明亚基金“小微”式困局：核心高管同日离任，董事变更过半，固收老将临危接盘

Core Viewpoint - The governance issues at Mingya Fund are becoming increasingly evident, highlighted by a significant turnover in leadership and a drastic decline in asset management scale, raising concerns about the company's future viability [2][4]. Group 1: Leadership Changes - The recent resignation of General Manager Ding Yue and Deputy General Manager Tu Jianzong, both holding 4.46% of the company's shares, marks a critical leadership shift, with Wang Jing appointed as the new General Manager [4]. - Over the past 12 months, the board of directors has seen a turnover rate exceeding 50%, indicating instability within the company's governance structure [4][6]. Group 2: Financial Performance - Mingya Fund, established in 2019, has struggled to grow its public fund management scale, which currently stands at only 1.58 billion yuan, a decline of over 77% from its peak of 700 million yuan in Q4 2023 [2][6]. - Among its four public fund products, three have scales below 50 million yuan, categorizing them as "mini funds," with the largest product, Mingya Value Evergreen, having a mere 15 million yuan in assets [6]. Group 3: Business Focus and Regulatory Issues - Despite being a public fund, Mingya Fund's primary focus has shifted to private asset management, launching 19 private asset management plans from March to November 2023, which have become the main source of revenue [7]. - The Shenzhen Securities Regulatory Bureau imposed a three-month suspension on new private product filings due to regulatory violations, including issues related to the management of private funds [7]. Group 4: Challenges Ahead - The new General Manager Wang Jing faces significant challenges, including addressing the shrinking public fund scale, compliance issues, and ongoing personnel instability [8]. - The competitive landscape for small public funds is intensifying, with survival pressures mounting as management fees struggle to cover operational costs [8].