中银基金董事长突然离任背后：6500 亿规模倚重固收，权益短板如何破局？

Group 1 - The resignation of Chairman Zhang Yan marks a significant leadership change at Bank of China Fund Management, reflecting the challenges the company faces in expanding its equity investment capabilities despite its dominance in fixed income [1][2] - Zhang Yan's tenure saw the company's assets under management grow from 300 billion to 650 billion yuan, indicating substantial growth during his leadership [2][6] - The new acting chairman, Zhang Jiawen, has a strong background within the Bank of China system, having joined the fund management company in 2013 and held various positions [4][6] Group 2 - Bank of China Fund Management has a heavily skewed asset structure, with fixed income products accounting for a significant portion of its portfolio, as evidenced by 2,854.18 billion yuan in bond funds and only 67.73 billion yuan in equity funds [6][8] - The company has seen a 30% growth in assets over the past year, but the imbalance in its product offerings poses risks, particularly in volatile equity markets [8][10] - The fund management industry is experiencing a shift towards passive investment strategies, yet Bank of China Fund Management has only four ETFs with a total size of 2.436 billion yuan, lagging behind competitors [9][10] Group 3 - The new management faces critical challenges, including restructuring the equity research system, redefining product strategies, and innovating incentive mechanisms to enhance equity business performance [10][11] - The industry is witnessing a trend of wealth migration towards equity markets, necessitating a strategic pivot for Bank of China Fund Management to remain competitive [11] - The leadership change is seen as an opportunity for the company to reassess its strategies and potentially break free from its traditional reliance on fixed income products [11]