Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has resigned from his position managing nine funds, marking the end of his 13-year career in the public fund industry, with a total managed asset of 32.192 billion yuan [2][3] Group 1: Resignation Details - Zhang Yifei's resignation is termed a "liquidation-style" departure, as he will not take on any other roles within the company and has completed the necessary deregistration procedures [3] - His departure has raised significant market attention due to his management of over one-third of Anxin Fund's non-money market fund scale and his notable performance with the Anxin Steady Growth fund, which has achieved positive returns for nine consecutive years [3][4] - Zhang Yifei's previous role adjustments include stepping down as Vice President in March 2024 to focus on investment as Chief Investment Officer [3][4] Group 2: Investment Philosophy and Performance - Zhang Yifei emphasized the social value of asset management, advocating for investments based on corporate value that yield returns for investors while benefiting society [4] - His investment philosophy prioritizes "absolute return first, strict control of drawdown," making his managed products a safe haven during market volatility [5] - The Anxin Steady Growth Mixed A fund, managed by Zhang since May 2015, has achieved a cumulative return of 82.81% and an annualized return of 6.12%, with a maximum drawdown of only 7.2% [5][6] Group 3: Successors and Market Impact - Following Zhang Yifei's departure, fund managers Li Jun and Huang Wanshu will take over the management of the funds, both of whom are core members of the mixed asset investment team at Anxin Fund [7] - Li Jun has 20 years of experience in the securities industry and has been managing funds alongside Zhang for nearly eight years, while Huang Wanshu specializes in bond strategies [7] - The resignation of Zhang Yifei is part of a broader trend in the public fund industry, with 182 fund managers having left their positions in the first half of 2025, indicating a shift from "star-driven" to "team-based" management strategies [8]

Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund marks a significant shift in the asset management landscape, as he transitions to the private equity sector seeking new challenges in his career [1][3]. Summary by Sections Departure Announcement - Zhang Yifei officially announced his resignation from all managed products at Anxin Fund as of July 15, 2023, confirming his intention to continue in the asset management industry [1][3]. Background and Performance - Zhang Yifei has over 11 years of experience in investment management, having previously held various roles in finance and asset management. His managed products had a total scale exceeding 32 billion yuan, accounting for over one-third of Anxin Fund's total assets of approximately 94.53 billion yuan [3][5]. - As of July 15, 2023, all nine products managed by Zhang Yifei reported positive returns, with six products achieving annualized returns exceeding 5%. The longest-managed product, Anxin Steady Growth A, recorded a return of 82.81% since May 25, 2015, with an annualized return of 6.12% [5]. Market Impact and Team Stability - Zhang Yifei's departure raised concerns about the stability of Anxin Fund's fixed income team. However, core team members he previously managed will remain at Anxin Fund to continue overseeing the products [3][5]. Successors - Following Zhang Yifei's exit, two core team members, Li Jun and Huang Wanshu, will take over the management of the products. Li Jun, with 20 years of experience and a history of collaboration with Zhang, will manage several key funds, while Huang Wanshu will oversee others, bringing her expertise in bond yield curve analysis [7][9].