From "Poor Performance Exit" to "Star Manager Departure"? Fixed Income-Biased Product Posts 21%+ Annual Returns, Fund Manager Suddenly "Liquidates" Position and Steps Down

Everyday Economic Reporter | Ren Fei Everyday Economic Editor | Peng Shuiping

On March 19, several fund companies announced changes in their fund managers. Among them, Wu Hua from Manulife Fund resigned on March 18 from Manulife Efficiency Select and Manulife Value Evergreen, and no longer manages any products. Wu Hua has nearly 13 years of investment experience, having worked at multiple public fund institutions. During his management, the highest return was 79.84%.

Another “full liquidation” resignation was He Shun from ICBC Credit Suisse Fund. He is a new-generation manager but has achieved excellent performance, with ICBC JuXiang A returning 59.79% during his tenure and an annualized return of 21.48%. As a hybrid bond fund, such an annualized return ranks among the industry’s top. Since the beginning of the year, several fund managers have resigned from all their managed products, many of whom have outstanding past performance.

On March 19, multiple fund companies announced fund manager changes, including veteran managers resigning from all managed products and high-performing managers “liquidating” their holdings.

Wu Hua of Manulife Fund is one example. According to the announcement, he resigned on March 18 from the roles of fund manager for Manulife Efficiency Select and Manulife Value Evergreen, and no longer manages other products. He is a seasoned industry veteran with nearly 13 years of securities investment management experience and 22 years in the securities industry.

Among the products he managed, Manulife Quality Growth A achieved a return of 79.84% during his tenure, with an annualized return of 20.26%, which is quite good among flexible allocation funds. Recently, the performance of the resigned funds was mixed: Manulife Value Evergreen performed poorly with a return of -19.81%, but Manulife Efficiency Select achieved a return of 46.35%.

Wu Hua’s previous fund management details (Source: Wind)

Looking at his holdings, the robotics industry chain was a key focus, with stocks like Hengli Hydraulic, Sanhua Intelligent Controls, and Top Group heavily weighted in his funds. However, the size of his managed funds has been declining since 2021, and by the end of 2025, the total net asset value of his managed funds was only 546 million yuan.

Another manager who “liquidated” all holdings is He Shun from ICBC Credit Suisse Fund. He is a young manager with only 2.41 years of experience but has managed 12 funds. He has resigned from 7 of them (initial funds).

Notably, despite being a newcomer, He Shun’s performance is industry-leading. For example, the ICBC JuXiang A fund he managed has a return of 59.79% and an annualized return of 21.48%, ranking 8th among 1,209 similar funds since its inception.

It’s worth noting that this is a hybrid bond fund, and achieving over 20% annualized performance is industry-leading. The secondary bond fund ICBC Dual Bond Enhancement recorded an annualized return of 16.44% during his management, making it one of the top performers among "fixed income + " products.

He Shun’s previous fund management details (Source: Wind)

It is reported that He Shun’s departure was due to personal reasons, and he has completed cancellation procedures with the China Fund Industry Association. Many of the funds he managed are popular among risk-tolerant investors, such as ICBC China Securities Full Index Free Cash Flow ETF, ICBC Shanghai Stock Exchange STAR Market 200 ETF, and some of the aforementioned "fixed income + " products.

Normalization of high-performing fund managers’ movement, with some leaving public funds after resignation

Compared to previous cases where underperforming managers resigned, more high-performing fund managers are leaving, a trend that has increased since late last year. Since 2026, the number of veteran and high-performing managers leaving has further risen. Some have moved to private equity, while others remain in the public fund industry.

This year, several senior managers in the public fund industry have undergone position adjustments. After Jiang Qiu from Hua An Fund left in January, in February, Jiang Xiaoli, the “pillar” of fixed income at Tianhong Fund, resigned. On March 13, GF Fund announced that fund manager Fu Youxing officially resigned and stepped down from all his public fund management roles.

From publicly available information, some managers have transitioned to private equity after leaving. Recently, Cao Mingchang, former fund manager at China Europe Fund, established Shanghai Pujiao Private Fund Management Co., Ltd., which has registered with the China Fund Industry Association. He has nearly 30 years of experience in the public fund industry.

Some managers remain in the public fund sector. Earlier this year, Wu Peiwen, a high-performing manager at HSBC Jintrust Fund, fully liquidated and resigned from his products. According to the latest news, he has joined Allianz Funds. Wu Peiwen has over 10 years of investment experience, and the active equity funds he managed—such as HSBC Jintrust Pearl River Delta, HSBC Jintrust Value Pioneer, and HSBC Jintrust Strategy Select—had annualized returns exceeding 10% during his tenure.

Wind data shows that as of last weekend, 152 public funds have added 142 new fund managers this year, while 79 managers have left. The industry currently has 4,165 fund managers. Among them, E Fund, Fortis Funds, Guolian Funds, and Ping An Funds each hired 8, 7, 5, and 5 managers, respectively, while Huaxia Funds, Yinhua Funds, and Harvest Funds each saw 5, 4, and 4 managers depart.

Of course, fund companies are also actively nurturing new talent, creating opportunities for young professionals. Previously, Hu An Fund, Xinyuan Fund, and others have had young investment managers start managing funds. Many of these are initial launch products, reflecting the industry’s commitment to continuously strengthening human resources and systems.

Some analysts believe that in the current environment of high mobility among high-performing fund managers, the public fund industry can only secure investor trust and achieve high-quality development by building a solid talent foundation through platform-based development.

Cover image source: Meiri Media Asset Library