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The collective departure of five senior executives of Jiangxin Fund attracted the attention of the market.
Jiangxin Fund disclosed an executive change announcement on May 11.SafariSafariTo attract market attention. Five senior executives announced their departure on May 10, including four deputy general managers and a chief information officer, according to the announcement. Among them, Zheng Yu, the former deputy general manager, left the company because of retirement, while the rest left for personal reasons. After the departure of the chief information officer, Fu Ming, the general manager, Yuan Liang, will temporarily hold the post until the new chief information officer arrives.
After this personnel change, there is only one person left in the position of deputy general manager of Jiangxin Fund, and his tenure is less than one year. Among the four deputy general managers who left, Wang Peng, Li Zhen and Zheng Yu all joined the company in 2013, the latter two were promoted to deputy general manager in 2020, and Wang Peng was promoted to deputy general manager in 2022. Among them, Zheng Yu and Li Zhen were respectively responsible for the company's fixed income investment and special account business, while Wang Peng was in charge of the institutional business department and the special account investment headquarters. Another former deputy general manager, Wang Anliang, served for five and a half years and became vice president in 2018.
It is worth noting that Guosheng Securities and Guosheng Financial Holdings (002670), the controlling shareholders of Jiangxin Fund, have an important impact on the development of the company. No new products have been issued by Jiangxin Fund after August 2017. In addition, Guosheng Securities had planned to liquidate its shares in Jiangxin Fund, but failed to do so because of the qualifications of the transferee.
Jiangxin Fund was established in January 2013 with registered capital 1SafariSafari80 million yuan. According to Tianyanchan data, the shareholders of Jiangxin Fund include Guosheng Securities, Anhui Hang Seng Sunshine Holdings Co., Ltd., Golden Kirin (603586) Investment Co., Ltd., and its China Sheng Securities has a 30 per cent stake. However, the shares of Guosheng Securities have shown quality, while the shares of the other four shareholders have been frozen.
Since its inception, the asset management scale of Jiangxin Fund has been at the end of the industry. According to wind, the company's assets under management in the first quarter of this year were 2.853 billion yuan. Since the scale of asset management reached 3 billion yuan at the end of 2015, the development of the company lacks motivation, and the scale of asset management has fluctuated up and down at this level.
According to the 2023 annual report of Guosheng Financial Holdings, Jiangxin Fund had an operating income of 16.685 million yuan and a net loss of 45.695 million yuan in 2023, ranking lowest among public offering funds with public data. This is the fourth year in a row that Jiangxin has lost money since 2020. The annual report also showed that operating income fell 18.50% from the previous year, mainly due to a sharp reduction in the size of the separate account business.
So far, Jiangxin Fund has a total of 14 products, mainly bond funds, managed by three fund managers. According to the Tiantian Fund Network, the cumulative tenure of the three fund managers is 199 days in 3 years, 22 days in a year and 43 days in a year. Since 2022, the senior management of Jiangxin Fund began to change significantly.
As the controlling shareholder of Guosheng Securities, after controlling for about 8 years, the strategic arrangement of Guosheng Securities is also changing. On January 13, 2024, Guosheng Financial Holdings announced that it plans to absorb and merge Guosheng Securities in order to integrate resources, improve efficiency and focus on the main securities industry. After the completion of the merger, the abbreviation of the company's securities will be changed to "Guosheng Securities".
In the face of the rising trend at the end of April, Guosheng Financial Holdings responded that the merger had completed the internal approval process and still needed regulatory approval, and there was uncertainty about whether approval could be obtained, when it would be approved and when it would be completed. Earlier changes in Guosheng Securities can be traced back to July 2022, when Guosheng Financial Holdings announced that the company's shareholding structure was about to change and Jiangxi state-owned assets would be in charge.