“After retiring last year, I’ve obtained my senior citizen card in Beijing. I’ve taken several bus rides and visited Yuyuantan Park near my home—these experiences have been quite comfortable,” shared a former public fund executive who retired earlier than Xie Wei, speaking with Securities Times about his retirement life as Xie prepares to step down as general manager of JYSD Fund.
With early practitioners in the fund industry gradually reaching retirement age, retirements are becoming a notable phenomenon in China’s public fund sector. This includes executives like Xie Wei and Han Yong, as well as fund managers such as Tian Hanqing and Wang Chuanglian. Industry projections suggest the period between 2025 and 2030 may witness a peak retirement wave.
Pioneering public fund professionals transition into retirement
JYSD Fund announced on June 6 that Xie Wei would step down as general manager and transition to senior expert status. Calculations based on age indicate Xie will officially retire this summer. His career spans the entire development history of China’s fund industry, making him among the earliest cohort of senior executives. Recent retirements of multiple fund executives, including Xie, mark a generational transition in the 26-year-old public fund industry.
On May 30, Founder Fubon Fund announced chairman He Yagang’s retirement, with Li Yan succeeding him. The same day, Guotai Fund reported the retirement of chief compliance officer Liu Guohua, who joined in 2008 and held multiple leadership positions. Huatai-PineBridge Fund announced on May 9 that Han Yong would step down as general manager after 13 years, having led the launch of China’s first CSI 300 ETFs.
Earlier in March, Franklin Templeton Sealand Fund announced chairman Wu Xianling’s retirement after her involvement in the company’s establishment since 2002. Xingyin Fund also reported chairwoman Wu Ruoman’s retirement, concluding her 36-year financial career spanning securities, banking and funds. In a poetic farewell letter, Wu expressed anticipation for her new life chapter with family.
Other 2024 retirees include former chairmen Yang Cangbing of Haitong-Fortis Fund and Sun Shuming of GF Fund, along with former general manager Wang Cheng of Lombarda China Fund. Veteran fund managers like quant pioneer Tian Hanqing and early securities researcher Wang Chuanglian have also reached retirement age.
2025-2030 projected as peak retirement period
These retirements have sparked discussions about generational succession. A 2024 retiree noted that while isolated retirements occurred earlier, the public fund industry (established in 1998) is now seeing its first wave of practitioners reach retirement age collectively.
Tianxiang Investment Advisory’s fund evaluation center analysis suggests: “Most early practitioners from the 1960s-70s are now approaching or exceeding 60 years old. Considering extended tenures of executives and senior managers, 2025-2030 may represent the industry’s retirement peak period.”
A Beijing-based fund veteran emphasized that these retirements draw attention because the individuals contributed significantly to industry development, shaping institutional frameworks and investment philosophies during careers that paralleled the sector’s growth.
“Early executives’ influence persists through established systems and culture that required over a decade to form and will endure longer. If public funds have an ‘axial age,’ these foundational leaders constitute its ‘axial executives,'” the veteran observed.
Evolving fund management approaches across generations
Tianxiang’s analysis identifies three distinct phases of fund manager evolution:
Startup Period (1998-2007): Early managers demonstrated high investment freedom and thematic focus, proving public funds’ active management value and gaining investor recognition.
Expansion Period (2008-2018): Managers like Cao Mingchang, Fu Pengbo and Tian Hanqing established fundamental investing as the dominant approach while gaining acceptance for quantitative strategies.
Maturity Period (2019-present): Specialized managers emphasize consistent, transparent styles, with thematic speculation and style drift becoming less effective for outperformance.
The analysis suggests future success will require fundamental analysis enhanced by quantitative tools to identify undervalued opportunities, with reduced style volatility and improved stock selection methodologies.
“Experienced guidance remains valuable—seasoned professionals can continue contributing while mentoring newcomers. As public funds achieve record scales and strategy diversification, we should maintain confidence in emerging talent across all positions,” concluded the retired executive.
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