Since July 25th, Guotai Fund announced that Li Sheng has been appointed as the new General Manager of the company. According to his resume, Li Sheng is a veteran of the major shareholder China Jianyin Investment Co., Ltd. (referred to as "China Jian Tou"). In March of this year, the former General Manager of the company, Zhou Xiangyong, was promoted to Chairman of the Board, and now both core executives of Guotai Fund have taken their positions. As of the end of the second quarter of this year, Guotai Fund's various asset management scale reached a high of 1.0276 trillion yuan. Among them, the scale of public funds under management exceeded 650 billion yuan, ranking 15th in the industry. Since the beginning of this year, there have been frequent changes in senior management in the public fund industry. Wind data shows that as of July 24th, 85 fund companies have experienced changes in senior management, involving 188 senior executives, including chairmen, general managers, deputy general managers, inspection chiefs, and many other positions. Industry insiders believe that the "Matthew effect" in the public fund industry is obvious, with increasing competition in the industry. Small and medium-sized public funds find it difficult to compete with large funds in terms of talent, channels, and scale, facing many challenges in their development. As the helmsmen of their companies, general managers and chairmen of public funds often face significant pressures. The scale of public funds under management exceeds 650 billion yuan Specifically, on July 25th, Guotai Fund announced the "Notice of Changes in Senior Management Personnel," appointing Li Sheng as the company's new General Manager, effective as of July 24, 2024. It is reported that Li Sheng has 28 years of experience in the financial industry. According to his resume, Li Sheng worked at the head office of China Construction Bank from July 1996 to January 2005, holding positions such as office clerk, deputy director, and director. From January 2005 to July 2024, he worked at China Jianyin Investment Co., Ltd., holding various positions such as Office Business Manager, Senior Deputy Manager of Corporate Management Department, Senior Deputy Manager of Capital Market Department, Head of Public Market Investment Department, Deputy General Manager of Finance and Finance, General Manager of Financial Market Investment Department, and General Manager of China Jian Tou (Hong Kong) Co., Ltd. He joined Guotai Fund Management Co., Ltd. in July 2024 as Deputy Secretary of the Party Committee. Information shows that Guotai Fund is one of the "top ten" fund companies in China, established in March 1998 as one of the first standardized fund management companies in China. In terms of equity structure, the major shareholders of Guotai Fund are China Jian Tou, Italy's Generali Group, and China Power Finance Co., Ltd., with the three institutions holding 60%, 30%, and 10% respectively. The major shareholder China Jian Tou is a state-owned comprehensive holding group focusing on finance, investment, and asset management. Li Sheng, who has been appointed as the new General Manager, is a veteran of the major shareholder China Jian Tou. As of June 30, 2024, Guotai Fund's various asset management scale reached 1.0276 trillion yuan. The company manages a total of 266 public funds, 13 pension products, and 320 asset management portfolios including special accounts, pensions, social security, and pension products, forming a rich asset management product line. Wind data shows that as of the end of the second quarter of this year, Guotai Fund's scale of public funds under management reached 655.629 billion yuan, ranking 15th in the industry, with non-monetary management scale of 34.104 billion yuan. Specifically, there are a total of 57 non-monetary ETFs with a total scale of 110.47 billion yuan, ranking 6th in the industry; among them, there are 41 A-stock industry/theme ETFs with a total scale of 82.4 billion yuan, ranking 1st in the industry. In addition, the scale of bond funds and equity funds (stock funds + hybrid funds) is 180.23 billion yuan and 139.645 billion yuan, respectively. In terms of absolute returns, all of Guotai Fund's products have achieved positive returns in 5 years or more, significantly outperforming the Shanghai and Shenzhen 300 Index. In the past 5 years, the total return was 32.65%, with an annualized return of 5.81%; in the past 8 years, the total return was 44.25%, with an annualized return of 4.68%; in the past 10 years, the total return was 130.13%, with an annualized return of 8.68%; in the past 12 years, the total return was 170.56%, with an annualized return of 8.64%; in the past 16 years, the total return was 219.00%, with an annualized return of 7.51%. Looking ahead, Guotai Fund believes that enabling investors to make money is an important mission of the industry. Under the new era background, as the capital market continues to mature and improve, new requirements are being put forward for investment management in the public fund industry. With the significant expansion of the capital market, Guotai Fund will continue to enhance its research capabilities to serve national strategies, always pay attention to market and investor needs, focus on market changes, closely follow regulatory policies and market trends, continuously seize various innovative opportunities and elements, conduct research and layout of innovative products from multiple dimensions, providing more choices for investors, and laying a solid foundation for the company's high-quality and sustainable development in terms of products and business. Frequent changes in senior management in the public fund industry Since the beginning of this year, there have been frequent changes in senior management in the public fund industry. Wind data shows that as of July 24th, 85 public fund companies have experienced changes in senior management, involving 188 senior executives, including chairmen, general managers, deputy general managers, and inspection chiefs. Among them, 21 fund companies have undergone changes in chairmanship. For example, on July 20th, Galaxy Fund announced that Chairman Song Weigang had resigned due to work arrangements. Deputy Secretary of the Party Committee, General Manager, and Director of the company, Shi Pingwu, has been appointed as the Chairman. 29 fund companies have experienced changes in general management. The most recent one was on July 23rd, Xingyin Fund announced that due to work arrangements, Zhao Jianxing had resigned as General Manager and Chief Information Officer of Xingyin Fund on July 22nd and would not be transferring to any other positions within the company. After Zhao Jianxing's resignation, he was replaced by Chairman Wu Ruoman who will temporarily perform the duties of General Manager for a period not exceeding 6 months. Regarding the reasons for changes in senior management of fund companies, industry insiders believe there are generally four main reasons: 1. Changes in company ownership may lead to changes in the senior management team. 2. Intense competition and market changes prompt companies to continuously adjust their management team to meet demand. 3. Senior executives of fund companies may change due to poor fund performance to improve results. 4. Senior executives may choose to join or leave a company due to personal opportunities, compensation, or other reasons. It is worth mentioning that the fund management companies that have experienced changes in senior management this year are mainly small and medium-sized public funds.Insiders believe that the mutual fund industry is experiencing a clear Matthew effect, with increasing competition and fierce competition. Small and medium-sized mutual funds are finding it difficult to compete with larger funds in terms of talent, channels, and scale. They face numerous challenges in development. As the leaders of the company, mutual fund managers and chairmen often face significant pressure.Bonjour! Comment vas-tu aujourd'hui?