Since the beginning of this year, with the violent market fluctuations, the returns of public equity products have also mostly performed poorly. Among them, Huaan Fund, one of the five earliest public funds established, was also heavily redeemed by investors and its scale was severely reduced.
The reputation of Huaan Fund's equity investment has taken a turn for the worse. During the year, the scale of active equity funds dropped from 139.8 billion yuan to 99.2 billion yuan, a decrease of nearly 29%. The decline ranked first among the top 20 in the industry.
delved into the reasons for its substantial shrinkage, which is inseparable from the fluctuation of talents in its internal investment research team.
Taking the most important personnel changes of Huaan Fund in the past two years, in January 2022, Cui Ying, equity investment director and star fund manager of Huaan Fund, resigned from the company.
Cui Ying is a star fund manager who grew up in Hua'an. He has managed his first fund, Huaan Contrarian Strategy, since June 2015. Although this fund started at the peak of the bull market, it has still achieved a tenure return of 181.34% after multiple rounds of bull and bear transitions, with an annualized return of more than 16 %, which has been recognized by investors.
During her tenure, Cui Ying managed many funds that ranked highly in performance, and managed more than 25 billion yuan before leaving. However, she eventually left Huaan Fund.
7 months later, another star fund manager of Huaan Fund, Zhang Liang, suddenly resigned during the fund raising period.
On August 6, 2022, Huaan Fund announced that fund manager Zhang Liang resigned as the fund manager of four funds including Huaan Quality Selection, Huaan Quality Leadership, Huaan State-owned Enterprise Reform, and Huaan Value Driven due to "personal reasons."
Looking back at the situation during the fundraising period of Huaan Quality Selection, a source said, "Due to temporary personnel changes in Huaan Fund, the original investment manager of Huaan Quality Selection who is currently in the fundraising period may not be able to continue to serve as the fund manager of this product due to personal reasons. For compliance sales, investor knowledge and prudent consideration, we recommend that the sale of this product be stopped. Customers who sold today and placed orders after 3 o'clock yesterday, please be sure to remind customers to cancel their orders. For customers who subscribed before, we are applying to the head office for a unified Convenient process for order cancellation."
Immediately afterwards, on the evening of July 15, 2022, Huaan Fund issued an announcement to end the fundraising early, and when the Huaan Quality Selection was announced on July 21, it also announced the recruitment of Liu Changchang Serves as a fund manager and jointly manages Huaan Quality Selection with Zhang Liang. On July 27, Huaan Quality Selection opened daily subscription, redemption, conversion and regular fixed-amount investment services. On August 6, Huaan Fund announced that the company's four products - Huaan State-owned Enterprise Reform, Huaan Value Driven One-Year Holding, Huaan Quality Leading, and Huaan Quality Selection - will be taken over by fund managers Chen Yuan, Wan Jianjun, Wang Chun and Liu Changchang , the former fund manager Zhang Liang resigned due to personal reasons. The long-rumored news of Zhang Liang's resignation has finally been confirmed.
Zhang Liang joined Huaan Fund in June 2015 and has served as a researcher in the Investment Research Department and an assistant to the fund manager of the Fund Investment Department. Since October 31, 2018, Zhang Liang has served as a fund manager. During his tenure, the funds he managed have achieved good returns.
It is worth mentioning that the first product managed by Zhang Liang, Huaan State-owned Enterprise Reform Theme (001445), achieved a return rate of 231.82% in more than 3 years. The performance of Chen Yuan, the manager who then took over, was not as good as Zhang Liang's according to the return on employment data.
As we all know, star fund managers play a decisive role in fund companies. They are like golden signs, helping companies build flagship products, consolidate their scale advantages, and win the favor of investors. However, in recent years, Huaan Fund has frequently faced the dilemma of star managers resigning, which has undoubtedly brought a big blow to investors and the company, making people worried about its future development.
