China AMC flatly denies new GM rumour

China Asset Management Company has categorically denied media reports it is set to replace its general manager just a month after he was appointed.

A source within the firm responded to AsianInvestor queries on the back of reports that the firm’s largest shareholder, Citic Securities, was looking to replace Teng Tianming, who was promoted to general manager in July.

Money Weekly named Citic Securities’ Xu Gang as the next GM, quoting unnamed sources. Xu joined Citic Securities in 1998 and has worked in senior positions across departments, including in asset management, financial product development, research and equity sales.

But the China AMC source told AsianInvestor she did not understand where the rumours had come from. She declined to comment on the length of Teng’s term as general manager, saying it was not public information.

Similarly, a spokeswoman at Citic Securities, which owns 49% of China AMC, robustly denied the claim, saying in an e-mailed statement: “China AMC’s GM is Teng Tianming, this market rumour is not true.”

AsianInvestor had reported on Teng’s appointment. He started on July 5 as general manager at China AMC, the mainland’s biggest fund house with more than Rmb197.53 billion ($31.1 billion) in AUM as at the end of March this year.

Teng had come in to replace Fan Yonghong, who resigned for “personal reasons” in May, having worked for the company since its founding in 1998.

Wang Yawei, who was deputy general manager and chairman of the investment committee at China AMC, also quit the company this April.