Wealth Management Veteran Xiao Jian Announces Next Chapter, Appointed as Chairman of Changxin Fund

Cailian Press, March 21 — (Reporter Lin Jian) The veteran wealth management professional Xiao Jian’s next chapter has been officially announced.

On March 21, Changxin Fund issued a notice announcing the appointment of Xiao Jian as the new Chairman. The former Chairman, Liu Yuanrui, stepped down due to work adjustments but will continue to serve as a director of Changxin Fund. As a subsidiary controlled by Changjiang Securities, Changxin Fund is one of the earliest fund management companies established in China, headquartered in Shanghai.

In December 2025, during the senior management reshuffle at Changjiang Securities, it was mentioned that arrangements had been made for the then Vice President Xiao Jian. This appointment signifies that the arrangement has been finalized. The announcement states that this adjustment is a normal personnel change and also reflects Changjiang Securities’ increased emphasis and strategic layout in asset management.

Sources indicate that after Liu Yuanrui, President of Changjiang Securities, stepped down as Chairman of Changxin Fund, he will continue to oversee Changxin Fund and Changjiang Asset Management, also under Changjiang Securities.

As a post-70s generation and a “long-time Changjiang person,” Xiao Jian has worked at Changjiang Securities for 18 years. He previously served as head of the Shanghai branch, with a deep understanding of the Shanghai and East China market environment. In February 2022, he was appointed Vice President, responsible for brokerage and wealth management transformation.

In the industry, it is common for executives to cross over from wealth management to asset management, as the close relationship between these businesses makes talent integration crucial.

Against the backdrop of deeper roots in state-owned assets in Hubei, in 2026, Changjiang Securities will celebrate its 35th anniversary. Cailian Press has reported on this in articles such as “Another brokerage celebrating 35 years, rising in Central China—How will Changjiang Securities differentiate itself?” The company is actively enhancing core functions and competitiveness, aiming to build a comprehensive capital intermediary, a technology-driven financial institution, and a responsible public company. The next five years’ results may well be found in each talent deployment.

Long-time Changjiang Person Xiao Jian

Xiao Jian’s achievements in wealth management stem from years of practical experience. Before becoming Vice President, he held leadership roles in several securities firms, including Assistant General Manager at Dapeng Securities’ Shanghai Jinling East Road branch; Deputy General Manager at Huaxia Securities’ Shanghai Wulian Road branch; Deputy General Manager at Jinyuan Securities’ Shanghai Xuhong North Road branch; and General Manager of Changjiang Securities’ Shanghai Houchang Street branch.

When promoted to Vice President, Cailian Press reported in 2022 in “Over a Month of Vacancy, Changjiang Securities Appoints New Vice President for Brokerage, Promoting ‘Long-time Changjiang Person’ Xiao Jian, Who Has Served 14 Years; Employees Say ‘Old Xiao Is Excellent’” that his internal promotion reflects Changjiang Securities’ tradition of cultivating talent internally.

Wealth management is one of Changjiang Securities’ core strengths, and in recent years, its business ranking has steadily improved.

In 2023, the market share of agency trading (excluding seats) reached 1.91%, a recent high. The company’s new account openings and active account rates continued to rise, with client numbers reaching 8.96 million and total assets and securities reaching 1.04 trillion yuan. Agency trading revenue share has maintained a record of five consecutive years of growth.

In 2024, the brokerage business continued steady growth, with net brokerage fee income up 3.13% year-over-year. The market share of agency trading (excluding seats) reached 1.83%, and client numbers kept expanding. Wealth management transformation deepened, with registered investment advisors reaching 2,274, ranking 11th industry-wide. Asset custody outsourcing scaled up by 14% year-over-year, setting new records. The company also strengthened strategic cooperation with banks, expanded online and new media channels, improved product offerings, and accelerated the shift of wealth management from a channel to an asset allocation service.

By 2025, Changjiang Securities’ wealth management is expected to reach new heights. Financial reports show that in the first half of the year, net brokerage income was 1.604 billion yuan, up 29.24% year-over-year, accounting for 34.08% of total revenue, mainly driven by increased trading volume. The outlook remains promising.

Repeated Emphasis on Investment Advisory Team Building

Xiao Jian has repeatedly stated publicly that the investment advisory business is the core competitiveness of wealth management. The industry’s inevitable trend is for securities firms to transform from traditional wealth management to buy-side investment advisory, with the key responsibility of converting professional research capabilities into financial services.

He believes the industry faces two major pain points: first, the explosion of information and the proliferation of false information interfere with clients’ investment judgments and reduce service efficiency; second, product supply has yet to fully prioritize client interests, with obstacles in meeting the demand for asset preservation and appreciation. The key to breaking through lies in combining professional ability, value-added companionship, and standardized services.

Over the years, Changjiang Securities has focused on two aspects. One is strengthening the investment advisory team, refining training and assessment standards, and leveraging AI and other technologies to empower frontline advisors. The other is reconstructing the business model, shifting from commission-driven “quick profit” to a client service-oriented “slow profit,” redefining AUM metrics, and linking client asset preservation and appreciation to employee income.

Xiao Jian believes that future securities wealth management needs responsible, mission-driven professionals with strong research and advisory capabilities. Advisory ability means understanding clients’ investment needs, constructing suitable asset portfolios based on their risk tolerance, and dynamically adjusting these portfolios as risk appetite, investment goals, and asset performance change, helping clients preserve and grow their assets.

High Frequency of Senior Management Changes in the Industry

In recent two years, there has been a surge in senior management changes across the securities and fund industries. On one hand, many securities firms have undergone leadership reshuffles, with 54 firms completing changes in chairmen, general managers, and other core positions. Among these, 29 replaced chairmen, and 25 appointed new CEOs or presidents. Some firms even experienced simultaneous replacements of both chairman and CEO.

Fund companies have seen similar shifts, with 105 changes in chairmen and 78 in general managers. These changes are due to a mix of industry veterans reaching retirement age, strategic adjustments by shareholders, industry transformation and competition, and performance pressures.

Overall, the industry is forming a pattern where shareholder appointments and internal promotions coexist, prioritizing professional backgrounds, youth, and comprehensive management capabilities in selecting top executives.