As the end of the year approaches, another fund industry veteran bids farewell to the public fund industry.
On the evening of November 5, BOC Fund issued an announcement on executive changes through the Shenzhen Stock Exchange. General manager Li Daobin resigned on November 5 due to personal reasons. Chairman Zhang Yan is currently acting as general manager, according to industry insiders , the current vice president Zhang Jiawen may be expected to take over the position of general manager in the future.
Li Daobin joined the public fund industry in 2000. He is a fund veteran with more than 20 years of experience. He was born in the sales line. He was promoted to the vice president in charge of the market at Harvest Fund , and then moved to Bank of China Fund as the general manager for nearly 10 years. year time.
What is most talked about in the industry during his career at Harvest Fund is the Harvest strategy hybrid fund issued in 2006. The initial scale of the Harvest strategy hybrid fund exceeded 40 billion, setting a new record for the initial scale of public funds. This new fund establishment scale record was not set until 2017. It was broken by ICBC Credit Suisse Fengchun Bond Fund. In addition, he pioneered the marketing plan of old fund dividend splitting and net value normalization, which promoted marketing innovation for public funds.
During his time at BOC Fund, he also brought the BOC Fund scale ranking from the mid-range level to the top ten in the industry. However, in recent years, he has also faced the challenge of insufficient growth momentum in the scale of equity funds.
Another general manager of a fund company has resigned.
The public fund industry has experienced changes in general manager-level executives.
On the evening of November 5, Bank of China Fund issued an announcement on changes in senior management personnel through the Shenzhen Stock Exchange. The announcement stated that general manager Li Daobin resigned on November 5 due to personal reasons, and current chairman Zhang Yan is currently acting as general manager.
Relevant information shows that Li Daobin holds a doctorate in law from Tsinghua University . He worked at the Xiamen Overseas Chinese Museum from July 1988 to September 1990. From July 1993 to September 1998, he worked at China Xiamen International Economic and Technical Cooperation Corporation. He has worked at Harvest Fund Management Co., Ltd. since October 2000, and has successively served as deputy director of the marketing department, director, assistant to the general manager and deputy general manager of the company. He later resigned from Harvest Fund in April 2012, and became the general manager of BOC Fund in August of the same year. He was also the second general manager in the history of BOC Fund. He served as the general manager of BOC Fund for nearly 10 years until he left in November this year. as long as.
Zhang Yan, the current acting general manager, is currently the chairman of Bank of China Fund. He previously served as the head of the global financial markets department, assistant general manager and director of the head office of the Bank of China, and the general manager of the financial markets headquarters, investment banking and asset management department of the head office.
According to industry insiders, Zhang Jiawen, the current deputy general manager of BOC Fund, may be expected to serve as the general manager of BOC Fund in the future.
Zhang Jiawen is also one of the more senior executives of Bank of China Fund. He has been the deputy executive president of Bank of China Fund since November 2013. He has successively served as the deputy president of Taicang Branch of Bank of China Suzhou Branch, the director of the Risk Management Department of Suzhou Branch, and the Industrial Park of Suzhou Branch. President of the branch, vice president of Suzhou Branch, and member of the party committee.
According to industry insiders, Zhang Jiawen has been in charge of sales, middle and back-office and other businesses at Bank of China Fund, and is relatively recognized by relevant leaders of the company.
Harvest set a new record for public fund debuts during his tenure.
Li Daobin is a 20-year veteran of the public fund industry and one of the general managers with a background in the market. Before he served as the general manager of Bank of China Funds, he was also in charge of Harvest Funds. I have been working in the market line for 12 years.
Many people in the industry commented that Li Daobin works vigorously and resolutely, has strong execution ability, and can clearly grasp the development trends of the industry. "The new product issuance layout of a fund company can reflect the strategic development direction of the entire company, which requires a deep insight into industry development."
"Li Daobin has a liberal arts background and is good at dealing with people, and his sales management is more in line with his personality. "An industry insider said. There is also feedback from industry insiders that Li Daobin was one of the earliest practitioners in charge of sales in the public fund industry at that time. During his tenure as the head of the market line of Harvest Fund, Harvest Fund recruited a lot of fund sales personnel and established more than ten fund sales staff across the country. Channel Center is one of the earliest fund companies in the industry to establish channel sales centers across the country.
"Li Daobin joined Harvest Fund in 2000 and was promoted to deputy general manager of the company in 2004. He was promoted very quickly. On the one hand, it was because there was a shortage of people in the fund industry as a whole at that time. On the other hand, it was also because of his strong work ability that he was promoted to the company. recognition." There are also comments from industry insiders.
