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Consumer Daily News (Reporter Liu Kunyuan)League of NationsfundAnother change of coach.

On July 10, Guolian Fund announced that the company promoted Yan Jun, deputy general manager, to general manager, appointed Zhang Huannan and Yan Jun as directors of the fifth board of directors, and elected Zhang Huannan as the company's vice chairman. The reporter found that Guolian Fund's frequent changes in senior management this year may be related to the company's performance pressure and the replacement of new shareholders.

In recent years, the capital market has been volatile, and as a result, the performance of stock funds has been weaker than that of bond funds. This feature has led to fund managers paying more attention to bond funds. At present, the scale of Guolian Fund is about 130 billion yuan, with bond funds as the main investment, and the returns of bond funds are significantly better than those of stock funds and mixed funds.

Frequent changes in senior management during the year

On July 10, Guolian Fund announced that the company promoted Yan Jun, deputy general manager, to general manager and announced that he would officially take office on July 8. The announcement showed that Yan Jun joined Guolian Fund in June 2022. He had previously worked in the General Office of the People's Bank of China, the Second Department of Banking Supervision of the former China Banking Regulatory Commission, and the Urban Commercial Bank Supervision Department of the former China Banking and Insurance Regulatory Commission.

(Photo source: company website)

On the same day, another senior personnel change announcement of Guolian Fund showed that after the resolution of the shareholders' meeting and the board of directors, Zhang Huannan and Yan Jun were appointed as directors of the fifth board of directors, and Zhang Huannan was elected as the company's vice chairman. It is understood that Zhang Huannan was previously the chairman of Minsheng Jiayin Fund and resigned from Minsheng Jiayin Fund in July 2023.

After this board change, the members of the fifth board of directors of Guolian Fund are: Mr. Ge Xiaobo, Ms. Wang Yao, Mr. Zhang Huannan, Ms. Zhao Xueqin, Mr. Qiu Xiaojian, Mr. Yan Jun, Mr. Sheng Songcheng, Mr. Zhu Hengyuan, Ms. Chen Lihua. The reporter found that as early as April 10, 2024, Guolian Fund issued an announcement that Liu Ludan and Ma Rongrong were newly appointed as vice presidents of the company. Cao Jian, the former vice president of the company, resigned and was appointed as the inspector general, and Zhou Meiyun resigned from the position of inspector general and was appointed as vice president, and the two exchanged positions.

Among the newly appointed executives, Liu Ludan worked as an analyst and senior researcher in the early stage of his career, and then was promoted to investment director at Huaxia Fund, mainly investing in fixed income products; Ma Rongrong came from the banking system and worked at Standard Chartered Bank,Bank of East AsiaCao Jian and Zhou Meiyun have completely different career backgrounds from Liu Ludan and Ma Rongrong. Cao Jian worked as a trader in the early days, and later worked as the chief financial officer of State Street Fund. He joined Guolian Fund in May 2013. Zhou Meiyun has a richer career experience. She first worked in the "Big Four" accounting firms, and later worked as a financial manager in the finance department of China Life Insurance. She joined Guolian Fund in June 2016.

Since 2024, Guolian Fund has undergone several senior management personnel changes. Some analysts said that this may be due to the performance pressure of Guolian Fund, and the company hopes to improve the company's performance by changing the management; at the same time, Guolian Fund's experience of changing its name and changing its shareholders may lead to changes in senior management, and the company may also undergo strategic adjustments in the future.

Asset size fluctuates up and down, bond products become the main force

According to the data, Guolian Fund was established in May 2013 with a registered capital of 750 million yuan. Guolian Fund was formerly Zhongrong Fund. In 2023, Guolian Securities acquired a total of 75.5% of the shares from the original shareholders Zhongrong Trust and Shanghai Rongsheng Investment, becoming the largest shareholder. In August 2023, Zhongrong Fund was renamed Guolian Fund.

Currently, the company's controlling shareholder is Guolian Securities Co., Ltd., and the actual controller is Wuxi Guolian Development (Group) Co., Ltd. Guolian Securities Co., Ltd. holds 75.5% of the capital; Shanghai Rongsheng Investment Co., Ltd. holds 24.5% of the capital. The company's previous major shareholder was Zhongrong International Trust Co., Ltd., which previously held 51% of the shares.

According to the information: Guolian Fund has developed into a comprehensive asset management company with a comprehensive product layout and a sound risk control system. It has three major business lines: equity, fixed income, and multi-strategy. It covers various products such as stock funds, index funds, FOF funds, hybrid funds, bond funds and money market funds. It has business qualifications such as QDII fund managers and insurance fund investment managers.

Although the company introduction on the official website of Guolian Fund places stock funds and index funds in an important position, the actual scale of these two types of funds is not ideal.

Data shows that the scale of Guolian Fund's bond funds is 100.575 billion yuan, the scale of stock funds is 1.388 billion yuan, the scale of index funds is 8.906 billion yuan, the scale of mixed funds is 9.677 billion yuan, and the total scale of Guolian Fund is approximately 129.6 billion yuan. It can be seen that the scale of equity assets accounts for only 15%. The company's current investment focus is on bond funds.

In terms of scale trend, since the scale of Guolian Fund exceeded 100 billion yuan in the first quarter of 2020, its scale has been fluctuating between 100 billion and 130 billion. Since March 31, 2020, the asset scale of Guolian Fund has experienced 5 corrections, of which the largest one was from September 30, 2023 to June 5, 2024, and its scale increased from 94.494 billion yuan to 129.627 billion yuan.

(Photo source: Tiantian Fund Network)

Among all the funds of Guolian Fund, the funds with the largest scale contribution are mainly concentrated in bond funds. Among them, the scale of Guolian Ruixiang 86-month fixed-term bond A is 14.527 billion yuan; the scale of Guolian Juyou one-year fixed-term bond is 8.250 billion yuan; the scale of Guolian Ruijia 39-month fixed-term bond A is 8.077 billion yuan; the scale of Guolian Hengtong pure bond A is 4.460 billion yuan.

The reporter found from the proportion of the classified funds of Guolian Fund that bond funds are the main investment of Guolian Fund. On June 27, Guolian Fund issued an announcement stating that the original opening period of Guolian Juhui's three-month regular open bond-type initiator fund was from July 1 to July 12. Guolian Fund decided to end the subscription, redemption and conversion business of the fund ahead of schedule on July 9.

Among the newly issued funds, bond funds are also the main force. Guolian Interest Rate Bond A was established on June 5 this year, with a return of 0.13% in the past month; Guolian Yicheng 30-Day Holding Bond Initiator A was established on June 4 this year, with a return of 0.13% in the past month; Guolian Hengtai Pure Bond B was established on April 19 this year, with a return of 0.16% in the past month.

Against the backdrop of continued volatility in the capital market, the performance of bond funds generally outperformed that of equity funds, and the vast majority of bond funds recorded positive returns.

As of the end of June 2023, Galaxy Securities' public fund managers' active bond investment management capabilities list and active stock investment management capabilities list show that the active bond investment management capabilities ranked 23/100, 20/85, and 14/70 in the past three, four, and five years respectively; Guolian Fund's active stock investment management capabilities ranked 12/110, 17/95, and 21/86 in the past two, three, and four years respectively.

This newspaper will continue to pay attention to the frequent changes in senior management during the year.