Venture(US:VEMLY) Jing Ji Guan Cha Bao·2025-05-09 15:32Core Viewpoint - The appointment of Cheng Fei as the new general manager of Dongfang Hong Asset Management is seen as a crucial step in accelerating the strategic transformation of the company, which is a wholly-owned subsidiary of Dongfang Securities and the first broker-dealer asset management company in China to obtain public fund management qualifications [1][3]. Group 1: Company Background - Dongfang Hong Asset Management is the first broker-dealer asset management company established in China and has obtained qualifications for public fund management [1]. - As of December 2024, the total entrusted asset management scale of Dongfang Hong Asset Management is 216.57 billion yuan, with public fund management scale at 166.17 billion yuan, indicating a significant gap compared to leading asset management institutions [3]. Group 2: Leadership Experience - Cheng Fei has nearly 20 years of experience in the asset management industry, previously serving as the vice president of Guosen Securities and chairman of Guosen Asset Management [1]. - During his tenure at Guosen Asset Management, Cheng led the team to focus on active management and developed FOF and other specialized businesses, resulting in a steady increase in asset management revenue from 203 million yuan in 2021 to 820 million yuan in 2024 [2]. Group 3: Strategic Challenges and Opportunities - The asset management industry is facing intense competition from public funds, broker-dealer asset management, bank wealth management subsidiaries, and insurance asset management [2]. - Cheng Fei's leadership is expected to bring new ideas and innovative concepts to Dongfang Hong Asset Management, particularly in navigating the challenges of strategy, licensing, and branding in the evolving market [3].