Still "familiar"! The largest bank wealth management company in the industry will welcome a new president

As the largest bank wealth management institution in the industry, the selection of the president of China Merchants Bank Wealth Management has always attracted attention.

Since last week, Dong Fang, a deputy general manager of China Merchants Fund, which is also part of the China Merchants Group, has been mentioned by the media as the next president of China Merchants Bank Wealth Management.

According to information, Dong Fang has long-term work and management experience in the Asset Management Department and Wealth Management Department of China Merchants Bank, and was appointed as a senior executive at China Merchants Fund in 2023.

"Popular Candidate" Dong Fang

The recent attention on the candidate for the general manager of China Merchants Bank Wealth Management stems from the departure of the previous general manager, Zhong Wenyue, who just left in May this year.

The announcement shows that Zhong Wenyue has recently taken up the position of deputy secretary of the party committee, director, and general manager of China Merchants Fund.

According to media reports, China Merchants Bank Wealth Management is about to welcome a new president, specifically Dong Fang, the current deputy general manager of China Merchants Fund.

Public information shows that Dong Fang has previously worked at Shenzhen SEG Oriental Industrial Development Company and the Shenzhen Branch of Bank of Communications. Since May 2001, Dong Fang has been employed at China Merchants Bank, serving as the deputy general manager of the Asset Management Department, deputy general manager of the Wealth Management Department, and deputy general manager of the Wealth Platform Department, dealing with bank wealth management, asset management, and wealth business for a long time.

In August 2023, he joined China Merchants Fund and currently serves as a member of the party committee, deputy general manager, and general manager of the Shenzhen and Chengdu branches.

Currently, China Merchants Fund has not announced Dong Fang's departure, and the relevant industry association's filing information has not changed.

Stable "Appreciation" Channel?

If Dong Fang can truly take over the position of president of China Merchants Bank Wealth Management, he will be the second president of China Merchants Bank Wealth Management in recent years to be promoted from a senior executive position at China Merchants Fund.

Previously, Zhong Wenyue was also promoted from the position of deputy general manager of China Merchants Fund to president of China Merchants Bank Wealth Management in July 2023.

The consecutive promotions of two deputy general managers from China Merchants Fund may indicate that, in the eyes of higher management, there is a strong match between the skills and knowledge required for this position and the president's position at China Merchants Bank Wealth Management.

This also indicates the direction that China Merchants Bank Wealth Management is striving to break through.

The Largest Bank Wealth Management Institution in the Industry

Although it is the largest wealth management subsidiary in the industry, China Merchants Bank Wealth Management also has its own "opportunities" and "challenges," which may be particularly important for the next president to focus on.

China Merchants Bank's annual report shows that as of the end of 2024, the balance of wealth management products of its subsidiary, China Merchants Bank Wealth Management, is 2.47 trillion yuan, a slight decrease compared to the end of the previous year. However, in the fourth quarter of 2024, the asset balance of China Merchants Bank Wealth Management increased by 29.214 billion yuan compared to the end of the third quarter, indicating signs of regaining growth.

In terms of product structure, as of the end of 2024, the scale of new non-cash management products of China Merchants Bank is 1.43 trillion yuan, accounting for 57.89%, an increase of 5.73 percentage points compared to the end of the previous year, which is relatively leading in the industry.

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