Wu Jun, a reporter from China's ** newspaper, ushered in a new helmsman for the first joint venture wealth management company in China. According to the announcement issued by HSBC Wealth Management on March 1,Since 28 February 2024, Wang Qian has served as the General Manager of HSBC Wealth Management***；Judging from her past resume, Wang Qian is a senior "female general" in the asset management industry, who has worked in foreign institutions such as Goldman Sachs and Credit Suisse, and has also served as the president and chairman of Qingyin Wealth Management. At present, there are 5 joint venture wealth management companies in China. Among them, HSBC Wealth Management and BlackRock CCB Wealth Management have announced their reports for the second half of 2023, and by the end of 2023, the scale of HSBC's existing products will be 2425.4 billion yuan, the scale of BlackRock CCB Wealth Management's existing products is 1217.6 billion yuan. HSBC Wealth Management officially announced Wang Qian as General ManagerOn March 1, HSBC Wealth Management issued the "Announcement on the Appointment of General Manager", which was deliberated and approved by the fifth meeting of the second board of directors of the company, and Ms. Wang Qian will serve as the general manager of HSBC Wealth Management from February 28, 2024. 
According to public information, Wang Qian graduated from Fudan University with a bachelor's degree in computer science and technology; He received his master's degree in financial engineering from Operations Research at Columbia University. After graduation, she worked in a Wall Street investment bank and worked in portfolio management at Goldman Sachs, with extensive experience in asset allocation, portfolio hedging and risk management. Later, he worked at Credit Suisse as a large hedger** and a prime brokerage for asset management companies. After returning to China, Wang Qian joined Bank of Qingdao and successively served as President of the Asset Management Department, Vice President of the Financial Market Department and General Manager of the Transaction Finance Department of Bank of Qingdao, responsible for the investment and trading of bank wealth management funds, investment and trading of proprietary funds, interbank business, investment banking business, etc. In September 2020, Qingyin Wealth Management was established, with Wang Qian as the first president, and in November 2023, she was promoted to chairman. During Wang Qian's tenure as the president of Qingyin Wealth Management, the company's growth momentum was relatively strong. By November 2022, Qingyin Wealth Management has more than 600 existing wealth management products, the scale of products under management has exceeded 200 billion yuan, and the total number of effective customers is about 1.9 million. By the end of the first half of 2023, the scale of Qingyin wealth management products will exceed 220 billion yuan. Wang Qian said that bank wealth management belongs to a large category of asset allocation institutional investors. The client's capital attributes are more inclined to fixed income and low volatility, with absolute return attributes, and the client's acceptance of investment losses is low. Therefore, in the setting of investment objectives, we should strictly control drawdowns, take into account liquidity, invest with the product term as the goal, and try to create excess returns on the basis of reaching the benchmark. Regarding the improvement of the marketization of the remuneration system of wealth management subsidiaries, Wang Qian once issued a document saying that Qingyin Wealth Management has made an exploratory attempt, and each department has its own KPIs, which are directly linked to the completion of performance in addition to risk control compliance assessment indicators, including but not limited to: investment scale, investment income level, transaction profit, net value stability, etc. Different asset sectors such as fixed income, money market, capital markets, alternative investments, cross-border investments, etc., have different expectations and goals, which directly mitigate the impact of risk appetite and motivate each department to achieve KPIs, so as to work together to achieve the revenue and profit targets of the entire company. HSBC Wealth Management shrank last yearIn the context of the opening up of China's financial industry, there are five joint venture wealth management companies in China, including Huihua Wealth Management, BlackRock CCB Wealth Management, Schroder Bank of Communications Wealth Management, Goldman Sachs ICBC Wealth Management, and French Barba Agricultural Bank Wealth Management. According to public information, HSBC Wealth Management is the first foreign-controlled joint venture wealth management company in China, established in September 2020 with a registered capital of RMB 1 billion, and Amundi Asset Management Co., Ltd. and Bank of China Wealth Management Co., Ltd. respectively hold % of the equity. At present, the company has issued a total of 10 series of public wealth management products, including Huili, Huijia, Huiyu, Huicheng, Huihua Pure Bond, Huize Hybrid, Wenjin Hybrid, Huihe, Hengli Pure Bond and Huida. It is worth noting that, according to the information disclosed by China Wealth Management Network, two joint venture wealth management companies, HSBC Wealth Management and BlackRock CCB Wealth Management, have released their reports for the second half of 2023. According to the data, as of the end of December 2023, the scale of HSBC's existing wealth management products was 2425.4 billion yuan, compared to 509 at the end of 20226.7 billion yuan shrank by about half. In terms of fundraising methods, HSBC Wealth Management has a total of 202 public offering products and 1 private placement product; According to the nature of investment, by the end of 2023, the company currently has 189 fixed income products, with a total scale of 2310.1 billion yuan, accounting for 952%；There are 14 mixed wealth management products, with a scale of 115.3 billion yuan, accounting for 48%。In addition, HSBC Wealth Management will issue 95 new wealth management products in 2023, with a total scale of 1435.4 billion yuan, of which 90 are fixed income products and 5 are mixed products. 
According to a report released by another joint venture wealth management company, BlackRock CCB Wealth Management, as of the end of 2023, the scale of BlackRock CCB Wealth Management is about 1217.6 billion yuan, compared to 67.7 at the end of 2022400 million yuan, an increase of 8065%。BlackRock CCB Wealth Management issued a total of 99 public offerings; According to the nature of investment, the company has 96 fixed income products with a scale of 101$5.9 billion; There are 2 equity products, with a scale of 18$5.5 billion; There is also 1 mixed product, with a scale of 16.3 billion yuan. From the perspective of development, BlackRock CCB Wealth Management will issue 108 new wealth management products in 2023, all of which are fixed-income products, with a total issuance scale of 1041.5 billion yuan. 
Editor: Captain Review: Xu Wen.