Fund Manager'S "Circulation" Atlas In 2020

At the end of the annual ranking war, it is still the star fund managers who are concerned.

In the past two years, the gold absorption effect brought about by star fund managers has been confirmed by the market. With the continuous development of explosive funds in the new year, star fund managers are still the core resources that various institutions compete for.

According to the reporter of the 21st century economic report, many fund companies have done a lot of reserve work with the help of the explosion of public funds in the past year, whether from internal promotion or external "poaching".

From the current situation, the change of mutual fund managers in the past year (2020) is more frequent than that in 2019.

According to the statistical data of this newspaper, among the 143 public offering managers in the whole market, 498 new fund managers were employed in 2020, and 257 fund managers left in 2020; compared with that in 2019, the number of new fund managers employed in this year was 462, and the number of resigned fund managers was 230.

Judging from the situation since the beginning of 2021, the pace of personnel changes of fund companies has not stopped, and many funds still issue announcements to hire or dismiss fund managers.

For example, on January 14, Huitian fuying'an mixed fund announced the appointment of Shen Ruoyu as the fund manager. Shen Ruoyu was a senior researcher in the fund research department of e fund before. After leaving e fund in April 2020, he joined huitianfu fund as a senior industry analyst in the research department in May of that year, and worked as an assistant fund manager since June.

Flow chart of fund managers

According to the statistics of 21st century economic report, there are 8 fund companies with more than 10 new fund managers in 2020, including GF fund, Huaxia Fund, Boshi fund, Fuguo fund, Cathay fund, Harvest Fund, shenwanlingxin fund and Penghua Fund.

Among them, Guangfa fund has the largest number of new fund managers, accounting for 15, including Zheng chengran, a star fund manager whose income doubled in 2020.

Zheng chengran has been a researcher in the research and Development Department of Guangfa Fund Management Co., Ltd., and a researcher in the growth and investment department. From May 2020, he has been the fund manager of GF Xinxiang flexible allocation hybrid securities investment fund. Zheng chengran is also a post-90s "post wave".

In 2020, 14, 13 and 13 new fund managers will be employed by Huaxia Fund, Boshi fund and Wells Fargo fund respectively.

Cathay Pacific Fund, Harvest Fund, shenwanlingxin fund and Penghua Fund are the second. Cathay Pacific Fund will employ 12 new fund managers in 2020, and the other three will employ 10 fund managers.

According to the reporter's understanding, the source of new fund managers employed by fund companies includes both external poaching and internal promotion.

For example, Ji Xinxing, the fund manager of Huaxia Fund, previously served as the fund manager of shenwanlingxin fund, and has been the fund manager of China's leading hybrid securities investment fund since November 2020. Mai Jing, the fund manager of Boshi fund, previously worked in PICC assets and joined Boshi fund in May 2020.

Internal promotion is the consistent process from research to investment in fund companies. Compared with small and medium-sized fund companies, large companies have more fund managers from internal promotion.

"Large companies have talent echelon construction, researchers can be transformed into investment when they are formed." A large public fund in South China told the 21st century economic reporter.

According to the 21st century economic report, many companies have established investment talent training programs.

For example, a large fund company requires researchers to do industry research for four years first, then pass a set of defense procedures and standards, and then enter the investment system after being qualified, starting from the fund manager assistant and then promoting the fund manager.

But coins often have another side.

There are 11 fund companies with 5 or more managers. Among them, Harvest Fund had the largest number of fund managers leaving, with a total of 9 leaving, followed by Soochow Fund and China Post Fund. Seven fund managers of both companies will leave in 2020.

To be specific, among the nine fund managers who resigned from Harvest Fund in 2020, Shao Qiutao, who has worked for Harvest Fund for the longest time, has worked for Harvest Fund for 9.53 years; the other fund manager who has worked for Harvest Fund for more than 9 years and resigned in 2020 is Qu Yang.

It is worth mentioning that Shao Qiutao was once the director of Stock Investment Department of Harvest Fund, and also the star fund manager pushed by harvest fund before.

Star fund manager bill

In this era of great development of public offering, which company does not have a star fund manager and which company does not have a hot money fund seems to be "abandoned" by the market.

Fierce competition has intensified the flow of talents within the industry.

"One obvious feature is that equity fund managers are becoming more and more expensive." A fund company in Beijing said frankly.

In fact, the 21st century economic reporter learned that earlier, a small fund company wanted to take advantage of the market to develop more equity investment this year, and looked for a lot of equity investment research teams from outside, but they found that the quotation of human resources was rising.

