Core Viewpoint - The recent management changes at ICBC Credit Suisse Asset Management mark a significant transition for the company, indicating a new development phase as key positions have been reshuffled since May 2025 [1][4][6]. Management Changes - Yang Fan has been appointed as the new General Manager, and Zhang Zhi has been appointed as the new Deputy General Manager, effective November 21, 2025 [1][3]. - The management overhaul began in May 2025, with multiple key positions, including General Manager and Deputy General Manager, being replaced [4][6]. - The previous General Manager, Gao Chong, left after 4 years and 2 months, and the interim General Manager, Zhao Guicai, served for less than 3 months before the new appointments [4][5]. Background of New Executives - Yang Fan has extensive experience within the ICBC system, having held various positions including Deputy General Manager of the Asset Management Department and Vice President of ICBC Shenzhen Branch [3][6]. - Zhang Zhi has a strong background in the Financial Markets Department of ICBC, progressing through various roles to become Deputy General Manager [3][7]. Company Profile - ICBC Credit Suisse was established on June 21, 2005, with shareholders including ICBC (80%) and UBS (20%) [7]. - As of September 30, 2025, the company's asset scale reached 862.42 billion yuan, ranking 14th among 162 fund companies in terms of non-monetary asset scale [7]. Industry Context - The public fund industry has seen frequent executive changes in 2025, with over 40 fund companies adjusting their leadership [7]. - The management restructuring at ICBC Credit Suisse aligns with the broader trend of high turnover in the industry and reflects a strategic repositioning by its shareholders in response to new market conditions [7].

Core Points - The announcement on November 22 revealed the appointment of Yang Fan as the new General Manager and Zhang Zhi as the Deputy General Manager of ICBC Credit Suisse Asset Management, effective November 21, 2025 [1] - The management changes at ICBC Credit Suisse began in May 2025, indicating a significant restructuring phase for the company [4][6] - The new executives, Yang Fan and Zhang Zhi, both have extensive backgrounds within the Industrial and Commercial Bank of China (ICBC) system, suggesting a strategic alignment with the parent company [6][7] Management Changes - The management overhaul started with the departure of several key positions, including the resignation of Vice General Manager Hao Wei and Chief Risk Officer Zhu Bi Yan in May 2025 [4] - The transition included the temporary appointment of Zhao Guicai as acting General Manager, who served for less than three months before the new appointments were made [4][5] - The restructuring reflects a broader trend in the public fund industry, where over 40 fund companies have seen leadership changes in 2025 [7] New Executives' Background - Yang Fan has a diverse career within ICBC, having held various roles from the Financial Markets Department to the Asset Management Department, culminating in his position as Deputy General Manager of Asset Management [3][6] - Zhang Zhi has also progressed through the ranks in ICBC's Financial Markets Department, gaining expertise in fixed income investment and risk management [3][6] - Both new executives are expected to leverage their extensive experience to navigate the company through a new growth phase [7] Company Overview - ICBC Credit Suisse Asset Management was established on June 21, 2005, with ICBC holding an 80% stake and UBS holding 20% [7] - As of September 30, 2025, the company's asset scale reached 862.42 billion yuan, ranking 14th among 162 fund companies in China [7]

Core Viewpoint - Wang Xiaoqing has resigned as the chairman of China Merchants Fund, effective September 24, 2025, with General Manager Zhong Wenyue taking over the role. The company expressed gratitude for Wang's significant contributions during his tenure [1][4]. Management Changes - Wang Xiaoqing's resignation is attributed to work arrangements, and he will not take on any other positions within the company [3]. - Zhong Wenyue, who has a long history in the financial sector, will serve as the acting chairman. His previous roles include various senior positions at China Merchants Fund and other financial institutions [2][6][7]. Company Performance - Under Wang Xiaoqing's leadership from March 2020, the assets under management for both public and non-public funds at China Merchants Fund doubled, with the latest figures showing total assets of 926.9 billion yuan and non-public management assets of 553.2 billion yuan, placing the company among the top ten in the industry [4]. Future Outlook - Following the management changes, China Merchants Fund aims to enhance its core business layout and accelerate its transformation towards high-quality development, focusing on both active management and passive index businesses [8]. - The company recently launched a new fund, which successfully raised over 5 billion yuan in just one day, indicating strong market interest [8]. Industry Context - The public fund industry has seen a significant turnover in management, with over 287 executive changes reported in 2025 alone, including 68 chairpersons and 57 general managers [11].

Core Points - The recent management changes in several public fund companies indicate a trend of frequent executive turnover in the industry, with a record high of 355 executives leaving in 2024 and over 258 changes reported in 2025 so far [1][9]. Group 1: ICBC Credit Suisse Fund - The general manager Gao Chong will leave the company due to "job transfer" effective August 28, 2025, with chairman Zhao Guicai taking over the role [1][2]. - During Gao Chong's tenure, the company's total management scale increased from 1.7 trillion yuan to over 2.1 trillion yuan [2]. - As of the end of Q2 2025, the fund's public management scale was 787.72 billion yuan, ranking 13th among 162 licensed public institutions [2]. Group 2: Xingyin Fund - Huang Deliang has been appointed as the new chairman of Xingyin Fund, replacing the previous chairman [4][5]. - As of the end of Q2 2025, Xingyin Fund's management scale was 110.12 billion yuan, ranking 57th among public institutions, showing a recovery from previous quarters but still down from 128.48 billion yuan in the same period of 2024 [6][7]. Group 3: Nord Fund - The chairman Pan Fuxiang has retired due to reaching the legal retirement age, with Zheng Chengwu appointed as the new chairman [8]. - Pan Fuxiang was a founding member of Nord Fund and served for over 19 years, during which the asset management scale grew nearly ninefold from the end of 2015 to July 2025 [8].

