Author |Wang Yuanyuan.
Editor丨Jiang Shiqiang.
On December 11, the 21st Century Business Herald reporter exclusively learned that Morgan Stanley may welcome personnel adjustments in the future.
Morgan Stanley Management (China) is the former Morgan Stanley Huaxin. Abbreviated as "Morgan Huaxin**", after the equity change this year, the company changed its name to "Morgan Stanley**".
Institutional sources earlier revealed to the 21st Century Business Herald reporter that Morgan Stanley's personnel adjustment may involve the company's deputy general manager level.
The 21st Century Business Herald reporter interviewed Morgan Stanley** on related issues, but as of press time, Morgan Stanley** did not respond.
Morgan Stanley currently has two vice presidents, namely Li Jin, who is the director of the operation department, and He Xiaochun, who is the director of the equity investment department.
However, another source then told the 21st Century Business Herald reporter that the shareholders sent a new CIO (chief investment officer) Zhou Wenjiao to Morgan Stanley**, and before, the company did not have the position of CIO. Zhou Wenjiao is of Chinese descent and briefly worked in the domestic public offering of SPDB AXA**. In terms of investment style, Zhou Wenjiao is a deep value investment concept, which is more in line with the requirements of shareholders. At present, Morgan Stanley** has not yet issued an appointment announcement because the compliance process has not yet been completed, but the proposed management has taken turns talking with several employees of the company, releasing a signal of adjustment.
Management reshuffle: A new CIO will be welcomed
Morgan Huaxin was established in 2003, and the original Jutian Management Co., Ltd. completed the change of industrial and commercial registration on June 12, 2008, and officially became a joint venture company. Subsequently, the shareholding was changed several times, and in the end, Morgan Stanley International Holdings Company (on behalf of the Morgan Stanley Group of the United States) held 49% of the shares, Huaxin** held 36% of the shares, and Shenzhen Cornerstone Venture Capital*** held 15% of the shares.
In 2020, the China Securities Regulatory Commission officially lifted the restrictions on the foreign shareholding ratio of ** companies and publicly offered ** companies, and Morgan Stanley Group of the United States began to seek full control over Morgan Huaxin.
In February 2023, the China Securities Regulatory Commission approved Morgan Stanley International Holdings IncIn accordance with the law, it acquired 51% of the equity of Morgan Huaxin held by Huaxin** and Shenzhen Cornerstone Venture Capital. So far, Morgan Stanley Group of the United States has 100% control of Morgan Huaxin.
In June 2023, Morgan Huaxin** changed its name to "Morgan Stanley ** Management (China)** and completed the industrial and commercial filing.
Judging from this news, after the foreign shareholders took full control, they began to adjust Morgan Stanley**.
Shareholders have appointed a new CIO (chief investment officer) — Zhou Wenjiao — to Morgan Stanley**, sources said, while the company had not previously held the position of CIO.
The source said that Zhou Wenjiao is of Chinese descent and briefly worked in the domestic public offering of SPDB AXA**. In terms of investment style, Zhou Wenjiao is a deep value investment concept, which is more in line with the requirements of shareholders. At present, Morgan Stanley** has not yet issued an appointment announcement because the compliance process has not yet been completed, but the proposed management has taken turns talking with several employees of the company, releasing a signal of adjustment.
The current chairman of Morgan Stanley** is Todd Coltman, and the current general manager and chief information officer is Wang Hongfei. At present, the company also has two vice presidents, namely Li Jin, who is the director of the operation department, and He Xiaochun, who is the director of the equity investment department.
According to the above-mentioned source,Gao Jiewen did not manage the specific work of Morgan Stanley very much, and it turned out that the general manager Wang Hongfei was mainly managing the company. At present, the new CIO appointed by the shareholder Fang is relatively high-level and is regarded as the "deputy" to assist Wang Hongfei in managing the company.
In the past, Wang Hongfei didn't manage investment research very much, because she was born in sales and operation, so she relied on the director of investment research in the management of investment research. The newly dispatched CIO himself is an investment researcher and will personally focus on investment research. The source added.
According to public information, Wang Hongfei, the current CEO of Morgan Stanley, graduated from the Department of Economics of Tsinghua University in Hsinchu, Taiwan, China, and was first born as a financial reporter, and then served as a researcher and an executive of an investment consulting company in Taiwan, Hong Kong, Hong Kong.
In 2004, Wang Hongfei participated in the establishment of CIFM** (now renamed as "JPMorgan**" and "JPMorgan Asset Management"), and led the rapid growth of CIFM. In 2007, Wang Hongfei led the sales of QDII** "China Investment JPMorgan Asia Pacific Advantage", setting a record of more than 100 billion yuan in subscription funds. Subsequently, in 2010, Wang Hongfei left CIC Morgan**.
