信达澳亚基金困局：一年五换副总 冯明远产品回撤超15%

Core Viewpoint - The frequent turnover of senior management at Xinda Australia Fund Management Co., Ltd. has raised concerns about the company's governance and operational stability, especially as the performance of its flagship funds has been underwhelming in a volatile market environment [1][6]. Management Changes - On July 30, 2025, the company announced the departure of Deputy General Manager Wang Jianhua due to personal reasons, marking the fifth senior executive departure in the past year [1][4]. - Wang Jianhua's exit follows the departures of four other deputy general managers, indicating a significant period of management turnover that may reflect internal disagreements regarding strategic adjustments and coordination [5][6]. Fund Performance - The company's actively managed equity products have struggled, with key fund managers underperforming relative to industry averages. For instance, the fund managed by Feng Mingyuan reported a loss of 167 million yuan during the second quarter of 2025 [7][10]. - The total losses for the company's actively managed equity funds over the past three years amount to 25 billion yuan, despite a slight improvement in performance in 2024 [10]. Financial Metrics - Despite poor fund performance, the company has maintained stable management fee income, collecting a total of 2.08 billion yuan in management fees from 2022 to 2024 [10]. - The assets under management for the company's active equity products have decreased from 53.05 billion yuan to 35.46 billion yuan during the same period, indicating ongoing pressure on product scale and revenue [10]. Strategic Challenges - The company faces systemic challenges, including the need for a comprehensive review and adjustment of its governance structure, investment research strategies, product design, and communication with clients [10].