After a delay of half a year, the position of Chairman at Allianz Fund has finally been filled. On the evening of January 23, Allianz Fund announced that its current General Manager, Shen Liang, has been appointed as the company's Chairman, while the former Deputy General Manager, Zheng Yuchen, has taken over the role of General Manager and will continue to serve concurrently as Chief Investment Officer. This personnel adjustment also brings a conclusion to the temporary vacancies in Allianz Fund's senior management that had persisted since the middle of last year. Who is Shen Liang? In July of last year, Allianz Fund's inaugural Chairman, Wu Jia Yao, left his position for personal reasons, after which the duties of Chairman were temporarily assumed by General Manager Shen Liang. With this appointment completed, the roles of Chairman and General Manager are now formally separated, returning the senior management structure to a stable state. The professional backgrounds of the two core executives also reflect Allianz Fund's approach to integrating insurance asset management with public offering investment and research systems.

The announcement reveals that Shen Liang joined Allianz Global Investors in January 2021. His previous roles include Investment Director at Manulife-Sinochem Life Insurance Co., Ltd., Chief Administrative Officer (Asia-Pacific) at Morgan Stanley Asia Limited, Deputy General Manager at Morgan Stanley Huaxin Fund Management Co., Ltd., Chief Operating Officer (COO) of the Asia-Pacific Operations Department at Morgan Stanley Asia Limited, Executive Director and Legal Representative at Shenzhen Shiji Dianjin Investment Consulting Management Co., Ltd., Vice President at Rongtong International Asset Management Limited, and Head of China Wealth Management Business at Mercer (China) Co., Ltd.

Earlier in his career, Shen Liang also worked at PricewaterhouseCoopers会计师事务所, Manulife Financial Limited, and Manulife Life Insurance (International) Co., Ltd. Zheng Yuchen joined Allianz Global Investors in January 2022 and currently serves as the Deputy General Manager and Chief Investment Officer of Allianz Fund. Allianz Fund Team Further Expands Concurrently with the senior management adjustments, Allianz Fund is also advancing its team expansion. According to information from recruitment platforms, since the beginning of 2026, Allianz Fund has successively posted job openings for several positions, including General Manager of the Marketing Planning Department, Marketing Manager, and Senior Compliance Manager, covering key functional areas such as marketing and compliance. From a corporate background perspective, Allianz Fund is wholly-owned by Allianz Global Investors and is a wholly foreign-owned public offering fund management company. Allianz Global Investors is part of the Allianz Group, a global insurance and asset management giant that has been operating in the Chinese market for over 30 years. In August 2023, Allianz Fund, wholly owned by Allianz Global Investors, was officially approved for establishment and obtained its business license in April 2024. Wind data shows that as of the end of the fourth quarter of 2025, Allianz Fund's total assets under management were 976 million yuan, with a total of 2 hybrid funds and 1 bond fund under its management. Personnel Adjustments Are Not an Isolated Case Looking at the broader industry, the personnel changes at Allianz Fund are not an isolated incident. Currently, there are a total of 9 wholly foreign-owned public offering fund management companies in China's market. Within just the past year, several foreign-funded public offering firms, including BlackRock, Fidelity, Manulife, JPMorgan, and Morgan Stanley Fund, have experienced changes in senior management, affecting multiple core positions such as Chairman, General Manager, Deputy General Manager, and Chief Information Officer. In summary, the frequent changes in senior management at foreign-funded public offering firms in recent years are often the result of multiple overlapping factors, including strategic alignment, performance evaluation, localization磨合, incentive mechanism design, and intensifying industry competition. This, to some extent, reflects the practical challenges faced by foreign institutions operating in China.