Looking at the five chairmen of China Merchants Fund since its establishment in 2002, they all come from China Merchants Bank Department, that is, the executives who hold important positions in China Merchants Bank. Niu Guanxing, the first chairman, was the general manager of the Credit Department of the head office of China Merchants Bank; Ma Weihua, the second chairman, has been the president of China Merchants Bank since 1999; Zhang Guanghua, the third chairman, was the vice president, executive director, vice chairman and Deputy Secretary of the Party committee of China Merchants Bank; Li Hao, the fourth chairman, resigned as the executive vice president and financial director of China Merchants Bank in April 2019 due to his age Person and executive director.
Figure 1 announcement of China Merchants Fund
According to public information, Liu Hui, 49 years old, born in May 1970, holds a masters degree in finance and a senior economist from Southwest University of Finance and economics. He joined China Merchants Bank (600036.sh, 03968. HK) in April 1995, served as the deputy general manager of the head offices planning and finance department from 2010 to 2013, the general manager of the head offices market risk management department from 2013 to 2015, the general manager of the head offices asset and liability management department and the general manager of the head offices investment management department from 2015 to 2017, and the president of the head offices investment banking and financial market headquarters and the head offices assets since December 2017 General manager of management department. Since April 2019, he has served as assistant to President of China Merchants Bank and general manager of Asset Management Department of China Merchants Bank, as well as director of China Merchants Bank Financial Leasing Co., Ltd. and director of China Merchants Bank International Finance Co., Ltd.
Previously, media reported that Liu Hui was the first person to be elected as chairman of China Merchants Bank Financial Management Co., Ltd. (hereinafter referred to as China Merchants Bank financial management).
Then, as the head of the capital management department of China Merchants Bank, how to straighten out the business relationship with China Merchants Fund and China Merchants Bank financial management, and how to carry out the business division and coordination among the three businesses, will be an important topic in front of Liu Hui.
On April 19, 2019, China Merchants Bank released the announcement that the financing subsidiary was approved. On October 31, China Merchants Bank said in the third quarter report of 2019 that it had formally submitted an application for opening to the Insurance Regulatory Commission of Bank of China (3.700, u00b1 0.00, u00b1 0.00%) on September 29, 2019, and CMB wealth management would choose the opportunity to open after obtaining the approval for opening.
In April, Liu Hui said in an interview with the media that the customer base of public funds is naturally stratified with the customer base of bank financial management, and there is a large difference in risk preference. The customer groups of the two are different: the customer groups of China Merchants Fund are mainly individual investors and some institutional investors with high risk preference and certain investment experience, while the positioning of China Merchants Bank financial management is mainly to undertake the needs of the customer groups of China Merchants Bank. At present, it is based on providing comprehensive and differentiated wealth management services for retail customers, and most of them have low risk preference and investment knowledge Customers with relative lack of knowledge and experience provide wealth preservation and value-added business and services.
In addition, Liu thinks the two can complement each other. The traditional strength of banks lies in fixed income, cooperation platform and cooperation institutions. The short board is the equity market. Public funds have accumulated and continuously invested resources in the equity market for more than 20 years, and there is room for cooperation between financial subsidiaries and outstanding fund managers such as public funds and private funds.
Liu Hui said that at present, CMB financial management and CMF have interacted and coordinated in macro research, strategic allocation, industry research and other investment research fields. In terms of quantitative investment, CMB financing has a sector in the equity layout is quantitative strategic investment, and there is also room for cooperation with China Merchants Fund.
Figure 2 announcement contents of China Merchants Fund
According to the announcement, Liu Hui was appointed on October 31, 2019, and Li Hao retired on the same day.
According to the public information, Li Hao, born in 1953, joined China Merchants Bank in 1997. He has successively served as assistant president, vice president and executive vice president of the head office, and also as the financial director for a long time. He has been the executive director since June 2007 and the executive vice president of China Merchants Bank since May 2013.
China Merchants Fund said that in the past four years, under the leadership of Li Hao, China Merchants Fund has been the first echelon in the industry, with continuous improvement of investment research ability, steady growth of asset management scale, innovation of income and profits, and significant improvement of industry voice and brand influence. In the future, China Merchants Fund will continue to focus on the strategic focus of one core, two engines and four modernizations, and build first-class products with differentiated competitive advantages Brand asset management company has made steady progress in its journey.
By the end of June 2019, the total assets of China Merchants Fund were 6.864 billion yuan, the net assets were 5.031 billion yuan, and the total scale of asset management business was 919.025 billion yuan (including China Merchants Fund and its subsidiaries); during the reporting period, the net profit was 456 million yuan, an increase of 8.22% over the first half of 2018.