专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 基金行业薪酬体系即将迎来重大改革。根据中基协新规指引，若基金经理过去三年产品收益率低于业绩 比较基准10个百分点以上且基金利润为负，其绩效薪酬下调幅度不得低于30%。同时，新规要求基金公 司对管理多只产品的基金经理，需依据基金规模、管理时长等对业绩表现进行加权考核，且任职不满一 年的基金不纳入评估范围。 在此背景下，嘉实基金旗下拥有近十年投资经验的基金经理归凯，其管理产品组合近三年的表现引发关 注。Wind数据显示，截至12月8日，归凯目前管理6只基金，总规模达189.11亿元。若聚焦新规重点关注 的近三年业绩表现，归凯管理的6只产品在近三年期间均未跑赢各自的业绩比较基准，整体呈现全线跑 输态势。 | 证券代码 | 证券简称 | 近三年区间净值 超越基准收益率 | 基金规模合计 | 归凯 | 基金经理 | | --- | --- | --- | --- | --- | --- | | | | (%) | (1Z) | 任职日期 | | | 000751.OF | 嘉实新兴产业 | -34.09 | 51.19 | 201812 ...

Group 1 - The public fund industry is experiencing a significant increase in talent turnover, with 240 fund managers leaving their positions by August 12, compared to 212 in the same period last year, marking a growth of 28 individuals and an increase of approximately 13.21% [1] - Notably, the departure of star fund manager Zhai Xiangdong from China Merchants Fund has drawn considerable attention, as he left his position managing the China Merchants Advantage Enterprise Mixed Fund, which had a total scale of 8.132 billion yuan and year-to-date returns of 23.88% and 23.44% for A and C shares respectively [1][3] - The frequent departures of fund managers are closely linked to industry fee reforms and salary adjustments, with the introduction of floating fee structures making managers' income more closely tied to performance, thus influencing their career decisions [3] Group 2 - Private equity funds are becoming a significant destination for departing public fund managers due to their more flexible investment strategies, higher performance sharing ratios, and fewer regulatory constraints, with 863 managers from public backgrounds managing 320 private products by June 2025 [4] - The departure of star fund managers poses challenges for public fund companies, potentially leading to significant redemptions in certain funds, as evidenced by Zhonggeng Fund's assets shrinking from 18.972 billion yuan to 11.607 billion yuan after the exit of top manager Qiu Dongrong, a nearly 40% decrease year-on-year [8] - In response to this trend, some public fund companies are focusing on team building and developing a more diversified investment team to reduce reliance on individual star managers [8]