On the evening of June 27, China Merchants Bank Wealth Management announced that its board of directors approved the appointment of Dong Fang as the company's president.

Following Dong Fang's appointment, a new round of personnel adjustments has commenced at the wealth management subsidiary. Recent developments include the departure of Huang Xufeng from his position as supervisor, and the return of Zheng Fuxiang, Chief Product Manager, to China Merchants Bank to serve as General Manager of the Head Office's Real Estate Strategic Customer Department (Deputy General Manager level). Additionally, Lin Mingsong, General Manager of CM Bank's Real Estate Industry Strategic Customer Department, has been proposed for appointment as Deputy Director of the Training Center.

Huang Xufeng holds a doctorate from China University of Political Science and Law. He joined the workforce in August 2004 and brings 19 years of experience in the economic and financial sectors. His previous roles include Assistant General Manager and General Manager of Investment Banking Department at Agricultural Bank of China International (China) Investment Co., Ltd., Deputy General Manager at Anbang Asset Management Co., Ltd., Deputy General Manager at Dajia Asset Management Co., Ltd., and General Manager, Chief Executive Officer and Audit Officer at China Merchants Cigna Asset Management Co., Ltd.

Zheng Fuxiang previously served in various positions at China Merchants Bank Shanghai Branch, including Deputy General Manager of Corporate Finance Business Unit, Deputy General Manager and General Manager of Investment Banking Department, and concurrently General Manager of Asset Management Department. Since June 2021, he has served as Chief Product Manager at CM Bank Wealth Management.

CM Bank Wealth Management was established on November 1, 2019, with registered capital of approximately 55.56 billion yuan. China Merchants Bank holds 90% equity while J.P. Morgan Asset Management holds 10%. The company primarily engages in issuing public wealth management products, private wealth management products, wealth advisory and consulting services, and other asset management-related businesses.

The 2025 personnel adjustments at CM Bank Wealth Management demonstrate dual characteristics of internal rotation and professional upgrading. Former President Zhong Wenyue was transferred to China Merchants Fund as General Manager on May 19, with Dong Fang, former Deputy General Manager of China Merchants Fund, taking over. Dong Fang brings 24 years of experience within the China Merchants system, having served as Deputy General Manager of the Head Office's Asset Management Department and Deputy General Manager of Wealth Management Department. Since joining China Merchants Fund in 2023, he has overseen marketing operations and is well-versed in the synergistic logic between public funds and wealth management businesses.

This personnel restructuring essentially represents resource reallocation within China Merchants' financial sector. Through Dong Fang's dual background in wealth management and funds, CM Bank Wealth Management aims to establish a comprehensive ecosystem connecting the parent bank's wealth management, public funds, and wealth management subsidiary operations.

Regarding the broader industry landscape, as of the first half of 2025, China's bank wealth management subsidiary sector maintained assets under management of 30.67 trillion yuan, representing a 7.53% year-over-year increase. However, the average annualized return rate declined to 2.12%, down 0.53 percentage points from 2024.

The competitive landscape among leading institutions remains stable, though growth rates are diverging. CM Bank Wealth Management maintains its leading position with 2.46 trillion yuan in assets under management, despite a slight 0.40% decline from year-end, still ahead of second-ranked Xingyin Wealth Management (2.32 trillion yuan, +6.34%) and third-ranked Xinyin Wealth Management (2.13 trillion yuan, +8.25%).

The wealth management subsidiary industry is transitioning from "scale expansion" to "quality enhancement." As regulators advance classification ratings and differentiated supervision, industry consolidation is expected to accelerate. Institutions with genuine investment research and pricing capabilities, along with ecosystem integration strength, are positioned to establish competitive advantages in this new competitive landscape.

Looking ahead, if CM Bank Wealth Management cannot achieve substantial breakthroughs in equity investment, digital investment research, and fee mechanisms, it may face dual pressures of continued net profit decline and market share erosion.