Leadership Transition at Trillion-Dollar CCB Fund Amid Structural Imbalances

CCB Fund has undergone its third leadership change in four years, with Qu Yinjun now taking the helm as chairman.

While the fund's total assets under management have surpassed the trillion-yuan mark, nearly 80% of this is concentrated in money market funds, highlighting a significant structural imbalance.

Concurrently, the firm's active equity products are experiencing widespread contraction, with several facing liquidation risks.

On May 27, CCB Fund announced that its former chairman, Sheng Liurong, had stepped down due to reaching retirement age and was succeeded by the company's former Chief Investment Officer (Vice President), Qu Yinjun.

Sheng Liurong's tenure lasted less than three years, during which he oversaw the growth of CCB Fund's assets under management from 728 billion yuan to over one trillion yuan.

Qu Yinjun joined China Construction Bank in 1999 and was involved in the preparatory work for CCB Fund in 2005, holding several core positions since then.

This appointment marks a return for a seasoned veteran, now elevated to the chairman role.

It is worth noting that executive changes at public fund managers have been frequent this year.

Returning to CCB Fund itself, the breakthrough in management scale masks a severely imbalanced structure.

Money market funds account for approximately 80% of the total, while active equity products continue to shrink.

By the end of 2025, the combined scale of its equity and hybrid funds was less than 27 billion yuan and is still declining.

At the same time, several active equity products are facing liquidation crises.

The CCB Xingheng Preferred One-Year Holding Hybrid Fund, for instance, has seen its assets remain below 50 million yuan for 50 consecutive working days and has entered the liquidation process.

The CCB Hong Kong Stock Connect Select Hybrid Fund has also fallen below the 50 million yuan threshold for 30 consecutive working days.

As of the end of the first quarter, CCB Fund had 35 products with assets below the 50 million yuan liquidation line, accounting for about one-fifth of its total product offerings.