The accrual date of performance reward is the trading day before the opening period, or when the customer quits or the plan is terminated.
1. The extraction conditions and extraction ratio of performance awards are as follows:
(1) On the accrual date of performance reward, the manager will not withdraw performance reward if the cumulative net value of * * planned share (performance reward accrued in advance) is lower than 1.06 yuan, or the cumulative net value (performance reward accrued in advance) is lower than the highest cumulative net value of previous accrual dates.
(2) On the accrual date of performance reward, when the cumulative net value of * * * plan share (performance reward is calculated in advance) is higher than the highest value of cumulative net value on each previous accrual date and is higher than 65,438+0.06 yuan, the manager will extract performance reward according to the ratio of the highest value of * * * plan share (performance reward is calculated in advance) and each previous accrual date to 65,438+.
Expressed by the formula, the unit performance reward of the planned share of * * * on the nth performance reward accrual date is:
Where n = 1, 2, …, 20;
The cumulative net unit value before the current performance reward is extracted on the nth performance reward accrual date;
It is the maximum cumulative net value of the top n- 1 performance award accrual days (if n= 1, then = 1).
> 0, extract the performance reward; When ≤0, performance awards are not extracted.
2. Payment of performance compensation
Question 2: What does r≤ of private equity fund mean? R stands for return, and the performance reward is collected by the private equity fund manager. The general charging standard in the market is 20% of the excess income, and ≤ is the performance reward accrued in stages. If the net worth is relatively high, the proportion of performance compensation charged by managers will also increase appropriately.
Question 3: What is the relationship between salary and performance? The salary of many salespeople consists of two parts.
Part of it is basic salary and part is performance bonus.
Broadly speaking, remuneration will be the total income of workers.
Performance is actually a foundation of KPI assessment.
If the performance is good, the overall reward is high.
That's what happened.
Question 4: What does 20% commission on the performance of private equity investment funds mean? 1, 20% of the performance commission of private equity investment funds is the performance reward of private equity products, that is, 20% of the profit part.
2. Private equity securities investment fund is a kind of securities investment fund which is supervised by the competent department of our country and publicly issues beneficiary certificates to unspecified investors. It refers to a fund established by raising funds from a few institutional investors and wealthy individual investors in a private way, and its sales and redemption are carried out by the fund manager through private consultation with investors. In this sense, private equity investment funds can also be called funds raised from specific targets.
Question 5: Can a fund set performance pay? This is an agreement contract, which is legal. That is, management fee +stem management fee+return
The so-called performance reward is the share of investment (fund) income. For example, if you invest 654.38 million yuan and the return on investment is 20%, then the fund company will take 20% of this 20% when redeeming, and your return is 1.6 million yuan.
However, according to the length and share of the fund, if it is not specified or flexible, it is suspected of overlord clause, which requires your redemption time and investment amount. Because the fund management company has the final interpretation right.
Question 6: What are the advantages and disadvantages of introducing performance pay system in China? There is a phenomenon that has been puzzling the holders of old closed-end funds: by the end of 2006, the investment performance of closed-end funds in China has been lagging behind that of open-end funds in the past four years. In the United States, where the closed-end fund market is the most developed in the world, statistics show that as of June 5438+00, 2006, the long-term performance of closed-end funds (within five years) is obviously better than that of open-end funds. There are many reasons. For example, closed-end funds invested in China are not treated differently from open-end funds in the system, which leads to their failure to fully reflect the advantages of their products. "Without the reward and punishment mechanism, it is impossible to form an effective incentive and restraint mechanism for fund managers, which is also an important reason." Industry experts said. For a long time, China's Public Offering of Fund has charged a fixed management fee according to the scale, and did not extract performance rewards. Private equity funds, on the other hand, charge performance compensation and generally do not charge management fees. For Public Offering of Fund, performance is only the honor when ranking, while for private equity funds, performance is the basis of remuneration. There is no reward and punishment mechanism, well done and poorly done. The most direct consequence of this management model is that fund managers lack sufficient motivation to pursue absolute returns. Some companies even pay more attention to open-end funds, because closed-end funds have no redemption pressure and will not bring about scale expansion, which seriously damages the interests of closed-end fund holders. In foreign countries, fund managers can extract performance awards. For example, the American Investment Advisory Act allows fund managers to charge fees. Fulcrum commission refers to comparing the performance of customer's asset investment with a suitable performance comparison benchmark according to the average fee charged by the fund manager in a specific period, and then increasing or decreasing the commission according to the comparison example. This is similar to what we call performance pay. Recently, some financial products of domestic brokers and banks have introduced the concept of "performance reward".
