There are many stories of public offerings in Jianghu

　　The last destination of the public fundraiser is not always accompanied by a halo.

　　In the frequent resignation waves in the fund industry, "running privately" to make a lot of money has become more and more the market's stereotype of the resignation of top leaders. However, the real situation may be more complicated and cruel than imagined.

　　The capital market has never lacked investment stars, but the active cycle of stars is often short-lived in the A-share market. For many fund leaders who have left public offerings, "deeply hiding merit and fame" often becomes an unavoidable choice.

After the boss left his job, he fell in love with "low-key"

　　People are afraid of being famous and pigs are afraid of being strong.

"You can talk about the market, but you won't write my name?" Fund manager Y told the Securities Times reporter in a recent contact.

　　A few years ago, with its radical and forward-looking operations, Y was once a leader in the public offering industry, and the fund products it managed also became popular "Zhiziji".

At that time, Y, who was wearing a top-notch halo, resigned from the public equity position and founded his own private equity fund company.

However, the subsequent development of the situation was quite different from Y's imagination. After leaving the public offering for a long time, Y fell into negativity, and finally decided to stay away from the "jianghu".

She said, "It's good to bring your baby, read books, and make investments you like."

　　Wang Yawei, the founder of Qianhe Capital, who became famous in the media halo and took the initiative to stay away from the media halo. At the helm, Qianhe Capital returned to the tens of billions of private equity camp.

　　The market was used to bull stocks with the label of Wang Yawei in the public offering era, but Wang Yawei’s performance after he founded private equity is quite different from the traditional impression of the market. He has rarely seen unique stock masterpieces with distinctive personal styles in the A-share market.

This time, Wang Yawei finally returned to the public view, but the investment is more directed at overseas markets rather than A shares.

　　According to the latest 13F report, Wang Yawei has invested heavily in resource stocks (coal and steel), technology track stocks (Internet companies and semiconductors), and alternative investments (e-cigarettes, digital currency companies) in overseas markets, especially the US stock market.

One of the reasons why Wang Yawei has to keep a low profile may lie in his alternative investments.

　　In an exclusive interview with a reporter from the Securities Times, a private equity fund manager in Shenzhen who borrowed A-shares to achieve wealth freedom at the age of 25 said that he was "embezzled" by a digital currency company in Beijing worth 800 million yuan in digital currency because of his investment in the currency circle. Most of these digital currencies are virtual currencies issued by a digital currency company.

From "Gold Nuggets" to "Digging Dirt"

　　Not all public fund managers hope to "go all the way to the dark" in investment, for example, they can do something else.

　　D used to be the research director of a top public fund in Shenzhen. He announced his resignation at the end of 2014 and founded his own private fund.

"Because the bull market is about to start, I am very optimistic about the market next year. This is also the reason for establishing private equity." At that time, D told a reporter from the Securities Times in a media exchange.

　　Although it was a good time to start private equity, D’s private equity investment journey does not seem to be smooth. The latest entry about the market in his WeChat circle of friends is still in May 2015. After that, there are more keywords in his circle of friends Pointed to "fruit".

In 2017, D founded a fruit logistics supply chain company, served as the legal representative of the company, and is still the chairman of the fruit logistics supply chain company.

　　D, who has a top-notch background, is not the only fund manager who has transformed the fruit and vegetable industry.

As a top public offering in Beijing, Dong Liming, who once served as the strategic research director of China Asset Management, is another case of fund managers transforming agriculture.

Ten years after joining China Asset Management, the public fundraiser decided to leave in early 2011. He started his own agricultural story in Shandong, building vegetable demonstration parks and rice bases.

However, Dong Liming may not have smooth sailing after his transition to agriculture. A reporter from the Securities Times noticed that in his personal information on social media, he added the word "former" before the position of chairman of this Shandong agricultural company.

Resigned due to "rat warehouse"

　　There are also many public fundraising tycoons who quit in alternative ways before they even had time to transform.

　　W, who looks kind and honest, has been interviewed by reporters from the Securities Times many times.

He used to be the deputy general manager, investment director, and leading brother of a public equity fund in South China. The predecessor of the fund he held and managed had already become a private equity leader, but his situation was quite different.

In August 2015, W's public offering company released his resignation announcement, which was once considered a sign of the public offering tycoon's "running privately", but the actual situation is that W had to step down as the product director because of the "rat warehouse".

According to a judgment released a few years later, the deputy general manager and investment director of the public fund was sentenced to one year and six months in prison and a fine of 1.5 million yuan for the crime of using undisclosed information to trade.

From February 28, 2009 to June 30, 2015, W and his wife bought and sold 73 stocks before, at the same time, or later than the fund managed by W through the securities account of another relative, and the transaction amount converged. A total of 78.3463 million yuan, with a profit of 4.5655 million yuan.

　　The situation of C, the deputy general manager of another top public offering interviewed by reporters from the Securities Times many times, is roughly similar.

After receiving an anonymous report letter, pointing out that the company's deputy general manager at the time had "rat warehouse" behavior, the relevant public offering restricted C's relevant authority and took measures such as compulsory vacation.

C, who had a promising future, resigned as the deputy general manager, and then went further to complete the resignation procedures and officially left the company.

According to the investigation at the time, C was suspected of placing an order by himself or collaborating with others to use the undisclosed information he possessed to buy and sell the same stocks as the fund he managed through a third-party securities account, involving more than 40 stocks, and the transaction amount exceeded 300 million yuan , The illegal income was more than 10 million yuan.

This fact not only prevented C from becoming a private equity tycoon like his former colleagues, but was sentenced to two years in prison.

The legend of the rivers and lakes is still there

　　The data shows that in the past 2022, the number of public fund managers who resigned reached 325, a record high.

Among them, there are many star fund managers such as Dong Chengfei, Cui Ying, and Zhou Yingbo. They have chosen to establish their own companies or join private equity platforms.

　　For a long time, "running privately" has been the main direction of the transformation of public fund managers.

Fund managers who choose to "run privately" generally have two ways, that is, self-employment, starting a private equity fund company by themselves, or joining an existing private equity platform.

After careful analysis, the two models have their own advantages and disadvantages. By joining a mature private equity platform, fund managers can use the platform's existing mature investment research resources and operating framework to concentrate on making good investments without being distracted by corporate governance and daily operations. At the same time, fund managers also have more discretion over investment portfolios than public offerings; and through self-employment, fund managers have control over the company and have more initiative in corporate governance, team structure, equity arrangements, and dividends.

　　For many public fund managers, investing itself is an accidental event due to "job hunting".

Although most fund managers hope to continue to seek gold in the capital market through private equity after transformation, many fund managers do not want to "go all the way to the dark" on a track they don't really love.

　　"If I don't want to be a fund manager in the future, I want to write novels, and I will write about these people in the fund circle." A veteran in the fund industry who has been working for many years revealed such thoughts.

He told the Securities Times reporter that the charm of a person is endless. Every time he meets his peers, he can always collide with new inspiration and sparks. Everyone is constantly thinking, but not just at the investment level.

　　The public fund industry has always been recognized as a highly talent-intensive industry.

Many "stars" and "big shots" who have come out of the public fund industry are still shining after leaving this industry. Although they are no longer in the public fund industry, their legends, success or failure, are still alive. spread.