Since the end of last year, the regulatory authorities have been fighting hard, causing a “rat catch storm” in the public sector, involving several fund companies. In this context, and in addition to the continuing market downturn, many fund managers have gone off to raise funds, either for private purposes or on their own initiative, or into other financial subsectors, where the loss of senior fund managers is particularly severe, and many successors are often “basic”, leading to an average of less than three years in the current management of the entire pool of fund managers. In the face of a crisis of “break-up” of talent, the fund's companies are competing for talent, and a competition for investment is imminent。
New names are increasing and old faces are decreasing。
In recent years, the fund's managers have expanded at the rate of 100 additional persons per year, but the rate of growth slowed in 2014 and the number of separations has reversed, with the number of separations approaching the full year of last year as at 19 august. The loss of senior managers who have been working for more than 10 years is higher, and the entire public sector faces a crisis of “break-ups”. Where's the fund manager? What are the paths for major fund companies to supplement their investment
Severe loss of senior fund manager/
On 8 august, wang wan, who had worked for 10 years at the huataibury foundation, left his post as director of investment and fund manager and formally left his home. It is known that wang qi will follow another foundation company in shanghai。
In the same week, four successive fund managers announced their departure. In addition to wang zhen, there are other funds such as the national fund of thailand, yang kuo uk-uk, tadahon lee chen xiaoping, and the national fund for finance. Of these, wang, yang and chen xiaoping worked for more than 10 years。
According to the statistics of the same flower ifind, since this year (as of 19 august), the number of separations of fund managers has reached 128, close to 138 for the entire year of last year。
“although the absolute number of separations of fund managers has increased in recent years, the rate of separations has declined as a result of the increasing overall number.” according to the human resources department of the foundation。
The statistics support this statement, which, using the number of fund managers at the beginning of the year as the base figure, has resulted in a separation rate of 13. 58 per cent since this year, compared to 16. 9 per cent in 2013 and 16. 33 per cent in 2012。
However, the human resources advisory body was very wise and pleased that lu xiaojun, the head of the chinese capital market consultant, stated at a seminar that “although the separation rate is declining, the impact of separations is increasing and the proportion of senior managers is increasing in terms of the structure of separations”
The daily economic news reporter noted that since the beginning of the year, there has been an increase in the departure of senior fund managers, such as wang zheng, who either jumped to other fund companies or entered other financial sectors, such as management and private fundraising, and that the loss of many senior fund managers involved in the fund industry, storm rat hunt, which began late last year was one of the factors contributing to the increase in the separation rate of senior fund managers。
As the financial industry moves forward, the talent competition for financial enterprises has crossed the confines of the sub-sector, and the pool of fund managers, in addition to the public fund corporation, is headed by a large number of individuals who have chosen private fund-raisers, coupons, trusts and asset management companies invested by insurance companies。
Among the well-known fund managers who left this year, wang xiaoming, deputy managing director and director of investment, hu jianping, manager of the former wahxia return fund, and zhidong, manager of the former rich private fund, entered the private sector to start their business。
Hwang xiaojin, deputy director-general of the trust fund, selected the fund manager, transferred to the insurance management company. A wise and pleasant study shows that 50 per cent of the investment in the insurance asset management industry originates from foundations。
In addition to the financial-related subsectors, some left the management industry forever. Since 2013, the regulator has confirmed that there are nearly 20 fund managers with irregularities, including in the areas of investments such as equities, bonds and currencies, most of whom are senior and well-known investors in the industry. These fund managers will be severely punished, even facing prison conditions, which will shock their peers and have a direct impact on the careers of some fund managers。
Chen hong, deputy general manager of hae-fung and one of the most senior fund managers in the industry, left office in may of this year in an unknown destination. As the deputy general manager of the management of the investments, chen hong was left behind too many frustrations。
Ifind statistics show that since this year there have been 128 separations of fund managers, 143 new appointments to fund managers and a net inflow of 15, currently 955. In 2013 and 2012, the number of new fund managers in the public fund industry reached 100 per year。
It is noteworthy that the loss of a large number of new fund managers and senior fund managers has resulted in a continuous decline in the average management years of the fund managers, which have now been reduced to less than three years。
External “two-pronged”/
The largest departure fund manager is still in the management industry. According to research data, about one third of the talent in the fund industry originates in the industry, especially in the investment sector, which relies more heavily on “transmitting” companies from the same industry, and nearly half of it from other fund companies. In large and medium-sized fund companies, there are not many companies that are able to fully develop their own talent, and most still pursue a “two-pronged” talent strategy of external recruitment。
Tédachonli is one of the largest medium-sized fund companies, and all new fund managers are in-house and most numerous. The daily economic news reporter noted that since the beginning of the year, taida hongli had resigned three fund managers, who had since been promoted from within。
The tradition of looking at taida hongli shows that there are few cases of direct outside drilling. Since 2007, only two fund managers (hu jin-kura from the benevolent fund and kuong from china king) have been recruited from outside to become fund managers before they reach the age of one year, and the remaining 11 fund managers, even if recruited from outside, have had to undergo internal experience。
The waqf fund is the largest of the large foundations, with the largest number of fund managers, and therefore ranks highest in the industry, both in the number of new and separation fund managers. However, the waqf fund has traditionally tended to favour the traditional path of promotion of researchers to the post of fund manager, whose external representation is significantly below the 50 per cent average of large fund companies. The ifind data show that this year, the waqf fund separated six fund managers, while eight new fund managers were in place, and that of the eight new recruits, only lin feng, a chinese life asset, won for less than six months。
Following the departure of five fund managers this year, freida recruited two additional fund managers, all with an internal background。
Unlike the traditional talent strategy of the waqf and fanta fund for the promotion of researchers to fund managers, the fund is more open to outsiders. Eight additional fund managers have been recruited by the karf investment team since the beginning of the year, and the external fund manager is significantly larger than the industry average。
It is worth mentioning that the reform of the ministry of enterprise has also broadened the possibilities for large fund companies to attract talent. Recently, the fund has received high-level staff from the former investment manager of the fund, liang liang, the former assistant general manager and research director of the united nations peace forces, wang zhongbo, and the former chief investment director of the east wu foundation, tang sow, who served for many years。
The deputy director of the interoceanic securities institute stated ethically that the reasons for the internal mobility of the fund manager were four reasons: one was a claim based on career development, including remuneration and positions. Some fund managers are promoted to managerial positions due to excellent management performance or opting for higher pay and positions through troughs; second, under pressure from appraisals, some fund managers may be readjusted or even dismissed if they are unable to pass the examination, thus allowing some fund managers to opt out; third, intra-company transfers, such as to the department of managing household products or overseas investment, etc.; and fourth, some fund managers have been downgraded to research fellows and returned to research posts due to poor performance。
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