Core Viewpoint - The frequent changes in senior management within public fund companies reflect a competitive industry environment, with 129 fund managers experiencing leadership changes and a total of 318 individuals affected by these transitions in 2023 [3][4][6]. Group 1: Management Changes - Recent announcements from Taiping Fund, Xinjiang Qianhai United Fund, and Bosera Fund highlight significant leadership changes, including the departure of key executives without specified new roles [3][4]. - As of October 16, 2023, 129 fund management companies have reported changes in senior management, affecting a total of 318 individuals, including chairpersons and general managers [4][6]. - Notable changes include Zhang Dong taking over as chairman and acting general manager of Bosera Fund, following the resignation of Jiang Xiangyang [3][4]. Group 2: Reasons for Changes - Analysts attribute the high turnover in management to personal career planning, increased competition, and heightened performance pressure within the public fund industry [4][6][8]. - The trend of "promoting excellence" is evident, with several high-performing fund managers being elevated to senior management roles, while others step down to focus on investment research [8][9]. Group 3: Impact of Changes - The departure of high-level executives may impact daily operations, but if new leaders are competent, it could lead to positive outcomes for the company [6][7]. - The transition of leadership at major public funds is critical, and effective resource and business continuity management is essential for a smooth transition [7].

Core Points - Zhang Qinghua has stepped down from his position as a senior management personnel at E Fund Management due to work adjustments, focusing on investment management instead [2][3] - As of June 2025, Zhang manages 11 funds with a total scale of 47.94 billion yuan [2] - Zhang is well-known for his expertise in large asset allocation, having managed the E Fund Anxin Return A fund since December 2013, achieving a return of 266.8% over nearly 12 years, ranking first among 151 similar funds [3] Group 1 - Zhang Qinghua's departure is part of a trend where several senior executives at E Fund, including Chen Hao, Xiao Nan, and Zhang Kun, have chosen to focus more on investment research rather than management roles [4] - The trend reflects a shift in the industry where many investment research professionals are opting to "lighten their load" and concentrate on fund management [3][4] - The internal promotion of star fund managers to senior management positions at E Fund during the 2019-2021 bull market has led to a significant increase in managed assets, with six managers collectively overseeing 501.42 billion yuan, accounting for 42.16% of E Fund's non-monetary market fund scale by the end of 2021 [3] Group 2 - Feng Bo has also stepped down from managing two funds, with his managed scale dropping from nearly 60 billion yuan in mid-2021 to 2.66 billion yuan currently [5] - Despite stepping down from fund management roles, Feng Bo remains a vice president and a member of the equity investment decision-making committee at E Fund [5]

Core Viewpoint - The A-share market is experiencing increased volatility, leading to a significant turnover among public fund managers, with a notable shift towards focusing on investment management rather than administrative roles [1][12]. Group 1: Personnel Changes - On May 17, fund manager Bao Wuke from Invesco Great Wall Fund announced his resignation, marking a total of 138 fund managers leaving their positions in 2025, a 20% increase compared to the same period last year [1][3][13]. - Bao Wuke's departure is attributed to personal reasons, and he has not transitioned to another role within the company [4][6]. - Prior to Bao's resignation, top fund manager Zhang Kun from E Fund also announced a shift to focus solely on investment management, stepping down from his executive role [7][10]. Group 2: Performance and Market Trends - Bao Wuke managed assets worth 162.07 billion yuan as of the end of Q1 2025, a 40% decrease from his peak of 271.86 billion yuan in mid-2024, reflecting broader market trends and a shift in investor preferences towards passive investment tools [6][11]. - Zhang Kun's managed assets stood at 608.22 billion yuan as of Q1 2025, maintaining his position as a leading public fund manager despite a decline in overall fund performance [10][11]. Group 3: Industry Transformation - The public fund manager turnover rate has accelerated, with 358 fund managers leaving in 2024, the highest on record, and 138 already in 2025, driven by market volatility and intensified competition [13][14]. - The traditional career path of "performing well leads to promotion" is changing, with many successful fund managers opting to return to investment roles rather than taking on executive positions, as the challenges in active equity fund management increase [14][15]. - Recent regulatory changes emphasize the importance of investment performance in evaluating fund managers, further encouraging them to focus on investment rather than administrative duties [15][16].

Core Insights - The A-share market has experienced increased volatility, leading to a significant turnover among public fund managers, with 138 managers leaving their positions in 2025, a more than 20% increase compared to the same period last year [1][11] - Notable fund managers, such as Bao Wuke and Zhang Kun, have announced their departure from executive roles to focus on investment management, indicating a shift in the industry towards prioritizing investment capabilities over administrative responsibilities [1][7][12] Manager Departures - Bao Wuke from Invesco Great Wall Fund announced his resignation for personal reasons, with his managed assets decreasing from a peak of 271.86 billion to 162.07 billion, a reduction of 40% [6][11] - Zhang Kun, a prominent manager at E Fund, also stepped down from his executive role to concentrate on investment management, maintaining a managed asset size of 608.22 billion [10][12] Industry Trends - The public fund industry is witnessing a trend of increasing departures, with 358 fund managers leaving in 2024, marking a historical high [11] - The traditional career path of "performing well leads to promotion" is changing, with many successful fund managers opting to return to investment roles rather than taking on executive positions [12][13] - Recent regulatory changes emphasize the importance of investment performance, further motivating fund managers to focus on their core investment responsibilities [13]

Core Viewpoint - The public fund industry is experiencing a notable shift where several senior fund managers are choosing to step down from executive roles to focus on their investment responsibilities, indicating a new phase in the industry's development [1][2][4]. Group 1: Changes in Executive Roles - Senior fund managers, particularly those at the vice president level, are increasingly resigning from their executive positions to return to their roles as fund managers, as seen with notable figures like Yang Gu from Nuon Fund and others from various firms [1][2]. - This trend reflects a broader industry movement towards prioritizing investment expertise over management roles, as the dual responsibilities can lead to burnout and hinder effective investment decision-making [2][4]. Group 2: Implications for Investment Performance - The return of these senior managers to investment roles is expected to enhance the investment capabilities of their firms, as their focus will shift back to research and investment performance, which is crucial for the success of actively managed funds [4]. - The industry is recognizing that without strong investment performance, even large fund sizes can lead to dissatisfaction among investors, emphasizing the importance of performance over scale [4]. Group 3: Industry Trends and Future Outlook - The shift away from dual roles is seen as a response to the increasing importance of professional investment in the public fund industry, as passive investment products like ETFs gain popularity [4]. - The trend also highlights a need for better talent cultivation and incentives within the industry, ensuring that core investment personnel are respected and adequately compensated for their expertise [4].