Anxin Fund Loses Second Fixed-Income Star as Li Jun Follows Zhang Yifei’s Exit

Li Jun’s Exit Deepens Anxin Fund’s Talent Crisis

Anxin Fund has lost another pillar of its fixed-income team. Veteran portfolio manager Li Jun, long considered the successor to star manager Zhang Yifei, has left the Shenzhen-based firm, according to public data and people familiar with the matter. His departure follows Zhang’s own exit and marks the second high-profile fixed-income departure in a short period.

Li joined Anxin Fund in 2017 and had co-managed flagship products such as Anxin Wenjian Zengzhi and Anxin Wenjian Zengli alongside Zhang Yifei. By the end of the second quarter of 2026, Li oversaw seven funds with a combined scale of 123.34 billion yuan. His departure comes as the company is already grappling with the aftermath of Zhang’s exit, which triggered a dramatic contraction of the once-blockbuster Anxin Wenjian Zengzhi fund – its A/C share classes shrank from over 240 billion yuan in early 2022 to a fraction of that size.

The personnel turbulence is weighing on Anxin Fund’s overall assets. Public data show the firm’s total public fund AUM stood at 1,278.06 billion yuan at the end of June 2026, with non-money-market funds at 982.82 billion yuan. While new launches have partly offset redemptions – nine new funds raised 85.91 billion yuan in 2026 – a large number of mini-funds (145 products below 200 million yuan) signal deep fragmentation. At the same time, two founding-level senior executives, vice general manager Qiao Jianghui and compliance chief Sun Xiaoqi, have retired in 2025–2026, further thinning the old guard.

Behind the Fixed-Income Brain Drain at Anxin Fund

The Fixed-Income Brain Drain

Anxin Fund was long viewed as a boutique house with a strong reputation in fixed-income and balanced strategies, largely built on the back of Zhang Yifei’s track record. Li Jun was a natural understudy, having co-managed the firm’s biggest income funds. Their successive departures raise serious questions about whether the remaining team can maintain the investment philosophy and performance consistency that defined the franchise. With 41 portfolio managers now spread thin – several juggling eight or more funds each – the risk of distraction and style drift increases.

What It Means for Investors and Fund Stability

Li Jun’s managed products were heavily weighted toward retail-oriented mixed-income funds. Historically, such funds are sensitive to manager changes, and the data from Zhang Yifei’s exit suggests investors can trigger rapid outflows. Even if the new managers are capable, the initial reaction often involves redemptions that force portfolio adjustments, potentially locking in losses or altering the risk profile. For Anxin’s fixed-income lineup, which still accounts for the bulk of the non-equity assets, further shrinkage could undermine the scale advantages needed to cover research and trading costs.

Financial Pressures and Structural Changes

The firm’s parent, Guotou Securities, disclosed that Anxin Fund’s revenue dropped from 840 million yuan in 2023 to 661 million yuan in 2025, a cumulative decline of over 21%. Net profits have held roughly flat only because of cost-cutting, suggesting limited room to invest in talent retention. Meanwhile, a recent ownership shuffle – Guotou Securities bought out China General Nuclear Power Finance’s 5.93% stake after a prolonged sale process that saw the price cut by 10% – highlights the lack of external appetite for the equity. The concentrated shareholder structure leaves the firm heavily dependent on Guotou Securities for capital and strategic direction.

What Investors and the Firm Should Do Next

For investors holding Anxin fixed-income or balanced funds:

• Check whether the fund you hold is still managed by the named manager or has been passed to a new team. Li Jun’s seven funds will likely see immediate manager changes, which could alter investment style.
• If you own Anxin Wenjian Zengzhi or similar products that already suffered outflows after Zhang Yifei’s exit, monitor net asset value performance and redemptions in the next two quarters to avoid being caught in forced selling.

For Anxin Fund’s leadership:

• Appoint a credible head of fixed-income quickly – preferably an internal veteran or a high-profile external hire – to signal stability and reassure both retail and institutional investors.
• Address the “one person, many funds” overload. With managers like Huang Wanshu, Ren Ping and others running eight or more portfolios, refocusing talent on core strategies could improve both performance and morale.
• Conduct a portfolio clean-up: the 145 mini-funds below 200 million yuan are a drain on resources and investor trust. Merging or liquidating sub-scale products would free up management bandwidth.