Founder Fubang: the first active stock market failure in nine years

category:Finance
 Founder Fubang: the first active stock market failure in nine years


Founder Fubang fund was officially approved on June 30, 2011. It is the first approved land Taiwan joint venture fund management company with its registered place in Beijing. The registered capital of the company is 200 million yuan. Among them, Founder Securities contributed 66.7% and Fubang securities contributed 33.3%.

According to the statistics of the daily financial report, since its establishment nine years ago, founder Fubang fund only made profits in 2015 and 2016, with only 12.3626 million and 5.0459 million respectively. In the remaining years, the losses were -34.347 million, - 46.2341 million, - 2.8903 million, 47.4534 million, 17.135 million and 30.1812 million, respectively.

It is worth noting that there have been media collation before. Since its establishment, founder Fubang fund has undergone 17 executive changes, including 4 Changes of the chairman and 3 changes of the general manager. Only three months after its establishment, Lin Qi, the former chief inspector, left his post. In May 2012, song Yinong, the former general manager, left for personal reasons.

In addition, founder Fubang fund currently has eight fund managers. Except for one Wang Jing who has been in office for more than six years, the other seven fund managers have been working for less than three years. This is due to frequent turnover of the fund manager team.

In 2014, Liu Chen, the former fund manager of Founder Fubang innovative power hybrid fund, Yang Tong, former fund manager of first drag two fund, and Zhang Lu, former fund manager of Founder Fubang bonus fund, left one after another; in November 2014, Lu Qilun, the former fund manager who took over founder Fubangs mixed fund for half a year, resigned.

At the end of 2015, Li Wenjun, the former fund manager of the first to second fund, left; in July 2016, Gao Song, the former fund manager of Founder Fubang dividend selection hybrid fund, left; in February 2018, Gong Xianfeng, the former fund manager of Founder Fubang innovation power hybrid fund, left for personal reasons; in December 2018, Shen Yi, the fund manager of one drag three fund, left for personal reasons.

The frequent changes of senior executives, especially the core backbone of the company, will undoubtedly have a significant impact on the development of fund companies. Frequent changes in senior management will affect the continuity of corporate governance; the change of fund managers will also affect the unity of team investment and research strategies at the business level.

According to the statistics of the daily financial report, in 2019, the total scale of Founder Fubang fund was 19.903 billion yuan, ranking 81 in the middle reaches of 140 fund companies. However, the scale of its non monetary fund was only 6.016 billion yuan, and the scale of Monetary Fund was 13.887 billion yuan, accounting for 69.77%.

In 2016, the total scale of Founder Fubang fund was 16.021 billion yuan, and the scale of Monetary Fund was 12.032 billion yuan, accounting for 75.10% of the total. In 2015, this proportion reached the extreme. At that time, the total scale of Founder Fubang fund was 9.241 billion, and the monetary fund was 8.812 billion, accounting for 95.36%.

It is worth noting that in the past five years, founder Fubang fund has only two monetary funds. These two funds are founder Fubang jinxiaobao with a scale of 8.447 billion yuan and founder Fubang currency with a scale of 365 million yuan. These two monetary funds have supported the whole founder rich country in 2015.

Other products of Founder Fubang fund were almost stagnant before 2018. In April 2017, due to the illegal behaviors in fund investment operation, fund sales, risk control compliance and other links, the CSRC ordered rectification and suspended the acceptance of public offering fund product registration application for 12 months.

Zou mu, former general manager of the company, Lai Hongren, former chief inspector general, and Shen Yi and Xu Chao, fund managers, were issued with warning letters. Founder Fubang asset management, a subsidiary of Founder Fubang, was also ordered to correct and suspend the acceptance of specific customer asset management plans for six months. Zhao Guangming, general manager of the company, was issued a warning letter.

Until the lifting of the ban in 2018, the companys stock funds increased to 3 and bond funds increased to 4; until 2019, when the structural market was obvious, founder Fubang fund added 5 equity funds, 4 hybrid funds and 1 bond fund, and finally ushered in a wave of development opportunities.

On November 10, founder Fubang advantage selection announced that the fund contract could not come into effect. This year, 20 funds failed to be raised. However, founder Fubang advantage selection was the first one to actively manage stock funds. The proposed fund manager of the fund also left on the same day. At present, other products under management are under management.

This is the first time founder Fubang Fund issued active management of equity funds. As of November 24, founder Fubang fund had 18 active equity products, most of which were mediocre or even underperformed the average of the same kind.

Founder Fubang funds partial stock hybrid funds annual average return was 33.67%, which was 14.25% lower than the average of the same kind; the annual average return of flexible allocation fund was 0.81% lower than that of the same type.

According to the official website of Founder Fubang fund, the proposed fund manager of Founder Fubang advantage selection is Fu Jian, who joined the company in March 2018, successively served in the research department, equity research department and international investment department, and served as the fund manager of its three products.

Since September this year, Fu Jian has successively left the post of Founder Fubang innovation power hybrid and founder Fubang Xinhong hybrid fund manager. On November 10, founder Fubang Fund announced again that Fu Jian left his post as manager of Founder Fubang science and technology innovation hybrid fund for personal reasons.

For fund companies, on the one hand, it is to compete with the ability of asset allocation, good asset allocation and good market environment; on the other hand, it depends on the strength of fund management team. The products managed by star fund managers are not worried about sales, but the general fund products, especially the funds lacking word-of-mouth and market influence, will inevitably fail to raise funds.

Now, how to improve its own influence, strengthen the brand effect, and establish its own advantages to attract customers is the only way for founder Fubang to reverse its predicament.

Source: Ren Hui, editor in charge of daily financial report_ NBJ9607