The Truthful Fund Manager Was Punished To Make Investors Cold.

Faced with the interests of investors and the company's interests, how to make decisions?

Lv Qi, a fund manager who has been praised by the market as a fund manager and "conscience of the industry", has not been rewarded for being demoted and fined economically, which highlights the bad habits of China's capital market.

According to news reports, at 12:10 noon on January 6th, Lv Qi, an investment manager of Xingye Global Fund, said in his WeChat friends circle: "solemnly hint: it is suggested that customers who have other investment channels redeem themselves. This year, I can not manage to manage the products.

If you do not understand me, read my words ten times.

Lu Qi accurately predicted the trend of the future market. In January 7th, A shares once again experienced two fuses, and the index decreased by 22.65% in January, which also reduced the losses for some investors. Some investors saw the redemption advice of Lu manager. He only redeemed some of the funds, saved most of the proceeds, and avoided more losses. But the outcome was very sad, so that Lv Qi accurately judged the future trend. He could reduce the position of the company's fund to avoid losses, reduce losses for his clients, win a reputation in the market, and deserve the company's heavy reward. However, the award was not only lost, but instead was revoked by the company's deputy director of the investment department and was punished by the economy. Though

Why should Xingye Global Fund punish Lv Qi? "Company employees should be objective, rational and prudent in making investment related remarks.

Lv Qi, a special investment manager, violated the requirements of the company's system and had adverse effects on the market. The company punished the relevant personnel and the leaders in charge of the matter.

The company will strengthen the management of personal comments on employees and emphasize that prudent principles should be followed in investment related remarks.

"Judging from the company's position, Lv Qi was punished without reproach, because he violated the company's rules and regulations, but in fact, Lu Qi was not punished so easily.

It is out of season with the stock market, because foreign hedge funds are shorting the Chinese stock market and shorting the RMB exchange rate, and there is an uneasy relationship between the two. Their employees are irresponsible and sing empty capital markets. Is this not the case? It is not commensurate with national interests.

Therefore, Societe Generale Global Fund believes that its theory has a negative impact on the market. In fact, it is an on-line practice. As a not very famous fund manager, it is impossible to affect the trend of China's stock market. If Lv Qi has the ability, after clarifying, the stock market of China should rise, not continue to adjust.

Besides, as a fund manager, it is normal to set forth his views on the future market. It is also normal to think about the interests of his clients.

Conversely, if Lv Qi's judgment is so effective, it will have such a great influence. In the face of the stock market crash, Lv Qi will be shouted at the bull market every time.

In response to the huge fluctuations in the stock market at the end of June, some well-known figures pointed out that some people criticized the reform of cattle. The implication was that the criticism of the reform of cattle led to a sharp fall in the stock market. The market did not criticize the reform of cattle, and the reform of cattle would last for years.

Turn a blind eye to the market, but on the market speech on the line, the beginning of the new year plummeted, as employees should not sing empty Chinese stock market in public, but also "solemnly suggest that customers who have other investment channels redemption", which is not yet, "also reminded me not to understand my words, read my words ten times."

This is a typical theory of singing empty words, is it not to find a bitter taste? It is difficult to be punished without being punished by the company.

Lv Qi is fined to highlight the dilemma and helplessness of the fund industry. Is it the size of the sole fund or the scale of investment income and the size of the fund? It is the pursuit of maximizing the interests of investors or the maximization of the company's interests. It is worth every practitioner's deep thought.

Although in short time, Lv Qi persuaded investors to redeem fund shares, it will bring impact on fund scale and reduce company income. But in the long run, because of Lv Qi's ability to allow investors to avoid losses, they have recognized the fund's operation and investment ability, and will surely buy more fund shares at the right time, which has established a good reputation for long-term development of the company, and will certainly bring more investors to purchase, which is conducive to the expansion of the company's scale.

On the other hand, Lu Qi exhorted investors to purchase, which will surely disappoint investors and lose their reputation. They will gradually redeem their shares, which is not conducive to the long-term development of the company.

In China's stock market, anyway, counterfeiting is prevalent.

Good! No one is against singing, no one is to blame for singing empty. Especially, research newspapers can not sell words, otherwise it will be easy to get into a lawsuit.

From another perspective, the profits of Chinese fund companies have nothing to do with fund returns, only related to the size of funds. As fund managers, they should do their best to scale up the scale of funds so that companies can get more management fees to maximize their profits. But Lv Qi has not tried every means to make large-scale investments to attract investors to buy shares of funds, but to remind investors to redeem their share of the fund. Is this not a departure from the development of the company? No fund scale, and how the company manages revenues, it is really unwise to do so.

A metaphor is quite appropriate, "I sell air conditioning company, you a salesperson went out everywhere to say that this year's climate is appropriate, probably the rate does not use air conditioning, do not punish you punish who?"

In order to change this bad habit, the author thinks that it is proper for the fund company to take a fixed management fee to completely change the fund management fee. However, the mode of simply collecting the management fee should be changed. That is to reduce the fixed rate of fees charged by the fund and to collect a certain proportion of the profit from the profit to make up for the loss of the management fee rate, so as to encourage the fund manager not only to do a large scale, but also to perform well, the better the performance, the higher the profit, the higher the net profit of the fund, the higher the net value of the fund, the higher the proportion of collection, and the binding of the company's interests and the interests of investors.