Before the year-end bonus, senior executives will be transferred first.TempestvideogameYes. Since May, a number of public offering executives have embraced the change. On May 21, Debang Fund announced that Deputy General Manager Mo Qiuqin left office due to work adjustment. In addition, since May, a number of small and medium-sized public offering deputy general managers and even general manager-level executives have left office for personal reasons, such as Citic Fund, China Post Venture Fund, Jiangxin Fund, Morgan Stanley Fund and so on. It is pointed out that in recent years, the public offering fund industry as a whole is under performance and operating pressure, and the flow of senior executives, whether active or passive, is likely to come from performance pressure. It is worth mentioning that the Beijing Business Daily reporter learned that the year-end bonuses that most public offering institutions should have handed out after the end of the year have not been issued yet. At this point, what does it mean for the management of small and medium-sized public offerings to change frequently?
A number of public offering executives left office
There are also public offering executives to meet the change. On May 21, Debang Fund announced that Mo Qiuqin, deputy general manager of the company, left office on May 20 due to job adjustment, and there was no description of transferring to other positions in the company.
From the perspective of the industry, since May, a number of public offering executives have taken the initiative to leave office for personal reasons. For example, on May 13, Yue Hongting, deputy general manager of Citic Fund, left office for personal reasons; on May 10, Chen Zhong, deputy general manager of China Post Venture Fund, left office for personal reasons; at the same time, Zheng Yu, deputy general manager of Jiangxin Fund, left office for retirement reasons. Wang Anliang, Li Zhen, Wang Peng, deputy general manager of the company, and Fu Ming, chief information officer, left office for personal reasons. On May 1, Wang Hongcong, general manager and chief information officer of Morgan Stanley Fund, left office for personal reasons.
For the reasons for the departure of public offering executives at the current time, Jia Zhi, managing director of the Capital Management Tribe of Hualin Securities (002945), analyzed that in recent years, the performance of the equity market is weak, and the public fund industry as a whole is under performance and operating pressure. some small and medium-sized fund companies have encountered difficulties, and the flow of senior executives, whether active or passive, is likely to come from the pressure of performance.
It is worth mentioning that a reporter from the Beijing Business Daily learned from industry insiders that most of the public offering funds that paid out the year-end bonuses of the previous year in April have not been issued for a long time this year, and some institutions may extend them to June and later. In view of the fact that the year-end bonus has not yet been landed, but public offering executives have changed frequently, Jia Zhi believes that the payment of bonuses should be based on the excellent business performance of enterprises, and in the current market and regulatory environment, it is also normal for public offering institutions to delay or stop paying bonuses.
The management of small and medium-sized public offerings may accelerate the "reshuffle"
At the same time when some senior executives leave, there are also individual organizations "welcome new students". On May 15, Jiutai Fund announced that Xu Jin was the new general manager of the company, and Wang Yu, executive deputy general manager, will no longer perform the duties of general manager. This is also the new general manager of Jiutai Fund after Yan Jun, the former general manager, left office in October 2023 for personal reasons.
According to public data, Xu Jin has served as deputy director, clerk, deputy general manager and general manager of the trusteeship department of the Postal savings Bank's head office, deputy general manager of founder Fubon Fund, general manager of Pacific (601099) Fund (fund), general manager of Jiahe Fund, and general manager of Guorong Fund.
At the same time, the Guoxin National Certificate Fund openly recruits senior executives. According to the company's website, the Guoxin National Certificate Fund openly recruited the general manager and deputy general manager (in charge of research) on May 16. Among them, the general manager is responsible for presiding over the daily operation and management of the company; accomplishing the company's annual business performance targets; carrying out strategic planning and business plan research, and organizing and implementing according to the arrangements of the board of directors and the party organization. The deputy general manager assists the principal person in charge of the company in carrying out all kinds of operation and management work and implementing the resolutions of the company's board of directors; is responsible for the company's investment and research business, including but not limited to achieving the fund management business scale and performance assessment targets issued by the company, preventing investment risks, organizing the formulation and implementation of investment and research business planning, building and management of investment and research teams, etc.
On the whole, most of the recent executive changes are small and medium-sized public offerings. Flush (300033) iFinD data show that by the end of the first quarter of 2024, the management scale of Taixin Fund, China Post Venture Fund, Morgan Stanley Fund, Guoxin Securities Fund, Jiangxin Fund and Jiutai Fund was 558 respectively.Tempestvideogame71 million yuan, 55.686 billion yuan, 19.297 billion yuan, 5.875 billion yuan, 2.853 billion yuan and 1.398 billion yuan, all of the above-mentioned institutions ranked behind the 70th of the 199 fund managers available in the current data.
So, will this round of executive changes lead to a new round of small and medium-sized public offering management "reshuffle"? Guo Shiliang, a financial commentator, believes that this may happen. "the 'reshuffle' of small and medium-sized public offering managers will accelerate the efficiency of the survival of the fittest in the industry, while the departure of senior executives may be related to factors such as performance appraisal, market environment, corporate governance structure and so on. Executive departure may also be related to the inability of some corporate governance structures and performance appraisal mechanisms to retain talents, and the difficulty of relevant personnel to complete performance reviews."
"from the company's operating point of view, substandard performance or even losses, optimization team is a common choice, executives as the 'team leader' bear the brunt, especially small and medium-sized fund companies, personnel mobility may continue." Jia Zhi said.
Beijing Business Daily reporter Li Haiyuan