(Yicai Global) Jan. 9 -- Police have taken in Zhong Quan, general manager of Huarong Securities Co.'s fixed income division, for reasons that are currently unknown, company insiders said.
Beijing-based Huarong said on Jan. 3 that it had dismissed the investment manager, who brought in CNY1 billion (USD154 million) for the firm over two years, National Business Daily reported today. Reporters have tried to contact Zhong but his phone is unavailable.
Zhong joined Huarong in 2014 and led his team to bring in average returns of 40 percent over the next two years, beating out several other funds, the company said online in 2016.
The manager and his team were mainly involved in entrusted bond investments, with clients including China Development Bank, Industrial and Commercial Bank of China Ltd. and China Life Insurance Co. However, regulators began deleveraging the financial market last year, imposing severe restrictions on entrusted investment businesses and forcing publicly offered funds off the market.
Huarong is the core asset under China Huarong Asset Management Corp., which is one of the country's four main asset management companies.