China Fund News reporter Hanzhang
On the evening of April 30, Yimin Fund announced that Wang Mingde, the general manager of the company, resigned, and Ma Yun, chairman of the company, served as the general manager.
It is worth noting that since the beginning of this year, the total number of public fund executives has reached 100. From January to April this year, the number of senior management changes in fund companies showed a trend of increasing month by month, and the number of chairmen, general managers and deputy general managers was the majority.
Another general manager of a fund company has left his post
On the evening of April 30, Yimin Fund issued an announcement on the change of senior management. According to the announcement, due to personal reasons, Wang Mingde, the general manager of the company, left his post on April 29, and there is no explanation for transferring to other positions in the company. At the same time, it was announced that Ma Yun, chairman of the company, was appointed as the general manager.
According to public information, Ma Yun used to be the deputy director of the Enterprise Regulation Department of Changshou Chemical General Plant, a full-time lawyer of the business department of Chongqing Guangxian Law Firm, the director, senior partner and director of the management committee of Chongqing Solton Law Firm, the executive director and general manager of Chongqing Element Investment Co., Ltd., the executive director and general manager of Chongqing Yuxincai Equity Investment Fund Management Co., Ltd., the legal executive officer of Chongqing Three Gorges Bank Co., Ltd., and the current chairman of Yimin Fund Management Co., Ltd. Risk Director (Chief Risk Officer) of Chongqing International Trust Co., Ltd.
According to public information, Yimin Fund was established in 2005, the company's major shareholder is Chongqing International Trust Co., Ltd. (holding 65% of the shares), and the second shareholder is China New Era Co., Ltd. (holding 35% of the shares), which is a typical trust public offering.
As a veteran fund company, from the perspective of scale changes, the management scale of Yimin Fund has always been "not big", and the scale has not risen but decreased in the past 17 years, shrinking by more than 85%. Yimin Fund also had a glorious moment, with a scale of 15.7 billion yuan in 2007.
According to a number of media reports, in 2008, when the Beijing Securities Regulatory Bureau conducted a routine inspection of the Yimin Fund, it found that the company had governance problems and required the company to carry out rectification, which was completed in May 2010 and lasted for two years. In October 2009, Yimin Dolly Bond Fund, a subsidiary of Yimin Fund, was punished by regulators for buying 60,000 shares of China Merchants Bank, the custodian, and was ordered to rectify in March 2010. According to the relevant regulations, fund managers are not allowed to buy custodian shares. From the second half of 2008 to the first half of 2012, it did not issue new funds for four consecutive years, and thus missed the golden period of development.
WIND data shows that as of the end of the first quarter of this year, the scale of Yimin Fund was only 2.346 billion yuan, ranking 131st among nearly 150 public fund companies.
At present, there are only 6 public offering products under Yimin Fund, involving 7 fund managers, and there are two "mini-bases" with a scale of less than 50 million yuan, including Yimin core growth and Yimin quality upgrade. In addition, after the company issued a new Yimin advantage in 2018, there has been no new one for more than six years.
In recent years, the senior management of Yimin Fund has been in a state of frequent change. Among them, in terms of the chairman of the board, after the resignation of the former chairman Weng Zhenjie on September 12, 2018, the chairman of Yimin Fund changed his candidate twice in four years. In terms of general manager candidates, since 2016, Yimin Fund has also undergone three changes in general manager candidates. In June 2022, the sixth general manager Wang Mingde was ushered in. Entering 2023, the senior management of Yimin Fund will change more frequently. On May 6, Li Jing, deputy general manager of the company, was appointed as the head of finance, and on May 30, Yimin Fund announced that Wang Feng, assistant general manager of the company, resigned due to personal reasons. In August, Yimin Fund also appointed Ma Yun as the new chairman of the fund management company.
From the perspective of performance, among the same type of funds, Yimin's quality upgrade performance is at the bottom, with a return of -54.61% in the past three years, ranking in the bottom 2% of the same type of funds. Yimin Core Growth has a return of -36.31% in the past 3 years, ranking in the bottom 30% of similar funds.
Month by month, the number of public offering executives changed by 100 during the year
Wind data shows that as of April 30, since the beginning of this year, the total number of public fund executives has reached 100, including 28 chairmen, 21 general managers, 36 deputy general managers and 14 chief inspectors, involving a total of 58 fund companies.
Specifically, since the beginning of this year, the chairmen of more than 10 public offering institutions have changed. Among them, Huaxi Fund, Penghua Fund, Guotai Fund, China Resources Yuanta Fund, AllianceBernstein Fund, Tongtai Fund, BlackRock Fund, CICC Fund, Taikang Fund, China Life Security, etc. ushered in new chairmen. There have also been changes in the general managers of a number of public offering institutions, such as BlackRock Fund, AllianceBernstein Fund, Taixin Fund and CICC Fund.
Judging from the fund companies that have undergone senior management changes during the year, small and medium-sized public offering companies currently account for the majority. In this regard, a person from the marketing department of a medium-sized fund company in Shanghai pointed out that after more than 20 years of development, the competition in the public fund industry has become more and more fierce, and the operating pressure of small and medium-sized fund companies is very great. In addition, the Matthew effect of public funds is obvious, and the leading companies with brand scale effect account for the main market share, which has obvious advantages in terms of investment research and market channels. In the context of product homogeneity and fierce competition, it is very difficult for small and medium-sized funds to achieve corner overtaking.
In addition, the reporter noted that since the beginning of this year, the number of changes in public fund executives has been rising month by month. From January to April this year, the number of senior executives of public funds was 22, 23, 26 and 34, and the number of chairmen, general managers and deputy general managers was the majority.
According to an industry insider in South China, the number of public offering executive changes has increased month by month during the year, which is mainly due to two factors: first, since the second quarter of the market has fluctuated, the executives of fund companies are under tremendous assessment pressure, and the management may also make personnel adjustments according to the phased performance appraisal results; 。 Another industry insider pointed out that around the Spring Festival holiday, some companies may issue year-end bonuses. In March and April, this may also be an incentive for some senior management turnovers.
Editor: Captain
Review: Muyu
