[Introduction] The turnover rate of fund managers hit a 24-year low, and the average tenure increased to 4.7 years
China Fund News reporter Li Shuchao
Following the resignation of 313 fund managers last year, 307 fund managers have resigned since 2024, consecutively The number of fund managers who have resigned within four years exceeds 300.
Industry insiders said that although the number of fund managers leaving has exceeded 300 for four consecutive years, under the background of supervision and fund companies creating a good market environment, the overall team of fund managers is stable and the turnover rate is declining. With the flow of public investment and research talents, more vitality will be injected into the asset management industry.
The number of fund managers who have resigned has exceeded 300 for four consecutive years
The turnover rate has hit a 24-year low
wind data shows that as of November 16, 307 fund managers have resigned this year, and the number of fund managers who have resigned has exceeded 300 for four consecutive years.
However, judging from the overall data, the team of fund managers is relatively stable, and the number of employees continues to grow year by year. The total number of fund managers is currently close to 3,900.
Looking at the changes in fund managers over the years, the number of resignations in the past four years was 314, 321, 313, and 307 respectively. The turnover rates were 10.79%, 9.74%, 8.51%, and 7.88% respectively. The turnover rate hit a 24-year low. .
Talking about the above phenomenon, Wang Tieniu, director of Jian Jinxin Fund Evaluation Center, analyzed that on the one hand, in recent years, fund companies have invested a lot of resources in the construction of integrated investment research platforms and investment research echelons, and the team of fund managers has continued to grow. Currently, registered The number of fund managers has exceeded 3,800, which has reduced the turnover rate of fund managers. On the other hand, due to the market volatility in the past two years and the increase in overall regulatory requirements, the number of fund managers starting a private equity business or joining private equity has decreased, which has led to a decrease in the overall willingness of fund managers to leave their jobs.
"In the context of high-quality development of the industry, fund companies are also weakening the assessment of short-term rankings, short-term performance, income and profit and other indicators, and placing more emphasis on long-term investment, value investment, and investors' holding experience and sense of gain. This This has reduced the short-term assessment pressure on fund managers, which is also one of the reasons for the decline in the turnover rate of fund managers,” Wang Tieniu said.
Wang Lu, a fund analyst at the Shanghai Securities Fund Evaluation and Research Center, also said that this phenomenon shows that the liquidity in the industry has eased and the stability of the investment research team has improved. This may be related to the optimization of management strategies of fund companies, clear career development paths for employees, and improved industry supervision. Overall, despite some personnel turnover, the net growth trend of the fund manager team remains unchanged, indicating that the industry is developing steadily.
While the turnover rate is decreasing, the average tenure of fund managers continues to increase. Data show that as of November 16, the average tenure of current fund managers is 4.7 years, a record high.
Many industry insiders said that the increase in the average tenure of fund managers has a positive effect on making good investments.
Huicheng Fund Research Center said that from the perspective of fund companies, the tenure of fund managers has been lengthened and the investment research team has become more stable, which is conducive to the better implementation of the fund company's long-term strategy; from the perspective of investors, the management tenure of fund managers has become longer. , and also help fund investors hold their funds for a longer period of time, partially solving the problem of "funds making money but fund investors not making money".
Wang Lu also said that long-term fund managers can better implement long-term investment concepts and reduce the impact of short-term market fluctuations on investment portfolios, thereby improving the stability and sustainability of investments. At the same time, investors have more trust in long-term fund managers, which is conducive to improving investor confidence and loyalty.
Multiple measures have been taken to enhance the attractiveness of public offering platforms
In recent years, in order to effectively attract and stabilize public offering investment research personnel, regulatory agencies and fund companies have been actively creating a stable environment conducive to fund managers and continuously improving the attractiveness of public offering platforms to investment research talents. .
Wang Tieniu said that regulatory policies require fund managers to undergo a quiet period before they can engage in investment research work after leaving their jobs. This will help standardize the resignation behavior of fund managers, reduce the negative impact of frequent job changes, and promote the overall stability of the fund manager team.From the perspective of fund companies, we are also continuing to build a team-based, platform-based, and integrated investment research system to reduce the reliance on a few core personnel to complete investment research work. This also objectively reduces the impact of company personnel turnover on investment research work.
Wang Tieniu suggested that in the future, fund companies will also need to continue to optimize the salary system, performance appraisal, management structure, etc., to provide better future career development for investment researchers, and under the premise of emphasizing compliance management, they can better improve Stability of investment research personnel.
Wang Lu also said that in the future, fund companies can be further promoted to establish a long-term oriented performance evaluation system to support fund managers in adhering to long-term investment concepts, thereby enhancing the attractiveness of the platform. At the same time, fund companies can continue to optimize salary incentives, enrich career promotion channels, create a better working environment, etc., to provide investment research talents with more attractive career development space.
As for fund managers who leave their jobs to invest in other asset management industries, industry insiders believe that the appropriate flow of investment research talents will inject vitality into the asset management industry.
Huicheng Fund Research Center said that personnel mobility provides stronger vitality for the development of the asset management industry. China's asset management industry is short-lived, and the flow of personnel helps exchange different views, accelerate the collision of different investment concepts and systems, and form a new investment system, which provides an important guarantee for the diversified development of the asset management industry. As the market gradually matures, the sources of excess returns become more extensive, and a diversified investment research system will better explore investment opportunities.
"The flow of investment research talents injects fresh blood into China's asset management industry, promotes the sharing of knowledge and experience, and promotes industry innovation. Moderate flow of investment research talents is conducive to breaking down information barriers, improving the professionalism of practitioners, and making the entire industry Maintain vitality and competitiveness," Wang Lu said.
Editor: Captain
Review: Muyu
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