Red Star Capital Bureau reported on December 20 that it was reported that Gao Yang may be the general manager of Tianhong Fund. Previously, on November 11, Gao Yang resigned as the general manager of Bosera Fund, and because it was less than 3 years after his return, his whereabouts also caused market discussions.
Red Star Capital Bureau learned from the information publicity on the official website of the AMAC that Gaoyang's practitioner has been changed to Tianhong Fund on December 19. The Red Star Capital Bureau called the official phone number of Tianhong Fund several times, but did not receive a response by the deadline. According to The Paper, Gao Yang may be appointed as the general manager of Tianhong Fund, and Gao Yang's appointment still needs to be approved by the internal board meeting of Tianhong Fund and needs to be reported to the regulatory authorities.
Screenshot from the official website of AMAC
Previously, on November 11, Bosera Fund announced that General Manager Gao Yang resigned for personal reasons, and Chairman Jiang Xiangyang will act as General Manager.
According to public information, Gao Yang has been working in the financial industry for more than 25 years. He graduated from the University of International Business and Economics with a master's degree in economics. From July 1998 to February 2000, he served as the manager of the sales and trading department of China International Capital Corporation Limited, and from March 2000 to February 2008, he successively served as the bond portfolio manager, the general manager of the fixed income department, the fund manager and the general manager of the equity investment department of Bosera Fund. During his tenure at Bosera Fund, he managed three products, Bosera Value Growth Hybrid, Fund Yuze, and Fund Yulon, of which the return of Fund Yulon reached 387.2%, and the return of Bosera Value Growth reached 29.69%.
After working at Bosera Fund for 8 years, Gao Yang joined Penghua Fund in August 2008 as the deputy general manager of the company, in charge of active equity investment. So far, Gao Yang has completed the transformation from a fund manager to a general manager of fixed income, a general manager of the stock investment department, and even a deputy general manager of public offerings.
In February 2021, Gao Yang returned to Bosera Fund as the general manager through market-oriented recruitment. During his tenure, his main work was to develop equity products to solve the problem that Bosera Fund's management scale in recent years was mainly due to the development of its bond fund. Since then, Bosera Fund's non-stock assets under management have increased from more than 400 billion yuan at the beginning of 2021 to 597.524 billion yuan at the end of the third quarter of 2022, ranking eighth to fifth in the industry, and the total scale has also exceeded one trillion yuan.
However, after that, the total scale of Bosera Fund showed a downward trend, falling to 940.354 billion yuan as of December 20, a decrease of nearly 160 billion yuan from 1,097.374 billion yuan at the end of the third quarter of last year, and the total assets ranked 6/197.
At present, the total assets of Tianhong Fund are 1,048.968 billion yuan, ranking 5/197, just in front of Bosera Fund. According to the official website, Tianhong Fund was established in November 2004 and is one of the national public fund management companies approved by the China Securities Regulatory Commission, with a registered capital of 514.3 million yuan. The company has 8 shareholders, of which the major shareholder Ant Technology Group Co., Ltd. holds 51.0% of the shares.
Screenshot from the official website of Tianhong Fund
On July 24 this year, Guo Shuqiang, who had been at the helm of Tianhong Fund for 12 years, resigned as general manager. According to the announcement of Tianhong Fund, Guo Shuqiang resigned for personal reasons, and Han Xinyi, chairman of the company, will serve as the general manager for no more than six months. As of December 20, there is still more than a month left before the six-month time limit for Han Xinyi to act as general manager.
Tianhong Yue Bao is one of the most well-known products of Tianhong Fund, and is known as the first Internet fund in mainland China by the market. In 2013, under the leadership of Guo Shuqiang, Tianhong Fund cooperated with Alipay to launch Tianhong Yubao, which also promoted the rapid development of the total scale of Tianhong Fund.
Wind data shows that at the end of 2013, the total scale of Tianhong Fund rose to 194.362 billion yuan, ranking second in the whole market, while less than 10 billion yuan in the same period of the previous year, and at the end of the first quarter of 2014, its total scale soared to 553.656 billion yuan, surpassing the old public offering China AMC Fund in one fell swoop, becoming the first in the industry. In the following years, Tianhong Fund held the first position in the industry until it was surpassed by E Fund in early 2021.
As of the end of the third quarter of this year, the total scale of Tianhong Yue Bao was 663.995 billion yuan. Although Tianhong Fund has the largest money market fund in the whole market, the development of its equity products is relatively weak. Wind data shows that at present, its non-cargo base scale is 308.378 billion yuan, which is not only ranked behind the head public offerings such as E Fund, GF, and Huaxia, but also inferior to many fund companies such as Bosera, Wells Fargo, Harvest, and China Universal with a total scale smaller than itself.
Ranking of fund companies by size Screenshot from wind
After joining Tianhong Fund, Gao Yang, who has worked on equity products in Bosera Fund, believes that time will give the answer to whether it can solve the latter's shortcomings.
Red Star News reporter Jiang Ziwen
Edited by Yu Dongmei
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