【导读】2025年公募行业高管变更创历史纪录，基金公司高频"换帅" 中国基金报记者 孙晓辉 刚刚过去的2025年，公募基金行业管理层变更依旧处于高频状态。全年高级管理人员累计变 更462人次，涉及162家基金管理人，两项数据双双创历史新高。 作为基金公司"掌舵人"的董事长和总经理两个核心职位变动处于历史高位，董事长变更数创 出新高。 与往年相比，除了中小型公募高管变更仍占据绝大多数，2025年基金公司"换帅"呈现三大特 点：频率高范围广、行业元老迎"退休潮"、新战略由"重量"转向"重质"。 从全行业来看，作为公司"掌舵人"，基金管理人董事长和总经理两个核心职位的变动备受关 注。 数据显示，2025年，董事长变动116人次（含代董事长），涉及基金管理人家数为55家，变 动频率和覆盖范围均创历史新高。其中，离任为62人次，新上任为54人次；同期总经理变动 94人次（含代董事长），涉及45家基金管理人，同样处于历史高位水平。其中，离任达到50 人次，新上任为44人次。 整体而言，2025年超过四成公募基金管理人（79家）发生了董事长或总经理级别的变动。其 中，易方达、招商、兴证全球、兴银、中加、信达澳亚等更是出现董 ...

Core Insights - The public fund industry in China is experiencing a significant turnover of senior executives, with 434 changes recorded this year, including 105 chairpersons and 78 general managers [1][2] - The turnover is characterized by a mix of retiring veterans and new leaders with diverse backgrounds, often appointed from within the company or by major shareholders [2][3] - New executives are expected to bring fresh ideas and strategies to enhance the competitiveness of their firms in a challenging market environment [4][6] Executive Changes - A notable trend is the appointment of executives with strong ties to major shareholders, which is believed to enhance strategic alignment and resource utilization [2][4] - For instance, at Bosera Fund, the new chairman and general manager both come from the China Merchants Group, bringing extensive experience from various financial sectors [2] - Internal promotions are also common, as seen with the new general manager of Xinda Australia Fund, who has been with the company since 2020 [3] Industry Dynamics - The public fund industry is undergoing a transformation, with new leaders expected to drive innovation and adapt to changing market conditions [4][6] - Some mid-sized public funds have reported significant growth in assets under management, attributed to the strategic changes implemented by newly appointed executives [5] - However, the industry faces increasing competition from bank wealth management subsidiaries and foreign asset management firms, which intensifies the pressure on public funds [6] Regulatory Impact - Recent regulatory changes, such as fee reforms and performance assessment guidelines, are reshaping the competitive landscape of the industry [7] - These changes may lead to reduced profit margins for public funds, particularly those heavily invested in bond funds, necessitating strategic adjustments [7] - New leaders must navigate these challenges while seizing opportunities in the evolving market, especially in the context of rising demand for "fixed income plus" products [7]

Core Viewpoint - The leadership transition at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, is expected to create a stable environment for the company's continued development [2][4]. Group 1: Leadership Changes - Zhuang Yuanfang has over 33 years of experience and has held various positions within Xingye Securities and Xingzheng Global Fund since joining in 1992 [2][3]. - Chen Jinqian, who has been in the securities industry since 1999, has served in multiple roles at Xingzheng Global Fund since 2010, including Deputy General Manager and Director of Fixed Income [3][4]. - Both leaders have over 10 years of tenure at the company, fostering a culture of responsibility and professionalism [4]. Group 2: Company Overview - Xingzheng Global Fund was established in 2003, with a stable shareholder structure where Xingye Securities holds 51% and Dutch Global Life Insurance International Company holds 49% [4]. - As of the end of Q3, the total public fund size managed by Xingzheng Global Fund was 741.99 billion, with non-monetary funds amounting to 289.39 billion [4]. - The fund primarily focuses on actively managed equity products, with mixed funds totaling 137.64 billion, bond funds at 122.5 billion, and stock funds at 11.04 billion [4]. Group 3: Industry Context - The public fund industry has seen a significant turnover in leadership, with 338 executives changing roles across 136 firms this year [6]. - The transition of leadership is viewed as a normal part of the industry's evolution, with experienced figures retiring and new talent entering the field [7].

Core Viewpoint - The article highlights the recent leadership changes in the mutual fund industry, particularly focusing on the retirement of senior executives due to age, indicating a trend of generational transition within the sector [2][8][9]. Group 1: Leadership Changes at Xinda Australia Fund - Zhu Yongqiang has retired as the General Manager of Xinda Australia Fund due to age, effective September 5, 2025, with Deputy General Manager Fang Jing taking over the role temporarily [1][4]. - Zhu Yongqiang has been a veteran in the securities and fund industry, contributing significantly to the company's growth during his tenure, which began in December 2019 when the company's assets were nearly 10 billion [3][6]. - Under Zhu's leadership, Xinda Australia Fund has seen rapid development, with a focus on equity, quantitative, and fixed income investments, achieving a return rate of over 30% for 41 fund products in the past year [6]. Group 2: Industry Trends - The mutual fund industry has experienced a notable increase in the number of executives retiring due to age, with several high-profile departures this year, including the chairmen and general managers of various funds [2][8][9]. - The article mentions specific cases of retirements, such as Pan Fuxiang from Nord Fund and Zhu Xuehua from Huashan Fund, both of whom have served for many years, indicating a broader trend of aging leadership in the industry [8][9]. - The transition of leadership is seen as a normal process as the industry shifts from rapid growth to a phase of high-quality development, allowing for new talent to bring fresh perspectives [9].

Core Insights - The public fund industry is experiencing a significant wave of executive changes, with nearly 40% of institutions undergoing management shifts this year, involving over 149 executives across 78 firms [1][4][6] - The changes are driven by multiple factors, including the retirement of senior executives, shifts in ownership, changes in assessment systems, and performance pressures [1][5][7] Executive Changes - Notable recent changes include the departure of Xu Yong as General Manager of China Merchants Fund, with veteran Zhong Wenyue returning to take over [2] - Xu Yong's tenure saw the fund's scale increase from approximately 670.9 billion to 932.34 billion, moving from 12th to 9th in industry rankings [2][3] Industry Trends - The majority of the institutions experiencing changes are small to mid-sized funds, with nearly 70% having assets under 100 billion [1][4] - The trend of high executive turnover is expected to continue, with projections indicating over 350 changes annually from 2020 to 2024 [4][5] Demographic Shifts - There is a noticeable increase in younger executives, particularly those born in the 1980s, taking on leadership roles as the industry transitions to a new generation [5] - The industry is seeing a shift in the profile of executives, with a growing emphasis on diverse backgrounds and experiences [2][5] Regulatory Changes - Recent regulatory frameworks emphasize the need for fund companies to establish performance-based assessment systems, reducing the focus on size and profitability metrics [6] - The industry is under pressure for deeper transformation, with a focus on enhancing research and investment capabilities [3][6]