On May 11, Jiangxin Fund issued an announcement on the change of senior managers. Among them, four deputy general managers, Zheng Yu, Wang Anliang, Li Zhen, Wang Peng, and the chief information officer, Fu Ming, left their jobs on May 10. Except that Zheng Yu's reason for leaving his post was "retirement", the other four people left their posts for "personal reasons".
In recent years, both senior executives and fund managers of Jiangxin Fund have gone through the process of replacement and resignation. Some insiders believe that too frequent talent changes in management may lead to a decline in the stability of the management and lack of coherence in decision-making. In addition, the mass resignation of fund managers has also weakened the investment and research strength of the company. At present, the company has only one active equity product, which is a "mini base" that lasts for many quarters.
Five senior managers of Jiangxin Fund resigned
In addition to the four deputy general managers, Fu Ming, the chief information officer, also announced his resignation, and Yuan Liang, the current general manager, concurrently held this important position. According to the previous announcement of Jiangxin Fund, Yuan Liang has also been serving as the general manager of Jiangxin Fund since October 2023.
Therefore, Yuan Liang is currently serving as the general manager, financial director, head and director of Shanghai Branch of Jiangxin Fund, and the CIO who has just taken the concurrent post.
In recent years, the change of senior managers of Jiangxin Fund is like a horse riding lantern. Just before Yuan Liang took the post of general manager, on October 20 last year, the company announced that Jiao Mao, the former general manager and acting chief inspector, had left his post for personal reasons. At this time, the time was less than one year since he took the post of general manager, and the acting chief inspector was only more than five months; Going forward, Jiao Mao will succeed Chuying, who has served as the general manager of Jiangxin Fund since its inception, at the end of 2022.
A public offering person in North China said that there were three main reasons for the change of senior executives in the public offering fund industry, namely, the appointment of shareholders, their own career development plans, and their performance did not meet the standards. In addition, a long-term stable senior management team is still more beneficial to the company as a whole.
A fund evaluator also held a similar view, saying that in the context of the rapid development of the industry, the change of fund company executives or fund managers is normal, but too frequent talent changes in management may lead to a decline in the stability of the management and lack of coherence in decision-making. In addition, under the influence of Matthew Effect, small and medium-sized fund companies are facing increasing pressure to survive. At the same time, shareholders have higher requirements for the development of fund companies, and the flow of talent is accelerating under the pressure of business.
In addition, the fund manager of Jiangxin Fund also changed frequently. After a succession of people left last year, the not rich investment research team made it worse. Currently, only three fund managers, Ma Chaoran, Gao Pengfei and Xue Chen, have products in operation.
Loss for the fourth consecutive year
Jiangxin Fund was established in January 2013. From the perspective of equity structure, its controlling shareholder is Guosheng Securities, holding 30% of its shares. Guosheng Securities is a wholly-owned subsidiary of Guosheng Financial Holding; The other four shareholders are Jinqilin Investment Co., Ltd., Yingtan Hongshi Investment Management Co., Ltd., Yingtan Jufu Investment Management Co., Ltd. and Anhui Hengsheng Sunshine Holdings Co., Ltd., holding 17.5% of the shares respectively. However, the equity status of the four companies is currently frozen.
In the context of the rapid development of public funds, the current overall scale has approached 30 trillion yuan, but there are still fund companies that have to "fall behind" due to poor management and other reasons. When the head industry is prone to hundreds of millions of yuan in profits, Jiangxin Fund is struggling in the vortex of losses.
Wind data shows that in 2023, the operating income of Jiangxin Fund will be 16.685 million yuan, and the net loss will be 45.695 million yuan, ranking the last among the public fund companies with public data. This is the fourth consecutive year that Jiangxin Fund has suffered losses since 2020. Although the loss of last year decreased from more than 60 million yuan in 2022, the revenue declined significantly, 18.50% lower than the same period in 2022. In its annual report, Guosheng Financial Holding said that the business scale of the special account in the current period decreased significantly, and the operating revenue decreased compared with the same period last year.
Statistics show that the overall size of Jiangxin Fund is only 2.853 billion yuan at present, ranking 142 among all public funds. It is awkward to be in the tail of the industry with a group of newly established public funds, and it is dominated by monetary funds and bond funds. There is only one flexible allocation fund, with the size of about 24 million yuan as of the end of last year. This "only seedling" of the active equity class is in a mini base all the year round, and the heavy positions are adjusted no less every quarter, and all ten heavy positions are replaced in the first quarter; In terms of performance, the fund fell by 7.41% last year, which was satisfactory, and has fallen by 7.1% again since this year.
In addition, Jiangxin Fund has been "one base has not been issued" for nearly seven years - since the establishment of Jiangxin profit increasing currency in August 2017, no new products have been established for six consecutive years. Some insiders pointed out that the continuous change of the actual controller of Guosheng Financial Holding, the shareholder, has led to many obstacles in the new development of its Jiangxin Fund, and therefore missed the golden period of development.
The impact of the scale of inaction on shareholders is that they have suffered losses in successive years. 2017 was the year when the size of Jiangxin Fund was the highest, and the subsequent years have seen repeated losses.
Editor in charge: Trish
