Dongcai Fund Executive Change: Gu Yong Appointed as General Manager, Sha Fugui Resigns, a Wave of Personnel Changes in the Public Fund Industry Begins

China Fortune Securities’ wholly owned subsidiary, Dongcai Fund, recently experienced an important personnel change. On February 28, the company announced a change in senior management: former General Manager and Chief Financial Officer Sha Fugui stepped down due to work arrangements, and Vice General Manager Gu Yong took over both roles, with the appointment date retroactively effective from February 27. This personnel adjustment has gone through the board review process and been filed, and the company clearly states that it falls within normal operational management adjustments.

As the longest-serving General Manager of Dongcai Fund, Sha Fugui has been in charge since the company’s founding in October 2018, serving for about four and a half years. During his tenure, the company experienced rapid growth: from less than 10 billion yuan at the end of Q3 2024, to surpassing 20 billion yuan by the end of the year, reaching 57.599 billion yuan by the end of 2025, ranking 85th among 164 public fund institutions in the market. Regarding Sha Fugui’s next move, the announcement only mentions “other arrangements,” with no further response from the company.

Gu Yong, the successor, has extensive experience in the financial industry, having worked at multiple institutions including Fortis Fund, China Dadi Insurance, Fosun High Tech in Shanghai, Yong’an Insurance, Deppon Securities, and Hu’an Securities. After joining Dongcai Fund as Vice General Manager in March 2025, his promotion to General Manager marks a significant internal leadership advancement. Notably, Dongcai Fund has received multiple capital increases from its shareholder, China Fortune Securities: registered capital increased from 2 billion yuan to 4 billion yuan in October 2020, then to 8 billion yuan in July 2021, and finally reaching 10 billion yuan in January 2023.

Personnel changes at Dongcai Fund are not isolated. According to Wind data, since February, 27 senior executives across 15 fund companies have experienced role changes, including General Managers, Vice General Managers, Chief Information Officers, and Inspectors. The period around the Spring Festival has been a peak time for leadership changes, with more than 10 public funds such as Deppon Fund, Quanguo Fund, and GF Fund announcing executive changes on the same day, February 14.

A specific example is that on February 25, Xu Duanquan, Vice General Manager of New China Fund, resigned due to personal reasons. As a veteran who joined the company at the end of 2006, his departure, along with three other Vice General Managers leaving in less than two years, highlights the turnover among senior management. On the same day, Allianz Fund appointed Lu Rong as Chief Information Officer. Industry observers note that early in the year is traditionally a peak period for talent movement in the financial sector, with fund companies often optimizing their management teams to align with annual business plans. Some senior executives with investment research backgrounds are returning to core business roles, reflecting a trend of talent differentiation between investment research and management lines in the public fund industry. As competition intensifies, the stability of management teams is becoming a key factor influencing the long-term development of fund companies.