Bosera Fund is set to welcome new leadership as a major management transition appears to be finalizing.
According to multiple media reports, Jiang Xiangyang, the veteran leader who has helmed Bosera Fund for over a decade, has officially stepped down from his chairman position and will move to China Merchants Leasing Company. Meanwhile, current General Manager Zhang Dong has assumed the role of Party Secretary and is expected to officially become the new chairman of Bosera Fund pending board approval.
This personnel change marks the official end of the "Jiang Xiangyang era." Since joining in 2015 and leading reforms, Jiang focused on fixed income as a breakthrough point, restructured the investment and research system, and drove Bosera Fund's assets under management back into the industry's top ten. However, while the fixed income business thrived, the active equity division continued to face pressure with frequent talent departures, revealing growing concerns about business structure imbalance.
Now, as the management transition nears completion, market attention focuses on incoming chairman Zhang Dong - this China Merchants Bank veteran with over thirty years of banking experience and deep expertise in wealth management and channel synergies. Can he address Bosera's shortcomings? How will he navigate the complex landscape of equity market recovery and bond market adjustments?
**End of the Jiang Xiangyang Era**
In July 2015, Jiang Xiangyang, who previously served as Deputy Director of the CSRC General Office and Deputy General Manager of China Merchants Financial Group, joined Bosera Fund as General Manager. Around the same time, Zhang Guanghua, Vice Chairman of China Merchants Bank, became Bosera's Chairman.
At that time, capital markets were experiencing severe adjustments following the retreat of the leveraged bull market, with low market confidence and tightening regulatory environment. Bosera Fund was also mired in difficulties: since 2011, due to incentive mechanism adjustments and management philosophy differences, the company had lost multiple core fund managers and investment research executives, leading to turmoil in the investment research system. Public fund management scale once dropped to 16th in the industry, dimming the former glory of being among the "original ten" fund companies.
Facing internal and external challenges, Jiang Xiangyang and Zhang Guanghua reached consensus after thorough research, launching systematic reforms with two strategic directions: "fully developing bond funds" and "reconstructing the investment research system." On the product side, they keenly captured the allocation value of bond assets during the interest rate decline cycle, making bond business the "main battlefield" and concentrating resources on building advantageous product lines such as credit bonds and short-to-medium-term bonds. On the investment research side, they proposed reform concepts of "integrated investment and research" and "four interconnections" (interconnected, interlinked, mutual trust, mutual promotion), aiming to break departmental barriers, rebuild investment research culture, and create a highly capable investment research team.
Reform results quickly showed in performance and scale: in 2017, Bosera Fund's combined asset management scale doubled compared to 2015; in 2018, nearly half of the company's public fund products ranked in the top 50% of their categories, with fixed income business achieving a 6.52% weighted average return, ranking second among the top ten public fund companies by core scale according to Galaxy Securities; by the end of 2019, total assets under management exceeded 620 billion yuan, growing nearly 205% from 2015, with both total scale and non-monetary public fund scale rankings rising to third in the industry.
In January 2020, Bosera Fund experienced management changes as Chairman Zhang Guanghua retired, and then-General Manager Jiang Xiangyang served as acting chairman from January 9; on April 17, 2020, Jiang Xiangyang officially became chairman, beginning full leadership of company development.
Over the following five years, he continued and deepened existing strategies, particularly increasing investment in fixed income, promoting expansion and refined management of "fixed income plus" product lines. According to Huaxi Securities data, as of Q2 2025, Bosera Fund ranked fourth industry-wide with 59.803 billion yuan in "fixed income plus" product scale, further consolidating its leading position in stable product categories.
Meanwhile, overall management scale reached new heights. As of the end of Q2 2025, Bosera Fund managed 394 public fund products with total assets under management exceeding 1.08 trillion yuan. Excluding money market funds, non-monetary fund management scale reached 627.2 billion yuan, ranking seventh industry-wide.
However, behind scale expansion, structural concerns within the company became increasingly apparent - while fixed income business surged ahead, active equity business continued to weaken.
In fact, equity business weakness showed early signs. As early as 2020, Bosera's active equity funds had dropped to 19th in industry rankings. To reverse this situation, in February 2021, major shareholder China Merchants Group conducted market-based recruitment, welcoming back veteran Gao Yang. He had worked at Bosera Fund from 2000 to 2008, serving as bond portfolio manager and general manager of the equity investment department, then served as deputy general manager at Penghua Fund for many years, overseeing active equity investment with outstanding management performance.
Gao Yang's return was seen as a key move for Bosera to revitalize its equity business. As Jiang Xiangyang's partner, he became the company's general manager, fully responsible for investment research and product management, focusing on active equity lines to solve the structural problem of "strong fixed income, weak equity."
However, contrary to expectations, over the next two years, affected by structural market conditions and style rotation, Bosera's active equity products faced overall pressure with continuous scale shrinkage. At the end of 2023, before completing his term, Gao Yang chose to leave again, joining Tianhong Fund, dealing another blow to the company's equity investment research system.
Although Bosera has achieved partial equity asset scale recovery through stock ETF deployment in recent years, growth has mainly concentrated in passive investment. As of Q2 2025, the company's combined stock and hybrid fund management scale was 123.8 billion yuan, down by one-third from the peak of approximately 185.7 billion yuan in 2021.
Deeper challenges come from management and investment research team instability. In recent years, multiple senior equity fund managers at Bosera have chosen to leave due to performance pressure, personal development, or external high-salary offers, causing style discontinuity or performance volatility in some products, again testing the continuity and stability of the company's investment research system.
**Why Zhang Dong?**
Although there has been no official announcement, multiple financial media reports suggest that current Bosera Fund General Manager Zhang Dong may become the next "helmsman." After this news emerged, it attracted considerable attention in the industry - after all, Zhang Dong joined Bosera Fund just over a year ago, and his promotion speed exceeded general market expectations.
