罕见！融通百亿元基金经理因“休产假”卸任，机构资金已大规模撤离

Core Viewpoint - The departure of star fund manager Fan Kun from Rongtong Fund due to maternity leave has sparked significant market reactions, highlighting the industry's over-reliance on star fund managers and raising concerns about liquidity crises triggered by individual departures [2][5]. Group 1: Personnel Changes - Fan Kun's leave is seen as a "substantive departure" rather than a typical maternity leave, contrasting with industry norms where fund managers are often co-managed during such absences [3]. - The management of Fan Kun's four funds was transferred to new managers, which led to a significant drop in assets under management, with a reported decline of over 60% from peak levels by Q1 2025 [2][5]. Group 2: Fund Performance and Investor Behavior - Following the introduction of new managers, there was a dramatic decline in institutional holdings, with the share of institutional investors in the Rongtong Domestic Demand Driven Mixed Fund plummeting from 73.86% in mid-2024 to 38.38% by the end of the year [5]. - The Rongtong Huixin Mixed Fund experienced complete redemption by institutional investors by the end of 2024, indicating a loss of confidence in the fund's management [5]. Group 3: Governance and Structural Issues - The departure of Fan Kun coincides with a period of governance instability at Rongtong Fund, marking the third leadership change in five years, which may exacerbate existing challenges such as talent loss and business imbalance [6]. - The industry is facing a broader issue of over-reliance on individual fund managers, which has led to systemic risks when such key personnel leave [6]. Group 4: Future Strategies - Rongtong Fund is focusing on building a multi-layered research and investment team to enhance stability and investor confidence, emphasizing a platform-based, team-oriented investment approach [6].