Core Viewpoint - The recent appointment of four new fund managers at Invesco Great Wall Fund, alongside veteran manager Bao Wuke, has raised speculation about potential changes in management and performance of the funds involved [2][3]. Group 1: Fund Manager Changes - Bao Wuke, a seasoned fund manager with over 17 years of experience, has been managing several funds at Invesco Great Wall Fund, including the Value Margin and Hong Kong-Shanghai Select funds [2]. - The newly appointed fund managers are Liu Su, Zou Lihua, Zhang Zhongwei, and Wang Yong, all of whom are experienced professionals within the company [3][4]. - The "old hands co-managing" model is relatively rare in the fund industry, as the more common practice is "old leads new" for training purposes [3]. Group 2: Fund Performance Post-Appointment - Following the announcement of the new appointments on April 12, three out of four funds have shown an increase in performance [5]. - The net asset value of the Value Margin fund rose from 1.5335 to 1.5425, with major holdings including Zijin Mining and Midea Group [5][6]. - The National Enterprise Value Mixed A fund's net value slightly decreased from 1.2086 to 1.2083, with Zijin Mining being the largest holding at 10.01% of the fund's net asset value [6]. - The Hong Kong-Shanghai Select A fund's net value increased from 2.177 to 2.191, with Midea Group as the top holding at 6.65% [6]. - The Value Discovery A1 fund's net value rose from 1.0927 to 1.1005, with Zijin Mining as the largest holding at 6.04% [6]. Group 3: Management Structure Insights - The effectiveness of co-managing a fund is debated, with some experts suggesting that a single manager may have more independence in decision-making [7]. - However, there are exceptions where a dual-manager structure can enhance performance, particularly in complex products requiring diverse expertise [7].

Core Viewpoint - The recent trend of prominent fund managers resigning from their positions is increasing, with notable figures like Jiang Hua'an and Bao Wuke stepping down, prompting fund companies to adopt strategies to mitigate the impact of these departures on their products and channels [1][8]. Group 1: Fund Manager Departures - Jiang Hua'an, a leading figure in the FOF team at ICBC Credit Suisse Fund, resigned from managing nine FOF products due to personal reasons, having managed assets totaling 2.139 billion yuan with a best tenure return of 41.08% [2][1]. - Bao Wuke, a well-known fund manager at Invesco Great Wall Fund, has also indicated plans to leave, as evidenced by the recent appointment of four additional managers to co-manage his funds [5][1]. - As of April 17, 2023, a total of 109 fund managers have left their positions this year, significantly higher than the same period last year [8]. Group 2: Fund Management Trends - The trend of increasing fund manager changes reflects a broader shift in the industry towards team-based operations, moving away from reliance on individual star managers [8]. - The rapid development of the fund industry has led to an expansion of the fund manager workforce, while the number of departures remains high, indicating a dynamic market environment [8]. - Market analysts suggest that the departures of star fund managers are influenced by market cycles, with some choosing to join larger firms or pursue private opportunities for better career prospects [8].