"In fact, it's not only the big guys who are expensive, but also the new ones." Said the fund company.

The rising price of human resources is closely related to the great development of the public offering market in the past year.

According to our reporter's understanding, on the one hand, there are more and more new development funds; on the other hand, the regulatory authorities have previously restricted fund managers to manage multiple products, which will inevitably lead to a large demand for human resources.

"Large companies have internal talent echelons, and internal promotion is naturally the most cost-effective way. But for small and medium-sized fund companies, the bill pressure from outside is still not small. " A fund company in South China told the 21st century economic reporter.

"In particular, many fund companies are digging up an entire investment research team when digging people, and the price of digging corners is also becoming more and more expensive."

Although the price is more and more expensive, but star fund managers bring "sweet", still let many companies follow.

For example, in July last year, Fang Wei, the former star fund manager of Huatai bairuiyuan, began to serve as the fund manager of Wells Fargo's emerging industry equity securities investment fund after his job hopping. In March last year, Fang Wei left Huatai Perry fund.

There is also Cui Jianbo, former vice general manager and investment director of Xinhua fund. After leaving Xinhua fund, which has been in operation for more than ten years, he joined founder Fubang fund in June last year as chief investment officer.

"Last year, the fund managers that the company recruited from outside brought about half of the company's scale increment. Although it took quite a lot of trouble to dig people, the company was very satisfied with the effect." A small public fund source told 21st century economics reporter.

However, the 21st century economic reporter learned that star fund managers also let many fund companies into a contradiction. On the one hand, they have to promote to the market to build star fund managers to improve the management scale; on the other hand, they are worried that star fund managers will be poached by other companies after their popularity is improved.

Out of public offering in the new year

Compared with star fund managers, some fund managers will have no choice but to turn around in 2020.

For example, many bond fund managers step on the thunder. In March 2020, a number of funds under the PICC assets announced personnel changes, and the outgoing fund manager was Wei Zhen.

In March 2020, Wei Zhen will step down as the fund manager of PICC currency, PICC double interest preferred mixed fund and renbaoanhui fund. In May 2020, he will step down as the fund manager of PICC Xinze pure bond, PICC Tianyi 6-month dingkai fund, and pepco Lijing pure bond fund.

Of course, there are also equity fund managers who do not perform well in the bull market and leave.

For example, Zheng Qing, the former fund manager of guolian'an bonus fund, served as the manager of Guolian Andersen bonus fund from December 4, 2015 to May 25, 2020. The return of guolian'an dividend managed by Zheng Qing during his term of office was - 35.4%. The return of the fund in recent three years is still in the penultimate of partial equity hybrid funds.

There are also fund companies in 2020 out of a number of fund managers, in the new product layout is obviously inadequate.

For example, Soochow Fund has left 7 fund managers in 2020, only 2 new fund managers have been recruited, and only 13 fund managers have been recruited by the end of 2020.

From the perspective of new products in 2020, Soochow Fund only issued two funds during the year, one of which is a partial stock hybrid fund, which has been established and has issued 3.383 billion shares. The other fund is still in issue.

China Post Fund, which also left seven fund managers, issued three active equity products in 2020, with a combined share of 1.665 billion shares.

"One drag more" is obvious

At the same time, the phenomenon of "one dragging more" also emerges.

In fact, in the past year, many star fund managers have issued new products, which has led to the rapid expansion of star fund managers' management scale and the number of funds under management has doubled.

For example, Wang Zonghe, the star fund manager of Penghua Fund, currently manages 10 active equity funds such as Penghua ingenuity selection and Penghua consumption optimization. Among them, five funds, namely Penghua ingenuity selection, Penghua Innovation future, Penghua high-quality return, Penghua growth value and Penghua value win-win, are all new products to be issued in 2020.

Another example is Feng Mingyuan, the star fund manager of the fund. At present, he manages seven active equity funds, such as Cinda core technology. Among them, three funds are new products to be issued in 2020, including scientific and technological innovation of Cinda Aoyin, Jingxin Zhenxuan of Cinda Aoyin research and optimization.

In fact, earlier in 2019, the regulatory authorities have put forward norms for fund managers to manage multiple products at the same time, requiring active management fund managers to manage up to 10 products.

"Last year, when several funds that caused a stir in the market were issued, the fund company made a good adjustment to the star fund manager, and then the move was successful. Basically, those who leave their posts are small-scale ones, and they will set aside places for those who are large-scale. " A large public fund in Beijing told the 21st century economic reporter.

"Now the market is very hot, and there are many products. Fund managers can't manage it, so they can only hire more fund managers." According to the above-mentioned institutions.