Crack the "fund making money and losing money for the people"!Here comes

Help crack the "fund to make money and lose money" stubborn illness

Promoting high -quality development of the fund industry

China Fund reporter Zhang Yanbei

The public offering performance assessment and salary management have the latest guidelines, which has attracted a small shock in the circle.

Recently, the China Securities Investment Fund Industry Association (hereinafter referred to as the "China -Foundation Association") issued a notice on the "Guidelines for Performance Evaluation and Salary Management of Fund Management Company" (hereinafter referred to as the "Guidelines"). The "Guideline" is mainly focused on the standardization of performance assessment and compensation management, the scientific nature of the assessment indicators, and its impact on compliance risk management. Public funds have made detailed requirements for performance assessment and salary management.

The reporter interviewed the main content and guidance significance of the "Guidelines", including public fund practitioners, professional professionals of third -party evaluation agencies, and many industry experts, including brokerage economists, to discuss its key rules and far -reaching influence. In the opinion of the respondents, the "Guidelines" cut in from the salary, which is related to the vital interests of all parties, and seize the pain points while responding to investors. A number of details are well bundled with the interests of the fund manager and the foundation of the people, which facilitates the industry to further standardize healthy development.

Promote the high -quality development of the public fund industry

The "Guidelines" provides a clear feasibility solution for all public offerings. The implementation will promote the compliant practice of fund practitioners in compliance and stable practice, give play to the guidance of salary in fund management company governance and risk management and control, promote the high -quality development of the industry in terms of the industry's high -quality development Play important value.

The public offering industry generally believes that the "Guidelines" provides a guide to the industry's salary management, and the public offering manager highly recognizes its guiding significance and long -term value. Boshi Fund believes that the introduction of the Guidelines is conducive to further standardizing the performance assessment and salary management of fund management companies, improve the long -term incentive and restraint mechanism of the public fund industry, prevent and resolve major financial risks, and further promote the high -quality development of the public fund industry.

Huitianfu Fund believes that the introduction of "Guidelines" is a summary and improvement of the practical experience of the public fund industry, which has positive significance in five aspects. First, it is conducive to protecting the interests of fund share holders. The "Guidelines" put forward a clear requirement of performance salary and the basis of the core personnel of the public fund's core personnel and fund share holders; second, it is conducive to promoting the long -term stable development of the industry. The "Guidelines" stipulates that fund management companies should assess the assessment of key positions combined with long -term investment performance, long -term investment income, compliance and risk management, and professional ethics level of investors, and point out Investment income is conducive to the correct relationship between the industry's correct treatment scale and quality, development and stability, efficiency and fairness, high growth and sustainable.

Third, it is conducive to creating a high -quality talent team. "Guidelines" focuses on performance assessment and salary management standardization, and incorporates them into the fund company governance framework to guide fund management companies to improve the salary management system and system, which can effectively motivate employees and promote the construction of high -quality talents in the industry; It is conducive to improving the level of compliance wind control. The "Guidelines" clearly proposes to incorporate the conjunction of control indicators into the performance assessment index system, and at the same time establish a strict accountability mechanism, which is conducive to the guiding role of the salary system in compliance risk control and creating value to create value. Fifth, it is conducive to guiding the industry to actively practice social responsibility. "Guidelines" encourages fund management companies to develop long -term healthy development in the industry and companies, strengthen capital accumulation and construction of investor education, risk response, information technology and other aspects, and encourage fund management companies to increase investment in social welfare such as charity donations, reflect and further further Promote the social responsibility of the public fund industry.

The Xiangcai Fund also stated that the introduction of the "Guidelines" will bind the interests of fund companies, fund managers and investors to share risks, which is conducive to the long -term interests of fund holders and the long -term development of fund management companies.

Debon Fund stated that the introduction of the "Guidelines" is the implementation of the "Opinions on Accelerating the Public Fund Industry" and the implementation of related supporting methods in performance assessment and salary management dimension. With the specific requirements and implementation standards of high -quality development, it can effectively motivate employees to strengthen the guidance of the interests of fund share holders, enhance risk prevention and compliance awareness. Accumulate to achieve the company's long -term sustainable healthy development.

