朱雀基金困局：梁跃军无独管产品，业绩亏14%叠加公司自购戏码引质疑，转型路在何方？

Core Viewpoint - Zhuque Fund, a "private to public" fund company, is facing significant turmoil following the resignation of General Manager Liang Yuejun from all independently managed public funds, amid a backdrop of poor performance and a shrinking asset base [1][2][4]. Group 1: Management Changes - Liang Yuejun has resigned from managing all core products, with recent announcements indicating that he no longer independently manages any public funds [2]. - Liang has a rich industry background, having worked in various financial institutions before co-founding Zhuque Investment and later joining Zhuque Fund [2]. - The management changes have raised concerns, especially after a controversial board chairman transition last November that was not publicly announced [4]. Group 2: Performance Issues - Zhuque Fund has experienced a significant decline in performance, with its managed products losing over 14% in the past four years and its total assets shrinking from 29.4 billion to 10 billion [1][4]. - For instance, the Zhuque Hengxin One-Year Holding Fund has seen a return of -14.48% since Liang took over in March 2021, with its size dropping from 9 billion to 3.2 billion [3]. Group 3: Trust Crisis and Market Reaction - The fund's credibility has been further undermined by a "self-redeeming" incident in early 2024, where the company announced a self-purchase of 20 million while simultaneously redeeming over 24 million, leading to investor skepticism [4]. - The company has stated that the recent management changes are part of a strategic optimization to enhance research and investment capabilities [6]. Group 4: Industry Context - Zhuque Fund's struggles reflect broader challenges faced by small "private to public" fund companies, which are increasingly squeezed by larger firms that dominate the market [5][6]. - The transition from private to public requires significant restructuring of investment research systems and governance, which many firms have struggled to achieve [6].