(Yicai) July 29 -- A total of 204 Chinese fund managers have resigned so far this year, the highest in the past nine years, mainly because of the prolonged adjustments in the equity market, stricter supervision, and salary restrictions.

The number of fund managers resigning in China between Jan. 1 and yesterday has already exceeded the average in the past three years, according to data from Wind Information. Between 170 and 174 fund managers quit in each of the past three years.

Some 2,594 fund products have changed their managers so far this year, according to Wind. Some fund managers stepped down due to poor performance or unqualified assessment and transferred to lower positions, such as researcher or assistant fund manager.

Soochow Asset Management, Guoyuan Securities, Great Wall Fund, and People’s Insurance Company of China Assets are among the many Chinese firms that saw their fund managers be downgraded to researchers.

Researcher and fund manager are completely different positions, an insider at a leading fund management firm told Yicai. To be a fund manager, people need to be professional, be able to bear heavy pressure, and have the competence to make responsible decisions.

Meanwhile, Yicai learned that some 257 fund managers debuted this year as of yesterday. There are a total of 3,797 fund managers in China, 40 percent of which have been on the job for less than three years.

Editor: Futura Costaglione