"The assessment is the command stick, and the interests of investors are the core." High -quality Development Opinions "is the watershed of the development of the public fund industry. The development of the industry has entered a new era. The" Guidelines "is the implementation of high -quality development opinions." Another one. Public funders also said that the "Guidelines" helps fund companies better use the function of capital market stabilizers and compressors, improve investor trust and sense of gain, and help the industry's high -quality development.

Some people interviewed by the third -party fund evaluation agency bluntly stated that the "Guidelines" put forward solutions for some current chaos in the industry, starting from the most concerned salary of everyone, regulating the current interest binding mechanism of the entire public offering industry, and suppressing the chaos in the industry Breeding and spreading.

Sun Guiping, an analyst of the Shanghai Securities Fund Evaluation Research Center, analyzed that with the great development of the asset management industry, the number and management scale of public fund companies have also increased rapidly. The role of the public fund industry in the entire asset management system is increasing important. But at the same time, with the intensification of the industry competition, fund companies pay more attention to short -term scale and performance, ignore the interests of investors, and create irregular phenomena such as star fund managers and explosive funds, which has deeply affected the high -quality development and sustainable development of the fund industry. It is indeed necessary to reform the source of performance assessment and salary management to curb the intensification of the industry's chaos. "Guideline's newly proposed new compensation rules," a chief economist of a securities firm in South China bluntly tied the fund managers with the interests of the foundation. Take a step back, even if you encounter extreme markets, at least the manager will not be out of the case. In his opinion, for investors with slightly rational investors, they are carried together, rather than "drought and flood protection" only knowing the management fee, which is the responsible product manager. It is very important.

"Mandatory follow -up" helps improve the industry ecology

The "Guidelines" put forward specific requirements for practical practical requirements for the salary structure, salary payment, performance assessment, and compensation internal control management of public fund companies. The "Guidelines" focuses on the role of long -term incentives and constraints, which is conducive to protecting the interests of the shareholders of the fund. Among them, "forced follow -up" has attracted much attention from the industry.

The "Guidelines" proposes the foundation of performance compensation, stipulating that senior managers and heads of major business departments shall purchase public funds managed by the company's managed by not less than 20%of the performance salary of the year, of which the purchase of equity funds shall not be less than 50%; Fund managers should purchase more than 30%of the performance compensation of the company's public offering fund managed by that year, and should give priority to buying public funds they managed to achieve the company's senior managers, heads of major business departments, the interests and holders of fund managers and holders of the fund manager Binding of interests, better incentive restraint the behavior of relevant personnel.

From the perspective of the evaluation agency, Qu Chenchen, a senior analyst at the Morning Star Fund Research, bluntly said, "We are very concerned about the cancellation of short -term performance assessments in the" Guidelines "and require that the fund manager will purchase the public offering of the company's managed by not less than 30%of the performance salary of the year. Fund mechanism. "

Qu Chenchen believes that these measures are not only conducive to promoting fund managers to pay attention to long -term investment and reduce the performance fluctuations of the fund, but also strengthened the interests of fund managers and investors, which is conducive to the credibility of public funds. In the past, some fund companies will issue high bonuses and performance based on the short -term performance of the fund's short -term performance, and the fund managers will have the annual high returns to collect short -term hot spots and adopt high concentration heavy warehouse tracks. Although these years of championships have been achieved in the short term, most of them have the characteristics of high concentration and high fluctuations. From the perspective of long -term scrolling income, they cannot continue to stabilize investors who buy them at different times. Create good income.

Qu Chenchen further stated that under the assessment and follow -up mechanism stipulated in the "Guidelines", the pressure of short -term performance assessment on the fund manager will also become smaller, which is conducive to the long -term dimension to invest and judge; on the other hand, Because the fund manager must buy some bonuses into the company or the products managed by yourself, it will also become the holder of the fund, so it will pay more attention to risk control when investing, which will help improve the investor experience.

"I personally pay more attention to three points," Sun Guiping said. The salary postponed payment, the fund and the investment and long -term investment performance assessment are effectively restrained the behavior of the fund company and the fund practitioners through compulsory means. The interests of the three investors will play an important role in promoting the steady operation of fund companies and establishing a high -quality talent team and protecting investors.

