Core Viewpoint - The departure of renowned fund managers from small and medium-sized fund companies has significant impacts, but it also presents opportunities for these firms to rethink their strategies and diversify their product lines [1][5][7]. Group 1: Impact of Departures - Since 2024, several well-known fund managers have left their positions, leading to noticeable declines in the managed equity scale of small and medium-sized fund companies [1]. - The exit of a "star" manager often results in substantial changes in fund performance, with some successor managers maintaining or even improving the investment strategies [2][3][4]. Group 2: Performance of Successor Managers - After the departure of Qiu Dongrong, Liu Sheng took over the management of Zhonggeng Value Navigation, achieving a return of 15.90% year-to-date and 18.83% since the departure date, outperforming the CSI 300 Index [3]. - Other funds managed by successors also showed varied performance, with Zhonggeng Value Quality achieving an 11.31% return year-to-date, while Zhonggeng Small Cap Value had a return of 16.53% since the departure but underperformed year-to-date [3]. Group 3: Industry Trends and Responses - The frequent turnover of fund managers is attributed to various factors, including performance pressure, industry competition, and personal career plans [6]. - The China Securities Regulatory Commission's recent action plan aims to shift the focus of fund companies from "scale" to "returns," providing new guidance for the development of small and medium-sized fund companies [8][9]. Group 4: Strategic Shifts in Fund Companies - The departure of key talent is prompting fund companies to reflect on their governance mechanisms and long-term incentives to retain core personnel [7]. - Companies are encouraged to adopt a platform-based survival strategy, focusing on building brand value and investment capabilities independent of individual managers [7][9].

Core Viewpoint - The resignation of Zhang Kun, a prominent figure in the mutual fund industry, reflects significant adjustments in the management structure of E Fund this year, indicating a strategic shift towards focusing on investment management rather than executive roles [2][4]. Management Changes - E Fund announced the resignation of Zhang Kun as Vice President due to "work adjustments," effective May 15, 2025, while he will continue to focus on investment management [2][4]. - Zhang Kun has been with E Fund since 2008 and has played a crucial role in the active equity research team, managing funds totaling 60.822 billion yuan as of the first quarter [4]. - This resignation is part of a broader trend within E Fund, as other executives like Chen Hao and Xiao Nan have also stepped down from management roles to concentrate on fund management [8]. Industry Trends - There is a growing trend in the mutual fund industry where executives with investment backgrounds are choosing to "lighten their load" by stepping down from management positions to focus on investment [11]. - The increasing competition and market volatility in the mutual fund sector have led to heightened performance pressure on fund managers, making it more beneficial for them to concentrate on investment rather than administrative duties [11][12]. - Regulatory reforms are pushing fund companies to establish performance-based assessment systems, which may further incentivize fund managers to prioritize investment performance over management responsibilities [13].