Five-Year Term Ended, Great Wall Fund General Manager Plans to Resign, Smooth and Orderly Transition

Produced by | Zhongfang Network

Reviewed by | Li Xiaoyan

At the beginning of the Year of the Horse, personnel adjustments among senior executives in the public fund industry have once again made headlines. According to market sources, Qiu Chunyang, General Manager of Great Wall Fund, plans to resign due to personal career considerations, and the company’s current Inspector-in-Chief, Zhu Han, may temporarily assume the role of General Manager. As of now, Great Wall Fund has not issued an official announcement regarding the executive change, and the personnel arrangements are still subject to regulatory approval and official disclosure. This personnel adjustment is not only a normal iteration of internal governance at Great Wall Fund but also a typical reflection of the current expansion and transformation of the public fund industry amid increasing market mobility of talent, demonstrating the industry’s vitality and mature governance resilience.

The management adjustment at Great Wall Fund exhibits distinct features of stability, orderliness, and professional succession. Public information shows that Qiu Chunyang has served as General Manager since July 2020, with over five years in the role, bringing extensive industry experience and management expertise. His early career at Southern Securities laid a solid foundation in finance; subsequently, he spent many years at GF Fund, holding key positions such as General Manager of the Financial Engineering Department, Product Director, Deputy General Manager, and Inspector-in-Chief, covering core areas such as public fund operations, product innovation, and compliance risk control, injecting professional momentum into the steady development of Great Wall Fund. During his tenure, the company steadily advanced in product layout, research and investment system construction, and compliant operations, maintaining operational continuity and stability.

The proposed acting General Manager, Zhu Han, possesses irreplaceable professional advantages and regulatory insight, providing a solid guarantee for a smooth transition in corporate governance. Zhu Han has worked for many years in institutional regulation and inspection at the Shenzhen Securities Regulatory Bureau, deeply familiar with the operational rules and regulatory policies of the asset management industry, with keen risk identification capabilities and rigorous compliance management thinking. After leaving the regulatory system, he served as Chief Risk Officer and Vice President at securities firms, accumulating rich experience in managing financial institutions. In September 2023, he was appointed Inspector-in-Chief of Great Wall Fund, quickly integrating into the corporate governance system and becoming familiar with the full operational process. From a professional background, Zhu Han combines regulatory experience, risk control ability, and management literacy, enabling him to accurately grasp industry regulatory directions, effectively connect various business areas, and ensure smooth management, product operation, and research management during leadership transitions, maximally safeguarding the interests of fund shareholders.

From an industry perspective, changes in senior management of public funds have entered a normalized stage, becoming a routine phenomenon in the process of high-quality industry development. Wind data shows that since the beginning of 2026, 31 fund companies have experienced senior management changes, totaling 63 instances, including 18 general manager changes and 8 chairman changes, with intensive adjustments in core management positions; in 2025, the entire industry saw 462 senior management changes, including 94 general manager shifts. Over 40% of public fund institutions (79 firms) experienced adjustments at the chairman and general manager levels, with these figures reaching relatively high historical levels. From leading public funds to small and medium-sized fund companies, from general managers and chairmen to inspectors-in-chief and deputy general managers, market-oriented mobility of senior executives is becoming increasingly common, breaking the traditional “lifetime tenure” management model and highlighting the marketization and flexibility of talent allocation in the industry.

The increased mobility of senior management in the public fund industry is driven by the deep logic of industry expansion and transformation, resulting from multiple factors. Currently, China’s public fund industry has surpassed 37 trillion yuan in total size, reaching a new high for ten consecutive months, entering a stage of coexistence between stock competition and incremental expansion. On one hand, industry competition is intensifying, fee rate reforms are continuously deepening, product innovation is accelerating, and institutions demand higher strategic planning, operational management, and risk control capabilities from senior executives, prompting management optimization through strategic iteration and talent matching. On the other hand, the market-oriented mechanism for talent in the asset management industry is maturing, with more diverse career paths for senior executives, driven by mutual selection between personal development and institutional needs, becoming a key driver of talent mobility. Additionally, regulatory systems are continuously improving, corporate governance standards are rising, providing institutional guarantees for orderly leadership changes, transforming personnel adjustments from signals of industry volatility into signs of governance optimization.

