with the continuous promotion of public offering salary reform, star fund managers leave their jobs more frequently
in order to retain talents, many fund companies have adopted equity incentive policies and promoted star fund managers with excellent performance as company executives
In recent years, the public fund industry has developed rapidly and vigorously, and the scale of public funds has exceeded 25 trillion yuan.
Talented public fund circles often cause heated discussion with high salaries. The income of fund managers is generally linked to the scale and performance ranking of the fund. The income of head fund managers is more considerable, and of course, it will attract more elites to join.
However, problems such as "fund making money, basic people not making money" and "the coexistence of drought and flood income and excessive incentive" are common. In this context, rumors about the coming of the "salary limit order" in the fund industry are endless.
"salary limit order" aimed at public funds
Since this year, most active equity funds have experienced a sharp withdrawal, and star fund managers have also fallen into the "altar". Although the performance is at a loss, large-scale funds can still obtain considerable management fees, and fund companies can make a lot of money.
In the fund industry, which is famous for its high salary, the annual salary of one million or even tens of millions of blue chip fund managers is enviable. Earlier, the news that CAI Songsong, the fund manager of noan fund, expects the year-end bonus to exceed 70 million yuan spread in the market. Noan fund quickly responded that "noan implements a secret salary system, which is too exaggerated."
Is the annual salary of fund managers so high?
The reporter found from the recruitment website that a fund company in Beijing recruits equity fund managers with a salary of 35-45k and 24. It is required to have more than 3 years of public equity investment performance. The performance is in the middle and the turnover rate is low; The position of equity fund manager of a large fund in Shenzhen is 70-100k, with 24 salary. He has more than 3 years of equity public offering investment experience and outstanding performance.
Overall, the annual salary of general fund managers ranges from 400000 to more than 1 million. According to insiders, the annual salary of fund managers is closely related to their qualifications and management scale and performance. It is not impossible for top fund managers to get tens of millions.
In recent years, star fund managers emerge in endlessly, and the management scale is also growing day by day. On the premise of accruing management fees, it is difficult not to win or lose on the basis of scale. The larger the management scale, the higher the salary of fund managers.
At present, there is no document to put forward quantitative requirements for the salary of public funds. However, recently, there has been an increase in the relevant aspects of the salary mechanism in the documents issued by regulators.
Recently, it was reported that the Shenzhen Securities Regulatory Bureau required the fund companies under its jurisdiction to submit the implementation plan of improving the salary incentive and restraint mechanism before May 30, and put forward relevant arrangements on salary deferral, salary payment method and economic accountability.
In addition, the relevant notice requires fund companies to avoid "one size fits all", curb excessive salary and rapid growth, prevent a few from rising to the top, and prevent high-income groups from being impacted. The clear direction of the notice is to prevent excessive incentives.
\u3000\u3000 "Public fund managers shall establish a scientific salary management system and assessment mechanism, reasonably determine the salary structure, standardize the salary payment behavior, link the performance assessment with compliance and risk management, strictly prohibit short-term assessment and excessive incentive, and establish a binding mechanism for the interests of fund employees and fund unitholders. Public fund managers shall strengthen the resignation management of personnel in key positions and establish and improve long-term incentive and restraint The mechanism provides human resources support for the operation, management and sustainable development of the company. " It is pointed out in the measures for the supervision and administration of managers of publicly offered securities investment funds issued by the CSRC on May 20.
The fund manager of a medium-sized fund company in Shanghai admitted to the reporter of the international finance news that the company has implemented the salary incentive and restraint mechanism. According to the regulatory requirements, the company is more quantitative in the assessment, pays more attention to the long-term, and adopts the deferred and follow-up investment system in the incentive.
