The sequelae of Fan Yan's departure - the failure of the issuance of the new fund of Yuanxin Yongfeng, and the fist products are waiting to be broken through

The impact caused by the departure of "Taizhuzi" fund manager Fan Yan is still continuing. Recently, Yuanxin Yongfeng Fund Management Co., Ltd. (hereinafter referred to as "Yuanxin Yongfeng Fund") announced that a hybrid fund that has been raised since March 18 this year cannot take effect due to failure to meet the filing conditions. At the same time, this also means that although 2024 has passed the halfway point, Yuanxin Wing Fung Fund, which is known for equity investment, has not yet successfully issued equity products this year.

After Fan Yan left the company, the eight funds she managed were managed by different fund managers. Different from the general fund companies that allocate the management scale according to the past performance, the allocation method of Yuanxin Yongfeng this time looks more like the allocation of positions - Chen Chen and Hu Chunxia, the two fund managers who are not the oldest and not the best performers, have been allocated the most management scale. Judging from this distribution method alone, Fan Yan's departure may have a deeper internal reason.

The postponement failed again

On June 18, 2024, Yuanxin Yongfeng issued the "Announcement on the Invalidity of the Fund Contract of Yuanxin Yongfeng Xingsheng Hybrid Securities Investment Fund" on its official website. According to the announcement, Yuanxin Yongfeng Xingsheng Mixed A/C (019714/019518) "was approved by the China Securities Regulatory Commission [2023] No. 2217 to register and raise funds, and will start raising on March 18, 2024. As of the expiration of the fundraising period on June 17, 2024, the Fund failed to meet the conditions for fund filing stipulated in the Fund Contract of Yuanxin Yongfeng Xingsheng Mixed Securities Investment Fund, so the Fund Contract of the Fund could not take effect. The Company will handle the matter in accordance with the relevant provisions of "II. Handling of Raised Funds when the Fund Contract Cannot Be Effective" in Part V of the Fund Contract "Fund Filing". The so-called "conditions for fund filing" means that within 3 months from the date of sale of fund shares, the total number of shares raised by the fund shall not be less than 200 million, the amount raised shall not be less than 200 million yuan, and the number of subscribers shall not be less than 200. After the above conditions are met, the manager can stop the fund offering, hire a statutory capital verification agency to verify the capital, and then apply to the China Securities Regulatory Commission for fund filing. Failure to meet the filing conditions means that the share or amount of funds raised is less than 200 million yuan, or the number of subscribers is less than 200, or neither is met.

According to the "Prospectus" of Yuanxin Yongfeng Xingsheng Mix, the issuance of this fund has been delayed again and again, and it is quite unsmooth. According to the prospectus, the fund obtained the registration and offering license from the China Securities Regulatory Commission on September 19, 2023 (Zheng Jian Xu Xu [2023] No. 2217). According to the current regulatory requirements, public funds need to be issued within 6 months after obtaining approval. The actual fundraising time of this fund will start on March 18, 2024, that is, this fund will not start raising until the last day of the validity period of the approval document.

In addition, the failure of the mixed issuance of Yuanxin Yongfeng Xingsheng has directly led to the fact that Yuanxin Yongfeng Fund Company has no new equity products in operation since September 2022. According to the data of the Choice terminal, Yuanxin Yongfeng currently has a total of 48 funds (each share is calculated separately) in operation. More than half of them were established before 2020. 2020 was the year for the highest number of new funds established by the company, reaching 11. Since then, new funds have fallen off a cliff. In 2021, 6 funds were established; In 2022, 4 funds were launched, and in 2023 and 2024, only bond funds were launched. For Yuanxin Yongfeng, which is known for equity investment, its decline is obvious.

"Unconventional" allocation

Some industry insiders believe that the failure of the mixed issuance of Yuanxinyong Fengxingsheng is related to the departure of the company's star fund manager Fan Yan in April this year. He said, "The good reputation of Yuanxin Yongfeng is earned by Fan Yan alone to a considerable extent." Fan Yan's outstanding performance has not only enhanced the market influence of Yuanxin Yongfeng, but also has no one to replace within the company. According to the Choice terminal, as of the end of the fourth quarter of 2023, the scale of Yuanxin Yongfeng's non-monetary fund was 35.152 billion yuan, while Fan Yan's fund under management at that time was 17.009 billion yuan, accounting for almost half of the company's total non-stock funds.

After Fan Yan's departure, the 8 funds she managed (each share combined) were distributed to 9 fund managers. thereinto The largest Yuanxin Yongfeng Youjia Life (scale of 3.911 billion yuan) was handed over to Chen Chen, deputy director of the company's research department; Yuanxin Yongfeng Xingnuo one-year holding period hybrid (scale of 3.298 billion yuan) was handed over to Hu Chunxia, director of the equity investment department, and newcomer Pu Yujia; Yuanxin Yongfeng Enhanced Income (scale of 1.533 billion yuan) was handed over to Lin Zheng, director of the fixed income investment department; Yuanxin Yongfeng Preferred Life (scale of 1.184 billion yuan) was handed over to Wang Ping; Yuanxin Yongfeng Zhiyou Mixed (scale of 858 million yuan) was jointly managed by Chen Chen and newcomer Chen Yanxin; Yuanxin Yongfeng Juyou stock (scale of 788 million yuan) was handed over to Xiao Shiyuan; and Yuanxin Yongfeng Xingyan (scale 7). 78 million yuan) to Zou Wei; Yuanxin Yongfeng Youyue Life Mix (scale 519 million yuan) was handed over to Dang Wei.

According to the above distribution method, the rank of the fund manager is directly proportional to the size of the fund manager's allocation. Chen Chen, Hu Chunxia and Lin Zheng got the most scale, especially Chen Chen, who can be called "like a fish in water", not only got Fan Yan's masterpiece Yuanxin Yongfeng Youjia Life, but also issued a new fund Yuanxin Yongfeng Ruiying bond in April this year; Since Fan Yan's resignation, the increase in its management scale should be more than 5 billion yuan.

However, Chen Chen and Hu Chunxia are neither the best performers nor even the oldest of Yuanxin Yongfeng's many fund managers. According to the daily fund network, Chen Chen's longest-managed and best-performing masterpiece Yuanxin Yongfeng Preferred Value has achieved a return of 5.75% during his tenure (20200518 to date), ranking 1611/3022 in the same period of the same period, which can barely be regarded as the midstream level of the industry. Hu Chunxia's masterpiece Yuanxin Yongfeng consumption upgrade has achieved a return of 17.93% during his tenure (20180322 so far), and the ranking is only 1431/2184. In contrast, Zou Wei's masterpiece Yuanxin Yongfeng Huili Mix, which has a similar management range, has achieved a return of 68.66% during his tenure (20190125-present), ranking 764/2536, and Wang Ping's representative work Yuanxin Yongfeng Greater Bay Area has achieved a return of 23.01% during his tenure (20200514-present), ranking 708/3011, both of which are significantly better than Chen Chen and Hu Chunxia.

Generally speaking, for the arrangement of the departing fund manager's products, the fund company usually allocates the product according to the historical performance of the successor fund manager, that is, the fund manager with excellent performance matches the large-scale product, and its purpose is to hold the holder's redemption hand. (This article was first published in Titanium Media APP, author|Chen Qile)