Source: Dongxi Financial “Bosera Fund, once a ‘benchmark for fixed income,’ finds itself at a crossroads, facing declining scale rankings and performance pressures.” Within just ten days, top public funds Huaxia Fund and Bosera Fund have made significant leadership changes. Huaxia Fund appointed Zou Yingguang, General Manager of CITIC Securities, as Chairman, while the former General Manager, Li Yimei, transitions to Vice Chairman and continues as General Manager. Similarly, Bosera Fund experienced a complete leadership overhaul as Zhang Dong, an experienced executive from China Merchants Bank who joined the firm just 17 months ago, has been promoted from General Manager to Chairman, temporarily taking on the General Manager's responsibilities. Reports suggest that Chen Yu, Chief Operating Officer of China Merchants Renhe Life, is poised to succeed as Bosera Fund’s General Manager. Under the guidance of these two banking sector veterans, Bosera Fund is increasingly focused on a strategic push for “fixed income + channel collaboration.” This strategic pivot clearly addresses the company's recent performance challenges, as its non-monetary fund scale ranking has dropped one place year-on-year to seventh, and net profit growth is stagnating at just 0.20%. A precise strategic effort is urgently needed to reverse this trend. Notably, Bosera Fund, once recognized as a stronghold for fixed income, continues to experience the repercussions of a "talent exodus." Since 2023, five core fixed income team members, including Chen Kaiyang, Shao Kai, Wang Shen, Huang Haifeng, and Deng Xinyu, have joined China Europe Fund. As a result, Bosera is now facing a situation where 60% of its bond fund returns have been negative over the past three months as of the end of Q3 2025. As one of the remaining top managers, Wei Zhen and Lu Bangwang appear stable in terms of management scale, but underlying concerns persist: their focus is heavily skewed toward money market funds, with several bond funds under Wei Zhen facing the dual challenges of small scale and poor performance. To make matters worse, the tide of fund liquidations has compounded these issues, with seven funds winding up in the first half of the year, and a recent addition to that list. A series of signals indicate that Bosera Fund is entangled in a negative cycle of “talent loss—performance decline—scale shrinkage,” necessitating a profound strategy from its leadership. 01 — New Leadership from the “Banking Sector” Recently, several core executives at public funds have been changed. Huaxia Fund has just announced a leadership transition, with CITIC Securities’ Deputy Party Secretary and General Manager Zou Yingguang taking over as Chairman, while the current General Manager Li Yimei has been elevated to Vice Chairman and will continue in her role as General Manager. Following closely, Bosera Fund also announced a change in its Chairman position. On the evening of October 15, Bosera Fund stated that Jiang Xiangyang resigned as Chairman due to work arrangements, and Zhang Dong, the Party Secretary and General Manager, officially took over as Chairman. Notably, Zhang Dong only assumed the General Manager role in May 2024. His rapid ascent to Chairman in just over a year is striking. Jiang Xiangyang, who has led Bosera Fund for ten years, is now transitioning to a role at China Merchants Group under China Merchants Leasing. Jiang Xiangyang joined Bosera Fund in 2015 and has served as General Manager since July of that year and as Chairman since April 2020. Data from Tian Tian Fund Network shows that under his leadership, Bosera Fund’s net assets soared from 142.753 billion yuan in 2015 to 1.08 trillion yuan in the first half of 2025. Furthermore, to ensure a smooth transition, Zhang Dong will temporarily serve as General Manager from October 15 for up to six months. However, recent reports suggest that a new appointment for General Manager at Bosera Fund will soon be finalized. According to Guanchao Financial News, Chen Yu, Deputy General Manager of China Merchants Renhe Life, is expected to take up the role at Bosera Fund. With both the Chairman and General Manager coming from banking backgrounds, this clearly aligns with Bosera Fund’s focus on fixed income products. In comparison, Jiang