Financial Associated Press, July 8 (Reporter Li Lujia) In recent years, changes in public offering executives have been high. Since 2019, more than 300 people and hundreds of public offering executives have changed each year in the public offering fund industry.This year, this trend has continued.
Wind data shows that as of July 7, there have been 161 changes of executives (including chairman, general manager, deputy general manager, chief inspector, and chief information officer) in the public fund industry during the year, involving 75 companies, including Nanfang 18 public fund companies, including CCB Fund, Baoying Fund, Rongtong Fund, Galaxy Fund, and Golden Eagle Fund, have changed their chairman positions.
Objectively speaking, the rapid development of the industry in recent years is an important driving force for the frequent changes of executives in public offerings.However, in general, the executives of small and medium-sized fund companies changed relatively more frequently.
In response to the above situation, some people in the industry believe that this may have a certain relationship with the assessment mechanism and personal career choices.In the first half of this year, the market environment was relatively poor, and the assessment pressure on public funds was relatively greater, and the pressure on executives of small and medium-sized public offerings was also heavier. In addition, the talent incentive mechanism of some companies may not be enough to retain executives.
The current chairman of 18 fund companies changed during the year
Wind data shows that as of July 7, 18 public fund companies, including China Southern Asset Management, CCB Fund, Baoying Fund, Rongtong Fund, Galaxy Fund, and Golden Eagle Fund, have changed their chairman positions since the beginning of this year.
Just a few days ago, on July 2, Huabao Fund issued an announcement on the change of chairman. Huang Kongwei became the chairman of the company, and Zhu Yonghong, the former chairman, resigned due to work arrangements.
According to public information, Huang Kongwei, with a master’s degree, worked in the planning and finance department and asset management department of Baosteel Group, and a subsidiary of Baowu Group. He also served as a non-executive director of China Pacific Insurance, a supervisor of Industrial Bank, a director of Industrial Bank, and a director of Changjiang Pension Insurance.He is currently the Secretary of the Party Committee of Huabao Fund Management Co., Ltd.
It is worth mentioning that in recent years, the senior management of Huabao Fund has changed frequently.For example, Zhu Yonghong, the former chairman who just left his post, served less than two years at Huabao Fund.On September 23, 2020, Kong Xiangqing, the former chairman of Huabao Fund, resigned due to work arrangements, and Zhu Yonghong served as the new chairman, and it was only 3 years after the last change of chairman.
In April this year, according to the announcement of Huabao Fund, Huang Xiaoyi, the general manager of the company who joined the company for nearly 20 years, also resigned due to personal reasons, and the deputy general manager of the company, Xiang Hui, took the post of general manager of the company.
Not only Huabao Fund, but many fund companies have already experienced a "change of coaches" since the beginning of this year.On July 1, Taixin Fund issued an announcement on the change of chairman. The new Li Gaofeng was the chairman of the company, and Mr. Gao Yu, the former managing director, no longer acted as the chairman.
On June 22, Qianhai Open Source Fund issued an announcement on the change of chairman. The former chairman of the company, Wang Zhaohua, resigned as chairman due to a change in work.
In addition, Wang Hongyuan, the legendary figure of Qianhai Kaiyuan Fund, also officially resigned from the company's director, honorary chairman of the company and other positions. to be appointed).
On June 16, Morgan Stanley Huaxin Fund issued a senior management change announcement. Zhou Xi resigned due to personal reasons after serving as chairman for three years.
On May 30, Rongtong Fund announced that the new chairman Zhang Wei will take office on May 27, 2022, and the former chairman Gao Feng resigned due to personal reasons.
Multiple reasons for executive change
In fact, the changes in executives in the public fund industry in recent years can be described as "nonstop".Since 2019, the public fund industry has seen more than 300 person-times every year, and hundreds of fund companies have experienced executive changes.
Wind data shows that in 2021, there will be 371 executive changes in public offerings, involving 128 companies; in 2020, there will be 392 executive changes involving 132 companies; in 2019, there will be 343 executive changes involving 131 companies.
