China Fund News reporter Ruohui
After more than 6 months of being appointed as the general manager by the deputy general manager, Jiutai Fund finally ushered in a new general manager.
On the evening of May 15, Jiutai Fund announced that Xu Jin served as the general manager of the company, and Wang Yu, executive deputy general manager, no longer performed the duties of general manager on behalf of the company.
Xu Jin can be called a "frequent customer" in the position of general manager of the public fund industry, before taking over as the manager of Jiutai Fund, he has served as the general manager of the Pacific Fund, the general manager of Jiahe Fund, and the general manager of Guorong Fund during the preparation period.
At present, Jiutai Fund is in a relatively downturn since the establishment of the company, and Jiutai Fund received two fines issued by the regulator last year. Wind data shows that Jiutai Fund has not established a new fund for more than two years. As of the end of the first quarter of this year, the non-stock scale managed by Jiutai Fund was only 1.314 billion yuan, a decrease of 89% compared with the end of the second quarter of 2021. How to reverse the predicament in the future is one of the challenges faced by the new general manager.
Jiutai Fund ushered in a new general manager
On the evening of May 15, Jiutai Fund issued an announcement on the change of senior management, appointing Xu Jin as the general manager of the company, and Wang Yu, executive deputy general manager, no longer performed the duties of general manager.
Xu Jin can be regarded as a "familiar face" in the mutual fund industry, and he has served as vice president and general manager of many fund companies. According to public information, he served as a staff member of the head office of the Postal Savings Bank of China from July 1998 to August 2009; From September 2009 to February 2013, he served as the general manager of the custody business department of the head office of Postal Savings Bank of China; Ph.D. students from March 2013 to April 2014; In May 2014, he was appointed as the deputy general manager of Founder Fubon Fund, and in June of the same year, he officially became the deputy general manager of Founder Fubon Fund, but only more than one year later, he resigned from Founder Fubon Fund for personal reasons.
After that, he served as the general manager of Pacific Fund Management Co., Ltd., which was in the preparatory period, and in July 2020, he officially became the manager of Jiahe Fund, but less than a year later, he left in April 2021 due to personal reasons. In May 2021, he was appointed as the executive deputy general manager of Guorong Fund, and in August of the same year, he was transferred to the general manager of Guorong Fund, and left at the end of 2023 due to personal reasons.
According to information from the Asset Management Association, Xu Jin joined Jiutai Fund in February 2024 and is now officially appointed as the general manager of Jiutai Fund.
In 2023, he received two regulatory fines
In the past 2023, Jiutai Fund has received two fines from the regulator for violations.
According to the 2023 fund annual report disclosed by Jiutai Fund, on February 13, 2023, the regulator found that Jiutai Fund participated in the guaranteed private placement of five listed companies through Jiutai Jiuli, and used the fund property to seek benefits for people other than fund share holders, therefore, the CSRC required the manager to order corrections and impose fines; The then chairman of the board of directors and relevant senior management were given warnings, suspended from the fund's qualifications, and fined.
The penalty letter disclosed by the China Securities Regulatory Commission also shows that Wu Qiang, the person in charge of Jiutai Fund who was directly responsible for this matter at the time, was given a warning and suspended from fund practice for 36 months, and fined 300,000 yuan; Lu Weizhong, the other person directly responsible, was given a warning, suspended from the fund for 24 months, and fined 200,000 yuan; Wu Zuyao, the other directly responsible person, was given a warning, suspended from the fund for 12 months, and fined 100,000 yuan.
Jiutai Fund said that the company sincerely accepts regulatory penalties and attaches great importance to it, under the guidance of the regulatory authorities, to do a good job in risk mitigation, and shareholders to carry out comprehensive business and risk isolation, the company took the initiative to communicate with the regulatory authorities, fully protect the interests of fund holders, carried out a comprehensive rectification of various problems, and reported the implementation of rectification to the regulatory authorities. The company will continue to improve the level of standardized company operation, strictly abide by relevant laws and regulations, and effectively safeguard the interests of investors.
On April 7, 2023, Jiutai Fund was ordered to rectify by the Beijing Securities Regulatory Bureau due to the failure of the proportion of high-liquidity assets held by the inherent funds, the failure of the proportion of liquid assets held by the fund, and the failure to effectively implement the relevant systems of transaction internal control management, and the relevant senior management personnel were also issued a warning letter.
In this regard, Jiutai Fund responded that the company attaches great importance to it, has carried out a comprehensive rectification of related issues, and has reported the implementation of rectification to the regulatory authorities.
At the end of the first quarter, the scale of non-goods was less than 1.5 billion yuan
In recent years, Jiutai Fund has also fallen into the dilemma of stagnation in the issuance of new products and the continuous shrinkage of the stock scale.
Wind data shows that Jiutai Fund established a fund called Jiutai Tianli Quantitative in October 2021, and no new funds have been established since then. Jiutai Fund's new fund report also stayed in April 2021.
As of the end of the first quarter of this year, the non-stock scale managed by Jiutai Fund was only 1.314 billion yuan, a decrease of 89% compared with 11.769 billion yuan at the end of the second quarter of 2021, among them, the scale of Jiutai Ruiyi Fund shrank from 4.695 billion yuan at the end of the second quarter of 2021 to 144 million yuan at the end of the first quarter of this year, and the scale of Jiutai Jiurui Quantitative Fund also shrank from 1.046 billion yuan at the end of the second quarter of 2021 to 157 million yuan at the end of the first quarter of this year.
In addition, many of the funds under Jiutai Fund have been reduced to mini funds. More than 10 funds, including Jiutai Ruizhi, Jiutai Jiusheng Quantitative Pioneer, Jiutai Jiufu Quantitative, and Jiutai Quantitative Emerging Industries, were less than 50 million yuan at the end of the first quarter of this year, and the number of mini funds accounted for more than 50% of all funds.
Judging from the financial situation in the past few years, in the six years from 2018 to 2023, Jiutai Fund only achieved profitability in 2021, and the net profit in the remaining five years was in a state of loss.
In the future, how to drive the company's scale to stop falling and rebound and turn losses into profits is the challenge faced by the new management.
Editor: Captain
Review: Muyu