Star fund manager Ren Xiangdong "says goodbye" to China Securities Global, accelerating the transformation to a public fund platform.

Ask AI · Behind Ren Xiangdong’s Resignation, How Is the Public Offering Industry’s Shift Affecting the “Star Fund Manager” Model?

Jiemian News reporter | Han Li

Another star fund manager has resigned.

On March 27, Xingzheng Global Fund released an announcement of fund manager changes. Ren Xiangdong, the fund manager of two of its funds—Xingquan Global Tai Hybrid and Xingquan Global Heng Three-Year Holding Hybrid—stepped down from his post due to personal reasons. After this adjustment, Ren Xiangdong no longer has any independently managed products under his name. Jiemian News learned from an insider that Ren Xiangdong has already submitted his resignation to the company.

Ren Xiangdong’s career began at Industrial Bank Schroder Fund. Starting in January 2015, he managed the Industrial Bank Schroder Advanced Manufacturing Hybrid Fund. Over more than three years in the role, he accumulated a return of 95.81%, ranking in the top 5% among peer funds. As a result, industry insiders viewed him as a “new golden-generation” fund manager cultivated by Industrial Bank Schroder Fund.

After joining Xingzheng Global Fund in 2019, Ren Xiangdong began managing Xingquan Global Tai Hybrid starting in October of the same year. When the product was issued, it drew strong market demand, with a subscription scale as high as 40 billion yuan, but the final allocation ratio was only 12%. Although it fell back by nearly 40% at one point, as of March 27, Xingquan Global Tai Hybrid’s cumulative return rate exceeded 64%.

However, the other product he managed, Xingquan Global Heng Three-Year Holding Hybrid, was not so fortunate. Since its inception, it has still been down 3.74%. With the fund placing key focus on sectors such as automobiles and lithium batteries, Ren Xiangdong’s market-timing ability was once questioned. Due to performance impact, by the end of 2025, Ren Xiangdong’s funds under management totaled 8.39B yuan, nearly halving from its peak.

After Ren Xiangdong stepped down this time, the succession arrangements for the two funds were also clarified. Xingquan Global Tai Hybrid will be co-managed by Xie Shuying and Zhang Chuanjie, while Xingquan Global Heng Three-Year Holding Hybrid will be managed solely by Zhang Chuanjie.

Xie Shuying has 17 years of experience in securities practice and 11 years of fund management experience. She has previously worked at Goldman Sachs Gao Hua Securities and Penghua Fund. She is currently a fund manager at Xingzheng Global Rui Hybrid Fund. “Xie Shuying’s investment style is more balanced. She uses a bottom-up stock-picking logic to build an investment portfolio with industry diversification and concentrated positions in individual stocks.” Xingzheng Global Fund told reporters.

Zhang Chuanjie has 8 years of experience in securities practice. He has worked at Yongjin Asset and China Everbright? Fund—then joined Xingzheng Global Fund, serving in roles such as an industry research analyst in the research department and an assistant fund manager. Since November 2025, Zhang Chuanjie has been co-managing Xingquan Global Tai Hybrid with Ren Xiangdong. This handover is a smooth transition.

Ren Xiangdong’s departure is not the only recent personnel change at Xingzheng Global Fund. In December 2025, Wang Pin, assistant director of the private account investment department, resigned from his only fund product under management. In January 2026, Dong Li, a “hundreds of billions” fund manager, resigned from his last fund product under management. Although he did not leave the company, he has already exited front-line research and investment roles.

In response, Xingzheng Global Fund stated that the company adheres to platform-based and systems-based operations. After years of development, it has built a mature, stable research and investment team and platform. In recent years, the company has continued to promote systematic construction of its research and investment capabilities, strengthening system-based support for investment decision-making through mechanisms such as specialized division of labor, collaborative sharing, and “helping new talent grow through veterans,” among others. At present, the company has formed a talent pipeline with orderly succession.

Beyond personnel adjustments, the old-guard public offering fund house has also faced some business challenges in recent years. According to Wind data, as of the end of Q4 2025, Xingzheng Global Fund’s total managed scale was 749.06B yuan, ranking 18th in the industry. However, its actively managed equity segment has declined. As of the end of Q4 2025, the company’s actively managed equity scale was 135.79B yuan. At the end of 2021, its equity fund scale had reached a historical high of 245.97B yuan.

While Xingzheng Global Fund attempts to lay out new businesses, it launched the Xingquan Global CSI 300 Quality ETF in December 2025, taking a key step toward index-based investing. This is a fund company known for active management, and—against the backdrop of a new stage in industry development—it represents its new exploration.

According to statistics from Wind data, as of March 27, within the year, 108 fund managers had left their roles, involving nearly 70 fund companies. Ren Xiangdong’s stepping down is only a snapshot of the broader wave of personnel changes in the public offering fund industry. Among those who announced their departures this year are not only mid-career executives with many years of experience and relatively large management scales, but also core research and investment personnel who have worked at a single company for more than a decade and have long-term performance track records.

In interviews, Jiemian News learned that over the past two years, the industry has generally experienced a shift from the “star fund manager” model toward “platform-based, team-based” operations. More and more fund products are adopting co-management models with two or multiple fund managers. This not only provides opportunities for the new generation of investment professionals to get hands-on experience, but also—to a certain extent—reduces reliance on a single fund manager.

In addition, as the public fund fee-rate reform continues to advance, the industry’s overall revenue structure is facing adjustments. Some fund companies have made corresponding changes in areas such as deferred compensation and performance assessment mechanisms, which has had an impact—though not negligible—on fund managers’ career choices.

For fund companies, how to balance talent incentives with team stability during the industry transition, and how to smoothly hand over research and investment capabilities after veteran managers fade out, remains a question that needs ongoing exploration. Ren Xiangdong’s resignation is not an isolated case, but whether similar personnel changes can achieve a smooth transition through platform-based mechanisms will directly affect a fund company’s competitiveness amid changes in the industry and the trust of its investors.