Da Cheng’s head of equity quits
07 July 2014
Category: News, Asia, China, Global
By Hui Ching-hoo
Cao Xiongfei, director of the equity department at Da Cheng Fund Management, has reportedly resigned from his position.
Mr. Cao had headed up the firm’s investment department since he joined from Bosera in 2012, holding the posts of chief investment officer (CIO) and equity department director.
In April this year, the firm announced Mr. Cao had quit his CIO post for personal reasons.
Da Cheng’s deputy general manager, Liu Ming, will reportedly take over Mr. Cao’s position to head the investment team, according to Stock News.
Mr. Cao’s resignation coincided with the firm’s recent below-par fund performance. According to figures from Wind Information, Da Cheung’s equity funds secured an average return of 9.66% in 2013, falling short of the industry average of 14%.
Many of its fund products, such as the Da Cheng Blue-Chips Stable Securities Fund, the Da Cheng Innovation Growth Mixed Fund, and the Da Cheng Jingyng Leading Stock Fund, suffered negative returns during that period.
Da Cheng is currently the sixth largest asset manager in China with total AUM of around 289.1 billion RMB (US$46.25 billion).