CSRC freezes top jobs at Chinese fund houses
The securities regulator holds off on approving job changes for the CEOs of Guotai Junan Allianz and Fortune SGAM until after the Olympics.
Chiang Hsien, CEO at Guotai Junan Allianz Fund Management in Shanghai, is leaving the fund JV for a newly created and still unnamed position at Allianz Global Investors in China.
Sources say ChiangÆs position at the fund JV will probably be assumed by Xu Xiaochung, a vice general manager at China Southern Fund Management who resigned in May. Chiang has already reported to the Allianz Guotai Junan office and is expected to take over ChiangÆs position soon.
Xu was a veteran fund manager with China Southern. Prior to joining China Southern, he was a deputy director for research at the Shenzhen Stock Exchange and a lecturer at the Nanjing Agricultural University. Sources say Xu is being brought into the JV with a mandate to revive its business model.
Allianz declined to comment on the move. However, industry sources familiar with the situation say the China Securities Regulatory Commission (CSRC) has been holding off on the approval for Xu to assume the post.
They say that this is not a first, however, and the stalling tactics are likely to continue until after the Olympics.
Denis Lefranc, deputy head at Fortune SGAM who was promoted to Asia-Pacific CEO at SGAM, is similarly held up in Shanghai. It would be ôinconvenientö to announce his replacement before October, sources say.
The CSRC could not be reached for comment for this story.
So why would it be important to delay new hires until after the Olympics? To date, the CSRCÆs list of no-nos in the run-up to the event have included a ban on travel and restrictions on talking to the media. Some are guessing that the freeze on top jobs is another one of the CSRCÆs market stabilising moves.
Sources say ChiangÆs position at the fund JV will probably be assumed by Xu Xiaochung, a vice general manager at China Southern Fund Management who resigned in May. Chiang has already reported to the Allianz Guotai Junan office and is expected to take over ChiangÆs position soon.
Xu was a veteran fund manager with China Southern. Prior to joining China Southern, he was a deputy director for research at the Shenzhen Stock Exchange and a lecturer at the Nanjing Agricultural University. Sources say Xu is being brought into the JV with a mandate to revive its business model.
Allianz declined to comment on the move. However, industry sources familiar with the situation say the China Securities Regulatory Commission (CSRC) has been holding off on the approval for Xu to assume the post.
They say that this is not a first, however, and the stalling tactics are likely to continue until after the Olympics.
Denis Lefranc, deputy head at Fortune SGAM who was promoted to Asia-Pacific CEO at SGAM, is similarly held up in Shanghai. It would be ôinconvenientö to announce his replacement before October, sources say.
The CSRC could not be reached for comment for this story.
So why would it be important to delay new hires until after the Olympics? To date, the CSRCÆs list of no-nos in the run-up to the event have included a ban on travel and restrictions on talking to the media. Some are guessing that the freeze on top jobs is another one of the CSRCÆs market stabilising moves.
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