend reflects broader industry changes, including salary reforms and regulatory adjustments, as well as private firms actively recruiting top talent [16] Group 6 - The "Dong Mingzhu Health Home" brand has been renamed to "Gree Good Goods Guide" in preparation for the launch of an online store, according to Gree Electric's marketing director [17] - This change is part of a strategic adjustment to meet platform naming rules [17] Group 7 - Future Health, the parent company of SKG, has halted its plans for an IPO on the Beijing Stock Exchange after signing a termination agreement with CITIC Securities [20] - The company reported earnings of 500 million over four years, with SKG being a popular brand endorsed by Elon Musk's mother [20]

Core Viewpoint - The recent trend of fund manager departures at China Asset Management Company reflects a broader talent migration within the public fund industry, driven by compensation reforms, regulatory adjustments, and the shift from a "star" model to a "platform" model [3][6][12]. Group 1: Fund Manager Departures - Zhai Xiangdong, a prominent fund manager at China Asset Management, has officially resigned due to personal reasons, marking another high-profile departure in 2025 [2][4]. - This year, China Asset Management has lost four key fund managers, including Ma Long, Su Yanqing, and Wang Yan, with Ma Long managing assets worth 876 billion yuan before his departure [4][10]. - The public fund industry has seen a total of 242 fund manager departures in 2025, a record high, indicating a significant trend of talent movement [3][6]. Group 2: Industry Trends - The public fund industry is undergoing a transformation from reliance on individual star fund managers to a more team-oriented and institutionalized approach [8][12]. - The shift is characterized by enhanced collaboration within research teams and a focus on long-term performance and risk management, reducing dependency on individual managers [8][9]. - Compensation structures are evolving, with a greater emphasis on equity incentives and differentiated assessments, reflecting a competitive landscape for talent [7][12]. Group 3: Company Response - China Asset Management has stated that the recent personnel changes are part of a long-term strategy for optimizing resources and product management [5][9]. - The company emphasizes its commitment to developing a robust talent pipeline and maintaining a culture of focus and openness within its investment team [5][9]. - The firm has extended its performance evaluation period from three to five years to enhance investor experience and align interests with long-term returns [9].

Group 1 - The departure of fund manager Zhai Xiangdong from China Merchants Fund is part of a broader trend of talent migration within the public fund industry, with 242 fund managers leaving since 2025, marking a new high [2][6][8] - Zhai Xiangdong achieved a return of 117.90% and an annualized return of 27.24% since taking over the China Merchants Advantage Enterprise Mixed Fund, which grew from less than 40 million to over 10 billion in size [3][4] - The fund's size has decreased to 81.32 billion following Zhai's departure, with over 300 million shares redeemed, raising concerns about the future performance under the new manager [3][4] Group 2 - The trend of talent loss at China Merchants Fund is not isolated, as four prominent fund managers have left the company this year, including Ma Long and Su Yanqing, due to personal reasons [4][5] - The public fund industry is experiencing a shift from a "star manager" model to a "platform" model, emphasizing team collaboration and reducing reliance on individual managers [9][10] - The industry is seeing an increase in competition for talent, with factors such as salary reforms and regulatory changes driving the migration of fund managers to private equity firms [9][10] Group 3 - The average tenure of fund managers in the industry is around 4.15 years, with a significant number of managers leaving their positions, indicating a high turnover rate [7][8] - The trend of high-level personnel changes is also evident, with frequent adjustments in executive roles across various fund companies, reflecting the competitive landscape and the need for strategic realignment [11][12][14] - The ongoing transformation in the public fund industry is pushing firms to focus on long-term performance, risk management, and effective communication with investors, which raises the bar for fund managers' professional skills [10][14]

