Core Viewpoint - Mingya Fund Management Co., Ltd. is experiencing significant management upheaval with the simultaneous resignation of its General Manager Ding Yue and Deputy General Manager Tu Jianzhong, and the appointment of Wang Jing as the new General Manager, highlighting ongoing challenges within the company since its establishment six years ago [1][5]. Group 1: Management Changes - The management changes took effect on July 15, with both Ding Yue and Tu Jianzhong leaving for personal reasons, while Wang Jing was appointed as the new General Manager [1][2]. - Wang Jing has over 15 years of experience in fixed income investment, having held key management positions in various financial institutions, including Huaron Securities and Guosheng Securities [4][3]. - The recent turnover in management is notable, with over 50% of the board changing in the last 12 months, indicating instability within the company's leadership [5]. Group 2: Company Performance - Since its establishment in February 2019, Mingya Fund has struggled to grow its management scale, which has never exceeded 1 billion yuan, and as of the first quarter of 2025, it stood at only 158 million yuan, a decline of over 77% from its peak of 700 million yuan in the fourth quarter of 2023 [4][5]. - Among its four public products, three have scales below the 50 million yuan liquidation threshold, with the largest product, Mingya Value Evergreen, having a current scale of only 15 million yuan [4]. Group 3: Compliance Issues - The company faced regulatory scrutiny from the Shenzhen Securities Regulatory Bureau in April 2024, which mandated corrections and suspended the registration of new private asset management products for three months due to compliance violations [6]. - Issues included investment directives from clients, failure to verify the source of related party funds, and untimely reporting of management changes, revealing deficiencies in risk control and corporate governance [6]. Group 4: Industry Context - Mingya Fund's challenges reflect the broader survival difficulties faced by small and micro institutions in the asset management industry amid a prevailing "Matthew Effect," where larger firms dominate the market [6].

21世纪经济报道记者 黎雨辰 北京报道 一则人事变动消息，又一次将个人系公募的生存境遇带入行业视野。 近日，汇泉基金发布的公告显示，公司创始人兼总经理梁永强因"工作调整"离任，陈洪斌接任公司总经 理一职，柴玏则担任公司副总经理。 尽管在卸任高管职务后，梁永强当前仍作为基金经理管理着公司旗下的3只产品，但这位昔日的"金牛老 将"，在汇泉基金掌舵以来的业绩却也十分惨淡，其产品任职以来的亏损达到50%以上，且大幅跑输业 绩比较基准。 事实上，汇泉基金的困境并非孤例，更像是一批个人系公募处境的缩影。从2015年算起，个人系公募在 国内发展已走过10个年头，目前全市场共有机构23家。但过去一年来，近半数个人系公募总规模不升反 降，暴露出的业绩滑坡、股权矛盾、法律纠纷等问题同样层出不穷。 个人系公募问题频发 公开资料显示，汇泉基金成立于2020年6月，梁永强作为公司法人拥有30%的持股。在加入汇泉基金 前，梁永强曾因在华商基金的出色投资管理能力被业内熟知。 但自从担纲汇泉基金的掌门人以来，这位"长跑选手"的光环正在慢慢褪色。Wind数据显示，当前梁永 强仍管理着3只产品，不过总规模仅有10.4亿元，且任职回报全部为大幅亏 ...

Core Viewpoint - Kaishi Fund Management Co., Ltd., the first public fund company in China fully owned by natural persons, faces scrutiny due to a consumption restriction order against its chairman, Chen Jiwu, reflecting challenges in the development of "personal system" public funds in China [1][2]. Company Overview - Established in May 2017, Kaishi Fund is the second public fund approved for "private to public" transition and the first fully owned by natural persons [4]. - The fund currently manages only 117 million yuan, with just three funds available [1][5]. Recent Developments - Chen Jiwu, as the legal representative of Kaishi Wealth and Kaishi Yizheng, has been restricted from high consumption due to failure to fulfill financial obligations, with the involved amount being 509,700 yuan [2][3]. - The consumption restriction is linked to other companies owned by Chen Jiwu, not directly to Kaishi Fund's operations [2]. Performance and Challenges - Since its inception, Kaishi Fund's management scale peaked at 1.348 billion yuan at the end of 2019 but has since declined [5]. - The fund's recent product launch in March 2025 raised only 10.61 million yuan, with participation limited to four accounts, all from the fund management team [5][6]. - As of the first quarter of 2025, Kaishi Fund's scale is only 117 million yuan, with three public products, all underperforming [6][7]. Industry Context - The challenges faced by Kaishi Fund are indicative of broader issues within "personal system" public funds, which often lack institutional support and face difficulties in market competition [8][9]. - The absence of strong institutional backing limits their brand influence and operational capabilities, making it hard to attract talent and achieve scale [9].