华泰柏瑞挥别“韩勇时代”！转向失灵的“ETF巨轮”困在降费漩涡里

Core Viewpoint - The end of Han Yong's era at Huatai-PineBridge Fund marks both a visible cost of the company's imbalanced business structure and a forced opportunity to break away from path dependence, necessitating a return to a client-centered approach in the face of regulatory fee reforms and competitive pressures [1][17]. Management Changes - Han Yong has served as the General Manager of Huatai-PineBridge Fund for over 13 years, making significant contributions to the company's long-term stable development [2][4]. - On May 9, 2025, Han Yong was replaced by Chairman Jia Bo as the acting General Manager due to work adjustments [1][2]. Business Development - Under Han Yong's leadership, the fund's management scale surged from 134.06 billion yuan at the end of 2011 to 633.94 billion yuan by the first quarter of 2025, elevating its industry ranking from 38th to 18th [8]. - The Huatai-PineBridge CSI 300 ETF, launched in 2012, became a cornerstone of the company's growth, achieving a record fundraising scale of 32.969 billion units during its initial offering [7][8]. Product Structure and Challenges - Despite the success of the CSI 300 ETF, the company struggled to diversify its ETF product matrix, with only 4 out of 51 ETFs exceeding 10 billion yuan in management scale [10]. - In contrast, competitors like E Fund and Huaxia Fund have developed a more comprehensive range of ETF products, highlighting Huatai-PineBridge's product structure imbalance [10][11]. Fee Rate Adjustments - On November 19, 2024, Huatai-PineBridge Fund announced a reduction in management and custody fees for its CSI 300 ETF, reflecting the need to adapt to regulatory fee reforms and market changes [17]. - The management fee was reduced from 0.50% to 0.15%, and the custody fee from 0.10% to 0.05%, indicating a shift towards prioritizing client needs [17].