Core Viewpoint - The resignation of prominent fund manager Zhai Xiangdong from China Merchants Fund has been confirmed, with speculation about his potential move to a private equity fund, possibly Hillhouse Capital. This trend of high-profile fund manager departures has been increasing in the industry this year, with a total of 242 public fund managers leaving as of August 12, 2025, compared to 212 in the same period last year, marking a 14.15% increase [1][19][21]. Group 1: Resignation Details - Zhai Xiangdong has officially resigned as the manager of the China Merchants Advantage Enterprise Fund due to personal reasons and will not take on any other roles within the company [2][3]. - His departure follows a series of high-profile exits from various funds, including notable managers from firms like China Europe Fund and Industrial Bank of China Fund [1][19]. - The number of fund managers leaving this year has significantly increased, with 242 departures compared to previous years, indicating a trend in the industry [19][21]. Group 2: Performance and Management - Zhai Xiangdong's management of the China Merchants Advantage Enterprise Fund has been marked by impressive performance, achieving a 124.59% increase during his tenure, with an annualized return of 27.96% [5][6]. - The fund's performance has been notable, especially in 2023 and 2024, where it outperformed benchmarks significantly, although it faced challenges in the second quarter of 2025, resulting in a net value decline of 3.63% [6][11]. - His investment strategy focused on high-risk, high-reward opportunities, particularly in TMT (Technology, Media, and Telecommunications) sectors, which contributed to the fund's strong performance during market upswings [12][9]. Group 3: Industry Trends - The trend of fund managers transitioning from public to private equity is becoming more pronounced, driven by the allure of higher compensation and greater investment freedom in private equity [22]. - The public fund industry has seen a shift in dynamics, with an oversupply of fund managers following a period of rapid expansion, leading to increased departures as performance evaluations come into play [21][22]. - The active equity funds have recently begun to outperform the market after three years of underperformance, yet this has not prevented the exodus of top-performing fund managers [18][21].

Core Viewpoint - The article discusses the recent resignation of prominent fund manager Zhai Xiangdong from the China Merchants Fund, highlighting a trend of increasing departures among star fund managers in the industry, with a total of 242 fund managers leaving in 2025, compared to 212 in the previous year, marking a 14.15% increase [1][14][15]. Summary by Sections Resignation of Zhai Xiangdong - Zhai Xiangdong has officially resigned as the manager of the China Merchants Advantage Enterprise Fund due to "personal reasons" and is rumored to join a private equity fund, possibly Hillhouse [3][5]. - His tenure saw the fund achieve a 124.59% increase over 3 years, significantly outperforming the CSI 300 index [5][9]. Performance and Strategy - Under Zhai's management, the fund's annualized return was 27.96%, with a maximum quarterly drawdown of less than 25%, making it a popular choice among investors [5][9]. - Despite strong past performance, the fund experienced a net value decline of 3.63% in Q2 2025, attributed to a lack of exposure to high-performing sectors during that period [6][9]. Market Trends and Departures - The article notes a significant increase in fund manager departures this year, with 242 resignations reported by August 12, 2025, compared to previous years [14][15]. - The trend is linked to a market shift where many fund managers are facing performance evaluations after three years of underperformance, leading to a surplus of fund managers in the industry [15]. Transition to Private Equity - The article highlights the trend of fund managers moving to private equity, driven by better compensation structures and greater investment freedom, allowing them to implement personal investment strategies [15][16]. - Zhai's successor, Lu Wenkai, is noted to have a more balanced investment approach compared to Zhai's high-risk strategy, indicating a potential shift in the fund's management style [11][12].

