Xiao Hua, the fund manager, joined the private placement, and Yang Rui took over.

Author: Liu Ying Source: 265438+20th Century Business Herald Time: 2007-04-07 15:23:08 Font: large, medium and small.

How many romantic figures are always blown away by the wind and rain.

On June 30th, 2006, 65438+February 30th, 2006, Boss Value Growth Fund announced the change of fund manager, announcing Xiao Hua's resignation. The news was once drowned in the hustle and bustle of the bull market.

Xiao Hua, a figure with the imprint of the times, left public offering and turned to private offering. There are many factors worth considering.

As for Bosera Fund, what do you think of Xiao Hua's departure? Whether Boshi has really become the "Whampoa Military Academy" in the fund industry as the outside world said, face up to these problems, Boshi.

James Li, vice president of Jin, needs an open mind and courage.

Xiao Hua told the inside story of his resignation.

In 2003, Bosera Value Growth Fund managed by Xiao Hua attracted people's attention because of its huge profits in holding auto stocks.

However, with the sharp drop in the stock price of auto stocks in 2004, Xiao Hua's investment style was questioned, and his insistence on holding auto stocks was also considered "too gambling" by the market.

After two years of suffering, in 2006, the value of boss increased by 104%.

Xiao Hua chose to leave at this time, which can be regarded as a happy ending.

Bosera Value Growth Fund No.2 will soon implement "net value normalization" on June 5438+1October1May-June 5438+08, which is also laughed by the industry as a farewell ceremony held by Bosera for Xiao Hua.

Xiao Hua said in an interview with reporters that compared with public offering, private placement mechanism is more reasonable in terms of pay and return. At present, there are some shortcomings in the equity incentive mechanism of Public Offering of Fund companies in China.

"The fund industry is not short of funds, and many fund companies can't run out of funds." As an industry that makes money by intelligence, most foreign fund companies adopt the partnership system and rely on private reputation to operate and maintain. In contrast, the domestic fund industry is not open enough, and it faces many obstacles in terms of registered capital, obtaining business licenses, and holding shares by management.

In fact, many fund managers feel the same way: under the pressure of domestic fund net worth ranking, Public Offering of Fund managers have to bear great pressure. If their performance is excellent, they will naturally be praised by all parties. Once their performance declines, all parties will blame them. Therefore, the fund industry believes that the living environment of domestic fund managers is not very good at present. They are "wage earners" at best, and their performance ranking directly affects their personal income. It is not surprising that fund investment is short-term.

Xiao Hua believes that with the growth of national wealth, the wealth management market is also growing. Doing private placement is "worth a try" for him. He also admitted that compared with public offering, it will be more difficult to expand customers because of the lack of brand and sales support from fund companies.

Yang Rui's "two routes"

Yang Rui, who succeeded Xiao Hua as Boss Value Growth and Boss No.2 Fund Manager, is Boss's "old man" and "turtle".

From June 65438 to August 0999, Yang Rui joined Bosera Fund as a strategic analyst in the research department. From June 5438 to June 2002 10, as the assistant of Xiao Hua, he served as the assistant manager of Bosera Value Growth Fund.

Yang Rui is the key training object of the doctor: from June 5438+0, 2005 to June 5438+0, 2006, Yang Rui was sent by the doctor as a visiting scholar at Stern Business School of new york University, and worked as an intern in the stock investment department of Alliance Bernstein for eight months. /kloc-During the period of 0/3 months, Yang Rui claimed to be "mixed" with Wall Street fund managers and co-authored with Professor McGill, the director of the second largest pioneer fund in the United States and an international investment master. McGill's works have been selling well for 32 years and are regarded as the "investment" of western financial practitioners.

In May 2006, Yang Ruishi became the manager of Bosera Balanced Allocation Fund, mainly responsible for the stock investment of the fund. The data shows that as of June 9, 2007, the net growth rate of balanced allocation was 38.8%, of which the proportion of stock investment did not exceed 60%.

It is understood that this is directly related to the operation strategy of seizing the banking, real estate and steel industries in the fourth quarter of 2006 and appropriately reducing their holdings in the rising process.

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