After graduating from Shanghai Jiaotong University in 2003, this senior investor was recruited by Yang Dong, the former general manager of Xingquan Fund. From researcher to vice president of Xingquan Fund, working in Xingquan 18 years. Balanced and steady investment style and strong withdrawal control ability make him a rare star fund manager in the market with an investment period of more than 10 years and an annualized income of nearly 20%.
After leaving office, the Xingquan Trend Fund he manages will hire Xie Zhiyu and Li Dong as fund managers, and the Xingquan Vision Fund will be managed by housewarming.
So, where will Dong go after he leaves office?
There is a speculation that he went to Ningquan Assets, the founder of this 10 billion private placement, Dong, a former leader and Yang Dong, one of the "Five Musts of Prosperity", but it seems not.
Another guess is that he went to Ruijun Assets, which also works in Kerry City. The founder of this private placement is also from "Xingquan Five Musts", which was founded by Wang Xiaoming, the first fund manager of Xingquan Trend Investment, and Du Changyong, the first fund manager of Xingquan Convertible Bonds, but it seems not.
"Xing Quan Wu Jue" refers to Dong, Fu Pengbo, Du Changyong and Yang Dong. Among them, it took only two years for Yang Dong 20 18 to establish Ningquan Assets, and its management scale exceeded 10 billion. After Fu Pengbo left Xingquan, he founded Ruiyuan Fund with his student Chen Guangming. Wang Xiaoming and Du Changyong merged their private placements into Ruijun Assets.
Of the "Five Musts of Xingquan" founded by Yang Dong, four people have left Xingquan to start their own companies. Now, the only remaining Dong will also leave, which seems to announce the end of the "Yang Dong era". Since then, Mesozoic fund managers headed by Xie Zhiyu will carry the banner of prosperity.
In addition to Dong's whereabouts, the reason for leaving is also the focus of discussion. For Dong's resignation, Xingquan's response is "take a break first, and then I may do more exploration and thinking on investment concepts and tools."
In the past, Public Offering of Fund, the manager, resigned mostly because of incentives, but in the past two years, public offerings have done enough to motivate star fund managers. In addition, most of the reasons for star fund managers' resignation have nothing to do with treatment, and more may be the inconsistency of ideas or the greater pursuit of self-worth.
Public offering of funds has its limitations. Fund managers will face pressure from channels, public opinion, supervision and even internal management of the company, and often make abnormal operations under heavy pressure. In addition, due to the huge system, more trading restrictions and lack of flexibility, as well as the mode of making money by charging management fees, public offerings need to be continuously expanded, which may often deviate from the initial intention of creating income for investors.
Private shareholders, fund managers and management are often the same people, with more unified thinking and more harmonious management. At the same time, the extraction method of performance compensation makes the interests of private equity companies fully linked with the interests of investors, and can create interests for investors more intently.
All these reasons have spawned a group of fund managers to leave the public offering and go to private placement.
In the asset management industry, "public and private" is nothing new. In addition to Yang Dong, Wang Xiaoming, Du Changyong and others who started their businesses in Xingquan Department, Dongfanghong Asset Management has also exported many generals to the private equity sector. Prior to this, Chen Guangming founded Ruiyuan, and later Lin Peng founded Harmonious Yi Hui. Both of them have become tens of billions of private placements.
Dong is not the first Public Offering of Fund manager to leave this year. The competition of public offering in fund industry is becoming more and more fierce. Many fund managers choose to change jobs or transform. Private equity institutions with more flexible systems have also attracted a large number of public talents. With the growth of private equity funds, it may attract more star fund managers to join.
Although private placement has its unique advantages, it is not easy to set up its own private placement company, which often requires the right time, place and people. The success of private equity firms cannot be decided by one or two star fund managers. The timing of product release, the support of channels and the construction of investment and research team are all very important. It is not uncommon for star fund managers to collapse after private placement, and many legends have become a thing of the past.
Of course, if Dong can get the support of the Industrial Development Department, the road to entrepreneurship may be smoother.
Whether Dong goes to Ningquan, Ruijun or starts his own business, it will be a further expansion of the private placement of "Xingquan Department". With the constant participation of star fund managers, there are more and more "Xingquan Department" and "Dongfanghong Department" of private placement. I don't know if the current situation is what these two companies want to see.