Financial Services Association, April 19 (Reporter Yan Jun) Chairman Jiang Xiangyang took over the position of general manager of Bosch Fund for 5 months, and is about to welcome a successor.

A Financial Services Association reporter learned from multiple sources that Zhang Dong, the former general manager of the accounting department at China Merchants Bank's head office, will be the general manager of Bosch Fund. According to the reporter's understanding, the relevant investigation has already been carried out or is in progress.

Zhang Dong, born in 1968, is an old man in the CMB system. Since 2007, he has held positions such as CMB Retail Bank, Wealth Management, Wing Lung Bank, and Hangzhou Branch Governor. By 2023, he was transferred to the Finance Department of the Head Office as general manager and general manager of the procurement management department.

“China Merchants Bank and Bosch Fund are lower-level brother units within the China Merchants Bureau system. Zhang Dong is the general manager of the department at CMB. According to the promotion order, he should have been the vice president of Bosch. The direct transfer to the general manager this time is an extraordinary promotion.” A South China financial institution executive said.

In November 2023, Gao Yang, the former general manager of Bosch Fund, left office due to personal reasons and later went to Tianhong Fund as general manager. Jiang Xiangyang, the general manager of Bosch Fund, was replaced by Chairman Jiang Xiangyang. His term of office is about to expire, and the new general manager has also settled in the dust. According to the industry, relatively speaking, Bosch Fund is more prominent in fixed income businesses such as debt-based funds. Zhang Dong's addition will strengthen its layout in the field of wealth management.

“It may be easier for Bosch to work hard on CMB's channels.” Some industry insiders were impressed.

Seventeen year bank veteran Airborne Hiroshi, general manager

Although no announcement has been made, news that Zhang Dong will soon become the general manager of Bosch Fund has spread on a small scale recently. In November 2023, Bosch Fund announced that General Manager Gao Yang left office due to personal reasons. At the end of 2023, Gao Yang also officially announced that he would go north to become the general manager of Tianhong Fund.

In terms of Bosch Fund, Chairman Jiang Xiangyang has been acting as general manager for more than 5 months, and his six-month term of office is about to expire. Who will take over this large ship with a management capital of nearly trillion dollars? This is an issue that the Shareholders' Investment Promotion Bureau should consider.

Earlier, there was also news that the general manager of Bosch Fund may be from China Merchants Securities. However, in the end, Zhang Dong, an old man in the China Merchants Bank system, fell to him.

Combining many previous media reports, it is possible to outline Zhang Dong's career. Zhang Dong graduated from Shanghai University of Finance and Economics with a bachelor's degree in investment management, and later obtained a master's degree in software engineering from Wuhan University.

In terms of career history, Zhang Dong, 57, has been working in the China Merchants Bank system for 17 years. Since 2007, he has been responsible for retail banking and was the deputy general manager of the retail banking department at CMB Head Office. As we all know, CMB started with retail and is also the vanguard of retail and private banking businesses in the domestic banking industry, because the retail sector occupies an important position in half of the entire bank architecture.

Since 2011, Zhang Dong has also been entrusted with heavy responsibilities many times. First, he was transferred to Wing Lung Bank, a Hong Kong subsidiary, as Deputy General Manager. Subsequently, Zhang Dong was transferred back to the headquarters as the general manager of the Wealth Management Department due to CMB's private banking plan to increase cross-border asset allocation efforts. By December 2015, Zhang Dong also managed the CMB Credit Card Center and held the position of general manager. Furthermore, according to some sources, he also served as the president of CMB's retail finance headquarters.

In March 2021, CMB established a new Wealth Platform Department, and Zhang Dong became the general manager of this department. Years of retail and private sector experience have made him more prominent in the field of wealth management. Earlier, in his public statement, he pointed out that wealth management faces four major challenges: the coexistence of young customers and older customers; the coexistence of simple products and complex products; the coexistence of single requirements and diversified needs; and even more challenging is the coexistence of online and offline. According to reports, CMB's internal colleagues called him the “director” of the Wealth Platform Department at the time.

At the beginning of 2022, Zhang Dong was transferred to the Hangzhou branch to become the head of the Hangzhou branch of CMB. During his time at the branch, it was reported that Zhang Dong visited the company several times to communicate with the company on bond financing and financial services.

In 2023, during major personnel changes at CMB's middle and senior management, Zhang Dong returned to the headquarters from the Hangzhou branch and took over the position of general manager of the finance department of the head office, and also served as the general manager of the procurement management department.

Jiang Xiangyang's acting general manager will expire on May 11 this year, and confirmation of the general manager's nomination is imminent. The Financial Services Association reporter learned that the relevant inspection of Zhang Dong has already been completed or is in the process. According to reports, public fund executives must obtain a license to work and file a record with the China Foundation Association.

Wealth management background is worth looking forward to

Judging from the shareholding structure, Bosch Fund has a total of 6 shareholders. China Merchants Securities has the largest shareholding ratio, with a shareholding ratio of 49%; followed by China Great Wall Asset Management, with a shareholding ratio of 25%. Shanghai Huihua Industrial also has a shareholding ratio of over 10%, with a shareholding ratio of 12%. The three minority shareholders are Tianjin Port Group, Shanghai Shengye Equity Fund, and Zhejiang Guomao Group, with shareholding ratios of 6%, 6%, and 2%, respectively.

The actual controller of China Merchants Securities, the largest shareholder, is the central enterprise China Merchants Bureau. Therefore, Bosch Metal is a second-level subsidiary of China Merchants Bureau, and the company's executive personnel changes are basically coordinated by the China Merchants Bureau.

In the eyes of the outside world, the position of general manager also came from the China Merchants Bureau system; it is actually no surprise whether it is from China Merchants Securities or China Merchants Bank. However, as far as the Bosch Fund is concerned, where the next leader comes from and what resource endowments they have will determine the company's development path over the next few years to a certain extent.

Some industry insiders said that Zhang Dong has been deeply involved in CMB's retail and wealth management for many years, and this will be an important help for the future sales of Bosch Fund through banking channels.

As the first five fund companies established, Bosch Fund has been operating steadily in recent years. In 2023, it achieved operating income of 4.588 billion yuan and net profit of 1,524 billion yuan. The company's asset management scale was 1.56 trillion yuan, down 4.87% from the end of 2022. Among them, the size of public funds was 949.6 billion yuan, down 0.43% from the end of 2022, and the size of non-monetary public funds was 531.6 billion yuan, an increase of 4.31% over the previous year. At the end of 2023, Bosch Fund ranked 7th in the size of non-monetary public funds and 2nd in the size of bond-type public funds.