Core Insights - The number of fund managers leaving their positions has increased from 212 last year to 240 this year, marking a year-on-year increase of 28, or approximately 13.21% [2] - Notable departures include star fund manager Zhai Xiangdong from China Merchants Fund, who left due to personal reasons, leading to significant attention in the industry [2][3] - The fund managed by Zhai, China Merchants Advantage Enterprise, is the largest actively managed equity fund under China Merchants Fund, with a total scale of 8.132 billion yuan as of August 8 [2] Fund Manager Departures - Zhai Xiangdong's departure is part of a broader trend, with several star fund managers leaving their firms this year, including Bao Wuke from Invesco Great Wall Fund and Zhang Yifei from Anxin Fund [3][5] - The public fund industry has seen a dual impact from fee reforms and salary adjustments, leading to increased pressure on fund managers and contributing to their departure [5] Performance Metrics - Zhai Xiangdong achieved a total return of 124.59% and an annualized return of 27.96% during his tenure, significantly outperforming the industry benchmark [2] - The fund's performance has been strong, with returns of 23.88% and 23.44% for its A and C shares respectively in the current year [2] Industry Trends - The trend of public fund managers moving to private equity is gaining momentum, driven by the flexibility and higher performance incentives offered by private funds [13][17] - The departure of high-performing fund managers poses a risk of significant redemptions for their previous funds, as seen with Zhonggeng Fund after the exit of a top manager [17][18] Manager Transition - Lu Wenkai has taken over as the new manager of China Merchants Advantage Enterprise following Zhai's departure, raising questions about his ability to maintain the fund's performance [10] - Lu has a diverse background in both public and private fund management, currently overseeing a total of approximately 12.441 billion yuan across six funds [10]

Core Insights - The public fund industry is experiencing an unprecedented "talent migration" in 2025, with 231 fund managers leaving their positions, marking a five-year high [2] - The departure trend is characterized by a significant increase in well-known fund managers and a prevailing shift from public to private funds [2][5] Group 1: Talent Migration - A total of 231 fund managers have left 108 public fund institutions this year, surpassing the 210 departures in the same period of 2024 and reaching the highest level since 2018 [2] - Notable fund managers such as Zhai Xiangdong, Bao Wuke, and Zhou Haidong have transitioned from public to private fund sectors [2] - Eight companies, including Yongying Fund and Shenwan Hongyuan Fund, reported more than five departures each [2] Group 2: Industry Changes - The transformation of the public fund industry ecosystem is a core driver of talent outflow, influenced by regulatory changes aimed at reducing reliance on star managers [2] - The reform of the public fund compensation system is accelerating, with new regulations linking fund manager pay to long-term performance and prohibiting short-term incentives [2] Group 3: Private Fund Dynamics - Private funds offer a more flexible incentive mechanism, with an average commission rate of 15%-20%, compared to the 3%-5% management fee split in public funds [3] - Among the 863 private fund managers with public backgrounds, only 36 work for firms managing over 10 billion, indicating a pyramid-like distribution and challenges for star managers in the private sector [3] - The market environment is changing, with a 3.2% average return for private funds this year, compared to 4.8% for public equity mixed funds [3] Group 4: Differentiated Strategies - Some former public fund managers are exploring differentiated paths, such as forming teams to create private funds focused on "fixed income plus" strategies, leveraging their previous collaborative research experience [4] Group 5: Industry Evolution - The talent migration is reshaping the competitive landscape of China's asset management industry, with public funds moving towards a more robust research and investment system [5] - The entry of star fund managers into private funds brings brand effects but also management risks [5] - The industry is moving towards a more rational development cycle, emphasizing the stability of research systems and the sustainability of investment strategies over the allure of star managers [5]

Group 1 - The trend of "private equity migration" is increasing this year, with notable fund managers leaving public funds to join private equity firms [1] - As of August 11, 2023, 231 fund managers have left public funds, marking a year-on-year increase of 21 [1] - Eight public fund institutions, including Yongying Fund and Shenwan Hongyuan Fund, have seen more than five fund managers leave [1] Group 2 - There is a preference among departing public fund managers to join private equity firms rather than starting their own [2] - As of mid-2023, there are 863 private fund managers with public fund backgrounds, but only 36 are in billion-yuan private equity firms, with most managing between 0-500 million yuan [2] - The declining salary trends in the public fund industry and the shift towards a more flexible incentive mechanism in private equity are driving this migration [2]