Xia XinChinese personnel changes the end of editor / losing discourse power fund has long been so noisy .Star fund manager Wang Yawei ,Huaxia Fund general manager Fan Yonghong both quit ,the fund industry has a towering tsunami .
The 1959 stage has exclusive fan Wang turnover news ,fan Wang to leave behind ,Huaxia Fund what really happened ?After the fan Wang era China fund, should decide on what path to follow ?15 years ago, in the preparation of the Huaxia Fund at the beginning of, Fan Yonghong is afraid did not think of themselves in this manner ,the curtain call .
On May 8th, van Yonghong resigned from the position of general manager ,let the Chinese fund managers and shareholders of the conflicts between the orgasm .The same day ,three in the office for a period of 11 years of independent director -- Wang Lianzhou ,dragon ,Tu Jian all resigned .
Fan Yonghong is currently the only retains its vice chairman identity . This is probably both sides reached a compromise in order to smooth transition .From the first retirement ,van Yonghong will gradually fade out the China fund .
Informed sources .Executives of absence of the discourse right in May 11th, Huaxia Fund announcement shows ,established in May 8th, 9 new board group, only Fan Yonghong person from China fund, Wang Dongming ,Xu Gang ,Ge Xiaobo are from ,3 independent director but also by CITIC Securities recommends .
This disparity ratio of visible today ,led by Fan Yonghong, the Huaxia Fund Executive Team in the company overall operating decision on the vulnerable status .Fan Yonghong management skills and leadership in the industry to be all in one story .
In March this year,Moncler Outlet, Fan Yonghong won the American institutional investors magazine Chinese website named 2011 annual financial industry executives Award - best executive diamond award .
The committee said: in the general manager under the leadership of Fan Yonghong ,,the Huaxia Fund development impetus is swift and violent ,for five consecutive years won the China fund management industry first .
From the company control ,which makes large shareholder CITIC Securities is somewhat a sense of crisis .An example can prove that the Chinese fund strength: in the industry many equity transfer, the fund company exclusively changed its name ,only the Chinese fund is a special case .
This should be strong strong together Huaxia Fund and CITIC Securities marriage seems to be from the beginning of discordant . If the Chinese fund decentralized ownership ,fan Wang Duo today may not go .
Huaxia Fund internal sources ,CITIC Securities in the 100% equity before, because the apparent violation of the participation of a control policy ,Huaxia Fund at the time of the independent board of directors didn sign the consent letter ,we continue to increase the proportion of shares holding ,but Eastern promise ,a few months there will be new shareholders in garrison, and the regulators of illegal guarantee ,,independent director had to agree .
After two years of time, CITIC Securities still hold the equity of 100% ,Moncler Jacket,even in 2011 and sold a stake of 51% ,still with 49% accounted for only one big share .The personage thinks ,in a people-oriented company fund, should be more respect for the right of Discourse Management team .
The actual situation now is have the order reversed ,some management team almost has no right to speak ,to shareholders as the basis,, rather than investors capital as the basis set fund management structure, the major shareholder with only one big share is .
The personage thinks ,not shareholders balance ,seriously affecting the Huaxia Fund stand on one business ,independent decision making .Apparently ,profit with CITIC reluctant .From CITIC Securities disclosed financial information can be calculated brushstroke Zhang :CITIC Securities buying the China fund other shareholder equity has invested 900000000 multivariate ,CITIC Securities from the Huaxia Fund take cash bonus of up to $4000000000, sold 51% stake disposable income 8344000000 yuan ,hand also holds a 49% stake in China fund .
According to the market price rough estimate, CITIC Securities for three years at least made 18000000000 ~200 billion yuan . The report shows :2011, CITIC Securities in net profit of 12560000000 yuan .
Wang Yawei in an interview a few days ago generous said: for equity incentive is not too many requests . As business managers ,Fan Yonghong had to seriously consider this problem .Fan Yonghong hoped the equity transfer opportunities ,as investment and research core team to a portion of the shares as a long-term incentive means .
However ,this claim is transferred because of the price and large shareholders fail to reach a consensus and aborted . ( equity ) acquisition also look at what price transfer ,if the market price to buy ,I am afraid I can the money .
The insider said .In 2011, five companies each with 1600000000 yuan price transfer of 10% equity .An unnamed source told reporters : Fan Yonghong plan is also hoped to increase the executive team in the board of directors of the discourse right .
