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On June 5th, records from the Asset Management Association of China show that Shenzhen Wuliangshan Private Securities Fund Management Co., Ltd. completed its registration. The company's legal representative is Shang Qiong, with Zhou Dong serving as General Manager. Both core members have backgrounds in public fund management. This marks another public fund manager embarking on a career shift to private funds, drawing market attention.

Two Public Fund Veterans Join Forces, Blending FOF and Sector Stock-Picking Strategies

Reviewing her professional history, Shang Qiong holds a Master's degree in Economics. From July 2010 to May 2011, she served as a Product Design Analyst at BOC Investment Management Co., Ltd. She joined Da Cheng Fund Management Co., Ltd. in May 2011, holding successive positions including Product Designer in the Product Development & Financial Engineering Department, Senior Quantitative Analyst in the Quantitative & Index Investment Department, Investment Manager in the Asset Allocation Department, and Fund Manager. Subsequently, she joined Ping An Fund in 2022.

Shang Qiong is a seasoned FOF (Fund of Funds) manager with deep expertise in asset allocation. She began her career in product design and progressed through roles in product development and financial engineering at Da Cheng Fund to become an FOF fund manager. She is among the earlier cohort of fund managers in China involved in target-date retirement FOFs.

Looking at her performance during her public fund tenure, Shang Qiong previously managed the "Da Cheng Retirement Target Date 2040 Three-Year Holding Period Hybrid (FOF) A." She served from June 2019 to August 2022, during which the fund achieved a return of ***%, compared to a benchmark gain of ***% over the same period.

Her partner, Zhou Dong, also has a public fund background. He graduated from Tsinghua University with a Bachelor's degree in Biological Science and Technology and a Master's degree in Management Science and Engineering. He previously served as a Fund Manager at Lion Fund Management Co., Ltd., and as a Fund Manager Assistant and Researcher at China Southern Fund Management Co., Ltd.

Zhou Dong managed the "Lion Fund Management Lion Lixin Flexible Allocation Hybrid A" from December 2017 to March 2019, achieving a return of 19.43% during his tenure, compared to a performance benchmark of 1.82% for the same period.

Public Fund Manager Departures Hit Multi-Year High, with "Going Private" a Primary Destination

The public fund industry witnessed a significant wave of departures at the start of 2025, with several prominent fund managers stepping down from their products in a "clean sweep." Data from Choice shows that the number of public fund managers leaving their posts reached 429 in 2025, setting a multi-year high.

In the first half of 2025 alone, numerous top-performing public fund managers such as Bao Wuke, Zhang Yifei, Zhou Haidong, Zhang Yufan, Wang Shicong, and Wang Peng stepped down. The departures of well-known managers like Cao Mingchang, Yu Yang, and Zhou Keping also garnered widespread market attention.

Among these moves, transitioning to private funds has become a key destination for many departing managers. Cao Mingchang officially moved from public to private funds, establishing Shanghai Puqiao Private Fund in October 2025. Recently, former Xingquan Global Fund manager Ren Xiangdong joined the billion-scale private fund Yuanxin Investment. Former Invesco Great Wall Fund manager Bao Wuke joined Lingren Investment, a firm under Hillhouse Capital.

Why has "going private" become a mainstream career move? Li Chunyu, an FOF fund manager at Rongzhi Investment, believes the reasons for public fund managers switching to private funds primarily stem from several factors:

Firstly, the incentive structure in private funds is more attractive. Compared to the relatively fixed compensation system in public funds, the high-performance fee-sharing model commonly used by private institutions is more appealing to top-performing fund managers.

Secondly, private funds offer greater investment freedom. They typically have more operational flexibility in product design, investment strategies, and position management, allowing for more complete implementation of an investment philosophy.

Thirdly, it relates to career development aspirations. Established fund managers, after accumulating strong historical performance and a loyal client base, often seek to maximize their personal brand value. Private funds provide an ideal platform for them to establish their own ventures.

Where Do Managers Go After "Going Private," and How is Their Performance?

According to data from a private fund research platform, as of the end of May, there were 868 professionals with public fund backgrounds who had moved to the private sector. Among them, 580 are currently serving as fund managers, accounting for 66.82%. Of these, 391 are employed at private funds with assets under management (AUM) between 0 and 5 billion RMB, representing the primary segment.

There are 68 fund managers with public fund experience who, after moving to private funds, work at firms with AUM exceeding 50 billion RMB. For example, the five prominent managers at Gao Yi Capital—Deng Xiaofeng, Qiu Guolu, Sun Qingrui, Han Haifeng, and Zhuo Liwei—all have previous public fund experience.

It is noteworthy that all four "public-to-private" fund managers at Ruijun Asset hail from Xingquan Global Fund, including Dong Chengfei, Du Changyong, Tang Sheng, and Wang Xiaoming. Both Dong Chengfei and Du Changyong previously held the position of Deputy General Manager at Xingquan Global Fund.

Regarding performance, data from the private fund research platform shows that as of the end of May 2026, there were 61 "public-to-private" fund managers who had at least three products with disclosed performance over the past year. Their average return over the past year was ***%, with 7 managers achieving an average return above ***%. (Note: This data represents the mean of individual fund manager return rates, calculated by first averaging the returns of products under each manager and then taking the arithmetic mean across all managers.)

In compliance with regulatory requirements, private fund product performance cannot be publicly displayed. Performance data mentioned in the article is replaced with ***. Qualified investors can log in to official platforms to view specific return data.

Among leading private funds, Wang Penghui of Wangzheng Asset Management has delivered strong performance, with the three products he manages achieving an average return of ***% over the past year. Wang Penghui possesses 24 years of experience in securities and funds and 17 years of fund investment management experience. He previously served as Deputy General Manager and Investment Director at Invesco Great Wall Fund, managing public fund assets that peaked at over 20 billion RMB during his tenure.

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