A deputy general manager of a public offerings in South China pointed out that "'Force" further binding the long -term interests of fund managers and investors in the system is conducive to improving the sense of long -term investment in fund investors. 'It has been criticized in the industry for a long time. Investors are chasing up and killing, and many fund companies have the evaluation orientation of many fund companies that focus on scale and short -term performance, which encourages this chasing atmosphere. What we see is style. For the ultimate products, a single fund no longer pays attention to individual stocks, no longer decentralized styles, and a few of the heavy positions even buy a plate alone, becoming the only way to rush the scale of many fund managers. "

"After mandatory follow -up, 30%of the fund manager's performance salary that year preferentially purchased the public fund managed by his management, and binding the interests of the fund manager and investors together will reduce the risk preferences of the fund manager, thereby improving the impetuous atmosphere of the investment circle. . Fund managers don't need to care so much about short -term returns. Fund companies do not have to worry about fund managers 'job -hopping. Fund managers better bind to investors' interests. "The deputy general manager further said.

Excessive salary of core personnel may change

The financial industry is recognized as "high salary", and the high salary of core practitioners such as public fund funds and other core practitioners is also a issue that ordinary investors pay attention to. This phenomenon may change after the introduction of the "Guidelines".

In response to the impact of the "Guidelines" on the salary of the fund manager, Sun Guiping judged that "the high salary of the top -flow fund manager will be significantly suppressed, and the high salary of core employees such as public fund managers may also be relieved to a certain extent. Fund companies can invest more resources into the construction and research system construction, compliance risk control, company brand, cultural system and other aspects. They no longer rely too much on the role of star fund managers. Long -term sources are conducive to the steady operation and industry of fund companies "In the context of the common prosperity of the industry," the industry will also believe that a scientific and reasonable compensation mechanism in the South China public offerings also believes that "follow the guidance and requirements. Get standardized, the gap between the salary between people at all levels in the industry will also shrink, and the overall reflects reasonable incentives, not a transitional incentive. "

He further pointed out that the past investment and research system of public fund companies will reconstruct, focusing on "teamization, platformization, and integration." Public funds in the past with growth stocks as the main investment direction will reverse the dominance of long -term investment and value investment. All parties in the industry will use a series of quantitative indicators, such as exchanges rate, style drift monitoring and other means, and restrict the investment behavior on the framework. Inside.

As for the long -term significance of "Guidelines" to the management of industry compensation management, Debon Fund stated that the focus of "high salary" is whether it has created a matching value for investors and the company. The introduction of the "Guidelines" is essentially binding the salary of the fund manager with its interests created by the fund shareholder, and the long -term value of the company and the industry, which also increases the opportunity cost of the fund manager adventure. The driving fund manager makes every investment decision from a longer -term perspective, helping the fund industry to truly implement the value investment concept.

Boshi Fund said that the public fund industry is a typical light asset industry, and human capital is the most important asset of fund companies. In the final analysis, all competition is the competition of talents. The introduction of "Guidelines" is conducive to further constructing a scientific salary management system and assessment mechanism.

The Xiangcai Fund also believes that the introduction of this "Guideline" is an important reform of the fund industry's salary system, which helps fund management companies to improve long -term incentives and restraint mechanisms, and promote the long -term healthy development of fund management companies and industries.

Directly strike the "Four Key Points"

Industry hot discussions follow the "long -term road"

China Fund Reporter Fang Li Lu Huijing

The "Guidelines for Performance Evaluation and Salary Management of Fund Management Company" (hereinafter referred to as "Guidelines") issued by China -Foundation Association has become the focus of recent attention in the fund industry.

The "Guidelines" will profoundly affect the trend of long -term performance assessment of the fund company. Among them, the requirements for self -purchased funds and the accountability mechanism of resignation have become the focus of attention.

对此，中国基金报专访了行业多位人士，业内人士纷纷表示将进一步落实《指引》要求，他们认为，此次《指引》将会推动行业真正建立起持续服务持有人的体系，摈弃短平快Thinking, adhere to the strategic determination, truly improve the performance through long -term assessment, and then enhance the experience of the holder and return to the origin of the asset management industry.

Key point one: the guidance significance brought by "Guidelines"

Really establish a system of continuous service holders

The "Guideline" is mainly to standardize the performance assessment and salary management of fund management companies, improve the long -term incentive and restraint mechanism of the public fund industry, and promote the steady operation and sustainable development of fund management companies. And this point the direction of the entire industry's development direction, to truly establish a continuous service holding system, abandon short -term thinking and take a long -term correct road.

