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Five executives leave at the same time in a single day, which is rare in the fund industry.
On May 11, Jiangxin Fund announced that five executives left on May 10, one of them retired, and the remaining four left for personal reasons.
Behind the departure of the five senior executives at the same time is the scale of Jiangxin Fund, which has not grown, and the embarrassing situation of not making a foundation for seven consecutive years and losing money year after year.
Five executives leave in one day
On May 11, Jiangxin Fund issued an announcement on the change of senior management, stating that deputy general managers Zheng Yu, Wang Anliang, Li Zhen, Wang Peng, and chief information officer Fu Ming will all leave their posts on May 10, 2024.
Among them, Zheng Yu resigned due to retirement, and the other four resigned due to personal reasons.
Image source: Company announcement
According to the announcement, after the departure of the former chief information officer, the company's general manager Yuan Liang will serve as the company's chief information officer.
According to public information, Yuan Liang has successively worked in the Dajing Road Office of Industrial and Commercial Bank of China, the business departments of Changcai Securities Co., Ltd., the business departments of Hengtai Securities Co., Ltd., the institutional trading department of Hengtai Securities Co., Ltd., and the asset management department of Hengtai Securities Co., Ltd., and successively served as the general manager of each business department, the general manager of the Beijing region of brokerage business and the general manager of the institutional business department, the deputy general manager of the institutional trading department and the deputy general manager of the asset management department. Since February 2020, he has worked for Jiangxin Fund Management Co., Ltd. as the director of the institutional business headquarters, and from June 2022 to September 2023, he served as the executive deputy general manager of the company. Since October 2023, Yuan Liang has served as the general manager, financial director, head of Shanghai branch and director of Jiangxin Fund Management Co., Ltd.
Wind data shows that after the departure of five senior executives, the company's senior management members are only one general manager, one deputy general manager and one chief inspector.
What happened to Jiangxin Fund?
Jiangxin Fund was established on January 28, 2013 and is registered in Beijing. Wind data shows that as of May 11, 2024, the management scale of Jiangxin Fund was 2.853 billion yuan, and the non-cargo scale was 2.012 billion yuan. Looking at the historical scale of the company, since its establishment, the company's management scale has only exceeded 3 billion yuan at the end of individual quarters, and most of the time the company's management scale has remained at about 2 billion yuan.
According to the data, up to now, Jiangxin Fund has a total of 9 funds, except for two flexible allocation hybrid funds, the rest are bond or currency funds. At present, there are 8 fund managers in Jiangxin Fund, and only 3 are managing funds, of which Ma Chaoran alone manages 6 funds.
It is worth mentioning that Jiangxin Fund has not issued a single foundation in seven years - since the establishment of Jiangxin Profit Enhancement Currency in August 2017, no new products have been established for seven consecutive years. Some industry insiders pointed out that the shareholder Guosheng Financial Holding has continued to change its actual controller over the years, resulting in many obstacles in the new fund of Jiangxin Fund, and thus missing the golden period of development.
The shareholders of Jiangxin Fund include Guosheng Securities, Yingtan Jufu Investment Management Co., Ltd., Yingtan Hongshi Investment Management Co., Ltd., and Jiangxi Golden Kirin Investment Co., Ltd. Among them, Guosheng Securities holds 30% of the shares, and the rest of the shareholders hold 17.5%.
According to the 2023 annual report, Jiangxin Fund's operating income in 2023 will be 16.685 million yuan, and its net profit will be -45.695 million yuan. In 2022, the company's net profit will be -66.7115 million yuan, and in 2021, the net profit of Jiangxin Fund will be -21.1589 million yuan. Even in the big bull market in 2020, the company still lost 10.3472 million yuan.
According to the annual report, on April 21, 2023, due to problems in financial management and regulatory reporting, Jiangxin Fund was ordered by the Beijing Securities Regulatory Bureau to correct administrative supervision measures, and corresponding administrative supervision measures were taken against relevant responsible personnel.
Image source: Annual report of Jiangxin Fund's fund
Reviewer: Dong Fengbin Editor: Wang Zhuying Wang Yin Proofreader: Jiao Yuanyuan Signed: Sun Hong
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