A major leadership transition has been completed at Fullgoal Fund, one of China's first ten public fund management companies.

On June 27, the fund manager announced a change in its top executive: Pei Changjiang, the chairman from the Haitong Securities faction, retired upon reaching the retirement age after a seven-year tenure. He will be succeeded by Wang Sulong, a member of the executive committee of Shenwan Hongyuan Group Co., Ltd. (ASX: SWHY).

Since its establishment in 1999, Fullgoal Fund has had only four chairmen, clearly divided into two from the Shenwan faction and two from the Haitong faction. This alternating chairmanship reflects the governance dynamics between its two major balanced shareholders, Shenwan Hongyuan Group Co., Ltd. and Haitong Securities.

Within the Shenwan Hongyuan system, the two public fund platforms present a stark contrast. Fullgoal Fund, in which Shenwan Hongyuan holds a 27.77% stake, and Shenwan Lingxin Fund, which is 67% controlled by Shenwan Hongyuan, share the same origin but have followed vastly different development paths. The former is a top-tier fund house with assets nearing 1.37 trillion yuan, boasting balanced development across equity, index, fixed income, and QDII products. The latter is a mid-sized securities-affiliated fund with assets around 100 billion yuan, relying on quantitative and niche thematic products for growth.

Rotating Governance Takes Shape

The announcement of the chairman change reveals the underlying governance logic of securities-affiliated public fund managers.

This leadership shift at Fullgoal Fund is not a random personnel adjustment but another routine implementation of a shareholder rotation mechanism that has been part of its 27-year history. At the equity level, Fullgoal Fund's four major shareholders hold highly balanced stakes: Shenwan Hongyuan Group Co., Ltd., Haitong Securities, and the Bank of Montreal each hold 27.77%, while Shandong Financial Asset Management Co., Ltd. holds 16.68%. With no single controlling shareholder, the two major securities firm shareholders, Shenwan Hongyuan Group Co., Ltd. and Haitong Securities, alternately appoint the chairman, a long-standing governance practice.

The new chairman, Wang Sulong, is a pure Shenwan faction veteran with over two decades of experience in wealth management. Starting his career at a local sales department, he has held positions including head of a local sales department, deputy general manager, and general manager of the Jiangsu branch. After moving to headquarters, he has managed core departments such as the general office, board office, strategic planning headquarters, and the wealth management division. Currently a member of the executive committee of Shenwan Hongyuan Group Co., Ltd., he brings extensive experience in channel coordination and wealth management operations.

The outgoing chairman, Pei Changjiang, began his career at Shenyin & Wanguo Securities and later held long-term positions at Haitong Securities, making him a typical Haitong faction executive. He joined Haitong Securities as a deputy general manager in August 2013, holding key management roles in Haitong Securities' asset management and Haitong Futures. He began serving as chairman of Fullgoal Fund in March 2019, steering the company for over seven years. During his tenure, Fullgoal Fund's assets under management achieved leapfrog growth, surpassing the trillion-yuan mark.

Reviewing the resumes of Fullgoal Fund's past leaders shows that since its founding, its four chairmen can be categorized into two factions: two from the Shenwan faction and two from the Haitong faction. The first two chairmen, Yu Zhihao and Chen Min, both came from Shenyin & Wanguo Securities (the predecessor of Shenwan Hongyuan Group Co., Ltd.) and were core leaders during the fund's startup phase.

The third and fourth chairmen, Xue Aidong and Pei Changjiang, both belonged to the Haitong faction. It was during this period that Fullgoal Fund achieved its trillion-yuan scale growth. Pei Changjiang's term was the crucial seven years for the fund's explosive expansion. According to data from Eastmoney, Fullgoal Fund's total assets were under 600 billion yuan in early 2019. By June 30, 2026, its total assets under management reached 1.351005 trillion yuan, doubling in seven years and successfully entering the industry's top tier of trillion-yuan public fund managers.

During his tenure, Pei Changjiang spearheaded a comprehensive push into the index fund arena, creating several market hits like the Hong Kong Stock Connect Internet ETF and the STAR 50 ETF. He also expanded the company's investment research system, attracting a large number of top fund managers, which in turn gave rise to several managers overseeing over 10 billion yuan.

Currently, Fullgoal Fund's billion-yuan scale fund managers include seven individuals: Zhu Shaoxing, Fang Min, Fan Yan, Cao Jin, Zhang Feng, Zhao Wei, and Luo Qing. However, the team's performance this year shows significant divergence. Year-to-date, Zhang Feng's product has a return of -5.72%, under pressure. Fang Min and Fan Yan have relatively modest returns of 7.88% and 7.40%, respectively. Zhu Shaoxing and Zhao Wei have shown steadier returns of 13.51% and 15.20%, respectively. Cao Jin's performance is outstanding at over 56%, while Luo Qing's exceeds 100%.

