Star Chinese fund manager Wang Yawei no longer involved in daily management of Qianhe Capital
- A statement by Qianhe cites ‘personal reasons’ for Wang’s move and says the company has ‘ample liquidity’
- Amid rumours that he was under investigation by authorities, Wang in October rejected claims that he could not be contacted
Wang Yawei, one of China’s most prominent fund managers, has moved out of daily management at the investment firm he founded, citing “personal reasons”, according to a statement published on its website over the weekend.
Speculation has been swirling on social media that Wang, 52, has been detained by government authorities and that his fund products are facing liquidation amid President Xi Jinping’s broadened anti-corruption campaign against the nation’s US$60 trillion financial industry.
Dozens of officials have been arrested and more than 30 state-owned companies have been investigated over corruption charges in recent years. Wang’s social media account in October published a rare post rejecting rumours that he could not be contacted.
“Currently, the entire management team is on duty to ensure normal operation at the company,” Qianhe Capital said on Saturday, in response to “relevant media reports” about Wang. “The company will maintain stability in the team and ensure its continuous stable operation,” the statement read.
The firm said it had made relevant disclosures to investors through sales channels and had opened its products for redemption. The redemption process has been “basically completed” and the company has “ample liquidity”, according to the statement.
Qianhe Capital, founded in 2012 and based in China’s southernmost province, Hainan, is estimated to have about 10 billion yuan (US$1.4 billion) worth of assets under management. It caters only to wealthy investors.