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The public offering industry saw three high-level personnel changes on the same day.

On July 31, CICC, Huabao Fund, and BlackRock Fund successively announced the resignation of their deputy general managers. So far, 43 senior executives of public funds have changed in July, setting a new high this year.

CICC Fund announced that former deputy general manager Qiu Yanbing resigned on July 29 for personal reasons. Public information shows that Qiu Yanbing served as a fund manager while serving as deputy general manager. He has managed a total of 15 fund products since he started working, and has been an investment manager for more than 4 years.

Since June 2021, Qiu Yanbing has resigned from the products one after another. On July 12 this year, he "cleared out" and resigned from the three products he managed, including CICC Ruihe A, CICC Hengyou A, and CICC Xinrui Preferred One-Year Holding. Wind data shows that as of July 12, his returns during the period of managing the above products were all negative, at -17.58%, -13.06%, and -33.52%, respectively.

A similar situation also happened to BlackRock Fund. The announcement showed that Lu Wenjie resigned as deputy general manager and chief investment officer due to work adjustments. At the same time, he also resigned as the fund manager of BlackRock Hong Kong Stock Connect Vision Hybrid and BlackRock Advanced Manufacturing One-Year Holding A.

Wind data shows that as of July 31, the cumulative return of BlackRock Hong Kong Stock Connect Vision A since its establishment in January 2022 was -31.15%, while BlackRock Advanced Manufacturing One-Year Holding A has fallen by 16.13% since Lu Wenjie participated in the management. As of the end of the second quarter, the combined scale of the two products was 479 million yuan.

BlackRock Fund has undergone several executive changes this year. In February this year, BlackRock Fund welcomed its second chairman, Fan Hua. In the same month, the company's first general manager, Zhang Chi, resigned for personal reasons, and Chief Inspector Chen Jian took over the duties of general manager. In March, Chen Jian was promoted to general manager of the company.

On the same day, Huabao Fund also issued a personnel change announcement, and the former executive vice president Liu Xin resigned for personal reasons. Public information shows that Liu Xin had served in various positions including analyst of CICC Investment Banking Department, manager of Merrill Lynch (Asia Pacific) Investment Banking Department, and vice president of Asian Corporate Finance Department.

Wind data shows that as of the end of the second quarter of this year, the net asset value of CICC Fund, Huabao Fund and BlackRock Fund were 163.855 billion yuan, 327.167 billion yuan and 4.037 billion yuan respectively. In terms of the nature of shareholders, the above three fund companies are securities companies, trust companies and foreign-funded public funds.

In addition to the above three institutions, many fund companies have experienced senior management changes this year. According to Wind data, China Business News found that 43 public fund executives had their positions changed in July, and more than 200 public fund executives have changed their positions this year, involving 90 fund companies in total.

Industry insiders believe that the change of senior management of fund companies may be due to changes in shareholders, or to adapt to market demand and improve competitiveness, and to seek new opportunities by adjusting the senior management team; on the other hand, it may be due to performance indicators, scale indicators, etc. not meeting the expectations of the board of directors. In addition, retirement age and personal career development may also occur.

"In the past two years, the market has been volatile, and factors such as public fund fee cuts have put public fund executives under great pressure to be evaluated, which may be one of the reasons for the recent high number of resignations." A public fund person in South China said that changes in fund company executives have become the norm. Generally speaking, the general manager or deputy general manager is a professional manager hired by the institution, and most of them are recruited in a market-oriented manner. As the industry continues to develop, we can see that cases of fund companies publicly "selecting" talents are emerging one after another.