Qianhe Capital Management Co., the asset management firm founded by Wang Yawei, a prominent fund manager in China, has made a surprising announcement. The company stated that Wang is currently not involved in its operations, citing personal reasons for his absence.
What Happened: Qianhe Capital Management Co. released a statement on Saturday, explaining that Wang’s involvement in the company’s operations is currently suspended due to personal reasons. The firm did not provide further details, reported Bloomberg.
Wang, who gained fame as the “Big Brother” of China’s mutual fund industry in the early 2000s, left China Asset Management Co. in 2012 to establish his own investment firm. His absence from Qianhe’s operations follows a report by Reuters in October, which suggested that Wang had been detained in connection with an investigation into Zhu Congjiu, the former vice-chairman at the China Securities Regulatory Commission.
Despite Wang’s absence, Qianhe assured that its management team will ensure the firm’s normal operations and confirmed that it has sufficient liquidity. The company also stated that it is nearing completion of a funds redemption process.
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