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What is the year-end award? The opening of the annual public fund retreat

January 11, 2019 02:30
source: 21st Century Business Herald
edit:Eastern Fortune Network

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Summary
[What is the year-end award? The opening of the public fund in the opening year is now unwilling to wait until the year-end awards bag. Just entering 2019, the public fund will be revealed. According to the statistics of the 21st Century Business Herald, the number of departing fund managers has reached 6 in just over a week since the beginning of the year; the number of senior executives has been one. (21st Century Business Herald)

I don’t want to wait until the year-end award bag, just entered 2019, public offeringfundThe departure of the tide is revealed.

According to the statistics of the 21st Century Business Herald, the number of departing fund managers has reached 6 in just over a week since the beginning of the year;ExecutiveThe number of people is one.

What is more reflective of personnel fluctuations than the above data is the number of fund managers who change. Released fund manager changes only this yearannouncementoffund companyAmong them, there are as many as 47 managers who have left the company.

Among them, a large number of fund managers no longer continue to serve as company fund managers after leaving office, and at the same time retiring many funds, according to industry practice, this is likely to be a prelude to the resignation, but has not yet issued a notice of separation.

According to industry practice, the fund company's year-end awards are released from April to May of the following year. The fund manager who chose to leave before has no longer cares about the 2018 year-end award; of course, from another perspective, if it is due toPerformanceToo bad to leave early, there may be no year-end awards.

A senior public funder told 21st Century Business Herald that from the end of last year's public fundraising resignation queue, it was not a minority who was forced to leave early due to poor fund performance in 2018. In particular, changes in fund executives have a high probability of being associated with this.

  Poor performance triggered the departure tide

On January 10 alone, there were 10 fund companies that issued fund manager change announcements, and one fund company issued a notice of change in executives. Among them, a number of companies are issued a number of change announcements.

TakeBank of China FundFor example, on January 10th, the company issued four fund manager change announcements, involving two outgoing fund managers. One of the fund managers also retired from the three funds at the same time. The reason for his departure was another work arrangement, which was shown as “none” in the “Description of other jobs in the company”.

January 3,Oriental FundIt also attracted market attention due to the fact that the fund manager changed the announcement. These announcements cover the theme of Oriental theme, Oriental Multi-Strategy, Dongfang Yue, Dongfang New Strategy, Dongfang Dingxin and Dongfang Long 6 Funds. These funds are mainlyHybridandEquity fundThere are 3 fund managers involved in the departure, and the reasons for leaving are “business needs”.

In fact, at the end of 2018, there were a number of fund companies that issued several fund manager change announcements, such as SDIC UBS and Yinhua. Among them, Yinhua issued 8 fund manager change announcements on December 28 and 29, 2018, involving 8 funds including Yinhua Harmony Theme and Yinhua Fuyu Theme, including 2 outgoing fund managers. Including the famous Zhou Keyan.

According to the five funds managed by Zhou Keyan before his departure, he suffered a certain degree of loss in 2018.

It is not difficult to find that funds that have recently released fund manager change announcements are generally dominated by stocks and hybrids. Many of them have poor performance in 2018, and with the obvious shrinkage of scale, a small number of funds have become a mini fund with a scale of less than 50 million yuan.

On January 10, a senior public fundraiser in Shanghai analyzed the 21st Century Business Herald reporter. "Although there are many reasons for the departure of fund managers, the relationship with the environment is always close. For this year, It is said that a large part of the public recruitment and resignation army that has been formed since the second half of last year is still related to poor performance. It is like a bull market when there is a public offering, but at that time, the fund managers mainly quit or sneak in pursuit of higher incentives. At the moment, this wave of departures is clearly related to the serious losses in 2018."

In fact, not only the large fluctuations in the fund manager group, but also the news of the departure of fund company executives since the end of last year. At the end of 2018, Baoying, Debon, and Golden Eagle were involved in the change of the general manager. among them,Baoying FundBehind the general manager's departure, the market was interpreted as related to Baoying's backward development in the past two years.

  Public fundraising relative income assessment is grim

Behind the tide of public offerings, a question worth exploring is the actual pressure brought about by the public fund assessment mechanism.

Although more and more fund companies have paid more and more attention to the long-term assessment of fund managers' performance in recent years, the existence of relative rankings has always made it difficult for fund managers to ignore short-term performance, which has almost become an unsolved proposition of the industry.

On January 10th, a public investment director in South China told reporters about the assessment mechanism of his company. The equity director said, “Our company implements a three-year rolling performance mechanism, such as 40% in the most recent year, 30% in the first two years, or 20%, 30%, 50% in the three years. In terms of specific gravity, some fund managers can't reach the three-year job experience, so the assessment of him or her is definitely higher than that of the year. On this basis, we will have a final comprehensive score, according to the score. To set the level of rewards. In terms of rewards, the 1/2 ranking of the fund performance industry is a very critical watershed."

The above-mentioned person further said, “Although it is to look at the three-year performance, once the fund manager is particularly late in the market, it will enter the observation stage; if the market is relatively backward for two consecutive years, it will face great pressure. Because the company will not wait until three years of performance is still very poor, if it is still not possible after two years, it is necessary to take the initiative to leave, this is a very real problem." The above person added.

A publicly-reported person in Shenzhen revealed a similar situation to the reporter. “Our company also had a fund manager leaving before the company. The products managed by the fund manager are very low in 2017. It is difficult to turn over in 2018. In the end, the investors will redeem the fund in large quantities, and he can only choose to leave. In fact, the company Nor did he force him to leave, but in this case the fund manager will generally not stay."

Undoubtedly, the pressure of relative ranking is also one of the important factors that contributed to the departure of fund managers.

(Article source: 21st Century Business Herald)

                                (Editor: DF387)

 
 
 
 

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