Talent turnover in the public offering industry is the norm, but it is still rare for executives to leave in droves.
The reporter of "Daily Economic News" noticed that on May 11, Jiangxin Fund issued a resignation announcement of 5 senior executives in one go, including 4 deputy general managers and 1 chief information officer. Except for one person who left his post because of "retirement", the rest left for "personal reasons", which attracted the attention of the industry.
According to public information, Jiangxin Fund was registered and established in early 2013, and the largest shareholder is Guosheng Securities, which holds 30% of the shares. Since its establishment, the executives and fund managers of Jiangxin Fund have been relatively stable, but since the end of 2022, the company's former general managers Chu Ying and Jiao Mao have left one after another, and many fund managers will leave in 2023, and the stability of the team has been broken. Now it is a rare occurrence in the industry for five executives to leave in one day.
What's going on?
Five executives left in one day
According to the announcement of Jiangxin Fund, the departure time of the five executives is May 10. Among them, Zheng Yu, Wang Anliang, Li Zhen, and Wang Peng were all deputy general managers of Jiangxin Fund before leaving, Zheng Yu's reason for leaving was "retirement", and the other 3 left for personal reasons; Another departing executive was Fu Ming, the chief information officer of Jiangxin Fund, and the reason for leaving was also "personal reasons".
Simultaneously with the departure of these executives, the news that Yuan Liang, the current general manager of Jiangxin Fund, was appointed as the chief information officer, and Yuan Liang himself was promoted to general manager of Jiangxin Fund in October last year.
According to public information, Jiangxin Fund was incorporated on January 28, 2013. From the perspective of equity structure, its controlling shareholder is Guosheng Securities, holding 30% of the shares; The remaining four shareholders are Golden Kylin Investment Co., Ltd., Anhui Hengsheng Sunshine Holdings Co., Ltd., Yingtan Jufu Investment Management Limited Partnership and Yingtan Hongshi Investment Management Limited Partnership, each holding 17.5% of the shares, but the current equity status of the four companies is frozen.
Although it has been established for 11 years, the development of Jiangxin Fund has always stagnated. Especially in recent years, when the public fund industry has entered the fast lane of development and a large number of brokerage funds have grown by leaps and bounds, the management scale of Jiangxin Fund, which is also a brokerage company, has never made progress, and even regressed for a time.
As early as the end of 2015, the total management scale of Jiangxin Fund was close to the 3 billion yuan mark, but it did not break through in the follow-up, and as of the end of the first quarter of this year, it was only 2.853 billion yuan, ranking 142nd among 157 public offering licensed institutions.
Since Guosheng Securities, the largest shareholder of Jiangxin Fund, is a wholly-owned subsidiary of Guosheng Financial Holding Group Co., Ltd. (hereinafter referred to as Guosheng Financial Holding), a listed company, we can also get a glimpse of the operating conditions of Jiangxin Fund from the financial data disclosed by Guosheng Financial Holding.
Wind data shows that in 2023, Jiangxin Fund's operating income will be 16.685 million yuan, and the net loss will be 45.695 million yuan, ranking last among public fund companies with public data.
What's more serious is that this is the fourth consecutive year since 2020 that Jiangxin Fund has suffered losses. Although last year's loss decreased compared to 2022, the revenue declined significantly, down 18.50% from the same period in 2022. Guosheng Financial Holding said in its annual report that its operating income decreased compared with the same period last year, mainly due to the significant decrease in the scale of special account business in the current period.
No new product has been released for nearly 7 years
Wind data shows that the latest fund product established by Jiangxin Fund is Jiangxin Zengli, which was established in August 2017. In other words, the company has not issued a new foundation for nearly 7 years, even in 2020, 2021 and other years when public funds have developed greatly and new funds have sprung up.
At present, Jiangxin Fund has a total of 9 public fund products, including 2 hybrid funds, 6 bond funds and 1 currency fund, and these two active equity products have been reduced to a mini-base.
These 9 products are managed by 3 fund managers, of which the most senior Gao Pengfei has served as a fund manager for 3.54 years, and the average tenure of the 3 is only 1.57 years, which is significantly lower than the industry level at the moment when the tenure of fund managers is gradually shortening.
The reason for this situation has a lot to do with the centralized departure of the company's fund managers before.
The reporter checked and found that before 2023, the company's senior management and fund manager team as a whole were relatively stable, and there were almost no centralized changes. But from 2023 to the beginning of this year, the company has six fund managers leave. Among them, some have resigned, and some no longer manage products, and the fund manager lineup has come to a "big change", which can be imagined the impact on the company's core investment research capabilities and product performance.
Almost at the same time, the senior management team of Jiangxin Fund also experienced a huge earthquake. At the end of 2022, Chu Ying, a veteran of Jiangxin Fund and the general manager of the company since its inception, resigned, and Jiao Mao took over as general manager; But in less than a year, Jiao Mao also resigned, and Yuan Liang, deputy general manager, served as general manager. In April 2023, Yan Ming, the former chief inspector of Jiangxin Fund and has served for more than 8 years, resigned. Now, five senior executives, including four deputy general managers, have announced their departure on the same day, which will have a seismic impact on any company.
It is reported that some industry insiders have pointed out that the actual controller of Guosheng Financial Holdings, the shareholder, has continued to change over the years, resulting in many obstacles in the new fund of Jiangxin Fund, and thus missing the golden period of development. As for why there will be a collective departure of many senior executives this time, every time the reporter calls Jiangxin Fund many times, the company has not been contacted as of press time, and we will continue to pay attention to it in the future.