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 departure of renowned fund manager Zhang Yifei from Anxin Fund has raised concerns among investors, as he managed over 300 billion yuan in assets, accounting for more than one-third of the company's total fund size, and was known for his emphasis on long-term stable returns and strict risk control [2][5]. Group 1: Zhang Yifei's Background and Performance - Zhang Yifei joined Anxin Fund in September 2012 and became a public fund manager in March 2014, later promoted to Deputy General Manager in May 2023, but resigned from this position within a year [2]. - His public equity products achieved a total return of 75.9% and an annualized return of 5.72%, significantly outperforming the CSI 300 index's annualized return of 2.35% during the same period [3]. - Zhang managed 18 funds, all of which maintained positive returns, with Anxin Stable Growth being the longest-held fund, achieving ten consecutive years of positive returns [3][5]. Group 2: Impact of Departure on Investors - Investors are uncertain about whether to hold or redeem their investments following Zhang's departure, with some expressing a desire to increase their investments while others are hesitant [6][7]. - The change in fund management has led to discussions among investors, with some indicating they would leave if the new management does not perform well [8][7]. Group 3: Industry Trends - The fund industry is shifting towards a platform-based investment research model, reducing reliance on individual star managers, as highlighted by recent regulatory guidance [10]. - Numerous funds have announced the addition of multiple fund managers to their teams, indicating a trend towards collaborative management structures [10].

Core Viewpoint - The public fund industry is experiencing a significant wave of fund manager changes, driven by various factors including market conditions, industry competition, incentive mechanisms, the trend of "de-starring," and personal career planning [2][12]. Group 1: Fund Manager Changes - As of June 24, nearly 200 public fund products have announced fund manager changes this month, indicating a trend of frequent adjustments within the industry [2][5]. - The changes in fund managers can be categorized into three main types: new appointments, simultaneous appointments and dismissals, and departures [6][10]. - The increase in fund manager dismissals is attributed to work needs and performance evaluations, with companies adjusting their fund manager assignments based on product style and performance benchmarks [9][11]. Group 2: Industry Changes - The public fund industry is gradually moving away from reliance on "star fund managers" and is transitioning towards a team-based and institutionalized approach [14]. - Talent mobility within the industry is accelerating, with competition shifting from mere salary comparisons to diverse dimensions such as equity incentives and differentiated assessments [14]. - The industry is evolving from extensive growth to high-quality development, emphasizing long-term performance, risk management, and effective communication with investors [14]. Group 3: Team Management Model - The implementation of a team management model for fund managers is expected to increase, as highlighted in the new regulations aimed at enhancing core investment research capabilities [15]. - The team management model allows for resource integration and improved investment quality, while also posing challenges such as decision-making conflicts and coordination costs [16][17]. - This model reduces dependency on individual fund managers and enhances the stability of performance, but it requires careful management to avoid potential pitfalls [17].