China Fund News reporter Zhang Yanbei
Another fund company announced a change of coach!
The brokerage is the latest announcement of the public Fuanda Fund, Wang Sheng will become the general manager of the company on June 5, and former premier Xu Hai has left. Xu Hai, who left this time, began to serve as the general manager of Fuanda Fund in July 2018, during which the company's asset scale once exceeded 10 billion, and turned down in the past year or so. The new general manager, Wang Sheng, has been working at Nanjing Securities, and was previously the corporate business director of the retail business department of Nanjing Securities.
As a fund company that has been established for 12 years, Fuanda Fund is hardly optimistic. Not only is the fund size ranked in the middle of the industry, but the performance of its active equity funds is not satisfactory. Will the new general manager lead the company out of the current predicament? We will continue to pay attention.
Fuanda Fund announces a change in general manager
On June 6, Fuanda Fund issued the "Announcement on the Change of Senior Managers in the Fund Industry", announcing the change of the company's general manager.
According to the announcement, Wang Sheng took up the position of general manager of the company on June 5, while the former general manager Xu Hai left on June 5. From the perspective of the time when new and old general managers take office and leave, it can be described as "seamless". As for the reason for the departure of the former general manager, the announcement stated that it was a "job transfer". But Xu Hai has not moved to other positions in the company, meaning he has left Fuanda Fund, where he has worked for more than four years.
In July 2018, after the position of general manager of Fuanda Fund was vacant for 7 months, Xu Hai was ushered in. From the perspective of resume, Xu Hai first worked for Nanjing Securities, successively served as deputy secretary of the Nanjing Securities Youth League Committee, general manager of the business department, general manager of the branch, etc., and then once entered the career path as the vice mayor (temporary position) of the People's Government of Yangzhong City, Zhenjiang City, Jiangsu Province, and then returned to the asset management industry in July 2018. In fact, Xu Hai, who returned from his job at that time, actually did not leave his old club for many years, and the first shareholder of Fuanda Fund was Nanjing Securities.
After taking office, Xu Hai worked active management and building core competitiveness. Under the leadership of Xu Hai, the net assets of Fuanda Fund Company increased from 3.192 billion yuan to 7.471 billion yuan at the end of March 2021, and then experienced a brief decline, but climbed rapidly in the second half of 2021, reaching 11.134 billion yuan by the end of 2021.
Starting from the first quarter of 2022, the company's management scale declined for two consecutive quarters. As of the end of the second quarter of last year, the company's management scale was 7.925 billion yuan, down 3.209 billion yuan from 11.134 billion yuan at the end of last year, a decrease of 29%. Since then, the company's management scale has been hovering below the level of 8 billion yuan, and in the first quarter of this year, the company's scale fell again, and it is now less than 7 billion yuan.
However, compared with when he first took over the company, the management scale of Fuanda Fund has almost doubled during Xu Hai's tenure. Xu Hai once publicly stated, "We hope to comprehensively expand sales channels, expand asset management, actively promote innovation and transformation, and strive to achieve new development and leapfrog of the company by actively deploying various product lines including but not limited to fixed income, FOF, index, etc."
According to the industry, in the statistics of fund company senior management departure records, in addition to the normal term of office expired, on the whole, the departure of senior executives is mostly affected by shareholders. The main reasons for the departure of the general manager are: (1) the expiration of the term of office; (2) resignation due to the change of shareholders; (3) Return to shareholders or jump to other institutions as executives; (4) No real power or limited rights, difficult to carry out work, choose to leave; (5) Leaving the company due to management performance that is not satisfactory to the shareholders.
Veteran of the securities industry is the new general manager
After Xu Hai's departure, Fuanda Fund welcomed a new general manager, Wang Sheng. From the perspective of resume, Wang Sheng is also from Nanjing Securities, a major shareholder of Fuanda.
Wang Sheng has been working in Nanjing Securities, successively served as the salesman of the Xinhua Road business department of Nanjing Securities Company, the assistant general manager and deputy general manager of the business department of Nanjing Securities Lianyungang, the general manager of the business department of Nanjing Securities Nanjing Xinhua Road, the general manager of the department of Nanjing Securities Marketing Management Headquarters, the general manager of the department of Nanjing Securities Brokerage Business Management Headquarters, the business director and general manager of Nanjing Securities Ningxia Branch, the business director and department general manager of Nanjing Securities Brokerage Business Management Headquarters, the business director of Nanjing Securities Retail Business Department, General Manager of the Department.
Nanjing Securities Co., Ltd. is the first securities institution in Jiangsu Province approved by the People's Bank of China in 1990, and a national innovative securities company, which has been profitable for 24 years since its establishment.
As a veteran of the securities industry, Wang Sheng is also an old Nanjing Securities person, witnessing the establishment and development of Nanjing Securities, and is also a company executive who grew up from the front-line business department.
A person from the public offering market department in South China said, "As a securities company with a public offering, Fuanda has a soft spot for veterans in the securities industry. Wang Sheng is likely to be the new general manager arranged by the shareholders of the fund company, and the company hopes that the senior executives cultivated by the shareholders can lead Fuanda to break through the bottleneck and bring new changes to the company. ”
Fuanda Fund faces development difficulties
At present, from the comprehensive perspective of management scale, fund performance and other aspects, the development status of Fuanda Fund is not optimistic.
Fuanda Fund Management Co., Ltd. was established on April 27, 2011 with the approval of the China Securities Regulatory Commission. Wind data shows that as of the end of the first quarter of this year, the company's net assets under management were 6.811 billion yuan, down nearly 40% from 11.134 billion yuan at the end of 2021.
Fuanda Fund's ranking in the industry is also not satisfactory. The data shows that since the third quarter of 2019, the company's size ranking has not entered the top 100. As of the end of the first quarter of this year, the company's management scale ranked 137th.
In contrast, Essence Fund and Ping An Fund, also established in 2011, have successfully entered the 100 billion echelon. As of the end of the first quarter of this year, the management scale of Essence Fund and Ping An Fund was 119.095 billion yuan and 537533 billion yuan respectively.
In addition, the performance of some active equity funds under Fuanda Fund was not satisfactory. As of June 5, the company has 15 active equity funds that can count the performance of the past year (only master code funds). Among them, 3 products, such as Fuanda Technology Pilot, Fuanda Emerging Growth A, and Fuanda New Power, have lost more than 25% in net value in the past year, and their similar rankings are at the bottom level.
Although the company has 33 funds, its mini funds are also more common. As of the end of the first quarter of this year, the company has a number of funds with a scale of less than 50 million yuan, such as Fuanda Technology Innovation, Fuanda New Power, Fuanda Changying A/C, and Fuanda Advanced Manufacturing A/C (excluding origination funds).
Editor: Joey
Review: Xu Wen