“一姐”告别、“明星”空降！天弘基金万亿固收团队完成新老交替

Core Viewpoint - The departure of Jiang Xiaoli, a key figure in Tianhong Fund's fixed income sector, marks a significant transition for the company as it prepares for a new leadership era under Ma Long, who has joined as the new head of fixed income [1][22]. Group 1: Jiang Xiaoli's Career and Departure - Jiang Xiaoli has been with Tianhong Fund for 16 years, starting as a researcher and rising to manage over 700 billion yuan in assets [1][22]. - Under her management, the Tianhong Yongli Bond Fund grew from 30 billion yuan to a peak of 394.66 billion yuan, but has since seen a significant decline to 185.37 billion yuan [4][26]. - Jiang's total management scale dropped from a peak of 781.94 billion yuan in 2022 to approximately 350 billion yuan before her departure [22][26]. Group 2: Transition in Leadership - Ma Long, a former star fund manager from China Merchants Fund, joined Tianhong Fund in May 2025, taking on a leadership role in the fixed income department [1][32]. - The market had anticipated a strong collaboration between Jiang and Ma, but Jiang's sudden decision to take a long break has shifted the dynamics [1][22]. - Ma Long's previous experience includes managing significant assets at China Merchants Fund, where he was a key player in the fixed income sector [32][33]. Group 3: Fund Performance and Strategy - Jiang Xiaoli's funds, primarily focused on fixed income, achieved annualized returns of 7.64%, which did not outperform the CSI 300 index [5][27]. - The fixed income products under her management showed better performance in the short term, with returns of 4.9% and 12.11% over the past one and two years, respectively [5][27]. - Tianhong Fund is shifting its focus towards passive investment strategies, particularly in ETFs, which have seen a 75.85% growth year-on-year, contributing significantly to the overall asset growth [17][40]. Group 4: Industry Context and Future Outlook - The overall public fund management scale for Tianhong Fund reached 1.31 trillion yuan by the end of 2025, with a notable increase in ETF assets [40][43]. - The company is adapting to market trends by increasing its offerings in index funds, with 70% of new products being index-based [15][39]. - The transition in leadership and strategic focus on ETFs may help Tianhong Fund strengthen its competitive position in the fixed income market, despite challenges in active management [20][43].