Once established the Huaxia Fund ,recommended Fan Yonghong as the general manager of the China Securities deputy general ,day care congenial chairman Lin Yixiang angrily to this phenomenon :some people or institutions expressed dissatisfaction with the master does not belong to their capital ,the exercise of the power of capital ,Moncler Outlet,but their interest and theory of shareholders and the occupation manager is different ,and they always have the upper hand .
Shareholders profit ,executives in 2011 after entering the bearing new shareholders ,Huaxia Fund Executive Team in the decision-making power ,the right personnel ,financial rights gradually restricted elbow ,daily business activities were greatly restricting .
The first is the property right over .According to the requirements of shareholders now ,every month ,each quarter, according to the specified time reporting financial reports to shareholders .
Secondly ,in the company of personnel appointment right also heteronomy .Two years ago, Huaxia Fund intends to nominate Liu Wen ,Wu Zhijun as vice general manager ,but by the big shareholder opposition ,until 2011 September, the two service to scrape through .
Another reporter has learned ,from the equity transferor conditions setting ,to the selection of candidates ,and the transfer of the entire process, CITIC Securities and China fund management team ditch through opinion ,related matters are also very late to inform each other .
This is equivalent to foist one .If the shareholder is really from the enterprise long-term development plan ,from the management team coordination cooperation point of view ,this is not the case .
An analysis of the insider .For the five to 1600000000 yuan high price of new shares to shareholders ,with the fastest speed of cost recovery ,is a pressing matter of the moment .New shareholders to enter after the instruction is one of the cuts ,reduced operating costs ,this requirement makes Fan Yonghong a pressure multiplier .
Although as financial investors, shareholders profit demand is reasonable .But this number reflects the shareholders and independent legal entity operating management is not harmonious .
The insider said .It is reported ,and some new shareholders to the Huaxia Fund profit declined very dissatisfied ,unable to accept their assets shrink in size ,performance ,reality .In 2011, because the market is not good ,the Huaxia Fund will be the fourth consecutive year profit glides ,Moncler,hit a new low .
2008 ,2009 2010 ,Huaxia Fund is 1224000000 yuan respectively ,1108000000 yuan ,1006000000 yuan less ,2011 .But ,as CITIC Securities long-term equity transfer ,as long as three years ,Huaxia Fund cannot issue new fund .
Lost a lot of good investment opportunities .A shareholder said ,spend 1600000000 acquisition of 10% equity ,might as well set up a separate kitchen ,new establish a fund management company come cheap .
At present, the fund company of only 100000000 yuan .In a media conference ,Wang Yawei spoke frankly , pay close attention to the high degree of pressure is greater than the separation factor .
In fact ,Fan Yonghong is the home of a deeper reason . If the fan not to walk ,even the hardest ,Wang Yawei will persist . Huaxia Fund internal sources , for long-term incentive mechanism of a thing, Fan Zong has been working to push forward to policy ,change ,until the new shareholders after entering,Doudoune Moncler, that had little hope of .
Fan Wang Duo began in the China Securities Beijing East business department ,at that time ,fan is the East Business Department Manager ,Wang Yawei research department manager .In 1998, Fan Yonghong prepared the Huaxia Fund ,took a number of effective go-getters ,Wang Yawei is one of them .
In the regulators to Wang Yawei for many times the so-called insider trading in the examination, Fan Yonghong Wang Yawei has given the full trust .Even outside the Wang Yawei myth ,Fan Yonghong is still the first China Fund soul .
For Fan Zong discovery and training ,I also had a very deep gratitude ,I have learned so much from the fan head . As the fund manager Wang Yawei also just an account :if a continuous performance counts, investors in the investment in the initial stage of a dollar ,and the dividend reinvestment of words ,14 years after he turned 28 dollars .
However ,if combined with the calculation, the Huaxia Fund the establishment of 14 years for the shareholders to create a composite return rate of more than two hundred times .However ,Wang Yawei ,Fan Yonghong is given a shareholder value neglect and lack of respect .
Huaxia Fund announcement released Wang Yawei resigned on the same day, CITIC Securities also notice that, like in the legal basis, and Wang Yawei both sides cooperates next possibilities and forms of .
Just say what ah ,Moncler Pas Cher,long why ? Huaxia Fund insiders speculated , ( cooperation ) is a gesture . Wang Yawei and Fan Yonghong to resign ,means the industry leader are unable to retain talent ,the fund system and mechanism design major defects .
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