"Dual-core" Team Reconstruction
Chongyang investment's letter to customers shows that the company received the resignation request of President Mo Taishan in June 20 13. Mr. Mo Taishan will leave his post in late April to practice his career plan of starting a business.
"We deeply understand and respect Mr. Mo Taishan's choice. Chongyang investment sincerely thanked Mr. Mo Taishan for his important contribution to the company's development and sincerely wished Mr. Mo Taishan success in starting a business. " Chongyang investment Management Company said in the letter.
The letter also revealed that Wang Qing, former executive director of investment banking department of CICC and chief economist of Morgan Stanley Greater China, will join chongyang investment on April 6th, 20 13 as the president.
Chongyang investment said that Wang Qing has worked overseas for many years and has a broad international vision, rich management experience and solid research skills. His joining will inject new impetus into the sustained growth of chongyang investment. "We will, as always, build a high-standard investment and research, risk control and customer service system to achieve the same growth with customer wealth."
The above announcement also means that the original dual-core team in chongyang investment has changed. Previously, chongyang investment's senior management team was composed of Chairman Qiu Guogen and President Mo Taishan, the convener of the risk control meeting. They are also the only two senior partners in the company, which constitute the "dual core" of the company's affairs.
The motivation lies in entrepreneurship.
Under the leadership of Qiu Guogen and Mo Taishan, chongyang investment's asset management scale has expanded to over10 billion in recent two years, making it the largest sunshine private equity institution in China. Some insiders believe that during this period, Qiu Guogen's investment business and Mo Taishan's market expansion cooperated tacitly and complemented each other, which played a very important role in Chongyang's industry position.
However, on the eve of the coming into effect of the new Fund Law, gold partners finally chose to find their own career development space. It can also be seen from the contents of the letter to customers that the motivation of Chongyang team reorganization lies in the yearning of senior practitioners for independent entrepreneurship in the future.
"The new Fund Law means that the license access system for the wealth management industry has been completely abolished. For all senior people in the asset management industry, such entrepreneurial opportunities and time points cannot be copied. " An industry insider commented.
For Mo Taishan, this departure is likely to be another leap in his role in the wealth management industry. After working in the fund supervision department, he has successively served as the general manager of fund company's public offering and senior partner of Sunshine Private Placement, and may become the founder of the newly established asset management company in the future.
New fund law releases entrepreneurial space
The above personnel changes also mean that Sunshine Private Equity Industry is rapidly entering the third development stage. Following the exploration period before 2008, the rapid growth period from 2008 to 20 12 and the short-term adjustment, Sunshine Private Equity may enter another round of rapid development period in 20 13.
"In the future, with the liberalization of public offering licenses and the gradual equalization of the treatment of subjects in various industries, the asset management industry will gradually approach a completely market-oriented competitive environment. In any case, for Sunshine Private Equity, this is a completely different era from the past. " A senior asset manager said.
"If the development speed of Public Offering of Fund in the past largely depends on the overall planning ability of administrative resources such as industry protection, channels and licenses, then the focus of future industry competition will be more inclined to the ability of core teams." A private equity practitioner commented like this. The subtext of the last sentence is that in a market-oriented environment, the value of talents will be more fully reflected and the entrepreneurial atmosphere will be further thickened.
In any case, the news that the industry is looking forward to starting a business has begun to spread again recently. Who can say that this is not a signal of a new era? On the afternoon of March 20 18 13, when the news about the resignation of Wang Qing, the executive director of CICC's investment banking department, just spread, it seemed hard to believe.
"At present, the company has not received the official notice about Wang Qing's resignation." On the evening of March 20 13 18, the relevant person in charge of CICC told the reporter frankly.
However, the reporter still confirmed from multiple channels that Wang Qing has indeed officially left his post, and his next stop will be to join chongyang investment, which ranks first in domestic sunshine private placement.
20 1 1 In July, 2007, Wang Qing, who switched to China Gold as the chief economist of Morgan Stanley, why did he leave his job again after just over a year?
"For Wang Qing's departure, it can be said that it is reasonable." 201March 19, an insider close to Wang Qing admitted to the reporter that perhaps the current situation of CICC does not match Wang Qing's plan for his future.
Since the second half of 20 10, with the withdrawal of Morgan Stanley's equity, CICC seems to have begun to fall into a strange circle of "decline" after another wave. The research business and investment banking business that once made CICC proud in the industry are suffering from brain drain and the "pain" brought by market adjustment.
As a matter of fact, on the eve of Wang Qing's confirmation to leave his job and switch to private placement, several of CICC's most ace analysts, including Xu Xiaoqing, Zhao Xiaoguang and Yu Jin, have also quietly determined the departure time. Along with the above resignation news, there is also a sharp decline in CICC performance in the past two years.
Whether you like it or not, CICC is suffering from the worst "singing failure" crisis since the founding of the People's Republic of China. However, CICC, CITIC and Galaxy, which used to be the "troika" of China's investment banking business, are now left with only CITIC Securities.
State-owned enterprise gold
Few people can really understand the internal management settings of CICC. This mystery comes not only from its "special" background, but also from its tough and effective work style and too low-key attitude.
