A major wealth management subsidiary of a trillion-yuan joint-stock bank welcomes new leadership. Recent personnel changes confirm that Minsheng Wealth Management's Chairman Cong Jun has taken early retirement. Zhao Hui, General Manager of the Risk Management Department at Minsheng Bank's head office, has been appointed as the Communist Party Committee Secretary of Minsheng Wealth Management. Following board appointment procedures and regulatory approvals, Zhao Hui is expected to assume the role of Chairman.

Since its establishment nearly four years ago, Minsheng Wealth Management has experienced two chairmen and two presidents. The company was approved for operation on June 15, 2022, becoming the 26th wealth management company in China and the 9th such subsidiary established by a joint-stock commercial bank.

The inaugural chairman was Ouyang Yong, former Assistant President of Minsheng Bank, while the first president was Zhang Changlin, former General Manager of the Bank's Asset-Liability Management Department. Other senior executives were recruited from Minsheng Bank's Asset Management Department. Since the subsidiary's inception, Zhao Hui has served as a director of Minsheng Wealth Management.

In May 2024, Ouyang Yong retired upon reaching retirement age, and Cong Jun succeeded him as Party Committee Secretary. Cong formally assumed the chairman position on December 6, 2024. Subsequently, on December 26, 2024, Zhang Changlin resigned as president, and Ju Weiyu, former head of Minsheng Bank's Tianjin branch, took over as deputy Party Committee secretary before becoming president in August 2025.

With Cong Jun's retirement, Minsheng Wealth Management will welcome its third chairman.

Cong Jun, born in 1966, holds an MBA from Hong Kong Polytechnic University and is a senior economist. His previous roles include serving as branch president for Minsheng Bank's Shanghai, Shanghai Free Trade Zone, and Hangzhou operations, as well as president of the Health Finance Division. He became Party Committee Secretary of Minsheng Wealth Management in May 2024 and chairman in December 2024.

Zhao Hui, born in 1971, holds an EMBA from Cheung Kong Graduate School of Business. His career at Minsheng Bank includes positions as deputy secretary of the Discipline Inspection Commission, director of the Discipline Inspection and Supervision Office, general manager of Risk Management and Quality Monitoring, and general manager of the Head Office Risk Management Department. He has been a director of Minsheng Wealth Management since June 2022.

Beyond the chairman and president, Minsheng Wealth Management's executive team includes Vice Presidents Qian Pufeng, Xu Hong, and Wang Xu, Market Director Zhang Lizhou, Marketing Director Zheng Guohui, Risk Director Pang Enfu, and Chief Compliance Officer Wang Xiaochen. All executives are from Minsheng Bank, with Wang Xiaochen having previously served as assistant general manager of the bank's head office risk management department before her April 2025 appointment.

As a wholly-owned subsidiary of Minsheng Bank, Minsheng Wealth Management's primary businesses include public offering wealth product issuance and investment management, private offering wealth product issuance and investment management, and financial advisory services. As of year-end 2025, the company had registered capital of 5 billion yuan, with total assets of 9.778 billion yuan and net assets of 9.346 billion yuan.

Financially, Minsheng Bank's annual report shows Minsheng Wealth Management achieved operating revenue of 1.949 billion yuan in 2025, representing 8.22% year-on-year growth. Full-year profit figures weren't disclosed. Historical data indicates net profit of 531 million yuan for the first half of 2025, with full-year net profits of 1.020 billion yuan in 2024 and 1.152 billion yuan in 2023.

Regarding assets under management, after surpassing the trillion-yuan milestone in 2024, the company maintained strong performance in 2025. Outstanding wealth management product volumes reached 1,318.379 billion yuan by end-2025, growing 29.80% year-on-year, placing the company among industry leaders in growth rate.

Industry-wide, 14 bank wealth management subsidiaries exceeded trillion-yuan AUM by end-2025, including six from state-owned banks and eight from joint-stock banks, with Minsheng Wealth Management ranking 11th.

Product strategy follows a "main body with dual wings" approach: fixed income and fixed income-plus products form the core, emphasizing low volatility and stable returns through asset allocation and multi-asset strategies. Hybrid/equity products and alternative investments constitute the complementary wings, creating differentiated competitive advantages.

During 2025, the company expanded product strategies and innovative structures, deploying quantitative, global, gold, and REITs index multi-asset strategies. It launched the industry's first quantitative ETF strategy product series called "Minsheng E-Select." Supporting national regional development strategies, the company introduced provincial index series covering Guangdong, Zhejiang, and Jiangsu provinces, providing precise regional economic investment tools.

The first quarter of 2026 saw significant volatility in bank wealth management AUM. Industry data shows the top 14 wealth management subsidiaries held combined AUM of 24.17 trillion yuan by end-March, declining 1.13 trillion yuan from the previous quarter and 1.24 trillion yuan from year-start. Industry analysts attribute this to stock market corrections affecting product valuations and quarter-end capital returning to parent banks.

Despite low interest rates and high market volatility, fixed income-plus and hybrid products demonstrated countercyclical growth. Specifically, these products across the 14 major companies grew by 110 billion yuan monthly in March and nearly 600 billion yuan since year-start.

Amid deposit migration trends and capital market fluctuations, the wealth management industry is shifting toward multi-asset, multi-strategy approaches. Future competition will prioritize asset allocation capabilities over simple yield comparisons, presenting new challenges for Minsheng Wealth Management's incoming leadership team.