Comparison of service years of Chinese and foreign fund managers
In foreign countries, fund managers are regarded as "silver hair industry", and the longer they hold office, the more valuable they are. Market experience is the necessary capital for a qualified fund manager. An excellent fund manager is someone who has been in management for more than 10 years. In China, the fund industry has much looser requirements for fund managers. A large number of young fund managers who lack sufficient actual combat experience occupy a large proportion of this position. According to the statistics of straight flush iFinD, the average tenure of fund managers in mainland China is only about 588 days, and about 44% of current fund managers have been in office for less than one year. Only nearly 28% of the current managers can meet the standard of "serving for more than two years". And fund managers who have served for more than 10 years are rare.
The tenure of fund managers and the trust of investors
Investors often regard fund managers as an extremely important factor when choosing funds. The investment style and historical performance of the fund manager mark the historical expected annualized expected return he can bring to this fund. Therefore, when evaluating the investment value, investors usually closely link the tenure of fund managers with their own trust. The longer a fund manager holds office, the more outstanding his historical performance and the higher the trust given by investors.
In the face of funds held by young fund managers, investors will weigh the moisture even if the historical expected annualized expected return is high. Therefore, for the position of fund manager, the longer the working years, the higher the tolerance of investors.
Why is the proportion of young fund managers so high?
1. An objective reason why foreign fund managers are generally bigger than domestic ones is that China's fund investment market started late. China's fund market began in the early 1990s. In just 20 years of primary development, the development of fund industry is not mature enough, and there are not many fund managers with long service life.
2. On the other hand, the metabolism of employees in the fund industry is relatively fast, and the turnover rate of fund managers can be imagined. With the expansion of financial concepts in society, the enthusiasm of the younger generation to join the fund has expanded, which naturally overwhelmed the older generation in number.
3. In addition, fund managers work long hours every day and are under great pressure. Their basic work includes meeting every morning to study various problems in the market; Usually have time, will visit many listed companies or industries; I also attend internal meetings every week, review the overall market situation and stock selection, and listen to the analysis reports of brokers from time to time. The strong pressure of life has caused many senior fund managers to switch to private equity funds or be forced to jump ship.