年内业绩、人事、合规问题丛生，个人系公募陷“成长之困”

Core Viewpoint - The recent personnel changes at Huiquan Fund highlight the challenges faced by personal public funds in China, with many experiencing performance declines and operational issues. Group 1: Company Changes - Huiquan Fund announced the departure of its founder and general manager, Liang Yongqiang, due to "work adjustments," with Chen Hongbin taking over the role [1] - Liang Yongqiang continues to manage three funds, but these have collectively lost over 50% since his tenure began, significantly underperforming their benchmarks [2][3] Group 2: Performance Issues - Huiquan Fund's total management scale is only 2.4 billion yuan, down from 2.8 billion yuan three years ago [3] - Liang's managed funds, including Huiquan Zhenxin Zhiyuan and Huiquan Strategy Preferred, have reported losses of 56.01% and 51.14% respectively since their inception [2] - The largest fund, Huiquan Strategy Preferred, has underperformed its benchmark by nearly 40% since inception [2] Group 3: Industry Trends - Personal public funds have faced significant challenges, with nearly half of the 23 institutions experiencing a decline in total scale over the past year [6] - The total scale of personal public funds decreased by 12.83 million yuan year-on-year, totaling 350.89 billion yuan as of the first quarter of 2025 [6] - Some funds, like Chunhou Fund and Zhonggeng Fund, have seen severe scale reductions, with Chunhou Fund's scale dropping by 11.8 billion yuan to 21.67 billion yuan [7] Group 4: Broader Industry Challenges - The personal public fund sector is experiencing frequent issues such as product liquidation, personnel changes, and legal disputes [4] - Chunhou Fund has faced significant internal conflicts among its shareholders, leading to a mass withdrawal of institutional funds [4] - Legal troubles have also affected other personal public funds, such as Kaishi Fund, which is dealing with a high consumption restriction order against its chairman [5]