A crash course for fund managers, who will "pay tuition"
Words of a Family
The core of the stock market is risk control, and good insider management should also become the top priority of various domestic funds.
Recently, the stock market has seen a clear upward trend, attracting more investors. According to data published on the official website of China Settlement, from March to May, the number of new investors achieved an increase of over 1 million. In May, the number of new investor accounts was 1.2141 million. For new investors, in addition to their own stock trading, another investment model is to buy funds, hoping to invest through professional institutions and people to reduce investment risks.
Is the fund that investors are looking forward to reliable? According to media reports, with the rapid expansion of public offering funds, the trend of younger fund managers has become more and more obvious. From the perspective of the length of the fund manager's tenure, the average is less than 4 years. Before becoming a fund manager, there is only an average training period of 5 years, while it takes about 10 years to train a fund manager in mature overseas markets.
Fund managers are too young and lack professional experience, and there are certain hidden concerns.
First of all, fund managers who are too fast-tracked lack in-depth understanding and experience of the entire investment market. The shortened growth path will make fund managers have more theoretical knowledge than practical experience, and they lack different market environments where they can truly apply what they have learned to bear and bull markets.
Secondly, because investment funds often adopt multi-field investment models, as a fund manager, no matter from theory to practical operation, it also requires rotation in multiple industries. On average, it takes at least two to three years for foreign researchers to be familiar with about three industries before they have the foundation to become a fund manager.
It should also be pointed out that not every researcher is suitable to become a fund manager. Because some researchers may be theoretical talents, but they may not be able to adapt to the actual operation of the stock market, especially in the face of large fluctuations in individual stocks and even the broader market, whether they can mature and respond quickly, in addition to the knowledge and ability of the fund manager In addition to other hard indicators, it will also be closely related to its mentality and investment style. Foreign researchers turning to fund managers have to undergo strict internal assessments, according to their personal investment style, whether they are suitable for managing institutional products or retail products. Then, through senior fund managers, we can bring the new with the old and learn valuable knowledge and experience from the predecessors. In addition, before becoming a fund manager, the foundation uses its own funds to make firm orders for the fund manager. This constitutes a standardized screening process from researcher to fund manager to prevent unqualified researchers from becoming fund managers, causing undue losses to clients and damage to the fund brand.
The core of the stock market is risk control, and good insider management should also become the top priority of various domestic funds. Fund managers have heavy responsibilities. They carry the hard-earned money and expectations of countless investors, and they also determine the investment trend of the stock market. If only in pursuit of the rapid increase in trading volume and commissions and other benefits, some funds choose to let fund managers quickly, it is easy to amplify insider risk and pass the cost to unknowing customers to bear. This is definitely not a long-term development goal. What the fund should do. Regulators should also pay attention to this phenomenon in some funds, strengthen their management, and avoid unqualified pseudo fund managers from letting customers and the investment market "pay tuition."
□Bi Ge (financial commentator)