Harvest Fund’s Chairman Resigns After Coming Under Investigation

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Zhao Xuejun

Zhao Xuejun, chairman of leading Chinese mutual fund manager Harvest Fund Management, has become the latest financial executive to come under investigation as regulators crack down on misconduct in the financial industry.

Zhao has resigned from the company and is cooperating with authorities on a probe related to personal matters, Beijing-based Harvest said in a statement Friday.

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Zhao Xuejun, chairman of Harvest Fund Management, resigned and is under investigation for personal matters, not related to the company.
Harvest, managing $135.4 billion in assets, continues operations under co-chairman An Guoyong.
Zhao, with extensive experience and multiple roles, returned to Beijing in June amid speculation over his absence during a regulatory audit.

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Who’s Who

Harvest Fund Management: Harvest Fund Management, established in 1999, is one of China's earliest mutual fund management companies. Based in Beijing, it is 40% owned by China Credit Trust Co. Ltd., 30% by Lixin Investment Co. Ltd., and 30% by Deutsche Bank's asset management unit, DWS. As of August 9, 2023, it managed 971.1 billion yuan ($135.4 billion) in assets. The company focuses on bond funds but has recently experienced negative returns in its hybrid and equity funds.

E Fund Management Co. Ltd.: E Fund Management Co. Ltd. is another fund manager in China that, along with Harvest Fund Management, was inspected by the National Audit Office. Senior executives from both firms were required to be present for the inspection. The investigation into Zhao Xuejun, chairman of Harvest Fund Management, is not related to either company directly.

DWS: DWS is the asset management unit of Deutsche Bank, holding a 30% stake in Harvest Fund Management. They are involved in managing Harvest's assets, which totaled 971.1 billion yuan ($135.4 billion) as of August 9.

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What Happened When

March 2024：: Zhao Xuejun began attending a short-term program at Cornell University in New York.

Early June 2024：: Zhao Xuejun returned to Beijing and resumed work at Harvest Fund Management.

July 23, 2024：: Zhao Xuejun's last update on social media.

Aug. 9, 2024：: Harvest Fund Management managed 971.1 billion yuan in assets.

Friday, 2024：: Harvest Fund Management announced Zhao Xuejun's resignation and cooperation with authorities on a probe.

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