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China AMC Star Fund Manager Steps Down - Reports

Tara Loader Wilkinson

2 May 2012

The deputy general of China AMC and its star fund manager, has resigned, leading to substantial withdrawals from the nation’s largest asset manager, local reports say.

Wang Yawei managed the China AMC Large Cap Select Fund for over six years, and its total return so far has been 1,028 per cent, according to the China Times News Group.

The news of the fund manager’s resignation, who is famous in China for his investment prowess, has triggered massive pullouts from the fund, which was the second best performer in China for the last four years.

The company's financial report for the first quarter this year showed that both the sales and asset size of China AMC Large Cap Select Fund declined and a quarter of the holdings in it were redeemed.

Wang's resignation has been incorrectly reported several times. However, this is the first time investors redeemed accounts on such scale, said the report.

China AMC did not immediately return calls for comment. It is not known whether the firm has accepted his resignation.