"Guidelines will promote the industry to truly establish a system of continuous service holders, abandon short and fast thinking, adhere to the strategic determination, truly enhance the performance through long -term assessment, and then improve the holder's experience and return to the origin of the asset management industry." The deputy general manager of the public offering pointed out when talking about guidance.

Another industry insider said that the "High -quality Development Opinions" will transform the development of the public fund industry from the pattern led by fund companies, fund managers, and fund sales institutions, and change to the pattern of focusing on fund investors. The "Guidelines" is the implementation of high -quality development opinions. The assessment of managers, executives, fund managers, etc. will greatly increase the profits of the foundation. The performance of the fund manager will strengthen the matching with the earnings of the foundation to make money, and the matching degree with the investment and research system, the fund manager's basic salary and reward remuneration (bonus) will be Hook hanging. The medium and long -term incentive mechanism also realizes two binding: the binding of the long -term development of employees at all levels and the company; the binding of employees at all levels and holders.

"It is an important market direction to guide the long -term investment in the market for a long time and be directed. It is too difficult to focus on short -term salary assessment incentives, which brings some difficulties in the cost management management of fund companies and the perspective of market risk fluctuations. Delaying salary is also to solve the above problems. "Chen Li, chief economist of Chuancai Securities and director of the Institute, said that the introduction of the" Guidelines "has proposed relevant requirements for the salary structure of public funds. People adhere to the concept of long -term investment and value investment, and effectively play the role of "stabilizers" and "compressors" in the capital market.

Sun Guiping, a fund analyst of the Shanghai Securities Fund Evaluation Research Center, also said that in the short term, the problem of excessive inspiration and short -term assessment of the fund industry will be conducive to the stability of the high -quality talent team of the fund industry; in the long run, the fund industry will truly establish it Starting the concept of long -term value investment, aligning with advanced asset management institutions abroad, better play the functions of financial institutions to serve the real economy, and also promote the stability of the capital market. Ordinary investors have increasingly used public funds as asset value -added as the value -added asset value. The preferred investment tool for value preservation. In addition, relevant persons such as AVIC and other fund companies also said that some of the short -term performance or phased performance of some fund products in the market are good, but the long -term performance is not good. The fund manager is "gambling". The investment experience is not good. Clarifying the delayed payment of performance compensation is conducive to preventing investment researchers from excessive pursuit of short -term performance and short -term rewards, amplifying long -term risks or leaving risks to the future, and can also reduce the frequent flow of fund managers and executives.

Key points 2: performance assessment should reflect the cycle of 3 years

Continuous optimization incentive constraint mechanism

The "Guidelines" requires that combined with the actual profitability of investors, the performance assessment should reflect the long cycle of more than 3 years. The main basis for compensation assessment must not be used as a salary assessment. Many fund companies have stated that before that, they have been evaluated in accordance with this requirements and will continue to optimize the incentives and restraint mechanisms.

In fact, the market attention is the assessment of investors, and even fund companies have introduced a five -year performance assessment.

Boshi Fund stated that the company focused on long -term assessment, investor perspective assessment, and optimizing the relevant arrangements of the incentive restraint mechanism. In terms of performance assessment, the first is to continuously strengthen the long -term investment concept, increase the weight of long -term performance in the assessment, and introduce long -term five -year performance assessment within the year, and continue to strengthen the principles of long -term assessment and value investment; Further optimize the assessment indicators, continue to add investment risk control indicators, and establish an investor income coefficient. For investors who fail to give investors a positive income within the year, their performance results will be taken by discount coefficients as punishment measures, and investors and investors and investors and investors and investors and investors and investors and investors and investors and investors and investors and investors and investors with Investors' interests are closely bound.

Relevant sources of Xiangcai Fund also said that the company has currently strengthened the long -term assessment mechanism of the fund manager's concurrent investment manager, and set up a long cycle assessment of more than 5 years of the fund manager. At the same time, follow -up will be further adjusted to optimize the performance assessment and incentive mechanism with reference to the "Guidelines".

