In recent years, the popular cultivation of idols, watching from childhood to grow up, fans are sticky, looking from little-known to hot, but also has a unique sense of achievement.
Some fund companies like to cultivate fund managers, and there are also many "top streams".
This is HSBC Jinxin, a Sino-foreign joint venture public offering jointly held by HSBC Global Investment Management (UK) Limited and Shanxi Trust Co., Ltd.
01
Very new fund managers, "very old" senior management
In March, HSBC Jinxin issued an announcement of an executive change, and Lu Bin, who is in his early thirties, was promoted to deputy general manager.
Lu Bin interned at HSBC Jinxin Fund and joined HSBC Jinxin after graduation, where he served as an assistant researcher, researcher and assistant research director.
As a fund manager trained by HSBC Jinxin, he has now jumped to the company's management at a young age, and he and HSBC Jinxin can be regarded as mutual achievements.
According to Choice data, Lu Bin's current management scale is 23.831 billion yuan, almost alone to resist half of the country, this personnel transfer is not only an affirmation of his ability, but also a means of retaining people with "performance and excellence".
In addition, when looking at the fund manager information, you will find that HSBC Jinxin is basically the first company they work for as fund managers, and HSBC Jinxin is more willing to cultivate by themselves.
This is also a major feature of HSBC Jinxin - a talent system based on internal training.
And this talent system is very successful, HSBC Jinxin has produced many star fund managers, such as the above-mentioned Lu Bin, and Qiu Dongrong, Wang Pin, Cao Jin and so on who have left.
Compared with the "new" and "young" fund managers, the management of HSBC Jinxin can be described as very stable.
Since the establishment of HSBC Jinxin for nearly 18 years, the position of general manager has only been handled by two people - Li Xuanjin and Wang Dong.
From 2012 to 2021, Li Xuanjin was appointed as Chairman of HSBC China Securities Investment Trust Co., Ltd., responsible for HSBC Asset Greater China's business, during which time Wang Dong served as General Manager.
Li Xuanjin has witnessed the beginning and development of mainland public funds all the way, and his qualifications are very deep. In 2001, it began to participate in the preparations for the negotiation of the establishment of a joint venture fund in Chinese mainland. In 2005, Li Xuanjin led the establishment of HSBC Jinxin Fund in Shanghai.
At that time, Li Xuanjin, who was only 33 years old at the time, was still the youngest general manager of a joint venture fund company at that time, and it can be said that he single-handedly built the business structure and corporate culture of HSBC Jinxin.
This stability is conducive to the continuity of strategic planning and the stable implementation of business strategies, but it has also been questioned by many people.
They feel that this will make it difficult for business strategy and operation management to keep up with industry changes, lack innovation capabilities, so that HSBC Jinxin has been established for nearly 18 years, but the management scale is still stuck in the stage of 50 billion yuan.
Whether the reason is or not, the size of management is self-evident for a fund company.
At present, most funds are fixed management fees, and the main income of fund companies also comes from this, and the size of the company also directly affects the company's income.
And the Matthew effect in this industry is obvious, large fund companies, the more resources in people, finances, and materials, the easier it is to get the favor of investors.
As a result, HSBC Jinxin embarked on its own path to a breakthrough.
02
The wise change with the times, and the wise follow the situation
After 9 years, Li Xuanjin returned to HSBC Jinxin as the general manager in 2021, and will lead HSBC Jinxin to stand on a new level as his mission, and the first goal is to reach the scale of hundreds of billions.
However, the actual increase in the scale of HSBC Jinxin was not satisfactory, according to Choice data, as of September 28, 2023, the asset size of HSBC Jinxin was 50.338 billion yuan.
Although the scale growth from 2019 to 2021 is very rapid, there is a downward trend in 2022.
Most of the gains in 2019-2021 are attributed to Lu Bin, and to HSBC Jinxin Low Carbon Pioneer Stock A, which he manages.
As the "stock-based champion" in 2020, the size of this fund at the end of 2019 was only 463 million yuan, because the excellent performance reached 11.314 billion yuan at the end of 2021. The surge of nearly 10.9 billion yuan accounted for one-third of this increase.
HSBC Jinxin has focused on equity funds since its inception, and they have done so.
Unlike most small and medium-sized fund companies that rely on fixed income products to develop their scale, HSBC Jinxin's largest proportion is precisely equity funds.
In the case of "strong stocks and weak debts", how to make up for this shortcoming is also the top priority to improve the scale.
In addition to Lu Bin of the middle generation, the management is responsible for the investment research team, and in September, a veteran with rich experience joined, that is, Lu Zhanjia of BOCOM Wealth Management.
There may be people who are not familiar with Lu Zhanjia, so I will introduce you a little.
Lv Zhanjia is a Master of Finance, CFA, FRM from Guanghua School of Management, Peking University. He joined Bank of Communications in 2009 and has successively served as transaction specialist, senior investment manager, deputy general manager of special account wealth management department, deputy general manager of private bank wealth management department, and deputy general manager of BOCOM wealth management fixed income department and special account wealth management department.
He has rich experience in investment management of bank wealth management products, as well as investment and trading experience in the bond market, and is very good at cross-asset and cross-market asset allocation, at the same time, Lv Zhanjia was also responsible for the research and development of "fixed income+" products when he was in BOCOM wealth management.
Not only professional, Lv Zhanjia's eloquence is also very good, and he can express his investment philosophy very clearly, which is a very precious point. And when I looked through some of his speeches and interviews, I found that he was very clear and dimensionality reducing when he exported dry goods in the industry.
This is a fixed income comprehensive talent, in fact, many head fund companies want it.
But he chose HSBC Jinxin.
Another point in the previous HSBC Jinxin fixed income business that could not be raised was rumored in the industry to be related to the strict requirements of shareholder HSBC on risk control. The first is to restrict counterparties, only four major banks can be found, and the second is not to allow the fixed income team to increase leverage.
This has limited the development of fixed income, but at the same time, HSBC Jinxin has not had any credit risk events in its bonds so far.
Now that Lu Zhanjia joined HSBC Jinxin, I don't know whether the fixed income investment will be relaxed to a certain extent in accordance with the conventional investment method in China, but from the perspective of the position and the attitude of the general manager to personally throw an olive branch, there will be some changes in the investment in fixed income compared to before.
The current HSBC Jinxin, the equity category is managed by Lu Bin, and with their own internal talent training system, they can continue to look forward to the power of the next generation. And the fixed income part, there is Lu Zhanjia sitting in the town.
These two seem to have become Li Xuanjin's right hand, and perhaps in the near future, Li Xuanjin will be able to achieve the "100 billion" goal of himself and HSBC Jinxin.