| 离任高级管理人员职务 | 副总经理级高级管理人员 | | --- | --- | | 离任高级管理人员姓名 | 张清华 | | 离任原因 | 工作调整 | | 离任日期 | 2025年9月29日 | | 转任本公司其他工作岗位的说明 | 专注于投资管理工作 | 张清华以擅长做大类资产配置为外界熟知。据wind数据，张清华于2013年12月开始管理第一只基金—— 易方达安心回报A，属于混合债券型二级基金，至今管理时间已近12年，任职回报达266.8%，年化回报 11.7%，在151只同类型基金中排名第一。 前些年，"投而优则仕"成为公募基金行业激励优秀投研人才的一种方式。在2019-2021年那轮上涨行情 中，易方达基金内部提拔了多位明星基金经理为副总经理，其中包括张清华，还有张坤、萧楠、陈皓、 冯波、胡剑等。据wind统计，截至2021年末，上述6人管理规模合计5014.17亿元，占易方达非货币市场 基金规模42.16%。 近年来，市场出现了一股反向潮流，不少投研出身的高管选择主动"减负"，不再兼任管理职务，将更多 时间和精力集中投入到基金管理中。 9月29日，易方达基金公告称，因工作调整，张清华不再担任 ...

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]

魏敏 "鱼和熊掌不可兼得"更是公募基金行业发展趋势的一个缩影。公募基金行业经过多年的发展，专业投资 的重要性日益凸显。因为再不凸显，权益类主动管理型产品就要被相关ETF这些被动指数基金全面取 代。对于股基、混基这些产品种类来说，从来不存在"规模为王"，业绩才是王道。没有业绩支撑，再大 的规模也只是昙花一现，并且很可能在规模消退中引发基民的怨气。在这个过程中，作为核心投研人员 的副总级基金经理回归，无疑将为公司带来更强的投资能力。此外，我们还应该看到，这些副总级基金 经理的回归也体现了公募基金行业对投研人才培养与激励的"正本清源"。如同一所大学里面，有名望 的"泰斗"级教授知名度要远高于校长、副校长，甚至可以直接与校史挂钩或等同。同理，能让核心投研 人员安心做好投资，匹配合理的薪资待遇，最终享有受业内外尊敬的声誉，且这一声誉并不与其管理职 务相关，这才是一家出色的、业绩长青的资管机构，中小投资者的钱交到这些人手里打理，无疑盈利的 概率更大。 本版专栏文章仅代表作者个人观点 众所周知，副总级基金经理既要负责公司的整体运营和管理，又要兼顾投资决策。纵然天赋异禀，"鱼 与熊掌兼得"模式实操起来也的确压力过大，身心俱疲 ...