Looking at his background, Zhang Dong transferred from China Merchants Bank to Bosera Fund as general manager in May 2023. During his 16 months as general manager, he has maintained a low profile, rarely speaking publicly, and has not made sweeping adjustments to the company's existing investment research system. If he further assumes the chairman position, it means he will lead company governance and strategic direction at a higher level.
From his professional experience, Zhang Dong can be called a banking system "veteran" with over 30 years of financial industry experience. His career began in August 1989 at Bank of China for nearly five years, then joined China Merchants Bank in 1994, gradually growing from grassroots positions to core executive roles. Starting in 2007, he served in key positions including Deputy General Manager of CM Bank's Retail Banking Department, Deputy General Manager of Wing Lung Bank, General Manager of Wealth Management Department, and General Manager of Credit Card Center. In 2023, he was appointed General Manager of CM Bank's Finance and Accounting Department and Procurement Management Department, accumulating deep experience in retail business, wealth management, and institutional coordination.
The market generally believes Zhang Dong's banking background will bring value advantages to Bosera. With increasingly fierce competition in the public fund industry and rising channel influence, strengthening cooperation with banks and other mainstream distribution institutions has become key support for leading fund companies to stabilize scale and expand customers.
It's worth noting that former Bosera Chairman Zhang Guanghua also came from the banking system. When he took over Bosera in 2015, he frankly stated: "One of my biggest advantages coming to Bosera is my familiarity with banks and other institutions, which is also an important resource." During his tenure, Bosera Fund did strengthen bank channel cooperation, especially leveraging shareholder resources like CM Bank to expand institutional clients, achieving steady growth in related business scale.
Now, if Zhang Dong, who also has deep CM Bank background, takes over, Bosera Fund may further deepen its "group synergy" strategy, forming stronger resource integration capabilities in product layout, channel distribution, and customer service. Particularly in product lines such as "fixed income plus" and pension target funds that highly match bank customer groups, it's expected to achieve more efficient conversion and penetration through CM Bank's vast retail network and wealth management system.
Compared to the expected "shoe drop" of the chairman candidate, who will succeed as general manager has become another market focus.
Considering Bosera Fund's shareholding structure (China Merchants Securities holds 49%) and past personnel appointment logic, potential candidates will likely revolve around "strategic needs matching": either executives transferred from within the China Merchants system familiar with group resource coordination, or senior industry professional managers recruited through market mechanisms. However, from Bosera's current urgent need to solve active equity business difficulties, the new general manager needs solid investment research business control capabilities and team management experience. Currently, there's no clear information about relevant candidates, and the answer awaits official revelation.
**Equity Recovery, Fixed Income Under Pressure**
Since 2025, the public fund market has shown a distinct "tale of two cities" pattern: equity assets have seen significant recovery in structural markets, while bond markets have faced pressure and adjustments due to interest rate fluctuations and credit environment changes. In this round of structural differentiation, Bosera Fund's product performance has also shown some subtle changes.
On the equity side, Bosera's performance has notably warmed compared to the past two years. Wind data shows that as of September 26, 2025, among the company's 229 stock and hybrid funds with statistical returns, 219 recorded positive returns in the past three months, accounting for over 95%, with only 10 products declining. The overall win rate exceeded industry average, benefiting from the company's forward-looking layout in technology and growth sectors in recent years.
In 2024, Bosera Fund established technology investment as the core direction of equity investment, promoting deep integration of artificial intelligence technology with the investment research system, building a full-category technology innovation product line covering active management, passive indexing, and cross-border allocation. As the technology sector entered an upward cycle in 2025, related layouts gradually delivered returns.
From recent three-month performance, top-performing funds mostly concentrated in technology growth and high-end manufacturing tracks. Among them, Bosera CSI All Telecom Equipment Index A rose 85.49% in the past three months due to heavy positions in optical module leaders like Innolight and NeoPhotonics, ranking fourth among over 3,000 active and passive equity funds market-wide; Bosera Innovation-Driven Hybrid A achieved a 65.07% return over the same period through precise positioning in semiconductor equipment, AI chips, and consumer electronics recovery themes, ranking among top peer products.
Meanwhile, benefiting from continued strength in international gold prices, Bosera's gold-themed products also performed brilliantly. Bosera Gold ETF gained 37.94% year-to-date, outperforming the CSI 300 Index by over 20 percentage points, with scale growing from approximately 15.4 billion yuan at the beginning of the year to current 29.4 billion yuan, showing significant net fund inflows.
However, the fixed income business, the company's traditional strength area, has faced adjustment pressure since 2025. Wind data shows that as of September 26, 2025, among the company's 136 bond funds, 89 recorded negative returns in the past three months, accounting for 65%. Products focused on medium-to-long-term pure bonds and government bonds showed particularly notable corrections. For example, Bosera Jingfa Pure Bond A saw net value retracement exceeding 2% year-to-date, mainly affected by rising government bond yields and periodic liquidity tightening, causing valuation pressure on longer-duration government bond varieties.
Adding to the challenges, the company's investment research talent continues to drain: since 2025, five fund managers have successively departed. These include He Ping and Wan Zhiwen, who focused on bond fund investment, Li Yang and Yang Yongguang, who managed flexible allocation funds, and He Kai, who was long responsible for overseas investment and officially stepped down as fund manager of Bosera Asia Income Bond Fund on September 8.
Currently, Bosera Fund stands at a critical juncture of management transition. As Jiang Xiangyang prepares to step down, who will become Zhang Dong's new partner? What strategic adjustments will the new leadership team bring? Will they adopt incentive measures to stem core talent loss? Time will tell.