中国证券报记者调研了解到，在公募"去明星化"浪潮下，行业机构正通过平台化投研体系搭建、团队化 管理、产品结构向指数化方向调整等多维路径重塑竞争力；在投资端，作为公募基金产品的"职业买 手"，FOF管理人也在顺应行业发展趋势，构建淡化个人IP的基金筛选方法。 这场变革既有改革力量的作用，也是市场自然演化的必然，不仅关乎公募基金行业的格局重塑，更将对 数亿基民的投资体验带来深远影响。 探索"去明星化"软着陆 今年以来，据不完全统计，目前已有翟相栋、鲍无可、张翼飞、周海栋、马龙、蒋华安、曹名长、周克 平、张宇帆、谢家乐、王鹏等知名基金经理相继离任，引发市场广泛关注。 数据显示，截至8月15日，今年公募基金经理离任人数达247人，而前5年（2020年-2024年）同期，基金 经理离任人数分别为216人、190人、187人、199人、168人。 不可否认的是，明星基金经理离任往往伴随相关产品出现巨额赎回。毕竟，流量冲着某人而来，也注定 将随着某人而去。 回顾2024年7月，某个人系公募掌舵百亿元规模基金的基金经理因个人原因卸任。据统计，其原本管理 的5只基金产品合计规模已从2024年6月末的140多亿元，降至今年6月末 ...

□本报记者 王雪青 翟相栋、鲍无可、张翼飞、周海栋、周克平……今年以来，多位明星公募基金经理相继离任，推动公募 基金行业加速步入"后明星时代"。与此同时，"买基金就是买基金经理"的行业名言也遭遇冲击。 中国证券报记者调研了解到，在公募"去明星化"浪潮下，行业机构正通过平台化投研体系搭建、团队化 管理、产品结构向指数化方向调整等多维路径重塑竞争力；在投资端，作为公募基金产品的"职业买 手"，FOF管理人也在顺应行业发展趋势，构建淡化个人IP的基金筛选方法。 这场变革既有改革力量的作用，也是市场自然演化的必然，不仅关乎公募基金行业的格局重塑，更将对 数亿基民的投资体验带来深远影响。 探索"去明星化"软着陆 今年5月，证监会印发的《推动公募基金高质量发展行动方案》特别提出，引导基金公司持续强化人 力、系统等资源投入，加快"平台式、一体化、多策略"投研体系建设，支持基金经理团队制管理模式， 做大做强投研团队。 "想要保持市场竞争力，公募基金应从'基金经理明星化'转向'投研平台化'，通过体系化、平台化的投研 方式构建公司品牌；建立'老带新'机制或者'集体决策'的投研体系等，都有利于减少明星基金经理的影 响。"天相投顾基 ...

Core Viewpoint - The appointment of Zhao Lei as a co-manager for the China Europe Medical Health Fund signifies a trend towards multi-manager collaboration in the pharmaceutical fund sector, enhancing management capabilities and investment strategies [2][4][6]. Group 1: Fund Management Changes - Zhao Lei has been appointed as a co-manager alongside Ge Lan for the China Europe Medical Health Mixed Fund, while Ge Lan will continue to manage other products independently [2][4]. - Zhao Lei has over 8 years of experience in the pharmaceutical and biotechnology sector and has held various research roles before joining China Europe Fund in 2021 [4]. - As of the end of Q1 this year, Ge Lan managed three funds with a total scale of 404.47 billion yuan, with the China Europe Medical Health Fund achieving a net value growth rate of 8.30% in the first half of the year, outperforming the CSI Pharmaceutical Index by 6.03% [4]. Group 2: Performance Metrics - The China Europe Medical Innovation Fund, also managed by Ge Lan, reported a 32.25% growth in the last six months, with an excess return of 26.8% compared to its benchmark, ranking in the top 4% of its category [5]. - Over the past year, the same fund achieved a growth of 51.63%, with a 37.17% excess return relative to its benchmark, maintaining a top 4% ranking [5]. - The China Europe Index products, including the China Europe CSI Hong Kong Stock Connect Innovative Drug Index, have also shown strong performance, with a 50.94% increase in the last six months, ranking in the top 1% of its category [5]. Group 3: Industry Trends - The trend of multi-manager collaboration is becoming a significant transformation direction in the public fund industry, with 666 products undergoing co-management appointments in the first half of the year [7]. - This collaborative model allows for better utilization of each manager's strengths, enhancing the risk-return profile of the investment portfolio [7]. - Regulatory bodies are promoting a shift towards team-based management structures, emphasizing the importance of building robust research capabilities and moving away from reliance on star fund managers [8]. Group 4: Company Strategy - China Europe Fund is focused on strengthening its research team and investment capabilities, with an average financial industry experience of 14 years among its active equity fund managers [8]. - The company aims to create a stable, expert research team that covers 39 niche areas through in-depth research, supporting its investment strategies [8].

