Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund is expected to have a significant impact on the company's business, particularly in the fixed income sector where he was a leading figure [1][4]. Company Impact - Zhang Yifei managed nine funds with a total management scale exceeding 28 billion yuan, and his exit will lead to a new management team for these funds [1][3]. - Anxin Fund's overall scale was reported at 94.018 billion yuan as of June 30, with bond funds accounting for 39.364 billion yuan, representing over 40% of the total [3]. - The company is facing increased redemption pressure as several of Zhang's funds have already seen significant declines in share volume prior to his departure announcement [3][4]. Industry Context - The "fixed income plus" funds, which have gained popularity among investors, are an area where Zhang excelled by balancing risk and return through flexible allocation of bonds and equity assets [3]. - Anxin Fund has been struggling with a shrinking public offering scale despite overall growth in the public fund industry, making Zhang's departure a critical moment for the company [4].

Group 1 - Zhang Yifei, a senior fund manager at Anxin Fund, left the company on July 15 for personal reasons after 13 years, managing several funds that will now be taken over by Li Jun and Huang Wanshu [1] - Zhang expressed gratitude towards Anxin Fund in a public letter to investors, indicating his intention to continue in the asset management industry with a focus on long-term, stable, and risk-controlled absolute return investment strategies, leading to speculation about his potential move to the private equity sector [1][4] - The public fund industry has seen frequent talent movement, with many elite professionals transitioning to private equity, raising concerns about how to retain fixed-income talent [1] Group 2 - During his tenure, Zhang Yifei achieved notable performance with the Anxin Stable Growth Fund, which delivered positive returns annually over the past decade, with a maximum drawdown of only -7.20% and an annualized return of 6.19%, highlighting his strong investment style [2] - Despite Zhang's individual success, Anxin Fund's overall scale has been declining, with public fund assets dropping to 94 billion yuan, a decrease of nearly 25 billion yuan since the end of last year, although the fixed-income business has seen some growth [2] - Following Zhang's departure, Anxin Fund faces the challenge of filling the management gap he left and continuing to develop its fixed-income business, while the broader public fund industry must consider strategies to attract and retain talent, especially in popular sectors like fixed income [2][4]

Core Viewpoint - The article discusses the significant changes in the management of multiple funds at Anxin Fund, particularly focusing on the departure of renowned fund manager Zhang Yifei, who is expected to transition to private equity after his departure [1][2]. Group 1: Zhang Yifei's Background and Career - Zhang Yifei has a master's degree in economics and has held various positions in finance, including roles at Morgan Steel (Shanghai) and the Shanghai State-owned Assets Supervision and Administration Commission [3]. - He joined Anxin Fund in September 2012, became a public fund manager in March 2014, and was promoted to Deputy General Manager in May 2023, but left this position less than a year later [3]. Group 2: Fund Management Performance - Zhang Yifei is recognized as a rare "fixed income +" fund manager who has successfully navigated multiple stock and bond cycles, gaining significant market attention, especially after the market turbulence in 2021 [5]. - Under his management, the funds he oversaw achieved notable performance, with a total management scale reaching 32.192 billion yuan [5]. - The Anxin Stable Value Fund, managed by Zhang Yifei, has consistently delivered positive returns every year since its inception, with a total return of 82.45% and an annualized return of 6.1%, while maintaining a maximum drawdown of only 7.2% [5]. Group 3: Transition of Fund Management - Following Zhang Yifei's departure, the management of the funds will be taken over by Li Jun and Huang Wanshu, who are also part of the Anxin Fund's mixed investment team [5].

Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund is a significant event, as he managed a substantial portion of the firm's assets and his exit may lead to further declines in the company's fund size [1][5]. Company Overview - Zhang Yifei left Anxin Fund on July 15 due to personal reasons, resigning from all nine funds he managed [1]. - He has a master's degree in economics and has held various financial roles before joining Anxin Fund in September 2012, where he progressed from a fixed income researcher to Chief Investment Officer [4]. - Under Zhang's management, the Anxin Stable Growth Fund achieved a return of 82.46% over his tenure of more than 10 years [4]. Fund Management and Performance - As of his departure, Zhang managed eight products with a total scale of 32.51% of Anxin Fund's public offering assets, which amounted to 321.92 billion yuan [4]. - Anxin Fund's total public fund management scale was 990.11 billion yuan as of the end of Q1 2025, with a breakdown of 430.46 billion yuan in bond funds, 414.89 billion yuan in mixed funds, and 55.65 billion yuan in equity funds [5]. Recent Trends and Challenges - Anxin Fund's public management scale decreased to 992.75 billion yuan by the end of 2024, a drop of 193.09 billion yuan from the previous year, marking a year-on-year decline of 16.28% [5]. - The firm fell from 50th to 62nd in industry rankings during the same period, while the overall public fund industry saw an 18.95% increase in management scale [5]. - The mixed fund segment has seen a continuous decline, dropping from a peak of 860.78 billion yuan in Q3 2022 to 393.32 billion yuan, a reduction of 54.3% [5][6]. Investor Sentiment - Zhang Yifei's departure may trigger redemptions from investors in the funds he managed, potentially exacerbating the decline in Anxin Fund's overall scale [7].

Core Viewpoint - The departure of Zhang Yifei, a prominent fund manager at Anxin Fund, raises concerns about the stability and performance of the public fund industry, particularly in the context of increasing turnover among star fund managers [1][8]. Group 1: Departure of Zhang Yifei - Zhang Yifei announced his resignation from Anxin Fund on July 17, managing over 30 billion yuan in assets and achieving a total return of 82.45% with an annualized return of 6.1% during his tenure [1][3]. - His investment strategy focused on absolute returns with a low maximum drawdown of 7.2%, appealing to investors seeking stability in a volatile market [3][4]. - Zhang Yifei's next move is speculated to be a transition to the private equity sector, continuing to explore absolute return strategies [4]. Group 2: Management Transition - Following Zhang Yifei's departure, Li Jun and Huang Wanshu from the mixed investment team at Anxin Fund will take over the management of the funds previously overseen by Zhang [5][6]. - Li Jun has 20 years of experience in the securities industry and has worked alongside Zhang for nearly 8 years, while Huang Wanshu has been with Anxin Fund since 2016, bringing diverse experience in bond trading and research [6]. Group 3: Industry Trends - The public fund industry has seen over 2,700 changes in fund managers this year, with 194 resignations and 307 new appointments, indicating a high turnover rate [8]. - The departure of several high-performing fund managers reflects the pressures they face, including performance expectations and market volatility [8]. - The trend suggests a shift from individualistic management styles to a more team-oriented approach in the public fund sector [8].

Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has resigned from his position managing nine funds due to personal reasons, with speculation that he may transition to the private equity sector [1][4]. Group 1: Zhang Yifei's Career and Achievements - Zhang Yifei joined Anxin Fund in September 2012 and has nearly 13 years of experience in the firm, previously working in financial management in the real sector [2]. - Under Zhang's management, the Anxin Stable Growth Fund has achieved a total return of 82.45% since its inception, with an annualized return of 6.1% and a maximum drawdown of only 7.2% [3]. - Zhang's investment strategy focused on large asset allocation, selecting securities from pure bonds, stocks, and convertible bonds to pursue high risk-return ratios, resulting in a management scale of 321.92 billion [3]. Group 2: Transition and Successors - Following Zhang's departure, fund management responsibilities will be taken over by Li Jun and Huang Wanshu, both of whom have extensive experience and have worked closely with Zhang [6]. - Li Jun has 20 years of experience in the securities industry and has been with Anxin Fund since 2017, while Huang Wanshu joined in 2016 and has held various roles including bond trader and researcher [6]. - The combined management scale of the funds that Li Jun and Huang Wanshu will oversee is approximately 275 billion [6]. Group 3: Industry Context - Zhang Yifei's resignation is part of a broader trend in the mutual fund industry, where over 2,700 changes in fund managers have occurred this year, including 194 resignations and 307 new appointments [8]. - The increasing turnover of fund managers reflects pressures such as performance expectations, net asset value fluctuations, and evolving investor preferences, indicating a shift from individualistic approaches to team-based strategies in the industry [8].