From BigGo Finance · BigGo Finance · · 1m 10s
China's Galaxy Fund Loses Star Manager
Galaxy Fund's Zheng Weishan exits all funds as firm faces handover of 64.77% equity assets.
In brief
Galaxy Fund's Zheng Weishan exits all funds as firm faces handover of 64.77% equity assets. China's Galaxy Fund loses star manager Zheng Weishan who managed 64.77% of equity assets, with internal successors taking over. Originally reported by BigGo Finance.
Star Manager Exits
Galaxy Fund announced Zheng Weishan stepped down from three funds for personal reasons effective Oct. 21.
“personal reasons”
Asset Management Scale
Zheng managed 21.035 billion yuan (approx $3.2 billion) across Galaxy Fund's equity assets.
“21.035 billion yuan (approximately $3.2 billion)”
Flagship Fund Performance
Galaxy Innovation Growth returned 284.87% during Zheng's tenure, annualized 19.82%.
“284.87%”
Successors Named
Yuan Xi, Zhu Jianhui and Bao Wubin take over Galaxy Innovation Growth and two other funds.
“Yuan Xi and Zhu Jianhui will take over Galaxy Innovation Growth”
Internal Handover Process
Galaxy Fund states investment objectives and strategies remain unchanged for all products.
“investment objectives and strategies remain unchanged”
Industry Turnover Trend
364 Chinese mutual fund managers left this year as talent turnover becomes routine.
“364 had left”
Performance of Other Funds
Galaxy Harmony Life returned 23.85% and Galaxy Smart Link Theme returned 54.12% during tenure.
“Galaxy Harmony Life returned 23.85%”
Firm's Equity Position
Galaxy Fund manages 121.071 billion yuan (approx $18.1 billion) in public funds.
“121.071 billion yuan (approximately $18.1 billion)”
What Happens Next
Galaxy Fund must ensure smooth transition of 64.77% equity assets to internal successors.
“Galaxy Fund must ensure smooth transition of 64.77% equity assets”
Here's the gist
China's Galaxy Fund loses star manager Zheng Weishan who managed 64.77% of equity assets, with internal successors taking over.
