Recently, 21st Century Business Herald reporters exclusively learned that Morgan Stanley Fund may face personnel adjustments in the future.
Morgan Stanley Fund Management (China) Co., Ltd., formerly known as Morgan Stanley Huaxin Fund. After the equity change this year, the company was renamed as Morgan Stanley Fund.
Institutional insiders previously revealed to 21st Century Business Herald reporters that the personnel adjustment of Morgan Stanley Fund may involve the level of deputy general manager of the company.
21st Century Business Herald interviewed Morgan Stanley Fund on related issues, but as of press release, Morgan Stanley Fund has not responded.
Morgan Stanley Fund currently has two vice presidents, namely Li Jin, who is the Director of Fund Operations, and He Xiaochun, who is the Director of Equity Investment.
However, other sources later told 21st Century Business Herald reporters that the shareholders had appointed a new CIO (Chief Investment Officer), Zhou Wengui, to join Morgan Stanley Fund, and the company had not previously held the position of CIO. Zhou Wengui is of Chinese descent and briefly worked for the Puyin Ansheng Fund in China. In terms of investment style, Zhou Wengui has a deep value investment philosophy that is more in line with the requirements of shareholders. At present, due to the incomplete compliance process, Morgan Stanley Fund has not yet issued an appointment announcement. However, the proposed management has taken turns talking to multiple employees of the company and issued adjustment signals.
Management adjustment: to welcome the new CIO

Morgan Huaxin Fund was established in 2003, formerly known as Jutian Fund Management Co., Ltd. On June 12, 2008, Morgan Huaxin Fund completed the business registration change and officially became a joint venture fund company. Subsequently, the equity underwent several changes, and ultimately, Morgan Stanley International Holdings (representing Morgan Stanley Group in the United States) held 49% of the shares, Huaxin Securities held 36%, and Shenzhen Cornerstone Venture Capital Co., Ltd. held 15%.
In 2020, the China Securities Regulatory Commission officially lifted restrictions on foreign shareholding ratios for securities companies and public fund companies, and Morgan Stanley Group in the United States began seeking comprehensive control over Morgan Huaxin.
In February 2023, the China Securities Regulatory Commission approved Morgan Stanley International Holdings Inc. to legally acquire a total of 51% equity of Morgan Huaxin held by Huaxin Securities and Shenzhen Cornerstone Venture Capital. At this point, Morgan Stanley Group in the United States holds 100% control of Morgan Huaxin.
In June 2023, Morgan Huaxin Fund changed its name to Morgan Stanley Fund Management (China) Co., Ltd. and completed its business registration.
From this news, it can be seen that after foreign shareholders fully control the company, they have begun to adjust the Morgan Stanley Fund.
The current Chairman of Morgan Stanley Fund is Todd Coltman, and the current General Manager and Chief Information Officer is Wang Hongbin. There are currently two vice presidents in the company, namely Li Jin, who is the Director of Fund Operations, and He Xiaochun, who is the Director of Equity Investment.
The above-mentioned sources stated that Gao Jiewen did not manage much of the specific work of Morgan Stanley Fund, and it turned out that it was mainly General Manager Wang Hongbin who was managing the company. At present, the newly appointed CIO by the shareholders is of a relatively high level and is regarded as the "deputy" to assist Wang Hongbin in managing the company.
"Previously, Wang Hongbin did not manage investment research very well because she had a background in sales operations, so she relied more on the Director of Investment Research for management. This time, the newly dispatched CIO is from an investment research background and will personally oversee investment research," the source added.
According to the public information, Wang Hongbin, the current CEO of Morgan Stanley Fund, graduated from the Department of Economics of Tsinghua University in Hsinchu, Taiwan, China, China. He was originally a financial reporter, and later served as a researcher and senior manager of investment advisory companies in Taiwan, China and Hong Kong respectively in Kanghe Securities and Yifu Securities.
In 2004, Wang Hongpin participated in the establishment of the Morgan Stanley Fund (now renamed "Morgan Fund" or "Morgan Asset Management") and led the rapid growth of Morgan Stanley. In 2007, Wang Hongbin led the sales of QDII fund "Morgan Asia Pacific Advantage", setting a record of over 100 billion yuan in subscribed funds. Subsequently, in 2010, Wang Hongbin left Shanghai Investment Morgan Fund.
In April 2019, Wang Hongbin returned to the domestic public offering industry and served as the General Manager of Morgan Huaxin Fund, which has remained unchanged to this day.
