Core Viewpoint - The recent appointment of Liu Xianzheng as the fund manager for four passive index funds at Zhongyin Securities raises questions about the company's management decisions and the future of the previous manager, Ji Wei, whose performance has been under scrutiny [2][7]. Fund Manager Changes - Zhongyin Securities announced the appointment of Liu Xianzheng as the fund manager for four products, transitioning from a dual-manager to a three-manager model, which is interpreted as a signal of Ji Wei's potential departure [2][6]. - Ji Wei has a history of poor performance, with all funds he managed under Zhongyin Securities recording losses, including a -38.73% return for the Zhongyin Securities Ruiyi Mixed Fund [4][6]. Performance Analysis - Ji Wei's management history includes multiple funds with negative returns, such as the Zhongyin Securities Xiangrui Mixed Fund, which recorded a -14.9% return during his tenure [4][6]. - Liu Xianzheng's previous experience does not include managing passive index funds, raising concerns about his capability in this new role [7][9]. Fund Management Context - The shift to a three-manager model for Ji Wei's funds is unusual in the industry, potentially complicating decision-making and diluting accountability [6][9]. - Liu Xianzheng's past performance in other fund types has also been disappointing, with significant losses recorded in funds he managed prior to this appointment [8][9].
中银证券四产品三基金经理共管!刘先政折戟一年后“王者归来”?