Great Wall Fund's new general manager to take office soon, panoramic view of public fund industry executive changes in recent two years

Caixin, March 12 — (Reporter Yan Jun) The high frequency of senior management changes in public funds since 2025 continues. A variety of reasons such as age, shareholder changes, and personal career development plans intertwine, forming a comprehensive picture of management turnover in the public fund industry.

Caixin has learned that Qiu Chunyang, General Manager of Great Wall Fund, will soon step down, with current Inspector-in-Chief Zhu Han acting as interim General Manager, and is expected to be officially promoted to President of the company.

It is understood that Qiu Chunyang is leaving due to personal career planning adjustments, and his next destination has not yet been finalized.

Qiu Chunyang to Leave Great Wall Fund

As a veteran in the asset management industry, Qiu Chunyang has an extensive track record. He holds a Ph.D. in Economics and has been in the securities industry since 2001. He previously worked in the asset management department of Southern Securities and later served as General Manager and Deputy General Manager of the Financial Engineering Department at GF Fund, accumulating deep investment research and management experience.

In July 2020, Qiu Chunyang officially took on the role of General Manager of Great Wall Fund. At that time, China’s public fund industry was entering an unprecedented period of rapid expansion. During his more than five years in charge, Great Wall Fund experienced a “golden age” of development.

Over these five years, the total assets under management (AUM) of Great Wall Fund grew dramatically from 140.4 billion yuan at the start of his tenure to 375.4 billion yuan; non-money market fund AUM also broke through, rising sharply from 57.99 billion yuan to 151.82 billion yuan, with the industry ranking jumping from 45th to 35th.

Qiu Chunyang also served as Chairman of the Investment Decision Committee of Great Wall Fund. For example, under his leadership, the firm promoted the concept of “investment with a sense of the times,” building a mature “Technology+” research team that keenly captured investment opportunities in frontier sectors such as AI, innovative pharmaceuticals, and commercial aerospace. Through implementing a “platform-based combat” model, Great Wall Fund cultivated a group of highly competitive “specialist” players in niche fields. For instance, Zhao Fengfei in TMT and new technology sectors, Yang Yu focusing on high-end manufacturing, and Tan Xiaobing and Liang Furui in innovative pharmaceuticals. By 2025, 34 actively managed equity funds under Great Wall Fund outperformed the industry average, accounting for over half. In fixed income investments, according to Guotai Haitong Securities’ “Absolute Return Classification Score Rankings for Fixed Income Funds,” as of December 31, 2025, Great Wall Fund’s fixed income products ranked in the top 20 in the market for the past 3 and 5 years, respectively 20th out of 138 and 23rd out of 127, demonstrating solid “stability” in fixed income.

Inspector-in-Chief Promoted to President Is Not an Exception

Zhu Han’s background in “regulation + asset management compliance” is prominent.

His extensive experience in securities, funds, and management is noted. According to his resume, Zhu Han has held positions since 2005 as Deputy Director and Director of the Shenzhen Securities Regulatory Bureau of the CSRC. Since 2014, he has served as Compliance Director at Shenzhen Dewei Dejia Investment Co., Ltd., and from 2016, he has been Deputy General Manager, Chief Risk Officer, and Supervisor at Zhongtian Guofu Securities. Since 2022, he has been Deputy General Manager of Century Securities.

Zhu Han was appointed Inspector-in-Chief of Great Wall Fund in September 2023. His promotion reflects recognition from shareholders of his capabilities. It is not uncommon for compliance executives to be promoted to general manager in the context of steady development in the financial industry. For example, Li Yunliang, head of compliance and risk control at Quanguo Fund, was promoted to General Manager, marking the establishment of a new generation of senior management team at Quanguo Fund.

As an established public fund, Great Wall Fund was founded in 2001, as the 15th fund management company in China, jointly funded by Great Wall Securities, Orient Securities, Northern International Trust, and Zhongyuan Trust.

According to the official data disclosed in the half-year report of Great Wall Securities in 2025, the fund achieved operating income of 541 million yuan in the first half of 2025, a 3.07% increase from 525 million yuan in the same period of 2024; net profit was 135 million yuan, up 7.12% from 127 million yuan in the same period of 2024, with a net profit margin of approximately 25.1%.

In the current environment emphasizing high-quality development and increasingly strict compliance, the steady operation and growth of Great Wall Fund are naturally linked to the appropriate configuration of its management team.

Management Changes in Public Funds Become Normal

The personnel changes at Great Wall Fund reflect the high-frequency turnover of senior management in the current public fund industry. Wind data shows that since the beginning of 2026, 31 fund companies have experienced management changes involving a total of 63 people, including 8 chairpersons and 18 general managers.

This trend continues from last year, when in 2025, management changes occurred 462 times across public funds, including 94 changes in general managers (including acting chairpersons), both at relatively high levels historically. Overall, more than 40% of fund companies (79 out of 197) experienced changes at the chairman or general manager level in 2025.

Behind this high turnover are factors such as retirements of senior executives, influence from shareholders, and more importantly, the ongoing transformation of the public fund industry, which presents more opportunities and challenges for senior management, thus increasing management mobility.

Since the beginning of this year, several fund companies, including Quanguo Fund, Huatai Asset Management, Allianz Fund, Chunhou Fund, and Zhongke Wotu, have successively experienced management changes.

Internal promotions remain the main method of succession. Quanguo Fund also promoted compliance executives to general manager, with Li Yunliang, former head of compliance and risk control, transferring to General Manager on February 13.

Additionally, Huatai Securities Asset Management and Allianz Fund have seen internal promotions of chairpersons and general managers. Huatai Securities Asset Management’s former General Manager Jiang Xiaoyang was promoted to Chairman, and former Deputy General Manager Zhu Qian was appointed General Manager; at Allianz Fund, former General Managers Shen Liang and Zheng Yuchen were respectively promoted to Chairman and General Manager due to work arrangements. Shen Liang had already served as acting Chairman for nearly half a year before his promotion.

Meanwhile, management reshuffles triggered by shareholder changes are also noteworthy. Chunhou Fund, in January, changed its major shareholder to Shanghai Changning State-owned Assets Operation Investment Co., Ltd., and updated its management team accordingly. Chen Hong from the new shareholder Oriental Fund was appointed Chairman, while former Chairman Jia Hongbo, deemed unsuitable by regulators, left, and Zuo Jiqing was appointed General Manager.

Clearly, moderate talent flow is a normal phenomenon in the rapid growth of the public fund industry, and management renewal is an inevitable part of company development.

(Reporter Yan Jun, Caixin)