Another fund company also said that the performance assessment of investment managers emphasizes absolute returns and focuses on long -term performance. The weight of more than three years of performance assessment is not less than 50%. At the same time, pay attention to the assessment of the risk management capabilities of investment management personnel, set up investment risk control and investment compliance indicators, and encourage investment management personnel to create long -term absolute revenue for customers on the premise of effective control of risks. At the same time, the company has established a long -term compensation mechanism in terms of compensation strategy: one is equity incentive, the other is the deferred mechanism, and the third is long -term incentives. Fully implement a long -term evaluation incentive mechanism to avoid excessive incentives.

"We will further improve the long -term incentive and restraint mechanism according to the latest regulations requirements, thinking that customers create absolute benefits as the orientation. As the product duration period increases, setting a longer -term investment performance assessment indicator and given higher weights, continue to increase investment in investment, continue to increase investment The profitability of the profitability in the assessment indicators of the main business personnel, improve and improve the remuneration deferred, the recovery and deduction and bonus and the investment system, and fully protect the interests of the fund shares and the company's long -term healthy development. "The above -mentioned industry insiders Further representation.

Many fund companies have long been prepared. "In the first half of the year, based on the guidance and requirements of the high -quality development of the industry, our company has begun to adjust the mechanism of performance assessment incentives and performance compensation issuance, strengthen the weight of long -term performance assessment, and further optimize the construction of professional capabilities such as investment research, compliance and risk management Indicators. "Debon Fund said that most of the company's assessment incentive policies have met the requirements, and follow -up will continue to improve the qualitative and quantitative assessment indicators related to investors.

Relevant sources of AVIC Fund also said that long -term assessment will help improve the stability of the fund's performance, reduce fluctuations, and help improve the experience of the foundation of the Kimin to make money. Of course, the specific details of the long -term assessment must be further clarified. It is recommended that the fund style drifting and the high turnover rate will be further standardized, and the assessment reduction items are included.

In addition, Huitianfu Fund stated that the company took the lead in asking the fund manager to follow its management fund products in the industry. At present, the company's executives, fund managers and employees generally participate in the company's products. Performance assessment mechanism, focusing on the assessment of strategic and long -term basic work, weakening the assessment of scale growth and industry ranking, and strictly implement the deferred payment mechanism; in addition, the company has implemented employee shares in the industry earlier The long -term consistency of customer interests, employee interests, and shareholders' interests.

Key point three: not less than 20%performance salary self -purchased

Realize interest bundling mechanism

The "Guideline" requires that the person in charge of the executives and major business departments shall make self -purchases of not less than 20%of the performance salary of the year, and the purchase ratio of equity funds shall not be less than 50%. 30%, priority to purchase public funds I managed.

In this regard, many people said that under the state of not compulsory state, many fund company executives and fund managers will also spontaneously make different proportion of self -purchases. This is also an attitude of managers and fund managers. The interests of fund management companies, fund managers, core employees and investors have been bound for a long time. Many fund companies have also stated that they will step up this clause. Chen Li, chief economist of Chuancai Securities and Director of the Institute, talked about the fund manager's hard requirement of "investing" its own fund products. To better restrain the behavior of the fund practitioners, it will also strengthen the protection of the interests of the fund holder, and realize the risk of the two.

"This is a very good interest binding mechanism. The consciousness of strengthening the interests of the fund holder is first. Our company has purchased a number of products of its own products, and will be further improved and optimized in accordance with the guidelines." express.

Debon Fund also introduced that in fact, under the state of unricment, the company's executives and fund managers will spontaneously make different proportion of self -purchases. This is also an attitude of manager and fund manager. confidence. "The introduction of this clause further strengthened the interests of investors' interests with the development of the company, and the strong binding of the personal interests of the fund manager. At present, the company is already formulating the plan to promote the implementation of the" Guidelines "for self -purchase ratio."

Another fund company said that the company has always promoted employees to purchase funds, hoping to bind the interests of fund managers and key positions with customer interests. Before the release of the "Fund Management Company's Performance Evaluation and Salary Management Guidelines" this year, a very detailed employee self -purchase plan was formulated, and through optimization of internal services, employees were encouraged to purchase our fund products. Long -term interests are consistent.

Similarly, Xiangcai Fund also stated that it will follow the "Guidelines" to implement the specific plan. The company also stated that the terms of this clause have long -term deep binding of fund management companies, fund managers, core employees and investors, which can better restrain the behavior of employees and protect the interests of fund holders.

