Core Viewpoint - The resignation of Zhang Yan, the chairman of Bank of China Fund, marks a significant leadership change after nearly eight years, with Zhang Jiwen, the current CEO, taking over interim responsibilities until a new chairman is appointed [1][3]. Company Overview - Bank of China Fund, established in July 2004, has grown to manage over 651 billion yuan in assets, ranking 18th in the market as of June 17 [1]. - The fund's total assets reached 64.82 billion yuan by the end of 2024, with a net profit of 7.9 billion yuan, reflecting a 12.54% increase from 2023 [3]. Leadership Transition - Zhang Yan, who has been the longest-serving chairman since her appointment in August 2017, is expected to return to Bank of China as the executive vice president of the Shanghai RMB Trading Business Headquarters [1][3]. - Zhang Jiwen, with over ten years at the company, is currently acting as chairman [1][8]. Asset Management Growth - Under Zhang Yan's leadership, the fund's asset management scale increased from approximately 326.43 billion yuan in Q3 2017 to over 650 billion yuan by Q1 2025 [3][4]. - The growth has been primarily driven by fixed-income products, which saw an increase from 288.11 billion yuan to 620.07 billion yuan, while equity products decreased from 37.59 billion yuan to 26.49 billion yuan [4][5]. Product Structure Challenges - As of June 18, 2025, fixed-income products accounted for over 95% of the fund's total assets, highlighting a significant imbalance in product offerings [5]. - The fund has faced challenges with "mini funds," with 24 out of 75 active equity products having less than 50 million yuan in assets [7]. Future Considerations - The new leadership will need to address the imbalance in product offerings and enhance the equity investment capabilities to achieve more balanced growth [9].