(YicaiGlobal) Feb. 19 -- Jiang Chao, former chief economist and deputy director at Haitong Securities's research institute, has joined Zhongtai Securities Shanghai Asset Management as co-chief investment officer, the Paper reported today.

Liang Zhonghua, former chief macro analyst at Zhongtai Securities's research institute, will replace Jiang at the rivaling financial institution, Liang said in a post on his WeChat account yesterday. He used to work in macro research under Jiang for more than three years at Shanghai-based Haitong Securities.

Founded in 2014, Zhongtai Asset Management, which has CNY167 million (USD25.7 million) in registered capital, is a unit of the Jinan-based brokerage. By Sept. 30, 2020, the firm had CNY97.6 billion (USD15 billion) under its management on average every month, ranking 12th in the sector.

Jiang has been endorsed by his former colleague Li Xunlei, chief economist and director at Zhongtai Securities' research institute, who worked with Jiang at research units of Guotai Junan Securities and Haitong Securities.

Editor: Emmi Laine, Xiao Yi