老将刘翔接任诺德基金新任总经理，迎战规模压力

Core Viewpoint - Nord Fund has experienced a significant decline in its management scale, dropping by 15 billion yuan from its peak, raising concerns about the new general manager's ability to reverse this trend [2][6]. Management Changes - The company has undergone leadership changes, with the former general manager, Luo Kai, resigning for personal reasons, and Liu Xiang appointed as the new general manager [2][3]. - Liu Xiang has 21 years of experience in the public fund industry, previously serving in three public fund institutions, including a tenure at Everbright Pramerica Fund where he did not achieve significant growth in management scale [4][5]. Management Scale Decline - As of the end of Q3 2025, Nord Fund's management scale was 34.21 billion yuan, a decrease of 15.4 billion yuan from its historical high of 49.61 billion yuan in mid-2024 [6][10]. - The decline is primarily attributed to a significant reduction in fixed-income products, particularly bond funds, which accounted for nearly 80% of the total scale [8][10]. Product Performance - The bond fund scale decreased sharply, with the largest bond product, Nord Anrui 39-month open-end bond, yielding only 2.17% over the past year, while other bond products recorded yields below 2% [8][9]. - Despite the decline in fixed-income products, several mixed funds, such as Nord New Life Mixed, have performed well, achieving returns of 99.49% over the past year, but this has not translated into significant scale growth [10][11]. Market Challenges - The overall market perception of Nord Fund's equity investments remains low, as indicated by the limited growth in mixed fund management scale, which increased by only 2.31 billion yuan compared to the end of 2024 [11].