The news of the departure of the billion-dollar fund manager Fu Youxing has finally been confirmed. On March 12, Guangfa Fund announced that Fu Youxing had stepped down from managing the Guangfa Stable Growth and Guangfa Ruiyang three-year fixed-open funds, and also announced his resignation. The market was not surprised by this news. On February 13 of this year, Fu Youxing had already stepped down from his position as deputy general manager of the company. At that time, there were rumors in the market that he had other career plans and may choose to leave for private investment. Under the background of high-quality development, there have been two significant changes in the field of fund management and investment research: Firstly, public fund executives are no longer as sought after as before. Previously, "invest to improve the job" aimed to retain talent through positions and salaries. Now, due to factors like salary caps, some senior fund managers are stepping down from executive positions to focus on investment research. Secondly, companies are placing more emphasis on platform and system construction rather than betting on individual fund managers. This change is also related to the faster rotation of market trends. Racing-type fund managers are experiencing ups and downs, and a diverse product matrix is key to the growth of fund companies. Another billion-dollar fund manager departs Fu Youxing is a seasoned fund manager in the industry, with nearly 24 years of experience in the securities industry and 13 years of experience in fund management. Before stepping down, he managed a total of 102.76 billion yuan in assets between the Guangfa Stable Growth and Guangfa Ruiyang three-year fixed-open funds. The Guangfa Stable Growth fund, which Fu Youxing managed for over 11 years, was established in 2004. It is a balanced fund with both stocks and bonds. Over the 22 years since its establishment, the fund has achieved a cumulative return of 1278.9%, with an excess return compared to its benchmark of 955.44% and an annualized return of 12.87% with a volatility of 17.3%. In terms of investment characteristics, he pays more attention to the safety margin of stocks, with a maximum drawdown of 6.55%. This risk control ability is good for actively managed equity funds. Who will succeed? The market pays attention to changes in fund managers mainly to ensure the stability and continuity of performance. Fund manager turnover is a natural part of the industry, and it is more important that the successors can continue to manage the products successfully. After Fu Youxing's departure, the two funds are now managed separately by Zhou Zhishuo and Wang Ruidong. Zhou Zhishuo is now managing the Guangfa Stable Growth fund. He was appointed as the fund manager of this product on August 28, 2025, and has achieved a return rate of 11.64% since then. Zhou Zhishuo has over 16 years of experience in the securities industry, with more than 7 years of experience as an investment manager and fund manager at public fund companies. He previously managed funds such as the Harvest Small-Cap Pioneer Fund. He joined Guangfa Fund in February 2025 and has since been entrusted with important tasks, co-managing and taking over products with Liu Ge Song and Fu Youxing. The current total size of the funds under his management has reached 17.8 billion yuan. Zhou Zhishuo is not a racing-type player. His investment philosophy focuses on the risk-return ratio of individual stocks and residual risk, selecting stocks from the bottom up, being cautious about the potential losses of each trade, and setting strict conditions for reducing positions to achieve stable fund performance. The Guangfa Ruiyang three-year fixed-open fund is now managed solely by Wang Ruidong. Wang Ruidong was appointed as the fund manager of the product on November 5, 2025, and has achieved a return rate of 16% during this transition period. Wang Ruidong is a fund manager trained by Guangfa Fund, with 13.5 years of experience in the securities industry and 5 years of experience in portfolio management. He has been working at Guangfa Fund for over 10 years, deeply influenced by Fu Youxing in stock selection and portfolio management. Guangfa Fund has chosen two non-racing-type younger generation fund managers to take over the funds this time, with the aim of maintaining the stability of the products' risk characteristics, investment strategies, and style. After the trend of "going star fund managers," the path of actively managed equities is still being explored For the industry to achieve high-quality development, it must transition from "relying on star fund managers" to "systematic empowerment," which has become the consensus of the industry. Under the platform system, the three categories of public fund businesses are relatively clear: ETFs represent passive investment; Fixed-income + products pursue low drawdowns and absolute returns; Banks focus on distribution channels, with FOFs having potential in the advisory space. On the other hand, active equity funds are facing challenges in terms of scale, with decreasing net asset values and shares. The path of transformation is still being explored. Currently, some fund companies are interested in developing multi-asset strategy products, with policies such as Yi Fangda Fund as representatives. In addition, as investors gradually lose interest in star fund managers, more and more investors are realizing that over a longer period, the performance of the fund is more important than the individual fund manager. The impression of the Yi Fang brand remains strong in their minds. Platform development requires companies to have deep resource accumulation, a strong support platform, continuous mechanism innovation, and long-term commitment. Top companies like Guangfa and Yi Fangda are actively working towards this goal, with similar strategies being implemented. On one hand, talent reserves are being strengthened, creating a high-density and diversified talent structure to enhance organizational stability and ensure diversity and professionalism in investment capabilities. This not only guarantees the diversity and professionalism of investment capabilities but also pushes the company to break through existing cognitive patterns and ability boundaries, enabling the investment research system to iterate and upgrade continuously. On the other hand, organizational cooperation is being fostered. For example, Guangfa Fund has established research collaboration teams and flexible strategy investment groups to facilitate cognitive collisions and deepening of research in specific directions like emerging industries. At the same time, exploring new strategies and models beyond traditional subjective long positions, consolidating and optimizing the research system of large platforms and multiple strategies. With a rich talent pool and collaborative research under the barrier, especially against the backdrop of a significant commodity year, multi-asset strategies have become one of the directions. Multi-asset strategy involves allocating bottom-line holdings among various asset classes including stocks, bonds, gold, commodities, etc., to capture the rise of a specific asset during its upturn, thus achieving continuous returns. Simultaneously, through low correlation and risk diversification, portfolio volatility can be smoothed out. As investors gradually move away from star fund managers and more and more investors realize the importance of long-term performance, the fund brand is becoming more important than the fund manager."People heroism" is failing, no fund manager can be a long-term winner, all have their own strengths and weaknesses, as well as market styles that may not be suitable for them. Although "explosive single products" are considered, long-term stability is equally important.This article is reprinted from "Caijing", edited by GMTEight: Jiang Yuanhua.