Let's talk about some fund manager changes: Ren Xiangdong left Xingquan, Zheng Ning has joined E Fund, and Tianhong has recruited another veteran.

Source: Jianying Finance

Author: Qi Si

Editor: FENGLING

As spring arrives and moods shift, let’s discuss some changes among fund managers.

Ren Xiangdong has officially left Xingquan Fund, former Bank of China Fund’s Zheng Ning has joined Yifangda, veteran Deng Jiongpeng is heading to Tianhong Fund, and Wan Minyuan has stepped down from a loss-making fund…

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Ren Xiangdong Leaves Xingquan Fund

Today (March 27), Ren Xiangdong, the mid-career star fund manager at Xingquan Fund, has officially announced his departure.

Last week, when two funds under Ren Xiangdong’s name appointed additional fund managers, rumors about his departure began circulating.

Ren Xiangdong jumped from Jiayin Schroders to Xingquan Fund in 2019, having won many awards during his early years at Jiayin and was referred to as “one of Jiayin’s best-performing fund managers.”

When he first joined Xingquan, it coincided with a booming market, marking the peak of his career.

Xingquan He Tai was a customized product launched by Xingquan for him, which saw massive demand and sold out quickly, with subscriptions exceeding 40 billion yuan, and the final allocation ratio was only 12%.

At his peak, Ren Xiangdong managed over 16 billion yuan in total assets, and before his departure, he still had 8.3 billion yuan under management, which is not insignificant.

Xingquan He Tai benefited from the bull market around 2020, achieving a cumulative return of 64.75%, but during the period of 2022 to 2023, it pulled back significantly by 40%, and its net value has not yet returned to its 2021 high, underperforming the average of its peers in the long term.

Xingquan He Heng is a three-year holding product he managed, which faced a difficult market from the start, and after four years under Ren Xiangdong’s management, it remains in negative territory, with a maximum drawdown of nearly 46%.

Behind the performance decline, while there are market reasons, Ren Xiangdong’s investment abilities cannot be overlooked either.

Before departing, Ren Xiangdong was the deputy director of the management department and the international business department at Xingquan Fund. It is still unclear whether he will move to another public fund or venture into private equity.

After Ren Xiangdong’s departure, Xingquan He Tai will be co-managed by Xie Shuying and Zhang Chuanjie, while Xingquan He Heng will be managed solely by Zhang Chuanjie.

Xie Shuying moved from Penghua to Xingquan, previously managing only one fund—Xingquan He Rui, which performed well, established in September 2022, with a cumulative return of 20% and a total size of 2.4 billion yuan.

Zhang Chuanjie is a representative of the new generation cultivated by Xingquan, having progressed from researcher to fund manager assistant, and then to co-managing products. He has taken over both of Ren Xiangdong’s products, indicating that Xingquan values him highly.

Additionally, another hundred-billion fund manager at Xingquan, Dong Li, has “completely stepped down,” having no products under management.

When Dong Chengfei left, Dong Li took over his funds, managing a scale of three to four hundred billion yuan at one point, but his investment abilities have always faced scrutiny, putting him under significant pressure.

During Dong Li’s tenure, several products lost over 15%, and together with Xie Zhiyu, they managed Xingquan Trend Investment, which saw losses exceeding 20%.

Reports indicate that Dong Li has not officially left Xingquan yet, but he has withdrawn from frontline research and is in a “retirement” state.

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Deng Jiongpeng Jumps to Tianhong Fund

Tianhong Fund has poached another big name.

This week, Dongfanghong Fund announced that its managing director and head of the fund portfolio investment department, Deng Jiongpeng, has stepped down from three FOF products.

Renowned for his FOF expertise, Deng Jiongpeng was the captain of the FOF at Dongfanghong Asset Management before his departure.

In his early years, Deng Jiongpeng worked in the retail department and wealth management department at China Merchants Bank, and he is known as the fund manager who best understands clients, bridging wealth management and asset management.

He has repeatedly emphasized that FOF should not merely be a product but a comprehensive solution to meet clients’ wealth management needs.

Since joining Dongfanghong Asset Management in July 2020, he began building the FOF business system, successfully growing the company’s FOF scale to 8 billion yuan, ranking 11th in the industry.

While the overall FOF business at Dongfanghong Asset Management expanded, the returns on products managed by Deng Jiongpeng were not particularly high.

The three products he personally managed had a scale of 1.159 billion yuan before he stepped down; for instance, the core product Dongfanghong Xinping and Balanced Allocation Two-Year Holding achieved a cumulative return of 16.68% from 2021 until his resignation, with an annualized return of 3.11%.