Core Viewpoint - The article discusses the importance of a multi-manager co-management model in the asset management industry, particularly highlighting the "重阳S4" model adopted by 重阳投资, which emphasizes collaboration among multiple fund managers to enhance investment performance and mitigate risks [1][4]. Summary by Sections Introduction to "重阳S4" - "重阳S4" refers to a model where multiple fund managers jointly manage the same fund through a divided management approach, allowing each manager to operate independently within their designated segments [2][3]. Global Context and Historical Background - The multi-manager co-management model is prevalent among leading hedge funds globally, such as Bridgewater and Millennium, and was initially pioneered by Capital Group in the U.S. public fund sector in 1958 [2][4]. Development Trends in Private Equity - New or short-lived private equity funds often rely on a single fund manager or CIO, but for long-term success, firms must transition to a sustainable and replicable model, with the multi-manager approach being a proven strategy [3][4]. Adoption of the Model in China - 重阳投资 is noted as one of the first private equity firms in China to implement the multi-manager co-management model, adapting to industry trends and leveraging its early establishment and talent development [4][5]. Key Elements of the "重阳S4" Model - The successful implementation of the co-management model requires four essential elements: top talent (Swordsman), effective collaboration (Synergy), a robust system (System), and excellent performance (Superiority) [5][6]. Talent Development - Fund managers in the co-management model are highly qualified, having undergone rigorous training for approximately ten years, which is crucial for the model's success [6][9]. Collaboration Mechanisms - Effective collaboration among fund managers is facilitated by shared investment philosophies, trust, and long-term working relationships, creating a synergistic effect [6][9]. Systematic Support - A comprehensive system supports the co-management model, including a structured talent development process, investment decision-making frameworks, and robust IT systems for operational efficiency [9][10]. Future Outlook - 重阳投资 aims to continue evolving its co-management model and anticipates that more private equity firms will adopt similar structures in the coming years, contributing to the industry's growth [11].

Core Viewpoint - The article emphasizes the successful implementation of a multi-fund manager system at Star Stone Investment, which has matured over 18 years, leading to stable and superior investment performance [1][2][3]. Group 1: Multi-Fund Manager System - Star Stone's multi-fund manager system is considered the most thorough in the industry, resembling the "decentralization" approach of Capital Group, focusing on long-term team development and maintaining a unified investment language [2][3]. - The system allows each fund manager to make independent decisions under a unified investment methodology, with performance-based dynamic allocation of decision-making power [3][19]. - The average tenure of the six participating fund managers exceeds 16 years, showcasing remarkable stability in the team [1][19]. Group 2: Investment Philosophy - The investment approach is described as "stable but not rigid," utilizing a multi-layered driving factor framework that encompasses macro, industry, and company levels [5][35]. - The focus is on identifying changes and value increments in companies, with a strong emphasis on collaborative learning and sharing investment ideas among fund managers [5][30]. - The investment philosophy has evolved to include valuation standards, particularly the PEG ratio, to avoid speculative bubbles [39][40]. Group 3: Organizational Culture - Star Stone fosters an "academy-style" culture that emphasizes long-term development and rigorous evaluation, with a mentorship system in place for knowledge transfer [6][7][8]. - The company prioritizes client experience, with over 80% of clients coming from bank channels, ensuring that the product design aligns with client needs and risk preferences [9][69]. - The organization maintains a non-terminating culture, focusing on nurturing talent rather than eliminating underperformers [7][48]. Group 4: Market Outlook - The company sees significant investment opportunities in domestic consumption, supported by macroeconomic indicators and historical patterns of economic recovery following periods of deflation [61][62]. - Key investment themes include consumer services, resilient consumer goods, innovative pharmaceuticals, and applications of AI technology [66][67]. - The company emphasizes a data-driven approach to investment decisions, relying on statistical analysis and market trends rather than intuition [62][63].