\u3000\u3000 "From the perspective of salary design, salary reflects the combination of the value of the post itself and the value of personal contribution. Whether excessive salary is the embodiment of real value is an important indicator for enterprises to judge the rationality of salary. For fund companies, salary reform is a kind of pressure on star fund managers, but I think it has a greater positive effect on the long-term salary planning and career development of fund managers Bit itself is not a pole sale, but the embodiment of long-term value. " Liu Chang, consultant partner and salary expert of kangdifan, told the reporter of international finance.
star fund managers accelerate the loss
With the continuous promotion of public offering salary reform, star fund managers leave their jobs more and more frequently.
In recent years, many public offering bosses have left their jobs and choose to establish or join private placement.
Dong Chengfei, the former deputy general manager of Xingzheng global, who left office in January this year, joined Ruijun assets as the company's managing partner and chief research officer. Dong Chengfei's fund qualification certificate was changed on February 14, and Du Changyong, Wang Xiaoming and Dong Chengfei, former "Xingquan three swordsmen", gathered again.
Cui Ying, the former investment director and fund manager of Hua'an fund, who also left office in January, has joined Shanghai Qinchen private equity fund management partnership, and the change date of fund practice certificate is April 26.
Zhou Yingbo left the post of fund manager of China Europe Fund for personal reasons at the end of March. After leaving China Europe Fund, Zhou Yingbo founded Shanghai Yunzhou Private Equity Fund Management Co., Ltd. as the legal representative and chairman.
In addition, Hainan Haiying Private Equity Fund Management Co., Ltd., jointly founded by Han Maohua and CAI wangpeng, two old colleagues of Boshi fund, was filed and registered in July 2021. Han Maohua and CAI wangpeng served as general manager and deputy general manager of Hainan Haiying private equity fund respectively.
\u3000\u3000 "The salary reform of public funds may lead to the loss of star fund managers. Many star fund managers have left during the year, so it is necessary to conduct ideological counseling in advance, strengthen communication and mobilization, and make response plans. In addition, public funds should strengthen the construction of investment and research system, improve investment and research ability, build star brands, expand the scale of funds, and rely more on organizational cooperation system, cultural system and brand reputation to drive the sustainable development of funds and reduce investment costs Low personal dependence on star fund managers. " Deng Zhidong, director of China CFO 100 people forum and senior economist, spoke frankly to the reporter of international finance.
can the incentive policy retain talents
In order to retain talents, many fund companies have adopted equity incentive policies and promoted star fund managers as senior executives.
In 2014, China Europe Fund officially released the announcement of equity transfer and shareholder change, realized the shareholding of senior management team, opened the shareholding plan of public fund professionals, and established a long-term incentive and restraint mechanism.
In July 2019, Nanfang fund became the first fund company among the "old ten" to implement equity incentive. The equity incentive scheme involves more than 100 middle and senior employees. At the end of 2019, the change of equity of e fund was approved by the regulator, and the company's senior executives and core employees contributed a total of 12.442 million yuan.
According to incomplete statistics, the number of public fund companies implementing equity incentive has exceeded 30.
Liu Chang said that for enterprises, a reasonable salary system needs to meet legal compliance, internal fairness and external competitiveness. In addition, the consistency of business development and reasonable salary incentive scheme design will make salary tools an important means for enterprises to attract and retain incentive talents.
"Performance is official" has also become the norm of public funds.
In January this year, Xie Zhiyu was the new deputy general manager of Xingzheng Global Fund. By the end of 2021, Xie Zhiyu's management scale was nearly 100 billion yuan. After Dong Chengfei left the post of deputy general manager of Xingzheng Global Fund, Xie Zhiyu took the lead.
In September 2021, GF announced that Fu Youxing and Liu Gesong were the new deputy general managers of the company.
In addition, Xiao Nan of e fund, Liu Yanchun of Jingshun Great Wall Fund, Wang Zonghe of Penghua Fund, Feng Mingyuan of Cinda Aoyin fund and Qu Yang of Qianhai open source fund were successively promoted to deputy general manager of the company in 2021.
"Star fund managers have appeal, investment ability and strength. Retaining them is not only the performance of fund companies cherishing talents, but also helps fund companies maintain competitiveness in the process of rapid development of China's fund industry." Insiders pointed out.
