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China Fund News reporter Fang Li and Lu Huijing

Another well-known fund manager is leaving public service for private use.

The website of the China Securities Investment Fund Association shows that Wu Chuanyan, the former deputy general manager and fund manager of Hongde Fund, has officially registered a securities fund management company called Shenzhen Yinuo Private Equity. The company was established at the end of April this year and completed the registration of private equity fund manager on August 2.

Wu Chuanyan served as the legal representative and general manager of the company. His old colleague Huang Wenhong at Hongde Fund served as the head of compliance and risk control and started a business with him.

Wu Chuanyan has a composite background of "insurance + public offering" and is an investment veteran with more than 20 years of experience in the asset management industry. He advocates long-termism, and the size of the fund he managed before stepping down as fund manager was once close to 50 billion yuan.

Wu Chuanyan's "public-private" move exposed

Another well-known fund manager officially announced his next stop.

The website of the China Securities Investment Fund Association disclosed that Shenzhen Yinuo Private Equity Securities Fund Management Co., Ltd., founded by Wu Chuanyan, the former deputy general manager and fund manager of Hongde Fund, was established on April 29 this year and was officially registered with the Securities Investment Fund Association on August 2.

Shenzhen Yinuo Private Equity Fund Management Co., Ltd. has a registered capital of RMB 10 million, with a paid-in ratio of 100%. Its registered address and office are both in Qianhai Shenzhen-Hong Kong Cooperation Zone, Nanshan District, Shenzhen, Guangdong Province. The registered institution type is a private equity investment fund manager, and its business types include private equity investment funds and private equity investment FOF funds.

Currently, the private equity fund's management scale is between 0 million and 500 million yuan, with 5 full-time employees, of which 3 have obtained fund practitioner qualification certificates.

The website of the Fund Industry Association also shows that Wu Chuanyan serves as the legal representative, general manager, executive director, and person in charge of information reporting of the private equity fund.

Huang Wenhong, who is currently the head of compliance and risk control, also has a composite background of "insurance + public offering" like Wu Chuanyan. He previously worked for Huatai Insurance and Taikang Asset Management. In October 2014, he joined Hongde Fund and participated in the company's preparation. He served as the head of the trading department and deputy director of the research department. After that, he chose to "go private" and joined Beijing Qi'an Investment Management Co., Ltd. in October 2019. In April 2022, he "switched" to Qi'an Capital Management Co., Ltd. and joined Yinuo Private Equity Fund in July this year.

Tianyancha information shows that Wu Chuanyan holds 80% of the shares of Yinuo Private Equity Fund and is the largest shareholder of the private equity fund. At the same time, the private equity fund has also established a partnership called Beijing Yiruo Technology as an employee shareholding platform. The partnership holds the remaining 20% ​​of the shares of Yinuo Private Equity Fund. Currently, the partnership is jointly funded by Wu Chuanyan and Huang Wenhong.

The scale of management once approached 50 billion yuan

On February 21, 2023, Hongde Fund announced that Wu Chuanyan resigned as the fund manager of Hongde Vision Return and other six funds due to "work arrangements", and also resigned as the company's deputy general manager. The relevant products will be taken over by fund managers Wang Keyu, Qin Yi and Yu Haocheng.

According to statistics, as of the time of his resignation, Wu Chuanyan was managing a total of 6 public funds with a total size of 20.143 billion yuan. However, in fact, at the end of the fourth quarter of 2020, the size of funds under his management once reached 49.2 billion yuan, making him the fund manager with the largest management scale and excellent long-term performance in the entire market at that time.

Public information shows that Wu Chuanyan, who entered the industry in 2004, has more than 20 years of experience in the industry. He has served as assistant to the president and general manager of the investment management center of Xingfu Life Insurance, investment director of the asset investment management center of Sunshine Insurance Group, and assistant to the general manager of the fund utilization department of Sunshine Property and Casualty Insurance. In 2015, he participated in the preparation of Hongde Fund and served as deputy general manager. In June of that year, he began to manage Hongde Hongfu Fund.

During his tenure at Hongde Fund, Wu Chuanyan managed as many as 15 funds. His masterpiece is Hongde Vision Return, which achieved a return of 164.22% and an annualized return of 13.83% from August 24, 2015 to February 21, 2023. Overall, Wu Chuanyan's total return during his tenure was 109.07%, with an annualized return of 10.03%.

However, in August 2021, a screenshot of Wu Chuanyan's WeChat text was widely circulated in the fund circle. At that time, he said that his trading privileges had been taken away, which attracted great attention from the market and investors. Subsequently, Hongde Fund issued an urgent response, saying that the company attached great importance to this issue and explained the issues that investors were concerned about. At that time, Wu Chuanyan held a brief exchange meeting with investors, responded to the specific situation and reflected on his investment.

Wu Chuanyan once said that he adheres to long-term thinking in investment and adheres to the value investment concept with fundamentals as the core. He looks for stocks of listed companies that have a management system and corporate culture that surpasses their peers, can widely inspire employees' enthusiasm and actions to consciously create value for customers, and have successfully opened up promising business tracks for more than ten years. Through long-term holding, he shares the future explosive growth dividends of high-quality companies.

Fund managers changed frequently during the year

The army may change but the camp remains the same. In the rapidly developing fund industry, the flow of talent such as fund managers has always been very frequent, and this trend will continue in 2024.

In terms of the number of fund managers who have resigned, Wind data shows that as of August 6, the number of fund managers who have resigned this year has reached 211, while only 184 resigned in the same period last year. From 2020 to 2022, only 165, 188 and 179 resigned in the same period.

Behind the increasing number of fund managers leaving their positions is the increasing number of new fund managers and the continuous record number of public fund managers. Data shows that the number of newly hired fund managers this year has reached 336, while from 2020 to 2023, the number of newly hired fund managers in the same period was 300, 403, 394, and 400 respectively. Data shows that the current number of fund managers has reached 3,798, and the turnover of fund managers has remained high in recent years.

Since June, there have been reports that Jia Chengdong, director of the fourth investment department of China Merchants Fund, has resigned from all its products, Guo Xiaowen, manager of China Post Fund, has resigned for personal reasons, and Yan Peixian, manager of China Canada Fund, has resigned. These fund managers may go private or "transfer" to other fund companies.

Judging from the changes in fund managers in the past two years, in addition to personal reasons such as seeking better career development, salary reform, fund company business adjustments, unsatisfactory assessments, internal job transfers, etc. are also the main reasons for the changes. In addition, in the past two years, there have been frequent cases of fund managers leaving the products they managed and facing the embarrassment of having no funds to manage, and even fund managers returning to work as researchers.

On March 15, the China Securities Regulatory Commission issued the "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-Class Investment Banks and Investment Institutions (Trial)", which attracted the attention of the industry. The "Opinions" mentioned that the core investment and research capabilities of public funds should be strengthened, the investment and research capability evaluation index system should be improved, the phenomenon of star fund managers should be abandoned, and the construction of a "platform-based, team-based, integrated, and multi-strategy" investment and research system should be strengthened. At present, the fund industry is gradually developing in the direction of "platformization" of investment and research, and the business strategy of creating "star fund managers" should be downplayed.

Editor: Joey

Audit: Wooden Fish

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