Author丨Li Yuchen
Editor丨Jiang Shiqiang
Source丨Visual China
On December 29, the announcement issued by Tianhong Fund showed that from December 28, 2023, Gao Yang will officially be appointed as the general manager of Tianhong Fund, and Han Xinyi, chairman of Tianhong Fund, will no longer serve as the general manager.
According to the latest announcement, the current Gaoyang has been nominated and qualified by the company's board of directors and remuneration committee in the early stage of its tenure, has been reviewed by the company's board of directors, and reported to the regulatory authorities in accordance with regulations.
The public recruitment veteran rushed to the next stop
After Guo Shuqiang, who had served as the general manager for nearly 12 years, suddenly resigned in July due to personal reasons, the position of general manager of Tianhong Fund has been vacant for half a year.
During the blank period, the position of general manager of Tianhong Fund was replaced by Han Xinyi, chairman of Tianhong Fund and CFO of Ant Group. At that time, Han Xinyi said in an internal email, "At present, the company's team is stable, and after years of development, the entire company's talent system has shown a three-dimensional development trend, which is the most important guarantee for the company's steady and high-quality development in the future." ”
However, as the term of office of senior executives is approaching the prescribed six-month time limit, at the end of the year, the industry is also concerned about the personnel selection and recruitment of Tianhong Fund.
Finally, on December 19, not long ago, Gaoyang's practitioners were changed to Tianhong Fund on the official website of AMAC. With the latest announcement of Tianhong Fund, this veteran who has accumulated considerable experience in investment research and management in the public offering circle, his next career destination has also officially landed.
Judging from public information, Gao Yang's career is almost the same as the age of China's public offering market. After graduating from the University of International Business and Economics, Gao Yang worked as a manager in the sales and trading department of CICC from July 1998 to February 2000. In March 2000, Gao Yang stepped into the field of public offering and joined Bosera Fund for the first time, successively serving as bond portfolio investment manager, value growth fund manager, general manager of fixed income department, and was promoted to general manager of Bosera equity investment department in 2007.
From December 2008 to January 2021, Gao Yang once transferred to Penghua Fund as the deputy general manager, but after February 2021, he chose to return to his "old club" and served as the general manager of Bosera Fund until November 2023.
It is reported that Gao Yang was in charge of active equity investment during his tenure at Penghua Fund. During his 12 years as deputy general manager, Penghua Fund has achieved a fight to the top echelon, with the management scale soaring from less than 60 billion yuan to 573.618 billion yuan. At the same time, during Gao Yang's tenure, Penghua Fund also created a three-dimensional active equity investment and research system of "platform, mechanism, and talent", which provided a strong internal drive for the construction of overall investment and research strength.
Since Gao Yang returned to Bosera Fund in early 2021, in the past three years, the company has issued as many as 103 active equity products, accounting for nearly half of the total products. Due to the impact of the market, Bosera Fund's active equity products as a whole did not achieve positive returns during his tenure, and the total management scale showed a trend of rising first and then declining, from 850.272 billion yuan to 1,082.8 billion yuan, and was at 925.609 billion yuan on September 30 this year. However, in terms of scale, the scale of the company's equity and bond funds still maintained growth.
Continue to make up for the shortcomings of rights and interests
From the perspective of past experience, Gao Yang has rich experience in bond and stock investment research, and has been deeply involved in the construction and management of public equity products and teams, which coincides with the traditional advantageous business of fixed income and fixed income + of Tianhong Fund, as well as the vision of strengthening equity shortcomings.
In June 2013, the birth of Yu Bao became a milestone for Internet funds, and also allowed the once unknown Tianhong Fund to win a beautiful breakthrough in the Internet era. In that year, the total scale of Tianhong Fund jumped from less than 10 billion yuan to 194.4 billion yuan. However, in 2018, with the successive access to a number of money market funds and Tianhong Fund's monopoly position, the Yu'e Bao platform has improved its non-stock management capabilities and moved into a comprehensive and comprehensive asset management institution, which has become the top priority of the company's development.
As of September 30, 2023, the scale of Tianhong Fund has reached 1,048.396 billion yuan, ranking fifth in the public offering market. Over the past five years, the company's ranking in non-goods has also grown, rising from 48th to 15th in the market. Wind data on September 30 showed that the company's non-stock scale was 307.806 billion yuan, accounting for less than one-third of the total, of which the debt base was the mainstay, and the scale of equity funds and hybrid funds was only 100.555 billion yuan. Improving the scale and influence of equity products has always been the "hard bone" in front of Tianhong Fund.
It is understood that during the Guo Shuqiang period, Tianhong Fund took the lead in choosing to start offline from passive indexes, QDII and other products, and achieved a certain increase in equity scale and performance ranking.
"Tianhong Fund has a wide range of passive equity products, a wide range of layouts and low fees, which has attracted many investors, especially over-the-counter investors. Tianhong Fund said. According to the 2023 semi-annual report, the number of holders of Tianhong Equity Index and Index Enhancement Fund exceeded 13.69 million, ranking first in the market. As of the end of the third quarter of 2023, the company's passive equity scale was 96.5 billion yuan (excluding feeder funds), of which the over-the-counter passive equity scale was 84.4 billion yuan.
Haitong Securities' latest "Equity and Fixed Income Asset Performance Ranking of Fund Companies" shows that in the past five years, the performance ranking of Tianhong Fund's equity products has been 68/118, located in the middle of the industry, with 67th and 26th respectively in the past three years and the past two years, respectively, with a significant upward trend. As of September 28 this year, Tianhong Fund's equity return in the past year was -2.49%, ranking 35/164 (21.34%).
In the second half of the year, in the context of market volatility and industry fee reductions, some interviewees pointed out to reporters that in the context of increased pressure on the issuance of active equity products, fixed income institutions are expected to strive to take this opportunity to open the layout window and seize the opportunity to fill the product gap, so they are still more biased towards the layout of active equity funds in terms of strategy.
At the 2023 Bosera Fund's medium-term investment strategy meeting, Gao Yang pointed out: "After experiencing continuous valuation compression from 2021 to 2022, most of the current industrial themes in the equity market are at the low and bottom positions of valuation. ”
With the addition of Gao Yang, it is exciting to see what kind of chemistry this public offering veteran and Tianhong Fund collide with.
SFC
Editor of this issue: Jiang Peipei, Xi, Tan Yahan
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