Core Viewpoint - The public fund industry is experiencing a notable shift where several senior fund managers are choosing to step down from executive roles to focus on their investment responsibilities, indicating a new phase in the industry's development [1][2][4]. Group 1: Changes in Executive Roles - Senior fund managers, particularly those at the vice president level, are increasingly resigning from their executive positions to return to their roles as fund managers, as seen with notable figures like Yang Gu from Nuon Fund and others from various firms [1][2]. - This trend reflects a broader industry movement towards prioritizing investment expertise over management roles, as the dual responsibilities can lead to burnout and hinder effective investment decision-making [2][4]. Group 2: Implications for Investment Performance - The return of these senior managers to investment roles is expected to enhance the investment capabilities of their firms, as their focus will shift back to research and investment performance, which is crucial for the success of actively managed funds [4]. - The industry is recognizing that without strong investment performance, even large fund sizes can lead to dissatisfaction among investors, emphasizing the importance of performance over scale [4]. Group 3: Industry Trends and Future Outlook - The shift away from dual roles is seen as a response to the increasing importance of professional investment in the public fund industry, as passive investment products like ETFs gain popularity [4]. - The trend also highlights a need for better talent cultivation and incentives within the industry, ensuring that core investment personnel are respected and adequately compensated for their expertise [4].