Reporter Du Meng
Entering April, as most public offering companies have successively issued 2020 year-end bonuses, the public fund industry has also ushered in the "gold, silver and four job-hopping season".
Wind data shows that since March 1, a total of 30 fund managers from 27 public offerings and securities companies have left their posts, and 77 fund managers have been newly hired in the same period. From January to February this year, a total of 39 fund managers left the fund.
The data shows that most of the fund managers who have left office since March are concentrated in small and medium-sized public offerings. Among them, Three companies, such as Capstone Fund, ABC Huili and Beixin Ruifeng, have 2 fund managers left.
Taking Capstone Fund as an example, Liang Futao and Wang Lei left their posts on March 11 and 12 respectively, after the two fund managers managed two hybrid funds, Capstone and Capstone, respectively. Capstone has been liquidated because of the scale problem, and the annual report data shows that the scale of Capstone is only 0.42 billion yuan.
On April 8, GF Fund announced the resignation of Xie Jun, a veteran of fixed income and general manager of the bond investment department, and stepped down to manage GF Enhanced Bonds for 13 years and 14 days. According to the data, the fund has been managed by Xie Jun since its establishment in 2008. By the time Xie Jun left office, GF Enhanced Bonds had a return of 91.99%. In this regard, many holders expressed their reluctance at the forum, "1314 will eventually become a thing of the past, and I wish Mr. Xie a bright future."
As of the time of his departure on April 8, Xie Jun had been serving in GF Fund for 14.58 years, and the fund announcement showed that he chose to leave for personal reasons.
On March 10, China Merchants 3-Year Strategic Placement Fund issued an announcement, and the fourth fund manager, Wu Lianggu, left his post due to personal reasons. Since being hired as a fund manager on September 16, 2019, Wu Lianggu has only served for 1.48 years.
The Interface News Research Department counts the performance of the representative works of the outgoing fund managers (Note: the fund with the longest management time is selected as its representative work), among which there are many outstanding performers.
Ren Linna of Shenwan Lingxin, during her tenure at the New Energy Vehicle Theme Fund, had a return rate of 163.13%; Liu Xianzheng of nord Fund, who had a return of 110.02% during her tenure as a new flexible person; and Hao Miao of Baoying Fund, who had a return rate of 173.59% during her tenure in shanghai, Hong Kong and Shenzhen for medical and health care.
"Every year, the fund company issues the year-end bonus, which is the peak period for the fund manager to leave. Due to the inconsistent release time of each fund company, the separation period is generally concentrated in March to May. Industry insiders said.
For the places after leaving, there are more choices for fund managers with better performance, generally speaking, there are the following: starting a private fund or running into a private fund; jumping to other higher-ranking public offerings; promoting and raising salaries to other types of companies in the asset management industry, such as bank wealth management subsidiaries.
However, with the implementation of employee shareholding by fund companies, many "star fund managers" familiar to the basic people have achieved "performance and excellence".
Huaxia Fund announced on April 9 that zheng yu, Sun Bin and Cai Xiangyang three fund managers achieved promotion. Among them, Zheng Yu and Sun Bin were promoted to deputy general managers of the company.
In addition to the Huaxia Fund, Liu Yanchun, who had rumors of leaving office this year, also "became an official." On March 30 this year, Invesco Great Wall issued an announcement announcing Liu Yanchun as the company's deputy general manager. Liu Yanchun joined Invesco Great Wall Fund in January 2015 and has more than 70 billion yuan in management by the end of 2020.
In January this year, Penghua Fund also issued an announcement announcing that Wang Zonghe and Liang Hao were newly appointed deputy general managers of the company. Up to now, the scale of funds managed by Wang Zonghe and Liang Hao has exceeded 50 billion yuan.
"On the one hand, high-performing fund managers have always been a scarce resource for fund companies. The stability of these talents plays an important role in the rapid development of fund companies. On the other hand, the reward of high-performing fund managers on the platform also means that they have entered a smooth career development channel, and have also gained personal reputation and popularity. Yang Delong, chief economist of Qianhai Open Source Fund, said.
The appeal of private placements to public fund managers is waning.
"These two years are the big years of public funds, with the fund manager breaking the circle and becoming popular, public fund managers are more willing to stay in the industry and are not willing to run privately." A person from a joint venture fund company in Shenzhen said that before the fund manager was one-sided and private, but many public fund managers will also be uncomfortable after switching to private placement.
"Specifically, the internal division of labor of public offering companies, with multiple departments such as investment research, compliance, market channels, brand promotion, etc., is an organic cooperation whole, and fund managers also have more time to study the industry and individual stocks in depth." However, private placement is often more difficult for those who can work harder, and one person is responsible for the decision-making of multiple departments, which is more challenging. Said the above-mentioned person.
Of course, there is also a reason for being dismissed because of unqualified performance appraisals. However, as public funds pay more and more attention to the comprehensive assessment of long-term performance, the pressure on short-term performance appraisal of fund managers is greatly reduced, and fund managers are rarely dismissed because of poor performance in a certain year.