In April 2019, Wang Hongfei returned to the domestic public offering industry and served as the general manager of Morgan Huaxin**, which has remained unchanged so far.
From the current point of view, the addition of CIO Zhou Wenjiao will bring a lot of changes to Morgan Stanley.
Zhou Wenjiao returned to the public offering, and a series of problems need to be solved
Ten years ago, Zhou briefly appeared in China's public offering industry.
According to public information, Zhou Wenjiao, an American citizen, holds a bachelor's degree in biology from Peking University, a doctorate in molecular biology from Northwestern University, and an MBA from the University of Chicago. From 1999 to 2009, he worked in Oppenheimer's ** company in the United States, and successively served as a researcher and ** manager. Since October 2009, he has been working at AXA Investment Management in Asia Pacific. Since January 2010, he has served as Deputy General Manager and Chief Investment Officer of AXA SPDB**. However, after only more than two years in office, Zhou Wenjiao left SPDB AXA in April 2012.
Subsequently, from August 2015 to May 2019, Zhou Wenjiao served as the senior director of AIA*** Shanghai Branch and China Asset Management Center; From July 2019 to November 2019, he served as the vice president of the asset management center of MetLife Insurance Co., Ltd.; From November 13, 2019 to October 2023, he served as the assistant to the general manager of MetLife Insurance Co., Ltd., as well as the chief investment officer and head of the asset management center.
The source confirmed that Zhou Wenjiao has been at Morgan Stanley for nearly two months and has taken turns talking with many staff members.
In the ** report ten years ago, SPDB AXA ** was not only a "bottom bank company" at that time, but also constantly had personnel changes, and Zhou Wenjiao was a member of the personnel turmoil.
At that time, it was reported that SPDB AXA** was established in August 2007 and is a Sino-French joint venture bank-based ** company. In terms of equity, Shanghai Pudong Development Bank accounted for 51%, AXA Investment Management of France accounted for 39%, and Shanghai Shengrong accounted for 10%. When the company was first established, it set the rules, according to the agreement of the Chinese and foreign shareholders, the chairman and general manager of SPDB AXA** were dispatched by the major Chinese shareholder, Shanghai Pudong Development Bank; The investment director and operation director were dispatched by the foreign shareholder, AXA Investment Management Co., Ltd. - the initial purpose was to give full play to their respective advantages and build an excellent public offering, but in the end, there was a lack of voice in some businesses, resulting in personnel continuity.
Zhou Wenjiao, who was appointed as the investment director of the foreign shareholder, worked at SPDB AXA for more than two years before leaving the company with Chen Chi, the then chief operating officer of SPDB AXA, and the two capable foreign shareholders both resigned.
After more than 10 years, Zhou Wenjiao has returned to the domestic public offering industry, perhaps facing a similar problem more than ten years ago - grasping the domestic public offering business on behalf of shareholders.
As of December 11, 2023Wind data shows that Morgan Stanley** has a non-monetary public offering scale of 2116.2 billion yuan, ranking 103rd in the industry.
This management scale is not only far behind the public offering Morgan ** and Manulife **, which were established at the same time and have now also become wholly foreign-owned, but also compared with more than 50 Sino-foreign joint ventures and wholly foreign-owned public offerings in China, the gap is even more obvious - wind data statistics, Morgan Stanley**'s scale under management is in the bottom ten of the public offering industry - which is incompatible with Morgan Stanley, a global "golden signboard".
According to industry insiders,Morgan Stanley**'s remuneration package is also at a high level in the industry, but in the past so many years, it has not cultivated a high-level investment research team that is widely recognized by the market.
According to the data of Tiantian**, many of Morgan Stanley's current managers have performed poorly. For example, in the past two years, Chen Xiuzhu, the last beautiful ** manager in the same category, Shen Jing, the ** manager whose performance is also close to the "tail" of the same kind, and Wang Dapeng, the senior ** manager and director of the research department, who has been in the bottom 50% of the performance of most of the products under management in the past two years, and Lei Zhiyong, the senior ** manager and deputy director of the equity investment department.
In the eyes of industry insiders, some of the above-mentioned ** managers with "bottom" performance have obvious deficiencies in professionalism compared with their peers, which is to some extent a "hard flaw" for Morgan Stanley's ** investment research team.
And these will become the new CIO Zhou Wenjiao's unsolved problems.
sfc
Editor of this issue: Li Yutong, Xi, Xiao Nan.
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