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Three deputy general managers of public funds resigned within one day.

On July 31, BlackRock Fund Management Co., Ltd. (hereinafter referred to as "BlackRock Fund") issued an announcement on senior management changes, stating that Lu Wenjie, deputy general manager and chief investment officer, will leave due to work adjustments, and his departure date is July 31, 2024. In addition, Lu Wenjie also resigned from the BlackRock Hong Kong Stock Connect Vision Hybrid and BlackRock Advanced Manufacturing One-Year Holding Hybrid.

In this regard, BlackRock Fund stated that in order to further strengthen the investment team, the current Chief Investment Officer Lu Wenjie will expand his responsibilities and serve as investment strategist for Greater China. At the same time, Liu Xin will be appointed as Chief Fixed Income Investment Officer and Shen Yufei as Chief Equity Investment Officer.

On the same day, two other public funds with a total investment of 100 billion yuan also changed their senior management. CICC Fund announced that its deputy general manager Qiu Yanbing resigned for personal reasons on July 29, 2024. Huabao Fund also issued an announcement on the change of senior management, and its executive deputy general manager Liu Xin resigned for personal reasons on July 30, 2024.

According to Wind data, the total number of executive changes at fund companies since July has reached 40, with a total of 24 companies, both of which are new highs for the year. The number of deputy general managers and the number of companies that have changed have also reached new highs for the year.

Source: The Paper reporter based on Wind data statistics

Specifically, the chairmen of two public funds, HSBC Jinxin Fund and Galaxy Fund, have changed within the month. Among them, Liu Pengfei, member of the Party Committee and deputy general manager of Shanxi Financial Investment Holding Group Co., Ltd., is the new chairman of HSBC Jinxin Fund; Song Weigang, the former chairman of Galaxy Fund, resigned due to work arrangements, and the current general manager Shi Pingwu will perform the duties of chairman on his behalf.

In addition, the general managers of seven public funds, including GuoRong Fund, Guotai Fund, China Merchants Asset Management, Guolian Fund, Puyin Ansheng Fund, Xingyin Fund and Huachen Future Fund, changed in July; the deputy general managers of 15 public funds, including Huatai-PineBridge Fund, Zhonggeng Fund, Huashang Fund, HSBC Jinxin Fund, Huafu Fund and Zhongke Wotu Fund, changed in July.

A person from a public fund in Shanghai told The Paper that the changes in senior management in the public fund industry are mainly due to three reasons: shareholder appointment, career development plan, and unsatisfactory performance. If the management of a public fund does not change too frequently, senior management changes can be regarded as normal talent flow.

"Since the beginning of this year, rumors of salary cuts and remissions in the public offering industry have intensified. If incentives and remuneration do not meet the personal expectations of executives, it will also trigger staff turnover," the person added.

"Against the backdrop of rapid industry development, changes in senior management of fund companies are a normal phenomenon." Another industry insider pointed out that according to previous rules, when the market performs generally, there is generally less personnel turnover in the industry; conversely, when market conditions improve, personnel turnover in the industry is more frequent.