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BIZCHINA / Top Biz News |
Public fund managers make jump to private fundsBy Dai Yan (chinadaily.com.cn)
Updated: 2007-11-12 13:26 Altogether 163 fund managers have resigned in the first half of the year, accounting for 41 percent of the total. At the same time, the number of funds and their total value will likely double by the end of the year, according a report by Morningstar China, an investment consulting and fund rating provider. According to Morningstar statistics, 17 fund managers quit in July this year, and 130 funds announced management changes including 104 resignations in 2006, accounting for 35 percent of 295 funds. Last year most job-hopping managers went to other public fund management companies, but this year managers left for private funds. Such funds have no limit to their investment scales and do not need to disclose investment information. A few managers left the A share market to work for overseas capital markets including at H share funds. Fund managers were at their positions for less than 18 months averagely in 2006, some only stayed for a couple of months, according to statistics by TX Investment Consulting. In contrast, the average prefecture for fund managers in the United States was over five years, with the longest staying for several decades.
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