Relevant sources of AVIC Fund also said that to avoid "funding to make money from making money and not making money", on the one hand, public fund companies and fund managers need to uphold long -term investment and value investment concepts to avoid the fundamental rate of funding. Propaganda means. On the other hand, Kimin also needs to adhere to the concept of long -term investment. Do not frequently apply for redemption and use the idea of ​​short -term stocks to "speculate on the fund". Kimin needs to study the investment capacity and investment style of fund and fund managers, and select products that meet their own investment preferences and risk preferences for long -term investment. It is necessary to further strengthen investor education and cultivate long -term investment concepts. Third, the behavior of agencies and channels must be regulated to avoid the sales of agencies and channels to guide the citizen to apply for redemption to earn sales costs.

Key point 4:

The accountability mechanism has a strong deterrent power

The "Guidelines" pointed out: the accountability mechanism is applicable to those who resign. Fund management companies should establish a strict accountability mechanism to enhance the binding power of salary management, including but not limited to salary stop payment, pursuit and deduction.

In this regard, many interviewees said that the accountability of the resignation can more effectively restrain the behavior of the staff and prevent it from being affected by the external environment. At the same time, the content of this serious accountability has clearly stipulated in Article 5 of the Opinions of High -quality Development. The Guidelines are further clarified and refined.

"This clause has a strong deterrent, which is essential to avoid the moral risks of employees. Risk events or irregular behaviors during the job cannot be exempted from departure, strengthening employees' awareness of regulating business and carrying out business." Deputy general manager of public offerings bluntly said.

Relevant sources of Xiangcai Fund also said that the article has restricted the resignation of employees, increased the cost of departure, effectively reduced the loss of core talents, improved the stability of industry talents, and further ensured the long -term interests of the fund holder.

Sun Guiping, an analyst of the Shanghai Securities Fund Evaluation and Research Center, believes that the accountability of resignation can more effectively restrain the behavior of working personnel and prevent it from being affected by the external environment. Fund company personnel have changed frequently, and there is a certain relationship with the fluctuations of the capital market. Sometimes the capital market fluctuations have also enlarged the irrational behavior of fund practitioners and harmed the interests of fund companies and investors.

"This clause improves the illegal and illegal costs of employees by strengthening the internal accountability mechanism and accountability of the responsible persons. At the same time, it is applicable to in -service personnel and resignation. During the disposal, deliberately avoiding the company's internal accountability mechanism through resignation and other methods, which is conducive to promoting the construction of industry compliance cultural construction, guiding employees to abandon the fluke's psychology, improve the awareness of risk prevention, consciously avoid adventure, and prevent violations of laws and regulations. "Debon Relevant sources of the fund said.

Funding talent accelerates loss

It is imperative to establish a long -term incentive constraint mechanism

China Fund reporter Cao Wenzheng

A few days ago, the China -Foundation Association issued a notice on the "Guidelines for Performance Evaluation and Salary Management of Fund Management Company" (hereinafter referred to as the "Guidelines"). The "Guideline" encourages fund management companies to adopt the diversified incentives and restraint measures that have long -term development of equity, options, restricted equity, dividends, etc. with the company's long -term development and the long -term interests of the holder. At the same time, in order to solve the problem of frequent changes in the fund manager and the continuous loss of talents, the "Guidelines" clearly requires public fund managers to establish a silent period system for employees. Fund managers and other major investment researchers shall not engage in non -public fund investment within one year after leaving. Management and other work. According to "Guidelines", fund company

It will take diversified incentives and restraint measures

In response to the salary structure, the China -Foundation Association mentioned that the basic salary and performance compensation should be properly constitute to avoid hidden dangers and adventure behaviors that may be caused by unreasonable salary structures. At the same time, the China -Foundation Association emphasizes encouraging the establishment of long -term incentives and constraints. Specifically, the industry's medium and long -term incentives include incentives for equity and cash incentives. The equity, options, restricted equity, and dividend rights are the diversified incentives and constraints that the China -foundation Association encourages the fund company to develop with the company's long -term development and the long -term interests of the holder.

A director of equity investment in South China said that the fund industry is a talent -intensive industry, and long -term incentive mechanisms such as equity are very important. In the future, the company's company's flexible mechanism will have a strong attraction based on the flexible mechanism.

