One of the longest-serving chief executives in China’s fund management industry ­– Xiao Feng of Bosera FMC – has stepped down from a post he has held for 13 years, but he remains vice-chairman.

Bosera is yet to announce a successor, although it has set up a task group to select a new CEO. In the interim, Xiao will continue as acting chief executive.

Speaking from the firm’s headquarters in Shenzhen, Xiao confirms that candidates to replace him as CEO will be internal and external, although he says an external candidate is the most likely choice.

But Xiao denies market speculation that he is going to join or start a private fund, saying he is committed to supporting Bosera’s incoming CEO to ensure a smooth transition of management and operations.

He explains that he sees himself as a professional manager who is good at running a streamlined process rather than a hedge fund manager who can excel through outstanding investment skill.

“I will not take any front-line general management role at any institution,” he tells AsianInvestor. “Stepping back has long been in my career plan. I have 10 years before retirement at 60 years of age and I want the 10 years to be totally different and totally new.”

Xiao founded Bosera in 1998. Prior to that, he was deputy director of the Shenzhen Regulatory Bureau at the China Securities Regulatory Commission.

China’s fund management industry has seen increasing turnover among senior managers this year. Last month, Xiong Kejin, general manager of Galaxy FMC, resigned and his deputy, You Xiangdu, is now acting in the role.

Meanwhile, Cheng Baoliang, general manager of China Merchants FMC, resigned in June to join a Shanghai-based private equity company, Ruili Investment, as president.

The general manager vacancies at several Shanghai-based FMCs are still waiting to be filled, including SWS MU, GTJA-Allianz, Zhonghai and Franklin Templeton Sealand.

On the back of Xiao’s departure, only four current general managers in China’s fund management industry have been in position for at least 10 years: Fan Yonghong at China AMC, Gao Liangyu at China Southern, Henry Zhao at Harvest and Ye Junying at E Funds.

Fan is the only founding general manager still serving from among the first batch of 10 FMCs established in the country in the late 1990s. Those 10 were: China AMC, Harvest, China Southern, Bosera, Dacheng, Huaan, Fullgoal, Penghua, Guotai and Changsheng.

Bosera FMC is one of China’s top-tier fund management companies. As of June 30, it ranked fifth by AUM with Rmb190 billion ($29.5 billion).