Further, as of July 7, there have been 161 changes of senior executives (including chairman, general manager, deputy general manager, chief inspector, and chief information officer) in the public fund industry during the year, involving 75 companies, including the chairman of the board. 38 people, 31 general managers, 62 deputy general managers, 34 chief inspectors, and 22 chief information officers.
Liu Yiqian, business director of the Shanghai Securities Fund Evaluation and Research Center, said that the increase in the number of changes in executives of fund companies is closely related to the development pattern of the entire industry.
First of all, the fund industry is developing rapidly, the talent team is growing rapidly, the demand for talents is strong, and the flow of talents reflects the vigorous development vitality of the industry;
Secondly, the industry competition has intensified, and the Matthew effect is obvious. Small and medium-sized fund companies are facing increasing pressure to survive. At the same time, shareholders have higher requirements for the development of fund companies. Under the pressure of operation, the flow of talents has accelerated;
Finally, the main body of the asset management industry has become more abundant. Private equity funds, bank wealth management, securities company asset management and other "hundreds of companies are open". The public offering industry is the "benchmark" of the asset management industry, and public offering talents are vying for other types of asset management institutions.
Still need to pay attention to the long-term interests of holders
According to industry insiders, talent in the asset management industry has always been in a state of scarcity.Originally, senior management personnel changed frequently, and changes in the controlling stake of fund companies, retirement of senior executives, personnel adjustment of shareholders, pursuit of personal goals by senior executives, etc., will all directly or indirectly bring about changes in the executives of fund companies.
For example, on May 30, Rongtong Fund announced that the former chairman Gao Feng resigned due to personal reasons, and Zhang Wei, who has many years of management experience in China Chengtong Holding Group, was the new chairman of the company.
But the China Chengtong Holding Group behind Zhang Wei is the new actual controller of Rongtong Fund.At the end of March, the CSRC approved China Chengtong Holding Group Co., Ltd. to become the main shareholder of New Era Securities and the actual controller of Rongtong Fund, and China Chengtong Holding Group Co., Ltd. legally acquired 2.859 billion shares of New Era Securities (accounting for 98.24% of the total shares). ) without objection.In the context of the change in equity of New Era Securities, the actual controller of Rongtong Fund has also changed to China Chengtong Holding Group.
In addition, behind the frequent changes of executives in recent years, it also highlights the increasing "Matthew effect" in the industry.
Especially due to the relatively poor market environment in the first half of the year, various fund companies are also experiencing various other development difficulties, and the living space of small and medium-sized fund companies is further compressed.Among them, the difficulty of issuance is only one aspect. The specific operation and investment of the company are also related to the change of company equity, the loss of fund managers, and the failure of fund product issuance.Correspondingly, the operating pressure has increased, the senior management has changed frequently, and the tenure of office has been shortened accordingly.
For example, on April 28, Taixin Fund issued an announcement stating that the company's chairman Wan Zhong resigned due to work arrangements, and general manager Gao Yu was temporarily acting as chairman.
In fact, this change of chairman is not the first executive position that Taixin Fund has changed in recent years. Since 2020, the leadership of Taixin Fund has entered a "shock period".First, general manager Ge Hang resigned, and senior executives such as Han Bo, Sang Weiying, Wu Shengguang and other deputy general managers and inspectors resigned one after another. In addition, the current general manager Gao Yu took over, and new deputy general managers and inspectors arrived.
As the first fund company of the "trust department", Taixin Fund was established in May 2003.However, according to Wind data, as of the first quarter of 2022, Taixin fund assets totaled 36.184 billion yuan, ranking 85th among 149 fund companies with product offerings in the market.Among them, the number of stock funds is only 2, and the scale is less than 50 million yuan.
However, no matter from the perspective of company growth or industry development, executives should be given more time for operation and management. Only when there is enough time to do long-term correct things, can a mature investment system be settled and a long-term owner can be formed. Interest-responsible company culture.