The Harvest Strategic Growth Fund issued in 2006 and the "net value normalization" marketing plan for fund dividends launched in 2007 are two examples that left a deep impression on the industry during Li Daobin's time at Harvest.
The Harvest Strategic Growth Fund issued in 2006 sold 41.917 billion yuan on the first day of its debut, setting a new record for the first-time debut of public funds at that time. Although some funds later had more first-time debuts than this level, in terms of the scale of new fund establishments, this record was not reached until It was only broken in 2017 by ICBC Credit Suisse Fengchun's semi-annual regular open bond fund.
"2006 coincided with the A-share market bull market. The net value of funds grew gratifyingly. Investors had strong demand to buy funds, and there was a phenomenon of queuing up to buy funds. In addition, the approval speed of new funds was slow at that time, and fund approval documents were relatively scarce. Harvest Strategy Shao Jian, the proposed growth fund manager, has performed well in the past. Judging from the two main distribution channels, the custodian bank for the growth of Harvest strategy is Industrial and Commercial Bank of China , and Bank of China has also maintained good cooperation with Harvest Fund. With the joint efforts of the two major agency banks, Harvest's strategic growth record ranked first in the industry that year. "An industry insider recalled, "Driven by the issuance of new funds, Harvest Fund became the first company in the industry to exceed 100 billion in scale in 2006. The fund management company ranked first in the industry in terms of management scale at the end of the year, and has been ranked among the top three in the industry for many years since then. "
In 2007, the marketing case of Harvest Steady Fund achieving net value normalization through the split was also mentioned in the industry. . "At that time, the number of new fund approvals was limited. Due to psychological factors, investors preferred funds with a net value of 1 yuan. Harvest Steady Fund's realization of net value normalization through dividends also led the fund industry's marketing innovation that year." Another industry insider remember.
Wind data shows that under the comprehensive influence of brand, performance, sales and other aspects, during Li Daobin's tenure at Harvest Fund, the scale of Harvest Fund's non-monetary funds increased from 2.840 billion yuan at the end of 2000 to 117.453 billion yuan at the end of the first quarter of 2012.
BOC Fund’s non-goods management scale exceeded 270 billion yuan in the third quarter
In 2012, Li Daobin moved to BOC Fund, succeeded Chen Ru, and became the second general manager in the history of BOC Fund. As an executive recruited by BOC Fund through marketization, he was also It once attracted attention in the industry.
Wind data shows that before Li Daobin joined the company, the scale of non-monetary funds of BOC Fund at the end of 2011 was only 28.036 billion yuan, ranking 26th in the industry. Among banking fund companies, it ranked ICBC Credit Suisse , CCB , and Bank of Communications After Schroders; at the end of 2012, the scale of BOC Funds reached 39.954 billion yuan, a year-on-year increase of over 40%, and the gap with Bank of Communications Schroders also narrowed to less than 3 billion yuan; at the end of 2016, the scale of non-monetary funds of BOC Funds Reaching 165.584 billion yuan, a year-on-year increase of 78.09%, it ranked among the top ten in the industry for the first time, and has maintained the top ten level in the industry for many years since then.
China Asset Management Association data shows that in the third quarter of 2021, the average monthly scale of BOC Fund’s non-monetary financial management public funds was 271.246 billion yuan, ranking 17th in the industry.
The 2021 semi-annual report previously disclosed by Bank of China shows that as of the end of June this year, Bank of China Fund’s registered capital was 100 million yuan; total assets were 6.154 billion yuan, and net assets were 4.699 billion yuan. Net profit in the first half of the year was 621 million yuan, a year-on-year increase of more than 37%.
"Li Daobin has a strong personal ability, and his management was also very meticulous when he served as the general manager of Bank of China Fund. Last year, the fixed income plus fund issued by Bank of China Fund through the Industrial Bank channel attracted tens of billions of dollars in the initial launch, and the general manager's work was inseparable from it. job," an industry insider revealed.
Some people in the industry also said that after the new regulations on asset management, many fixed-income businesses have been affected. At the same time, in recent years, public funds have ushered in the great development of equity funds. Several leading fund companies in the industry have invested in equity funds in the past few years. The scale of fund management has doubled. In comparison, BOC Fund's development in equity funds is slightly insufficient. In fact, Li Daobin has also seen this general direction before, and this is also a breakthrough for the future development of BOC Fund.
Since the beginning of this year, the general managers of many fund companies have changed.
Wind data shows that as of October 6, more than 60 general managers have changed since the beginning of this year, including public funds in the industry and securities firms with public fund licenses. Since October alone, general managers of several fund companies, including Bank of China Fund, Beixin Ruifeng Fund, CITIC Prudential Fund, and Caitong Fund , have resigned.
This article comes from China Fund News
