The Epidemic Can Not Stop The Fund Manager "Quit The Job": "Job Hopping List" Reveals The Format Differentiation "Million Annual Salary" Generation Path Has Changed.

"This year, our company has two fund managers leaving, and one of them runs to a larger fund company." In March 19th, a small and medium-sized fund company told reporters.

The departure of fund managers this year is not an isolated phenomenon. According to the twenty-first Century economic report reporter statistics, as of March 19th, a total of 51 fund managers left this year, involving 42 fund companies.

Over the past 4 years (2019, 2018, 2017 and 2016), the number of fund managers leaving was 53, 30, 34 and 33 respectively.

This means that the outbreaks of the epidemic and the fund have not helped fund managers retain these fund managers.

According to industry sources, fund managers with millions of salaries have been moving a little since last year. At the present time, why do fund managers leave their jobs? Where have they gone? And the demand for talent has begun to change. Who can adapt to the new position?

Epidemic situation can not stop leaving heat

From the data point of view, from January 1st to March 19th as a statistical cycle, the number of fund managers in 2020 and 2019 has been over 50, and the number of managers who have left the fund has increased by three or four in recent two years.

If we extend the time to a year, we can see more clearly that the liquidity of fund managers is a bit large in the past year.

According to another statistical data, from March 2019, the total number of fund managers was 2130 in recent years, of which the number of managers was 238, while in 2018 and 2017, the managers were 193 and 170 respectively. The number of people leaving in recent year has increased by more than 20% compared with 2018, an increase of 23%.

So why do millions of fund managers break out in the last year?

"Fund companies have been relatively mobile in the past year, and fund managers have changed a lot. Some have left and other companies have changed funds." Recently, Yang Delong, chief economist of Qianhai open source fund, said in an interview.

"Since the A share market in the past year is relatively good, some fund managers are rushing to the private sector. In addition, because of the great development of the information management industry, many private and bank financing subsidiaries have grown, and their demand for fund managers has increased." Its disclosure.

In the past year, the largest number of fund managers were GF and Taida Hongli fund, each of which had 7 fund managers leaving.

In addition, there were 6 resignations from Wells Fargo fund, Peng Hua fund, CITIC BAE Cheng, Ping An fund, Soochow Fund, and Chuang Jin Shun, while 5 of the eastern fund, Xing Yin fund, South Fund, Shang Morgan and Shen Wan Ling trust fund left.

Investigation of leaving direction

If we look at the two dimensions of "passive leave" and "voluntary turnover", the average earnings of partial equity funds will be around 40% in 2019. This has earned a lot of money and a lot of money for a large number of fund managers. Therefore, the number of fund managers who left the office in recent years has increased. Most of them have resigned voluntarily, leaving the company on their own initiative has become a trend.

In addition, after the technology stock market opened in 2020 and the influence of fund making effect, a large number of funds sold out one day or ended in advance.

In this context, job hopping to peer fund companies is a more common choice for fund managers. In the past year, 16 outgoing fund managers have chosen to continue their career in the same fund company.

According to the twenty-first Century economic report, the two outgoing fund managers of Taida Hongli fund went to the founder Fubon fund. One went to ICBC Credit Suisse; a Zheshang fund manager turned to the Morgan fund; a Ping An fund manager went to Nan Fangji gold; a golden eagle fund manager went to the Dacheng Fund; the manager of the Indo Australian silver fund manager went. Bo Shi fund; a fund manager from Tian Zhi fund to job hopping fund.

The most common job hopping among fund managers is from small and medium-sized fund companies to large fund companies.

According to statistics, 2 of the fund managers who left office in the past year chose founder Fubon, and the 2 chose the southern fund. At the same time, there are more than 10 fund companies to leave this year's fund managers under the command. It is interesting to note that Founder Fubon is only a small fund company, or that the company's remuneration is even more generous.

In addition to job hopping, with the diversified development of asset management industry, market demand for fund managers is increasing. In particular, blue chip fund managers can choose to go to private equity funds, insurance funds, brokerages, information management and bank financing subsidiaries.

In recent years, the whereabouts of fund managers resigned showed that some outgoing fund managers went to securities companies, such as a fund manager of xingyin fund went to the state securities company, and those who went to Futures Company, such as the 6 fund managers of CITIC Prudential fund, went to Shanghai Dong Zheng futures company, and some Asset Management Co, such as GF fund managers, jumped to the Taikang assets in.

