text/Liu Zhentao
Another general manager of the public offering market has been changed!
htmlOn September 23, China Resources Yuanda Fund issued an announcement stating that the company appointed Jiang Xianda as general manager. According to the announcement, Jiang Xianda has rich experience in the industry and has worked in the Guangdong Branch of China Construction Bank, Deloitte Accounting Firm, etc., and joined the China Resources Yuanda Fund in March 2022.
Since 2022, the position of general manager of a fund company has changed frequently. According to China Fund News, since the beginning of 2022, the position of general manager of fund companies has changed by 46 people, and 24 fund companies are involved.
China Resources Yuanda Fund was established in 2013, and it has been 9 years since then. In April 2022, China Resources Yuanda announced that the company's chairman Li Weiwei left the position of chairman when the term of office expires, and the company's general manager Li Pu left the position of general manager when the term of office expires. Fei Fan, general manager of the company's shareholder, serves as chairman and acting general manager.
Now, China Resources Yuanda has appointed new general manager Jiang Xianda, and Chairman Fei Fan no longer acts as general manager.
We have learned that in the past 9 years since China Resources Yuanda was established, the general manager has been replaced 5 times in total, and the current general manager Jiang Xianda is the fifth. Before Jiang Xianda, there were four general managers, namely Lin Guanhe, Lin Ruiyuan, Sun Yewei and Li Pu.
Although China Resources Yuanda Fund has changed its general manager five times, over the past 9 years, its fund scale has not developed rapidly, and its management scale is at a low level among the fund companies established in 2013.
Daily Fund Network data shows that as of September 23, China Resources Yuanda Fund has managed a total of 39 funds (A/C shares are calculated separately), with a total of 6 fund managers and a scale of 21.767 billion yuan in assets under management.
was established in the same year as China Resources Yuanda Fund, which is 16 fund companies established in 2013. According to data from Tiantian Fund Network, among the 16 fund companies, three have a management scale of more than 200 billion yuan, of which, the largest scale of Industrial Fund Management is 274.91 billion yuan. China Resources Yuanda ranks 12th among the 16 companies, which is relatively low, ranking 104th among the 200 companies with public offering management qualifications in the entire market.
Hua Resources Yuan's slow development on a large scale is mainly due to the lack of fund talents and the imbalance in the management product structure.
First look at fund talents. China Resources Yuanda only has 6 fund managers, while the average value of the public offering market is 16.75. China Resources Yuanda is far behind the market average; China Resources Yuanda’s average working years are 1 year and 193 days, and the average market average is 1 year and 235 days. China Resources Yuanda is also behind the market average in this regard.
Due to the lack of fund talents and insufficient investment and research capabilities, China Resources Yuanda does not have advantages in the issuance of new funds, which in turn leads to an imbalance in the management product structure. Most of the management scale is supported by fixed income products, and equity products account for a very small proportion.
Tiantian Fund Network data shows that as of the end of June 30, 2022, the management scale of China Resources Yuanda was 17.51 billion yuan. Among them, the scale of stock fund is only 241 million yuan, mixed products are 709 million yuan, bond product scale reaches 11.125 billion yuan, and money fund scale is 5.435 billion yuan. Bond and money funds account for 94% of the total size.
It is worth noting that the total scale of China Resources Yuanda in the first half of 2022 is mainly supported by three products. The C scale of China Resources Yuan RT-MX bond reached 7.061 billion yuan, the 39-month fixed-term bond A scale reached 3.794 billion yuan, and the Cash B scale of China Resources Yuanda Cash Currency B reached 5.284 billion yuan. The total scale of the three funds reached 16.139 billion yuan, accounting for 92% of the total scale.
htmlOn September 22, China Resources Yuanda issued a new bond fund "China Resources Yuan Darunfeng Pure Bonds". The fund raised a scale of 3.85 billion yuan. So far, the total scale of the four fixed-income products reached 19.989 billion yuan, accounting for 92% of the current total scale of 21.767 billion yuan. There are currently only 4stock fund Huada Fund, which were issued in 2014 and 2020 respectively. Due to the lack of fund talents and insufficient investment and research capabilities, China Resources Yuanda Fund has not issued a stock fund since 2021.
At present, equity products such as stocks are tools for fund companies to increase their scale, while China Resources Yuanda Fund has not kept up due to lack of talents and other reasons.
Now, China Resources Yuanda Fund has ushered in a new general manager. We will keep paying attention to whether the new general manager can bring China Resources Yuanda to expand its scale and change the imbalance in product structure.
