A recent announcement from China Universal Fund has concluded a 38-day period of significant portfolio management changes. The firm stated that fund manager Guo Beibei has stepped down from her last four funds due to internal work adjustments. These final mandates included the China Universal Nasdaq 100 ETF, the Nasdaq 100 ETF Feeder Fund (QDII), the Nasdaq Biotech ETF, and its corresponding feeder fund (QDII).

These four products had a combined asset under management (AUM) of approximately RMB 10.366 billion and have now been handed over to fund manager Le Wuqiong. With this final move, the deputy director of the firm's Index and Quantitative Investment Department, who was widely known in the industry as the "Index Goddess," has completed a rapid exit. Across five separate announcements within just 38 days, she has relinquished management of 16 products in total, reducing her AUM from RMB 48.147 billion to zero.

Looking at the timeline of this sweeping transition, the process began on July 8 when she stepped down from the CSI 800 ETF, the National Biotech ETF, and the CSI New Energy Vehicle ETF. This was followed by another announcement on July 20 covering the CSI Biotech A fund and the CSI Pharmaceutical and Health ETF Feeder A. On July 27, she ceded control of the CSI Pharmaceutical and Health ETF and the CSI Traditional Chinese Medicine ETF Feeder (LOF). A further four funds were relinquished on August 4, including the CSI Major Consumer ETF and its feeder fund. The final four funds, including the CSI Major Consumer ETF and the CSI New Energy Vehicle Industry Index (LOF), were handed over on August 12.

According to public records, Guo Beibei holds a PhD in Financial Engineering from the University of Science and Technology of China and joined China Universal in 2015. During her tenure of over a decade, she served as a fund manager and deputy director of the Index and Quantitative Investment Department. Her management of core index products like the CSI Major Consumer ETF was central to the company's index business line. As of August 5, 2026, her total return on equity-oriented funds under her management stood at 85.22%, significantly outperforming the CSI 300 Index over the same period.

Following her departure, the funds have been distributed among Sun Hao, Dong Jin, and Le Wuqiong. While Le Wuqiong took over the four Nasdaq QDII products on August 12, Sun Hao assumed control of the consumer ETFs, and Dong Jin received five funds focused on the pharmaceutical sector. In line with common practice in the fund industry regarding personnel changes, such a concentrated handover of multiple products by a well-known manager is often interpreted by the market as a precursor to an outright resignation.

Guo Beibei's departure is not an isolated incident in the industry this year. According to Wind data, as of August 18, the number of fund managers who have left their posts this year has reached 288, a noticeable increase from the 245 seen during the same period last year, spanning 112 fund companies. Notable departures include figures from Hwabao Fund, China Asset Management, E Fund Management, Fullgoal Fund, HuaAn Fund, Bosera Asset Management, Wanjia Asset, GF Fund, and Debang Fund.

On August 18 itself, Gan Chuanqi of Guolian Fund resigned from four equity funds citing personal reasons. On the same day, China Universal also announced that Cai Zhiwen had stepped down on August 17 due to internal work adjustments. The acceleration of fund manager turnover is being driven by a confluence of factors. With the implementation of salary caps and fee reforms, public fund companies are striving to balance cost reduction with effective incentives, making increased talent mobility a natural consequence during this period of transformation.

Within China Universal itself, this year has seen four fund managers depart, while 15 new ones have been appointed. Interestingly, Le Wuqiong, who has taken over some of Guo Beibei's funds, has herself stepped down from six index products since May, creating a dynamic of "six departures and six arrivals" for her within the year. This churn illustrates a broader industry shift, moving away from an era that relied heavily on star fund managers and towards a new cycle characterized by platform-based and systematic competition. We will continue to monitor the performance of China Universal's funds as this transition unfolds.