Comparing with top-performing fund managers across the market, such as Yan Kai of China Orient Asset Management, Zhang Mingxin of Huashang Fund, and Fang Jian of Yinhua Fund, who have year-to-date returns of 157.36%, 129.44%, and 126.41% respectively, the performance gap among Fullgoal's own billion-yuan managers is evident, with a wide disparity between the top and bottom performers.

Divergent Fortunes from the Same Root

Shenwan Hongyuan Group Co., Ltd. is one of the few domestic securities firms that has simultaneously established a dual public fund platform: a stake in a top-tier fund house and control of a mid-sized one.

Specifically, Shenwan Hongyuan Group Co., Ltd. holds a 27.77% stake in Fullgoal Fund, making it a joint-largest shareholder alongside Haitong Securities and the Bank of Montreal, with no absolute control. Therefore, major operational decisions, executive appointments, and dividend plans require consultation and voting among the four major shareholders.

The resource inputs from the four shareholders to Fullgoal Fund are also diverse. Shenwan Hongyuan Group Co., Ltd. provides retail channels and securities research support; Haitong Securities connects with institutional and banking channels; the Bank of Montreal contributes overseas QDII investment research and cross-border asset allocation experience; and Shandong Financial Asset Management provides local institutional resources.

In stark contrast, Shenwan Lingxin Fund, established in 2004, is the direct public fund subsidiary of Shenwan Hongyuan. Shenwan Hongyuan Group Co., Ltd. holds a controlling stake of 67%, while Japan's Mitsubishi UFJ Trust and Banking Corporation holds 33% as a foreign financial shareholder with no operational decision-making power. Executive appointments, product strategy, channel deployment, and investment research system development are all unilaterally directed by Shenwan Hongyuan Group Co., Ltd..

However, comparing Fullgoal Fund and Shenwan Lingxin Fund reveals a vast gap in both assets under management and financial metrics like operating revenue and net profit.

As of June 30, Fullgoal Fund's assets under management stood at 1.351005 trillion yuan, placing it among the top-tier public fund managers. By category, bond fund and index fund assets have steadily increased, but the active equity segment remains under pressure. Data from Eastmoney shows fluctuating declines in the assets of Fullgoal's hybrid funds. By the first half of this year, hybrid fund assets were 166.717 billion yuan, a slight increase from 157.828 billion yuan at the end of Q1 2026, but a significant drop of over 120 billion yuan from the peak of 288.921 billion yuan at the end of 2021.

Coupled with only modest growth in equity fund assets in recent years—from 20.395 billion yuan at the end of 2021 to 30.615 billion yuan in Q1 2026, an increase of just 10 billion yuan over four years—the overall active equity assets have substantially contracted.

The core drivers of Fullgoal's continued total asset growth have been index and money market funds. The assets of its index funds climbed from 80.065 billion yuan at the end of 2021 to 294.132 billion yuan in the first half of 2026, a surge of 267.37%. At the end of Q3 2025, index fund assets had peaked at 328.116 billion yuan. Money market fund assets grew from 265.602 billion yuan at the end of 2021 to 475.061 billion yuan at the end of Q1 2026, an increase of 78.86%. In contrast, Fullgoal Fund's growth focus has clearly shifted towards fixed-income products, with weaker performance in its active equity business.

On the other hand, Shenwan Lingxin Fund's total assets are only one-tenth of Fullgoal's, with the latest figure at 116.32 billion yuan. Its active equity segment is also contracting. Equity fund assets grew from 2.691 billion yuan at the end of 2021 to 3.494 billion yuan in Q1 2026, nearly stagnant. Hybrid fund assets plummeted from 23.3 billion yuan at the end of 2021 to 10.420 billion yuan in Q1 2026. Calculated, active equity fund assets have shrunk by over 86%.

The company's ability to maintain positive asset growth relies entirely on bond and money market funds. Bond fund assets grew steadily from 32.596 billion yuan at the end of 2021 to 49.674 billion yuan in Q1 2026. Money market fund assets surged from 9.250 billion yuan at the end of 2021 to 43.755 billion yuan in Q1 2026. Notably, at the end of Q3 2025, money market fund assets were only 13.305 billion yuan. The combined increase from bond and money market funds totals 51.583 billion yuan, accounting for 44.35% of Shenwan Lingxin Fund's total assets.

The profitability gap between the two widens further. In 2025, Fullgoal Fund's operating revenue was 7.882 billion yuan, a year-on-year increase of 23.06%; its net profit was 2.205 billion yuan, up 25.92% year-on-year, showing double-digit growth in both metrics.

In contrast, Shenwan Lingxin Fund's operating revenue for 2025 was only 472 million yuan, and its net profit was less than 100 million yuan, at 71 million yuan. It is noteworthy that Shenwan Lingxin Fund's operating revenue has declined for five consecutive years, and its net profit has fallen for four consecutive years. In 2022, the company's net profit was still 134 million yuan, indicating a clear trend of shrinking profitability.