Xiangyang had extensive experience in the asset management industry. Zhang Dong has over 30 years of experience in banking, beginning his career at China Bank before joining China Merchants Bank in June 1994. During his tenure at China Merchants Bank, he held several executive positions across different departments, culminating in his appointment as the General Manager of Bosera Fund in May 2024. Bringing in a seasoned banking professional can be viewed as a strategic move by Bosera Fund to emphasize fixed income products. Zhang Dong's extensive bank experience and involvement in developing China Merchants Bank's wealth management system could significantly enhance Bosera Fund’s collaboration with this key distribution channel. Expected new General Manager Chen Yu has served as Chief Operating Officer and Deputy General Manager at China Merchants Renhe Life since April 2019, gaining experience across various financial sectors, including roles at Industrial and Commercial Bank of China, Huaxia Bank, and Taikang Asset Management. Additionally, his career history includes experience in regulatory roles, creating a broad professional background spanning banking, funds, investments, insurance, and regulatory jurisdictions. Despite these leadership changes, Bosera Fund's non-monetary fund scale has slipped from sixth place in the same period of 2024 to the current seventh. By the second quarter of 2025, the top ten non-monetary fund companies by scale are Yifangda Fund, Huaxia Fund, GF Fund, China Fund, Jiasan Fund, Southern Fund, Bosera Fund, Huatai-PB Fund, Huitianfu Fund, and China Merchants Fund, with asset sizes of 1.52 trillion yuan, 1.33 trillion yuan, 894.595 billion yuan, 765.788 billion yuan, 761.457 billion yuan, 742.751 billion yuan, 672.996 billion yuan, 620.198 billion yuan, 557.668 billion yuan, and 532.015 billion yuan respectively. The decline in non-monetary fund scale directly impacts profitability, as Bosera Fund’s net profit performance suffers accordingly. In the first half of 2025, Bosera Fund's operating income reached 2.356 billion yuan, a year-on-year increase of 6.36%, while its net profit was 763 million yuan, showing a slight annual increase of just 0.20%, ranking ninth. In contrast, Yifangda Fund, ICBC Credit Suisse Fund, and Southern Fund dominated the top three in net profit, achieving 1.877 billion yuan, 1.745 billion yuan, and 1.194 billion yuan respectively, with year-on-year growth of 23.84%, 29.64%, and 15.24%. GF Fund's net profit saw the largest increase, growing 43.54% to 1.180 billion yuan. Significantly, Bosera Fund's net profit is less than 50 million yuan away from Xing Zheng Global Fund, currently ranked tenth at 719 million yuan, which has experienced a net profit growth of 17.84%. This highlights the risk of Bosera Fund being overtaken in profitability rankings. Given these circumstances, the new combination of Zhang Dong and Chen Yu will be watched closely to see whether they can reverse the downward trend in Bosera Fund's non-monetary fund scale and sluggish net profit growth. 02 — Loss of Key Fixed Income Talent and Pressure from Fund Liquidations In fact, fixed income has historically been a stronghold for Bosera Fund; however, recent years have seen an exodus of core talent from this sector, resulting in mounting challenges. According to Wind data, as of the end of Q3 2025, over 60% of Bosera Fund’s bond funds have reported negative returns over the past three months. Dongxi Financial previously noted that since 2023, several key fixed income figures at Bosera Fund have transitioned to China Europe Fund. Notable among these is Chen Kaiyang, a former managing director and head of fixed income investment at Bosera, who spent over 13 years with the firm before joining China Europe Fund in September 2023. Others include former critical members of Bosera’s fixed income team such as Shao Kai, Wang Shen, Huang Haifeng, and Deng Xinyu. Recently, changes were also made to Bosera Fund’s bond fund management team. On September 2, Bosera Fund added managers Guo Zhihui and Yang Tao to co-manage the Bosera Asia Bond Fund with He Kai, though He later departed. This month, the manager of the Bosera Quarterly Enjoy Bond Fund, Yu Boyang, also left, with Guo Sijie taking over. Among Bosera’s