New generation fund managers are changing frequently, and the Zhejiang Merchants system's dual public offerings are now "clearance-style" resignations.

On March 10, several fund companies announced changes in their fund managers, including two public funds under Zheshang Securities that have experienced “full liquidation” departures.

Zheshang Fund’s Ping Shuyu resigned from all the funds he managed on March 10 and has completed cancellation procedures with the Asset Management Association of China; similarly, Pang Yajing, under Zheshang Asset Management—also a public fund manager affiliated with Zheshang Securities—resigned from all managed funds on March 9. The same day, Yan Dichao from Huisheng Fund also announced his departure, also a full liquidation.

These fund managers have relatively short investment management tenures, but their performance is not bad. For example, Yan Dichao’s tenure is 1.47 years, and Pang Yajing’s is 2.11 years, with annualized returns of 51.55% and 31.53%, respectively.

Zheshang Securities’ two public fund management companies have experienced “full liquidation” of fund managers.

On March 10, multiple fund companies announced that their fund managers have left all managed products, including Zheshang Fund, Zheshang Asset Management, and Huisheng Fund. Both Zheshang Fund and Zheshang Asset Management are public fund management institutions under Zheshang Securities.

According to the announcement, Ping Shuyu resigned from Zheshang Zhixuan Pioneer One on March 10. He was a fund manager at Zheshang Fund. WIND data shows that after his departure, he no longer manages any funds. The fund, a hybrid equity product under Zheshang Fund, had a return of -14.97% during his management period, with an annualized return of -4.90%.

Zheshang Fund is a public fund management company under Zheshang Securities, with Zheshang Securities holding a 25% stake. Zhejiang Zheshang Securities Asset Management Co., Ltd., a wholly owned subsidiary of Zheshang Securities, is also fully controlled by Zheshang Securities. On March 10, this company also announced the full liquidation of its fund managers.

For example, Pang Yajing resigned from her role as fund manager of Zheshang Huijin Quantitative Selection on March 9, which is managed by Chen Gujun. After that, Pang Yajing no longer manages any products. WIND data shows that during her management, the fund’s return was 78.01%, with an annualized return of 31.53%.

Both have completed cancellation procedures with the China Fund Industry Association. The simultaneous full liquidation of fund managers at Zheshang Fund and Zheshang Asset Management is rare. Notably, the operations of Zheshang Fund and Zheshang Asset Management showed a decline in 2024.

According to Zheshang Securities’ 2024 annual report, Zheshang Fund achieved operating revenue of 187 million yuan and net profit of 20.45 million yuan, down 36.50% and 42.06% year-over-year, respectively. Its wholly owned subsidiary, Zheshang Asset Management, reported revenue of 401 million yuan and net profit of 29.45 million yuan, down 25.7% and 77.83%, respectively.

Emerging Generation Fund Managers Frequently Resign, Some Managed Products Show Strong Performance

Huisheng Fund also announced on March 10 that its fund manager has left. On March 9, the company dismissed Yan Dichao from his role managing Huisheng Advantage Enterprise Fund for one year. Since then, Yan Dichao no longer manages any products.

It is noteworthy that whether it is Pang Yajing, Ping Shuyu, or Yan Dichao from Huisheng Fund, these are all emerging fund managers with relatively short investment management tenures. WIND data shows their management periods are 2.11 years, 3.22 years, and 1.47 years, respectively. Recent departures or full liquidations suggest many fund managers have short management tenures.

On February 27, Zhao Xiaoyan, former fund manager of Hengyue Fund, resigned from all managed funds after 4.53 years. Among recent fund managers who resigned from some products, Qi Shichao of Tianhong Fund left multiple index funds on March 7, with an investment tenure of only 1.13 years; Fang Junyi of China Merchants Fund and Li Xuesong of Shanghai Securities (Shangzheng Asset Management) also recently resigned from some managed products, with tenures of 1.37 years and 0.32 years, respectively.

It is worth noting that although some of the resigned or fully liquidated fund managers have poor performance, some emerging managers have performed well, especially those managing products with unique strategies and stock orientations, which have shown good long-term results.

For example, Pang Yajing manages Zheshang Huijin Quantitative Selection, a fund that uses quantitative strategies for allocation and stock selection, with an annualized return of 31.53%. Since she started managing this fund on January 29, 2024, she has added significant positions in stocks like Tianfutongxin, Xinyi Sheng, Zhongji Xuchuang, and Industrial Fuxian, which surged later. Although there has been some rebalancing, her AI-oriented style has persisted. Yan Dichao’s Huisheng Advantage Enterprise Fund also increased or added positions in nonferrous metals and gold stocks in 2025, with an annualized return of 51.55% during his management.

Industry insiders believe that the phenomenon of fund manager departures has become prominent in recent years, with many emerging managers. This includes passive adjustments driven by performance pressures and high-performing managers seeking greater development opportunities. For investors, it is important to understand the reasons for manager departures, evaluate new managers’ performance, and observe before making rash redemption decisions.