From the current perspective, the addition of CIO Zhou Wengui will bring significant changes to Morgan Stanley Fund.
Zhou Wengui Returns to Public Offering, Series of Issues to be Solved

Ten years ago, Zhou Wengui briefly appeared in the public offering industry in China.
According to public information, Zhou Wengui, a US national, holds a Bachelor's degree in Biology from Peking University, a PhD in Molecular Biology from Northwestern University, and a Master's degree in Business Administration from the University of Chicago. From 1999 to 2009, he worked at Oppenheimer Foundation in the United States, serving as a researcher and fund manager. Starting from October 2009, I worked at Anson Investment Management Limited (Asia Pacific region) in France. Starting from January 2010, he served as the Deputy General Manager and Chief Investment Officer of Puyin Ansheng Fund. But he had only been in office for over two years, and in April 2012, Zhou Wengui left Puyin Ansheng.
Subsequently, from August 2015 to May 2019, Zhou Wengui served as the Senior Director of AIA Insurance Co., Ltd. Shanghai Branch and China Asset Management Center; From July 2019 to November 2019, served as the Vice President of Asset Management Center at Sino US United Tai Metropolitan Life Insurance Co., Ltd; From November 13, 2019 to October 2023, served as Assistant General Manager and Chief Investment Officer and Head of Asset Management Center at Sino US Liantai Metropolitan Life Insurance Co., Ltd.
The aforementioned sources confirmed that Zhou Wengui has been at Morgan Stanley Fund for almost two months and has taken turns talking to many staff members.
In media reports ten years ago, at that time, Puyin Ansheng Fund was not only a "bottom tier company in the banking industry", but there were also constant personnel changes, and Zhou Wengui was one of the members of the personnel turmoil.
At that time, media reports stated that Puyin Ansheng Fund was established in August 2007 and is a Sino French joint venture banking fund company. In terms of equity, Pudong Development Bank accounts for 51%, Ansheng Investment Management Co., Ltd. in France accounts for 39%, and Shanghai Shengrong accounts for 10%. When the company was first established, rules were established, and according to the agreement between Chinese and foreign shareholders, the Chairman and General Manager of Puyin Ansheng Fund were dispatched by the major Chinese shareholder, Pudong Development Bank; The Investment Director and Operations Director were dispatched by the foreign shareholder, Ansheng Investment Management Company in France - initially with the aim of leveraging their respective strengths to jointly build an excellent public offering. However, in the end, there was a problem of insufficient management voice in some businesses, leading to continuous personnel fluctuations.
As the investment director appointed by the foreign shareholder, Zhou Wengui, worked for more than 2 years at Puyin Ansheng before leaving the company along with the then Chief Operating Officer of Puyin Ansheng, Chen Chi. Two capable foreign shareholders left the company.
After more than 10 years, Zhou Wengui has returned to the domestic public offering industry, perhaps facing a similar problem more than a decade ago - representing shareholders to focus on domestic public offering business.
As of December 11, 2023, Wind data shows that Morgan Stanley Fund has a non monetary public offering under management of RMB 21.162 billion, ranking 103rd in the industry.
This management scale is not only far behind the public Morgan Fund and Manulife Fund, which were established at the same time and have now become wholly foreign-owned, but also compared with more than 50 Sino foreign joint ventures and wholly foreign-owned public funds in China. The gap is even more obvious - according to Wind data, Morgan Stanley Fund's managed scale is in the bottom ten of the public fund industry - which is out of place with Morgan Stanley's global "golden signboard".
Industry insiders say that Morgan Stanley Fund's compensation and benefits are also at a relatively high level in the industry, but over the years, it has not cultivated a high-level investment and research team that is widely recognized by the market.
According to Tiantian Fund data, many current fund managers at Morgan Stanley Fund have performed poorly. For example, in the past two years, Chen Xiuzhu, a beautiful fund manager who ranked last in the same category in terms of performance, Shen Jing, a fund manager whose performance is also close to the "tail" of the same category, Wang Dapeng, a senior fund manager and research department director who has mostly managed products with performance in the last 50% of the same category in the past two years, and Lei Zhiyong, a senior fund manager and deputy director of equity investment department.
In the view of industry insiders, some of the fund managers mentioned above who have "bottomed out" in terms of performance have a clear lack of professionalism in their past resumes compared to their peers, which is to some extent a "hard hit" for Morgan Stanley's fund investment research team.
And all of these will become unresolved issues for the new CIO Zhou Wengui.