Group 1 - The general manager of ICBC Credit Suisse Asset Management, Gao Chong, has left his position due to "job transfer" effective August 28, 2025, with the chairman Zhao Guicai temporarily taking over [1] - During Gao Chong's tenure, the total assets under management of ICBC Credit Suisse increased from 1.7 trillion yuan to over 2.1 trillion yuan, while the public fund management scale showed slight growth, reaching 787.72 billion yuan as of June 30, 2025, despite a decline of 49.5 billion yuan compared to the end of the previous year [1] - The personnel change is part of a broader internal adjustment within the ICBC Group, with no further information on successor arrangements available at this time [1] Group 2 - The public fund industry has seen frequent executive changes, with a record high of 355 executives leaving in 2024, involving 135 institutions, and a significant wave of changes in 2025 [2] - As of August 27, 2025, over 270 executive changes have occurred in the fund industry this year, including 63 chairpersons and 54 general managers, indicating that high-frequency adjustments have become a norm in the industry [2] - The frequent changes in leadership are viewed as a natural result of the industry’s 27 years of development and are believed to promote healthy industry growth [2]

Core Viewpoint - The general manager of ICBC Credit Suisse Asset Management, Gao Chong, will leave his position due to an internal personnel adjustment within the group, effective August 28, 2025, with Chairman Zhao Guicai taking over as acting general manager [1][3]. Company Summary - Gao Chong's departure is part of a broader personnel adjustment within the ICBC group, and he is expected to be promoted to a new role [2][3]. - The board of directors has approved the related matters, and the company has expressed gratitude for Gao Chong's contributions during his tenure [3]. - Under Gao Chong's leadership since July 2021, the company has strengthened its investment research system and improved investor services, leading to a significant increase in total management scale from 1.7 trillion yuan to over 2.1 trillion yuan [4]. Performance Metrics - ICBC Credit Suisse's absolute return rankings in the equity large-cap category have been strong, with first and second place rankings over five and seven years, respectively [4]. - The pension business has also seen substantial growth, leading the industry in both scale and performance, with fixed income and equity combination portfolios achieving cumulative returns of 11.27% and 11.65% over three years [4]. - The company has entered the top 100 of the "Global Asset Management 500" list for the first time, ranking 96th, marking a significant achievement for Chinese institutions [4]. Industry Context - The public fund industry is experiencing a wave of executive changes, with 258 instances of management changes reported this year, including 52 general manager departures [6][7]. - This trend reflects a normalization of leadership transitions within the industry, contributing to its healthy development [6].

Core Viewpoint - The resignation of Gao Chong, the general manager of ICBC Credit Suisse Asset Management, is part of an internal personnel adjustment within the group, with Zhao Guicai taking over the role temporarily [2][6]. Group 1: Management Changes - Gao Chong will leave his position as general manager effective August 28, 2025, due to "work adjustment" [4]. - Zhao Guicai, currently the chairman and party secretary of ICBC Credit Suisse, will assume the role of general manager [3][6]. - The board of directors has approved the related matters, and the company expresses gratitude for Gao Chong's contributions during his tenure [6]. Group 2: Company Performance - Under Gao Chong's leadership, the total management scale of ICBC Credit Suisse increased from 1.7 trillion yuan to over 2.1 trillion yuan [7]. - The company has achieved top rankings in absolute returns among large equity companies, with first place in two-year and five-year excess returns [8]. - The pension business has seen significant growth, leading the industry in both scale and performance [8]. Group 3: Industry Context - The public fund industry is experiencing a "management change wave," with 258 executive changes reported this year, including 52 general manager changes [10]. - This trend reflects a normalization of new and old leadership transitions within the industry, contributing to its healthy development [10].

Group 1 - The core point of the article is the significant personnel change at Invesco Great Wall Fund, with Ye Caixin officially appointed as chairman starting from August 4, marking a new development phase for the company and reflecting the frequent changes in the public fund industry [1] Group 2 - Ye Caixin has extensive financial experience, having held important positions at China Huaneng Group and other key roles, showcasing his leadership and professional skills [3] - His career includes serving as a director at China Huaneng Finance Co., providing valuable financial business practice opportunities, and expanding his expertise in the insurance sector [3] - Currently, he plays a significant role in the financial sector of Huaneng Group as the chairman and party secretary of Huaneng Capital Services Co., Ltd. [3] Group 3 - The public fund industry has seen a notable increase in executive turnover this year, particularly among foreign-funded public institutions, indicating profound changes in the competitive landscape [4] - Notable changes include the departure of Allianz Fund's first chairman Wu Jiayao and the interim appointment of general manager Shen Liang as chairman, reflecting strategic adjustments in foreign funds in the Chinese market [4] - Other foreign funds like BlackRock, Fidelity, and Morgan Stanley have also experienced varying degrees of executive changes, indicating ongoing personnel adjustments to better adapt to the Chinese market environment [4]