GF Fund Gets New Chairman Amid Big Executive Shakeup in Chinese Fund Industry
Cao Lu
DATE:  May 14 2024
/ SOURCE:  Yicai
GF Fund Gets New Chairman Amid Big Executive Shakeup in Chinese Fund Industry GF Fund Gets New Chairman Amid Big Executive Shakeup in Chinese Fund Industry

(Yicai) May 14 -- GF Fund Management has appointed a new chairman, with the leading Chinese mutual fund manager becoming the latest example of the frequent reshuffle of such companies' senior management since the start of this year.

Ge Changwei, who served as vice chairman of GF Fund's parent firm GF Securities, will succeed the retiring Sun Shuming, the Guangzhou-based company announced yesterday.

Since the beginning of the year, 61 Chinese fund managers have reshuffled the positions of 115 senior executives, according to statistics from data provider Wind Information. Fifteen firms changed their chairs, while 14 altered their general managers.

The reasons for the frequent senior management reshuffle among fund managers can range from retirements to resignations to head private equity funds, an insider from the sector told Yicai. It also likely happens due to fund managers' internal promotion of excellent talent, the person added.

Before joining GF Securities, Ge worked for the governments of eastern Anhui province, Chongqing, and southern Guangdong province, as well as for China's National Development and Reform Commission and the State Council's general office.

GF Fund managed 381 products with an asset net worth of CNY1.32 trillion (USD182.4 billion) as of the end of the first quarter, ranking third among 199 fund managers in the country, Wind data showed. Its corresponding non-monetary assets were worth CNY691 billion (USD95.5 billion), also earning it the third spot in the sector.

On the same day, China Post & Capital Fund Management said its deputy GM Chen Zhong resigned on May 10 for personal reasons.

Talent flows are normal inside the industry, although stable long-term senior management teams will better benefit fund managers' general development, the insider pointed out.

"The rapid development of the asset management sector has increased market demand for senior executives of fund managers," the person said. "The frequent reshuffle in the senior management of mutual fund managers are also rational, with the trend likely to continue."

Editors: Tang Shihua, Martin Kadiev

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Keywords:   Management Change,Chairman of the Board,GF Fund Management,Mutual Fund,Industry Analysis