Asia continues to lag other regions for integrating ESG principles with investing; better data and stronger regulatory requirements will help institutional investors, market observers say.
According to the online blog of CEO Mandy Wang, the JVÆs CIO Lv Joon, a key founder of the company back in 2005, has resigned for ôpersonal and health reasonsö, and will be replaced by Sun Yangqun, who is currently the manager of China International's Alpha Equity Fund and Consumption Equity Fund.
Fund managers are in hot demand in Mainland China. Managers seeking better pay, career prospects and investment flexibility are deserting the mutual fund industry for private funds or hedge funds and JV offices in Hong Kong. The turnover at China International is typical. (The September edition of AsianInvestor magazine will feature an in-depth look at portfolio management turnover in China.)
The new CIO, Sun, was educated at Fudan University and is a qualified CPA who joined the firm from Great Wall Invesco Fund Management, where he had run the portfolio of Domestic Consumption Growth Fund, a 2nd best performing fund in the year of its setup in 2004 as the Shanghai market plummeted by 11.2%. His Alpha Equity fund has risen by 86.22% as of June 30 this year.
But the man he is replacing is a star manager in his own right: Lv is China Securities JournalÆs Gold Bull Fund Manager and the Most Popular Fund Manager in China in a poll by Shanghai Securities News. Market sources say he is the latest recruit into ChinaÆs private fund industry, where 40% of the countryÆs fund managers have already joined the field. His China Advantage Fund has been ranked as five-star by the independent rating agency Morningstar.
LvÆs departure marks the second key loss at China International. Earlier in April this year, the company was embroiled in a scandal when its senior fund manager Tang Jian was caught front-running trades by the China Securities Regulatory Commission.
ôThere is no everlasting feast under the sun,ö CEO Mandy Wang says in her blog regarding LvÆs resignation û the Chinese equivalent to ôAll good things must come to an endö.
With assets under management at RMB56 billion ($7.4 billion) and a market share of 3.16%, China International is the second-largest fund management joint venture in China.
Management of LuÆs China Advantage Fund will be taken over by Yang Anle, his current assistant fund manager, and Liang Jun. Yang, a PhD from Shanghai Jiao Tong University, has been a research analyst at ShanghaiÆs Industrial Securities and at Dacheng Fund Management, an ôold-10ö company. He joined China International in 2004, where he has since held the positions of assistant director in research, a sector specialist and assistant fund manager.
His fellow alumni Liang joined China International in March 2007. Prior to this he worked for another Sino-foreign funds JV, ABN Amro Teda Fund Management, running its fixed income and currency portfolio.
Omicron may have put the bite into the property sector, but commercial property in Asia Pacific is defying the odds in a challenging sector, says a CBRE report.
Korea Teachers' Credit Union appoints new CIO; AIA Singapore hired ESG head from UOB; Ping An confirms appointment of Benjamin Deng as CIO; Australian Unity hires first head of responsible investment; AMP has new head of portfolio management for multi-assets, Robeco hires Asia fixed income head; Haitong makes three new appointments for institutional clients business; and more.
After two tenures, AsianInvestor's 2021 Standout CIO Jang Dong-hun looks back on the past six years at Korea's Poba with satisfaction.
Risks including property downturn and ongoing pandemic make for difficult investment decisions.