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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
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来源:@华夏时报微博

华夏时报记者张玫帅可聪北京报道

上海东方证券资产管理有限公司(下称“东证资管”)日前一纸公告,宣告了总经理张锋的离任。这位掌舵三年的高管因“个人原因”卸任,由董事长杨斌暂代总经理职务。

而据媒体报道,接棒者或为国信证券副总裁成飞。《华夏时报》记者4月10日从接近国信证券的人士处获悉,该消息“可能属实”,但官宣仍需“等公告”。4月14日,记者搜索国信证券官网时发现,成飞的任职信息仍在官网上,这或意味着,成飞尚未离职。

张锋的离职,不仅是一则人事变动,更折射出这家曾以“东方红”品牌叱咤资管行业的机构,在核心团队流失、产品业绩承压下的困局。

东证资管对《华夏时报》记者表示,张锋离职不会对公司的正常运作及经营管理产生影响。目前公司各项经营业务平稳有序推进,团队整体保持稳定。

明星机构“十年沉浮”

东证资管的前身是东方证券资产管理业务总部,2005年推出首只集合资管计划“东方红1号”,奠定了其主动权益投资的基因。

2013年,东证资管成为首家获公募牌照的券商资管公司,并在2017年凭借多只业绩领先的权益产品一战成名。

彼时,王国斌、陈光明、任莉组成的“铁三角”被视为行业标杆,林鹏、饶刚等明星基金经理更将“东方红”品牌推向巅峰。

然而,随着核心团队陆续出走——2016年王国斌离职、2018年陈光明创办睿远基金、2020年林鹏“奔私”、2021年任莉转投泉果基金,东证资管的光环逐渐褪去。

张锋于2021年8月接任总经理,在他任总经理的近三年间,公司公募管理规模从2021年底的2697.23亿元高点变化为2025年一季度末的1654.38亿元,规模缩水严重。

尽管较早获批公募化改造资格,但东证资管在养老FOF、REITs等创新领域布局不足,产品线拓展速度落后于招商资管、中信证券等同行。

不过,东证资管仍具资源优势。背靠东方证券,其在券商渠道、机构客户领域有深厚积累;若能激活投研活力,或可依托“东方红”品牌剩余价值实现复苏。

三年期产品“高位发车”

张锋的离任看似突然,却可能“早有伏笔”。

2021年其上任之初,正值公募基金市场火热,东证资管顺势发行19只三年持有期产品,单日募集超400亿元的“东方红启恒三年持有B”更成为现象级爆款。

但这一决策被业内视为“高位发车”。A股随后进入调整周期,重仓消费、金融等大盘蓝筹的东证资管产品净值大幅回撤。

Wind数据显示,截至2025年4月11日,东证资管2021年发行的三年持有期产品成立以来收益无一为正,12只产品跌幅超30%,其中“东方红睿泽三年持有C”净值腰斩,跌幅高达54.91%。而曾经的爆款“东方红启恒三年持有B”累计亏损33.13%。

针对三年期产品表现争议,有接近东证资管的知情人士对《华夏时报》记者表示,从产品设计逻辑上看,东证资管三年期封闭产品数量较多,但该类产品初衷为鼓励中长期投资,行业普遍存在类似设计,并非东证资管独有。而业绩压力方面,净值回撤也是受到市场波动影响,并且基金产品不可能“刚性兑付”,所有基金公司均无法承诺补偿投资损失。

如何破局

东证资管的困境并非个例。近年来,多家以主动权益见长的机构因风格固化陷入规模缩水。以中庚基金为例,明星基金经理丘栋荣离职后,5只核心基金份额缩水45%—60%,机构持有比例大幅下降,规模流失严重。

数据显示,2025年一季度国内ETF总规模已突破3.8万亿元大关,较2024年末激增744亿元,其中股票型ETF占比超七成。在ETF市场爆发的背景下,抓住ETF风口或均衡布局的机构或能逆势增长。

以华宝基金为例,沪深证券交易所数据显示,华宝基金旗下的股票型ETF资产管理规模在同业中排名领先。2025年一季度,华宝基金ETF管理规模环比增长34亿元,至852.64亿元,2024年末仅有817.77亿元,旗下人工智能、金融科技等主题ETF产品因市场热点吸金显著,形成“风口—规模—品牌”的正向循环。这种被动投资与热点捕捉的打法,恰与东证资管固守主动权益的路线形成鲜明对比。

有观点认为,产品线布局的前瞻性不足,加剧了东证资管的困境,比如前述提到的东证资管在养老FOF、REITs等创新赛道的布局明显滞后于招商资管、中信证券等同行。当行业向多元化资产配置演进时,东证资管的传统权益优势反而成为了转型包袱。

“疑似继任者”成飞的继任或将成为破局关键。成飞深耕固收领域,他曾任国泰君安资管固定收益部总经理,此后担任国信证券副总裁兼资管总部总经理。如果成飞顺利“接棒”,市场将关注其上任后的行动——是延续东证资管的权益传统,还是发力固收业务?此外,如何应对泉果基金、睿远基金等“东方红系”机构的竞争,对于继任者而言亦是挑战。

责任编辑:麻晓超主编:夏申茶

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