Core Viewpoint - The A-share market is experiencing increased volatility, leading to a significant turnover among public fund managers, with a notable shift towards focusing on investment management rather than administrative roles [1][12]. Group 1: Personnel Changes - On May 17, fund manager Bao Wuke from Invesco Great Wall Fund announced his resignation, marking a total of 138 fund managers leaving their positions in 2025, a 20% increase compared to the same period last year [1][3][13]. - Bao Wuke's departure is attributed to personal reasons, and he has not transitioned to another role within the company [4][6]. - Prior to Bao's resignation, top fund manager Zhang Kun from E Fund also announced a shift to focus solely on investment management, stepping down from his executive role [7][10]. Group 2: Performance and Market Trends - Bao Wuke managed assets worth 162.07 billion yuan as of the end of Q1 2025, a 40% decrease from his peak of 271.86 billion yuan in mid-2024, reflecting broader market trends and a shift in investor preferences towards passive investment tools [6][11]. - Zhang Kun's managed assets stood at 608.22 billion yuan as of Q1 2025, maintaining his position as a leading public fund manager despite a decline in overall fund performance [10][11]. Group 3: Industry Transformation - The public fund manager turnover rate has accelerated, with 358 fund managers leaving in 2024, the highest on record, and 138 already in 2025, driven by market volatility and intensified competition [13][14]. - The traditional career path of "performing well leads to promotion" is changing, with many successful fund managers opting to return to investment roles rather than taking on executive positions, as the challenges in active equity fund management increase [14][15]. - Recent regulatory changes emphasize the importance of investment performance in evaluating fund managers, further encouraging them to focus on investment rather than administrative duties [15][16].

Core Insights - The A-share market has experienced increased volatility, leading to a significant turnover among public fund managers, with 138 managers leaving their positions in 2025, a more than 20% increase compared to the same period last year [1][11] - Notable fund managers, such as Bao Wuke and Zhang Kun, have announced their departure from executive roles to focus on investment management, indicating a shift in the industry towards prioritizing investment capabilities over administrative responsibilities [1][7][12] Manager Departures - Bao Wuke from Invesco Great Wall Fund announced his resignation for personal reasons, with his managed assets decreasing from a peak of 271.86 billion to 162.07 billion, a reduction of 40% [6][11] - Zhang Kun, a prominent manager at E Fund, also stepped down from his executive role to concentrate on investment management, maintaining a managed asset size of 608.22 billion [10][12] Industry Trends - The public fund industry is witnessing a trend of increasing departures, with 358 fund managers leaving in 2024, marking a historical high [11] - The traditional career path of "performing well leads to promotion" is changing, with many successful fund managers opting to return to investment roles rather than taking on executive positions [12][13] - Recent regulatory changes emphasize the importance of investment performance, further motivating fund managers to focus on their core investment responsibilities [13]