Objectively, the high-frequency movement of senior executives in the public fund industry also accompanies some common industry challenges, which should be viewed rationally. Some small and medium-sized fund companies face pressures from scale growth, performance competition, and operational costs, leading to relatively frequent management changes that may raise concerns about strategic stability in the short term. Meanwhile, during rapid industry development, some institutions exhibit issues such as vague strategic positioning and insufficient research and investment competitiveness, making leadership changes unable to fundamentally resolve core operational problems; frequent adjustments might even impact business continuity. Furthermore, under intensified market competition, the pressure on senior executives’ performance assessments increases, and some leave due to performance targets or development philosophies, reflecting stage-specific conflicts in industry development. However, these challenges are not mainstream but normal phenomena during industry transformation, and with the promotion of high-quality development, they will gradually be optimized.

Industry consensus holds that moderate personnel adjustments among senior executives are “vitality boosters” rather than “risk points.” Currently, the compliance system and corporate governance of public funds are increasingly sound, with institutions generally establishing comprehensive plans for leadership succession, risk management mechanisms, and business continuity programs. Routine leadership changes generally do not significantly impact daily operations, product management, or the interests of shareholders. Taking Great Wall Fund as an example, the current appointment of a regulatory and risk-control background Inspector-in-Chief to temporarily serve as General Manager reflects mature governance, utilizing internal professional talent to ensure a smooth leadership transition and avoid operational fluctuations caused by personnel changes. Moreover, market-oriented talent mobility promotes mutual learning of management experience, innovation in management concepts, and pushes institutions to optimize governance structures and improve operational efficiency, thereby enhancing overall industry competitiveness.

For Great Wall Fund, this management adjustment is a normal iteration in the company’s development process and an opportunity to move toward a new stage of growth. The solid foundation laid during Qiu Chunyang’s tenure supports future development; Zhu Han’s professional background and management experience will help the company further strengthen compliance and risk control, optimize strategic layout, and enhance core competitiveness. Under the leadership of the new management team, Great Wall Fund is expected to leverage its mature research and investment system and comprehensive compliance mechanisms to continue deepening its public fund business, making sustained efforts in equity investment, fixed income +, index products, and other areas, creating long-term stable returns for investors.

Looking at the industry’s long-term development, the normalization of senior management mobility will become a new norm for the public fund industry, symbolizing industry maturity and an inevitable requirement for high-quality growth. As the industry shifts from scale expansion to quality improvement, the talent marketization mechanism will be further refined, with institutions paying more attention to the professionalism, stability, and fit of management teams. Through rational personnel adjustments, governance structures will be optimized, strategic directions clarified, and development momentum activated. Meanwhile, regulatory authorities continue to improve regulations on senior management appointment and information disclosure, further standardizing mobility behaviors and ensuring industry stability; fund companies will also strengthen internal governance, establish long-term talent development and management mechanisms, balance short-term operational goals with long-term strategic development, and promote steady and sustainable industry growth.

As of now, personnel arrangements at Great Wall Fund are still awaiting regulatory approval and official disclosure, and the company will fulfill its information disclosure obligations in accordance with regulatory requirements. This management adjustment not only reflects the optimization of Great Wall Fund’s governance but also embodies the vitality and mature, rational industry ecology of the public fund sector. Against the backdrop of deepening reforms in the capital market and growing demand for household wealth management, the public fund industry will continue to embrace talent mobility with an open and inclusive attitude, respond to development changes with well-regulated governance, stay true to the mission of inclusive finance, create value for investors, and contribute to the healthy development of the capital market.

Personal opinions for reference only