(Yicai Global) July 30 -- Bosera Asset Management, a large Chinese financial firm with trillions of yuan in assets under management, announced yesterday on social media it has launched a probe into an improper relationship between the

company’s managing director Ouyang Fan and a woman subordinate, adding the two persons had left the firm.

On July 28, texts and videos claiming that the wife of the general manager of the fund, Ouyang Fan, reported that he had had an extramarital affair with a woman staffer and misused company resources to seek improper benefits.

Ouyang, who joined Bosera in 2011, was its managing director and general manager of the Segregated Accounts Department, head of the equity investment GARP team, general manager of the annuity investment department, general manager of absolute return investment department and social security portfolio investment manager.

Founded in 1998, Bosera is one of the largest fund companies in China that manages assets. It had a total of 210 open-ended funds as of March 31 and managed social security and pension insurance funds, and corporate and occupational annuities, among others. Its total assets under management exceeded CNY1,157.6 billion. Last year's operating income was CNY3.48 billion and net profit was CNY913 million.

Ouyang obtained the qualification for fund practice in August 2011, data from the Asset Management Association of China show.

Ouyang had worked at Goldcup Electric Apparatus and China Southern Asset Management since 2003, according to Bosera’s statement.

Editor: Ben Armour