Regarding the establishment of a long -term incentive constraint mechanism, whether it will increase equity incentives and other plans in the future, Debon Fund stated that the company has been exploring the diversified incentives and constraints of long -term interest binding, such as sharing employee incentives with the value of company growth. Related, this piece will be more in the form of options and dividend rights. The preliminary plan for employees' shareholding plan has also been promoted in the end of long -term inspiration.

The Xiangcai Fund stated that the company will explore the form of equity incentive plans in the future, enrich the salary payment methods, and establish a long -term incentive constraint mechanism.

After the system landing

Public and private flow rate may be balanced

This year's star fund manager's departure of "Ben Private" is increasingly frequent. As of June 17, nearly 120 public fund managers have left this year, and it has reached a new high in the same period since 2015. Among them, some fund managers quickly turned to "run private" after the short -term performance battle, such as Dong Chengfei, Lin Sen, Zhou Yingbo, Cui Ying, Ge Chen, etc. Essence

The reform of the public offering compensation has been launched. In order to solve the problem of frequent changes in the fund manager and the continuous loss of talents, the "Measures for the Supervision and Management Measures for the Supervision of Public Funding Fund Fund Managers" and its supporting rules have been clear Employees' resignation system, fund managers and other major investment researchers shall not engage in non -public fund investment management and other work within one year after leaving.

A fund industry in Shanghai said that the system of the system may shorten the time of decision -making for industry personnel who had to make decisions in the short term. Thinking; under the current pattern of public offerings, the public offering agency has a balance between public and private flow in the long run.

A director of equity investment in South China said that from the perspective of personal perspective, it is a normal choice for everyone based on their own career development, and it is also a normal flow between different segmented industries. However, from the perspective of the public offering industry, the galloping and private of the excellent fund managers will have some impacts in the short term. After all, the excellent fund manager is scarce. But in the long run, the healthy and sustainable development of the public offering industry is still relying on the system, and it will not stagnate because of personal changes. Fund companies can establish a long -term incentive mechanism as soon as possible in accordance with the requirements of this guideline, and then enhance the attractiveness of outstanding talents from the advantages of financial institutions and occupational development space.

According to "Guidelines"

Fund companies retain multi -pronged approach to retain talents

Under the current salary "Guidelines", how to effectively motivate investment and researchers and retain investment researchers has also become a problem that fund companies need to solve.

Debon Fund said that there are great differences in the characteristics of the platform and the target customer group. For example, public offering is a public financial management, realizing common prosperity, and private equity is a high net worth customer, pursuing absolute returns. Different platforms obtain resource support and afford pressure. Most of the fund managers of the "Public Ben Private" have accumulated rich investment and research experience and excellent historical performance on the public offering platform, forming a generally recognized investment framework in the market, a stable customer group, and then more optimistic about the individual given by private equity. Freedom, mechanism and future development space.

The Debon Fund also mentioned that, essentially, the most important assets of the asset management industry are talents. Fund companies need excellent investment and researchers to jointly realize the company's high -quality development and improve the profit level of fund investors. Therefore, under the premise of ensuring the interests of customers, in the scope of regulatory guidance support, we balance the sense of acquisition of talents, the company's long -term development needs, and the distribution of shareholders' interests. Talents provide more space to achieve their own value, and effectively share the value created by themselves.

In terms of optimizing incentives and constraints, Boshi Fund also stated that it will continue to optimize the deferred compensation mechanism according to the needs of business development and regulatory requirements, and establish a comprehensive, multi -level, and sub -business incentive constraint mechanism.

Chen Li, chief economist of Chuancai Securities and Director of the Institute, believes that some excellent fund investment researchers actually have great work and mental stress, and they need to give a reasonable incentive and consideration.Optimize policies to avoid the loss of outstanding talents.Generally speaking, grasping a degree is the key, and the common development of enterprises and individuals should also focus on long -term.The Xiangcai Fund stated that the incentive mechanism is improved, and the incentives and equalization, efficiency and fairness are taken into account in the form of incentives and equity, and the incentive forms are enriched through material and intangible incentives.At the same time, the echelon training mechanism of investment researchers has enabled investment researchers to have more room for development.

Edit: Captain

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