Perhaps, Deng Jiongpeng is more suited for strategic planning and layout.

Tianhong Fund has “ambitions beyond” this, and Deng Jiongpeng is another example.

In the past two to three years, Tianhong has recruited several experienced managers and investment leaders from the industry.

At the end of 2023, Tianhong Fund brought in former Boshi Fund general manager Gao Yang, a well-known equity veteran who previously created popular equity funds while at Penghua.

Subsequently, Tianhong Fund recruited deputy general manager Nie Tingjin, who oversees active equity business and previously served as general manager at Huatai Asset Management before joining Tianhong Fund;

Then, former general manager of Manulife Fund, Gao Guixin, and significant fixed-income veteran Ma Long joined.

After this year’s Spring Festival, former Huabao Fund ETF star Hu Jie joined… “Tianhong Fund’s ETF ambitions are unrelenting; billion-yuan star Hu Jie swiftly joins.”

In recent years, Tianhong Fund has focused on upgrading fixed income, filling gaps in equity, and pushing forward with ETFs, now adding the FOF segment, aggressively expanding with strong momentum.

Of course, there has also been the departure of 30 billion yuan big name, Tianhong Fund’s “goddess of fixed income,” Jiang Xiaoli.

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Zheng Ning Has Joined Yifangda

Zheng Ning, a well-known new-generation pharmaceutical fund manager.

Zheng Ning became a fund manager after joining Bank of China Fund in 2022, previously working as a knowledge researcher and head of the pharmaceutical group at Zhonggeng Fund.

In 2025, as the pharmaceutical market, especially for innovative drugs, surged, Zheng Ning’s performance and scale exploded.

In terms of performance, Zheng Ning managed the Bank of China Hong Kong Stock Connect Pharmaceutical Mixed A with an annualized return of 82.67%, ranking second among pharmaceutical funds.

With outstanding returns, in the second half of last year, the scale of Zheng Ning’s managed Bank of China Hong Kong Stock Connect Pharmaceutical Mixed significantly increased, reaching 2.196 billion yuan by year-end, an increase of 1.76 times compared to the end of the second quarter.

Before leaving, Zheng Ning’s four funds under Bank of China all performed well, significantly exceeding their performance benchmarks.

The returns for Bank of China Innovation Medical A, Bank of China Healthcare A, Bank of China Big Health A, and Bank of China Hong Kong Stock Connect Pharmaceutical A were 39.08%, 71.56%, 46.04%, and 62.43%, respectively.

This period is indeed a good time for job-hopping.

Bank of China Fund, a typical bank-affiliated institution, manages a scale of 730 billion yuan, with nearly 400 billion yuan in money market funds and 337 billion yuan in non-money market assets, of which the active equity scale is only 22.7 billion yuan.

In 2025 alone, Zheng Ning’s management scale increased by 3.3 billion yuan, totaling 7.7 billion yuan by year-end, making him the leading figure in active equity at Bank of China Fund.

After all, people tend to seek higher ground.

Latest news indicates that Zheng Ning has already joined Yifangda.

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Wan Minyuan Steps Down from Loss-Making Fund

Wan Minyuan is also a well-known pharmaceutical fund manager.

On March 24, Rongtong Fund announced Wan Minyuan’s resignation as the manager of the Rongtong Healthcare Industry Mixed Fund, citing internal adjustments as the reason.

Wan Minyuan has been a fund manager at Rongtong since 2016, managing the Rongtong Health Industry Flexible Allocation fund for nearly a decade.

Currently, he still manages five products (A/B/C share classes combined), with a scale of 4 billion yuan.

The recently stepped down Rongtong Healthcare Industry Mixed Fund, which he managed for three years, saw a return loss of around 25%.

To be honest, Jianying has always thought that Wan Minyuan is a good fund manager, having navigated through cycles, with experience and long-term performance that is okay.

However, in the past two years, he has been overly cautious regarding innovative drugs and missed numerous opportunities in that sector.

In mid-2025, Wan Minyuan had previously expressed skepticism about innovative drugs.

“The current innovative drug market has significant bubble risks, with many A-share speculative targets being pre-clinical or in early pipelines, mostly pure speculation.”

“The bubble in innovative drugs is much larger than the previous CXO bubble; at least CXO had some earnings, while many innovative drugs will never have any performance.”

For Rongtong Fund, with Fan Kun and Zou Xi having left, it seems that Wan Minyuan is now the only well-known equity fund manager left in the company.

With this resignation from a loss-making fund, it’s uncertain whether it’s an effort to lighten the load or if he has other plans.

In any case, his pressure is not small.