Another reporter has learned that some of the fund managers have chosen to run private, establish their own business and set up a private placement agency. For example, last year, a fund manager of the Shen Wan Ling trust fund switched to LIAN assets in Shanghai.

In addition, some fund managers are "passive leaving".

For example, a partial fund managed by a fund manager served two years. The annual return and total return of the fund were negative, ranking 1/10 in the same category, and passively leaving in July last year.

New selection criteria

As of March 5, 2020, a total of 145 fund companies in China, and fund companies will also increase substantially, currently 33 are applying.

From the scale of the fund, the latest data show that the current fund size is 151249 billion yuan, a total of 6227 funds; in 2018, the scale of the fund was 130047 billion yuan, the number of 5351. That is to say, the size and quantity of the fund increased by 16.30% and 16.37% at the end of 2018.

On the back of fund managers' leaving, the fund company is eager to replenish fresh blood.

Senior executives of a large fund company admitted that since the development of equity funds since last year, the company is expanding the investment and research team of equity products and increasing the strength of research and development. Next, the passive index fund will serve as a key direction for Future Ltd to make efforts.

Another large fund company told reporters: "in recent years, our products and businesses have expanded a lot, from ETF, solid income, active equity, pension FOF...... Almost all aspects of expansion and development. So we need to add a lot of new fund managers.

The expansion of the public offering market has greatly increased the demand of public fund managers. The total number of newly recruited fund managers increased to 462 in 2019, compared with 2018 and 420 in 2017 and 410 respectively. The number of new fund managers increased by 10% in 2019 compared with 2018.

According to the data reported in the twenty-first Century economic report, more than 10 newly recruited fund managers in the recent year are 4 fund companies: 13 of the fund, the following are the Celestica fund, the South Fund and the Harvest Fund. They are all 10.

However, in terms of the source of talent, it is learnt that most of the fund companies prefer to cultivate fund managers themselves in addition to the mention of fund companies from other industries.

Many fund companies have told reporters that most of their own fund managers come to their own company.

"The market is mixed up. In addition to those big coffee fund managers who have good performance all the year round, most of the fund managers who have only 3-5 years of investment experience are hard to attribute. Our main idea is internal training fund managers." A large fund company said.

Another fund company also said that 80% of the fund managers were promoted by researchers from their own companies. A small part is dug from the outside, but the outside recruits are seldom on board as fund managers. They often need two or three years of experience.

"Over the past year, more than half of our new fund managers have been promoted from researchers, and some are only due to the establishment of new products such as pension products and QDII. Our outside recruitment is relatively small, only 1 last year. A small and medium-sized fund company said.

In the recent year, the company has 52 fund managers, 13 new fund managers, 3 positions, and 30% fund managers. 47 of the incumbent fund managers come from within, accounting for 90%, while the remaining 6 are from peers, including the Warburg foundation, the southern fund and other fund companies.

Self training path

From the overall data, 1743 of the 2130 fund managers in the current public offering industry are internally funded by various fund companies, accounting for 82% of the total. The less than 20% of the fund managers came from peers.

From the perspective of career path, the career paths of these fund managers are generally: Researcher / Analyst fund manager assistant fund manager. After becoming a fund manager, he can develop as an investment director and a vice president in charge of investment. He can also set up an independent investment institution participant.

The training of fund managers can be seen from recruitment. Education is generally a master's or doctor's degree in a prestigious university. Now, the requirement is that science and finance plus majors are better. CFA, FRM and other financial related certificates are more popular.

A fund official said that now the company is developing ETF fund very much and needs a lot of talents in mathematics quantification. So many new talents are not studying in financial direction now. Companies prefer talents who have backgrounds in mathematics and IT.

The source said that the direction of the fund company's recruitment has long been changed. It is not enough to have the financial background. It needs comprehensive capabilities, and the demand for talents with big data and AI knowledge is huge.

"Now our company has many fund managers, the background is not finance, but biomedicine, aerospace manufacturing, semiconductor and other industries, because now investment, the study of the fundamentals of listed companies is very demanding, not simply look at the K-line speculation, the relevant background professional knowledge helps to understand and invest in these industries." These people said.

Some fund companies are setting up relevant research and research teams. Most of the positions in their recruitment are in the direction of IT. The company's people say that more than half of the companies are technical personnel, and the work of system building requires talents with IT background. The company does not regard itself as a financial company, but rather tends to operate as a technology company.

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