On January 20, the official public account of the Lishui Discipline Inspection Commission of the Communist Party of China, "Qinglian Lishui", announced that Wang Jiajun, former deputy secretary of the party committee and general manager of Caitong Fund Management Co., Ltd., was suspected of serious violations of discipline and law and was currently undergoing disciplinary review by the discipline inspection and supervision team of the Zhejiang Provincial Discipline Inspection Commission and the Provincial Supervision Commission in Caitong Securities Co., Ltd. and the supervision and investigation of the Liandu District Supervision Commission.
Wang Jiajun, male, Han ethnicity, born in November 1978, university degree, member of the Communist Party of China. He once served as deputy general manager, executive deputy general manager, director, general manager, party committee member and deputy secretary of the party committee of Caitong Fund Management Co., Ltd.
According to insiders in the industry, "At present, Wang Jiajun has left the position of general manager of the fund company, and the suspected serious violations of discipline and laws have not yet been concluded, so it is impossible to judge whether it is related to the events during his tenure at the fund company." In fact, at present, in addition to the fixed increase business, the fixed income and quantitative business of caitong fund have made obvious progress and phased results, and the overall situation has shown a stable and good situation, and the former executives have been investigated to not affect the normal operation of the caitong fund. ”
He was the General Manager of Caitong Fund
Wang Jiajun left office last October
Public information shows that on October 16, 2021, Caitong Fund issued an announcement on the change of senior management, and Wang Jiajun left as general manager for personal reasons, leaving on October 15, 2021. At the same time, another announcement shows that Wang Hai, deputy general manager of Caitong Fund, is the general manager of Caitong Fund.
The above-mentioned notice of Wang Jiajun's investigation was once again seen in the announcement after he left the general manager of Caitong Fund after three months.
According to public information, Wang Jiajun joined the company at the beginning of the establishment of Caitong Fund in 2011 and took over as the general manager of Caitong Fund on September 20, 2016, for more than 5 years. Until leaving Caitong Fund in 2021, he served in Caitong Fund for a decade.
Judging from his public resume, Wang Jiajun has rich experience in the financial industry: he has successively served as the marketing manager of the Zunyi Road Business Department of Orient Securities, the manager of the southern region of Huitianfu Fund and the head of the securities channel, the general manager of the southern branch, the director of the national channel sales and the general manager of the East China branch, the deputy general manager and marketing director and executive deputy general manager of Caitong Fund, until he served as the general manager of Caitong Fund.
Wang Jiajun's Caitong Fund, because it is good at the fixed increase business, has been crowned by the industry as the "Fixed Increase King". During Wang Jiajun's tenure as the general manager of Caitong Fund, he was interviewed by a reporter from China Fund News, hoping that Caitong Fund would become synonymous with the industry's "characteristic assets" and be positioned as "a public fund company that differentiates its competition in certain segments".
Wind data shows that as of the end of the third quarter of 2021, the total management scale of Caitong Fund was 43.596 billion yuan, of which the non-cargo-based scale was 35.3 billion yuan and the equity fund scale was about 14 billion yuan.
At present, the shareholder composition of Caitong Fund is 40% of the shares held by Caitong Securities, which is the largest shareholder of Caitong Fund; Zhejiang Hanye Co., Ltd. and Hangzhou Industrial Investment Group Co., Ltd. are both 30% shareholding, ranking as the second largest shareholder.
On the occasion of his departure last year, Wang Jiajun once gave an interview to the media, and he reflected on himself that he had missed some development opportunities in the management of the company. As a general manager, he should be more responsible for the company's medium- and long-term development, and relatively dilute the profit indicators of the year.
Specifically, one is that "the opportunity to recruit outstanding talents was missed when the company had a high reputation and profit margins"; the other was to miss the development opportunities of the fixed income business in 2018-2019, so that Caitong Fund failed to seize the opportunity. "This is all because of their lack of forward-looking considerations, the failure to do a good job in the reserve layout of talents and business, and the consequences of excessive indulgence in their own advantageous business."
A number of fund practitioners "fell off the horse"
Supervisors strengthen the special work of employee management
In recent years, the fund industry, subsidiaries and their employees have successively appeared in some cases of "being investigated".
In May 2021, the official WeChat public account of the Jiangsu Provincial Discipline Inspection Commission of the Communist Party of China, "Qinglian Jiangsu", tweeted that Wu Yanlin, former deputy general manager of Southern Capital Management Co., Ltd. (hereinafter referred to as "Southern Capital"), was suspected of serious violations of the law and was under supervision and investigation.
Wu Yanlin's investigation is another senior executive in the capital market, and it is also the first case in the country in which the actual controller of a third-party fund sales agency has been investigated. A person from Southern Capital said that Wu Yanlin resigned from the company in March 2017, and he was suspected of serious violations of the law and was the personal behavior of employees.
In November 2020, the Dealers Association issued an announcement that Donghai Fund was suspected of facilitating issuers' illegal issuance of debt financing instruments, as well as suspected market manipulation and other irregularities. According to the Rules for Self-Discipline in the Interbank Bond Market, the Dealers Association will conduct a self-discipline investigation into Donghai Fund Management Co., Ltd.
In November 2019, Shanghai Zhishan Equity Investment Fund was investigated for the crime of illegally absorbing deposits from the public, and the company's actual controller Lu Bangzheng, chairman and legal representative Wang Jianle, executive president Zhuo Dongwei, and vice president and financial director Qiu Wenjie have been criminally detained.
In September 2018, the China Judgment Documents Network disclosed that Xie Zhigang, the former fund manager of Haifutong Fund, was sentenced to three years in prison, suspended for five years, and fined three million yuan for using undisclosed information to buy and sell stocks, converging on trading 55 million yuan and illegally profiting 2.7 million yuan.
In fact, with the continuous increase in the number of securities fund operating institutions, the number of employees has increased rapidly, the difficulty of practitioner management has further increased, and the hidden dangers of moral hazard have increased. In order to strengthen the management of employees, the regulatory level is also constantly improving the internal management and external constraint mechanism of securities fund operating institutions, and carrying out special work to strengthen the management of employees of securities fund operating institutions.
In September 2021, the CSRC launched a special work to strengthen the management of employees of securities fund operating institutions, focusing on the following three aspects in accordance with the idea of "strengthening supervision and law enforcement, consolidating the main responsibility of the company, and strengthening industry self-discipline management": First, strengthen regulatory law enforcement and optimize regulatory means. The second is to consolidate the main responsibility of the institution and strengthen the management of personnel. The third is to strengthen industry self-discipline and form external constraints.
The CSRC will also organize industry self-inspection and on-site inspection, urge practitioners to firmly establish compliance awareness and moral awareness, strictly regulate their own behavior, effectively safeguard the interests and image of the industry, and promote the sustained and healthy development of the industry.
This article originated from China Fund News