However, the recently approved closed-end fund Dacheng Youxuan Fund became the first crab eater. When Dacheng Optimality Fund announced the introduction of performance reward and risk reserve system for the first time in China Public Offering of Fund, it immediately aroused enthusiastic response from the market. The introduction of performance reward can not only encourage fund managers to improve fund performance, but also save the expenses of holders, thus improving the target compatibility between holders and managers. From this perspective, the introduction of performance pay is beneficial to both managers and investors. Although the formula of performance reward is simple, that is, comparing the net value after deducting expenses on the valuation date with the historical highest net value, 20% of the excess can be extracted as performance reward, and the excess can be eliminated. But when it comes to actual accounting, it is very complicated. The valuation date of private placement is usually monthly, biweekly or weekly, and accounting problems first appear on this day. If liquidity is not considered, monthly is more beneficial to investors than biweekly. For example, a private placement rose by 5% in the first two weeks of April and fell by 5% in the last two weeks. If it is extracted monthly, it will not be extracted; if it is extracted biweekly, 1% can be extracted. Another extreme situation that makes people feel bored may be that the stock market plummeted on the day of withdrawal, so the performance reward was withdrawn, and investors may not make any money at all that month. Moreover, performance rewards are not as high as we thought, that is, they can only be collected if they break through the highest net value in history. Some products are cleared every year, that is, after falling to 7 gross in 2008, they will start again with a high water level of 7 gross in 2009, and they can be withdrawn if they exceed 7 gross. What's more, some products will clear their historical net value by themselves. For example, Tongyuan No.1 issued a notice on February 26, 2008, changing the calculation method of performance compensation, as long as it is higher than the initial net value (1 yuan) or even higher than the net value a year ago. It is conceivable that after the plunge in 2008, the products that can be cleared can start to accrue performance compensation earlier.
However, it is unreasonable for some investors to pay performance rewards just to reduce the net rebound of losses. In addition, as long as the prescribed conditions are met, performance compensation can be extracted, but if the prescribed conditions are not met, a higher fixed management fee can be obtained. Risk factors are not considered in performance compensation, which may make fund holders in an asymmetric situation of income and risk. As the fund manager strives to improve the performance of the fund, the fund manager can make a profit ...
Question 7: How is the cash housekeeper fee charged by Guotai Junan? How is performance pay calculated? Hello! In view of your question, we have made the following detailed answers for you:
Guotai Junan cash manager does not participate in cash withdrawal fees, with an annual management rate of 0.9% and an annual custody rate of 0.05%. Performance pay:
A= current interest rate+1.5% (current interest rate is 1.85%)
B= current interest rate +0.5% (current 0.85%)
C= income received in advance (after deducting expenses)
If C> 1.9%, accrued income:
Withholding portion =(C- 1.9%)*30%
If c Question 8: How is the cash housekeeper fee charged by Guotai Junan? How is performance pay calculated? Guotai Junan cash manager does not participate in cash withdrawal fees, with an annual management rate of 0.9% and an annual custody rate of 0.05%. Performance reward: A= current interest rate+1.5% (currently 1.85%)B= current interest rate +0.5% (currently 0.85%)C= advance payment (after deducting expenses) If C> 1.9%, then This refers to the reference standard of fund performance. The reference standard of many funds is not the market index, but the percentage of an index fund+the percentage of bond index. The general public cannot calculate the benchmark performance because the reference index is not known to most people.
Question 10: What does it mean to extract performance pay in this * * * plan? The conditions and specific methods for extracting performance pay are as follows:
The accrual date of performance reward is the trading day before the opening period, or when the customer quits or the plan is terminated.
1. The extraction conditions and extraction ratio of performance awards are as follows:
(1) On the accrual date of performance reward, the manager will not withdraw performance reward if the cumulative net value of * * planned share (performance reward accrued in advance) is lower than 1.06 yuan, or the cumulative net value (performance reward accrued in advance) is lower than the highest cumulative net value of previous accrual dates.
(2) On the accrual date of performance reward, when the cumulative net value of * * * plan share (performance reward is calculated in advance) is higher than the highest value of cumulative net value on each previous accrual date and is higher than 65,438+0.06 yuan, the manager will extract performance reward according to the ratio of the highest value of * * * plan share (performance reward is calculated in advance) and each previous accrual date to 65,438+.
Expressed by the formula, the unit performance reward of the planned share of * * * on the nth performance reward accrual date is:
Where n = 1, 2, …, 20;
The cumulative net unit value before the current performance reward is extracted on the nth performance reward accrual date;
It is the maximum cumulative net value of the top n- 1 performance award accrual days (if n= 1, then = 1).
> 0, extract the performance reward; When ≤0, performance awards are not extracted.
2. Payment of performance compensation