remaining fixed income team members is the "top manager" Wei Zhen, who currently manages assets totaling 365.871 billion yuan and has a best tenure performance return of 36.71%. Wei Zhen was originally a bond trader at Bosera from 2005 to 2008, briefly left, then returned to the firm in 2009 to officially become a fund manager in January 2013, bringing nearly 13 years of employment experience to his current role as managing director and head of fixed income investment. However, Wei Zhen's management scale of over 300 billion yuan reveals a significant structural imbalance, with a high proportion of assets tied up in money market funds. Specifically, the combined assets of the Bosera Hehui Money B, Bosera Cash Income Money A, and Bosera Margin Money ETF C collectively account for 87.87% of the total management scale. In stark contrast, many of the bond funds managed by him are facing a miniaturization crisis, with several funds having assets under 100 million yuan. Among these, Bosera Zhongzhai 1-3 Year National Development Bank C, Bosera Zhongzhai 5-10 Agricultural Development Bank E, Bosera Fuhua Pure Bond Fund A, Bosera Zhongzhai 3-5 Policy Financial Debts Index C, and Bosera Jinyuan Interest Rate Debt Fund C possess assets of only 8.9 million yuan, 2.3 million yuan, 1.9 million yuan, 8.9 million yuan, and 900,000 yuan respectively, nearing liquidation thresholds. Additionally, two of the bond funds recently managed by Wei Zhen—Bosera Zhongzhai 1-3 Year National Development Bank A/C and Bosera Zhongzhai 5-10 Agricultural Development Bank E—have performed poorly with tenure returns of -0.14%, -0.16%, and -1.26%. Meanwhile, another top manager at Bosera Fund, Lu Bangwang, who joined in 2016 and has been a fund manager since then, currently manages 138 billion yuan in assets with a tenure return of 37.88%. However, the majority of his scale remains concentrated in money market funds, with a low proportion in bond products. Specifically, the Bosera Margin Money ETF C has an asset scale of 528.41 million yuan, while the Bosera Tian Tian Increase Income Money A stands at 377.06 million yuan, combining for over 60% of his managed scale. This year, returns for several of Lu Bangwang's managed fixed income products have been less than impressive. The assets in the Bosera Zhongzhai 7-10 Policy Financial Debt Index D, A, and C are respectively just 1.2 million yuan, 104.46 million yuan, and 38.68 million yuan, with tenure returns of -1.00%, -0.88%, and -0.90%. The outflow of key talent in fixed income has also led to a shrinking scale of equity products. As of the first half of 2025, Bosera Fund’s equity products (including stock and mixed funds) have seen their management scale decrease to 123.8 billion yuan, down over 30% from a peak scale of 185.7 billion yuan in 2021. Furthermore, Bosera Fund has recently experienced the addition of another fund to its liquidation list. On October 23, Bosera Fund released a liquidation report for the Bosera Fuyun Pure Bond One-Year Regular Open Bond Fund, stating that as of September 11, 2025, the fund would enter a liquidation process following a vote at the fund's shareholders' meeting, halting any new investments or redemptions. The data reveals that by the last operation day on September 11, 2025, the total shares amounted to 17.3721 million. The balance sheet shows total assets of 18.9255 million, and net assets of 18.8330 million. Generally, several situations can trigger fund liquidations: one being a continuous 50 or 60 business days where the fund's net asset value drops below 50 million yuan, automatically terminating the fund contract; another is a continuous 50 or 60 business days of fewer than 200 fund shareholder participants; or, after three years of contract validity, the net asset value falls below 200 million yuan. Although fund liquidations can release limited resources for investment research and optimizations in product lines, they can also lead to team instability and increased risks of talent loss. Moreover, asset management scale can decline, affecting industry rankings and investor trust, thus hindering future fundraising for new funds. As of the first half of 2025, Bosera Fund has already liquidated seven funds.

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