However, this "special" background advantage also gave CICC-especially after the end of 20 10 and the withdrawal of all foreign shares, it gradually became a "pure system" veil.
"There are more' state-owned enterprise bureaucrats' and less' market spirit'." When talking about the biggest change of CICC in recent years, a person who left CICC before the end of 20 12 told the reporter, "CICC should adjust its thinking, but it is very difficult for CICC's complex internal organizational structure."
Perhaps today's Kim Jong Il is slipping into the failure of Galaxy Securities in the past.
At that time, Galaxy Securities, which owned the largest assets in China, was once in the limelight. However, the management system of state-owned enterprises makes it difficult for this "Big Mac" to adapt to the increasingly market-oriented industry characteristics in recent years. Coupled with the complicated personnel struggle, Hu Guanjin, the capital tycoon who once created the "Guo Xin Securities Miracle" in the South, recreated the "Galaxy Dream", and 100 days was broken.
"Galaxy Securities is similar to other state-owned enterprises, so it's good to get along here." 20 10 after galaxy securities sent off Hu guanjin, the general manager who had only been in his new job for 100 days, an internal employee once told reporters.
The same embarrassment fell on CICC today.
"Kim Jong is more and more like a large state-owned enterprise and gets along well here." An employee who left CICC said in an interview with the media at the beginning of 20 13.
Perhaps, for Wang Qing, who has been working in a foreign bank before, it is difficult to adapt to the true nature of this "state-owned enterprise".
According to public information, Wang Qing has been an economist in the International Monetary Fund [] for more than six years, responsible for analyzing the economic situation of member countries in Asia, Eastern Europe and even the Middle East, and has participated in many high-level policy consultations between the IMF and the China government. Later, he served as the head of economic research and strategic analysis in Greater China of Bank of America and the director and general manager of Morgan Stanley Asia Limited.
On July 20 1 1, Wang Qing joined CICC and was responsible for investment banking. Little known is that at this time, with the departure of Ding Wei, head of investment banking department of CICC, the internal setup has become extremely complicated.
Ding Wei, who has been in charge of investment banking since 2002, is one of the main heroes in the heyday of CICC's investment banking. After he officially resigned, two former vice presidents, Jiang and Huang, took over as co-presidents.
On July 20 1 1, with the joining of Wang Qing, it means that the investment banking business of CICC, which was originally managed by Ding Wei alone, suddenly welcomed three principals, who are also the managing directors of CICC.
"Although the three have their own division of labor, it is inevitable that there will be overlaps, and there will definitely be more problems in carrying out a lot of work." An insider close to CICC told reporters that it is reported that CICC wants to promote one of the three people to take charge of investment banking, and in an enterprise like CICC, Wang Qing, who has only been employed for more than a year, seems to have the least chance of winning.
"Before joining, faced with the strong platform advantages and reputation of CIC abroad, there was a gap between the actual situation of CIC and Wang Qing's previous imagination." The above-mentioned insider close to Wang Qing said.
"Of course, there are many reasons why Wang Qing left." The above-mentioned insiders added that as the top sunshine private placement in China, Shanghai Chongyang can just give Wang a good platform.
According to the reporter, after transferring to chongyang investment, Wang Qing will return to his own bank, mainly responsible for the research business in chongyang investment.
The pain of gold
Wang Qing will not be the last managing director of CICC. Obviously, Xu Xiaoqing and others will not be the last gold medal analysts of CICC.
In the past few years, the embarrassment of CICC has been going on.
According to relevant statistical data, during the six years from 2007 to 20 12, the net profit of CICC decreased from124,300 yuan to 303 million yuan year by year, and in 20 12, without the financing project of "H-share IPO of PICC Group", the investment bank of CIC would lose face.
"In the next few years, the IPO market will still be the world of SME projects. For brokers who are used to IPO in central enterprises like CICC, the reserve resources are extremely limited. If they make one order, they will be short of one order. If CICC does not transform, it will be very difficult. Continue. " As early as the beginning of 20 1 1, a senior investment banker in Beijing pointed out to reporters.
And it turns out that what he said is true.
Although at this moment, CICC has also realized the crisis and started to focus on small and medium-sized IPO projects, its advantages in small and medium-sized projects are not as good as those of Guo Xin, Ping An and other brokers who have made a name for themselves in the small and medium-sized market, except that they need long-term project reserves.
External difficulties are difficult to solve, and internal problems emerge one after another.
"After the enterprise scale becomes larger, the management system can't keep up with the scale development. In the past few years, especially during the financial crisis, due to the platform advantage of CICC, after the introduction of a large number of high-end talents, the internal management mechanism of' state-owned' triggered the problem of internal talent integration and became the internal cause of its talent departure. "
At the beginning of 20 13, Galaxy Securities, which once declined for similar reasons, has gradually stepped out of the past trough after nearly one or two years of exploration and adjustment, and will officially go to Hong Kong for IPO, ready to rely on the market-oriented resource allocation and management system of the capital market to revive its former glory.
Then, how will Huijin's CICC face the biggest "singing failure" crisis in history? The answer can only wait.