Chief Inspector promoted to General Manager, billion-dollar fund company "changes leadership"

Ask AI · How does the regulatory background of Zhu Han influence Great Wall Fund’s future development?

Reporter: Li Lei    Editor: Zhao Yun

On March 27, Great Wall Fund released an announcement regarding management personnel changes, stating that the former general manager, Qiu Chunyang, left the post due to a work reassignment. Zhu Han, the company’s deputy director for supervision and inspection, assumed the role of general manager. At the same time, he concurrently served as acting deputy director for supervision and inspection in his capacity as general manager.

Public information shows that Zhu Han worked at the Shenzhen branch of the CSRC from 2005 to 2014. After that, he gained experience at market and asset management institutions such as Shenzhen Deweidejia Investment, Sinzi Guofu Securities, and Century Securities. He joined Great Wall Fund in 2023 and has served as deputy director for supervision and inspection.

The reporter from the Daily Economic News noted that in recent years, as the mutual fund industry has developed rapidly, changes in fund company executives have shown a high-frequency pattern. Wind data shows that as of March 27, 2026, executives at 40 mutual fund companies had undergone changes, involving a total of 80 people, including 12 chairpersons and 21 general managers. In 2025 alone, 129 fund companies saw changes in their executives, involving 371 people. Among them, 43 companies changed their chairpersons and 35 companies changed their general managers, with the number of involved people reaching 90 and 70 respectively—both at historically high levels.

Great Wall Fund changes leadership: the deputy director for supervision and inspection is promoted to general manager

Today, Great Wall Fund released an announcement regarding management personnel changes, officially appointing a new general manager.

According to the announcement, the former general manager of Great Wall Fund, Qiu Chunyang, left the post due to a work reassignment, and Zhu Han, the company’s deputy director for supervision and inspection, assumed the role of general manager. Meanwhile, he concurrently served as acting deputy director for supervision and inspection in his capacity as general manager.

Judging from his employment background, Zhu Han combines regulatory frontline experience with the ability to manage asset management institutions. Since 2005, he has held roles as deputy chief staff member and chief staff member in the Shenzhen branch of the CSRC. After 2014, he moved to market institutions, serving as compliance director at Shenzhen Deweidejia Investment; deputy general manager, chief risk officer, and chairman of the board of supervisors at Sinzi Guofu Securities; and deputy general manager at Century Securities, among other positions. He joined Great Wall Fund in 2023 as deputy director for supervision and inspection.

As a long-established mutual fund manager in the industry, Great Wall Fund was founded in 2001 and is the 15th fund management company approved and established by the CSRC. According to Wind data, as of the end of last year, Great Wall Fund’s public mutual fund management scale exceeded 370 billion yuan. Among 164 licensed public fund institutions across the market, it ranked 29th.

In terms of performance, in 2025 Great Wall Fund had 34 active equity funds under its management that outperformed the industry average, accounting for more than half. According to the “Fund Company Equity and Fixed-Income Asset Classification and Scoring Ranking” by Cathay Haitong Securities, as of the end of last year, the standard-score rankings for Great Wall Fund’s fixed-income funds over the most recent three years and five years were both in the top 20 of the industry.

The former general manager, Qiu Chunyang, served at Great Wall Fund for nearly six years. During his tenure, he helped steadily grow the company’s asset management scale and benefits. After he left due to the reassignment, Great Wall Fund internally completed the handover of executive leadership.

Executive changes in the mutual fund industry become the norm
The transition period fosters rational talent flow

Great Wall Fund’s executive adjustment is a snapshot of the high-frequency trend of executive changes in the current mutual fund industry.

Wind data shows that in 2025, the number of executive changes and the number of companies involved in the mutual fund industry were both at historically high levels. Since the beginning of 2026, this trend has continued. In just three months, 40 mutual fund companies completed executive adjustments across 80 person-times, with changes in the general manager position reaching 21 people, accounting for more than one quarter.

After nearly 30 years of development, the mutual fund industry is currently in a deep transition period. The industry scale continues to expand, product innovation is accelerating, and the competitive landscape is being reshaped. Combined with complex changes in the market environment, these factors jointly form the core reasons driving higher executive mobility.

On the one hand, the increasing dominance effect among industry leaders means that small and mid-sized fund companies face multiple pressures such as product approvals, channel expansion, and talent reserves. To seek breakthroughs, they make strategic adjustments, which in turn triggers executive changes. On the other hand, leading fund companies are also optimizing their management teams in response to market changes, promoting a shift in strategy from “scale-oriented” to “performance-oriented.” Executive adjustments have become an important means to achieve strategic upgrades.

It is worth noting that although executive changes are frequent, most adjustments involve relatively smooth transitions, and the overall development of the mutual fund industry has not suffered obvious disruption. This is thanks to the continuous improvement of the industry’s governance system. Industry insiders generally believe that moderate talent mobility is a normal phenomenon during the industry’s rapid growth. Management talents with different backgrounds entering the industry can bring diversified management approaches and help the industry achieve high-quality development in competition.

Looking ahead, as reforms in the mutual fund industry continue to deepen, the mobility of executive talent may still maintain a certain frequency. However, the industry as a whole will achieve stable development within the compliance framework. For fund companies, a stable investment and research system, a clear development strategy, and a well-established talent cultivation mechanism will become core support for responding to executive changes and achieving long-term development.

Daily Economic News