Former star fund manager Cai Songsong has recently been sentenced in a high-profile bribery case that has shaken the financial industry. The case, which also involves Qu Quanru and Dong Boxiong, was heard at the Jinhua Intermediate People’s Court on March 27, under the case number (2024) Zhejiang 07 Xingchu No. 1.
Cai Songsong, who resigned from Noah Fund on September 29, 2023, has been under investigation for accepting bribes and bribing non-state staff. Qu Quanru, also a former manager at Nuoan Fund, is facing similar charges in the case.
The trial of Cai Songsong and Qu Quanru’s cases has begun, with the Jinhua Intermediate People’s Court handling the matter. While details about the case are still emerging, legal experts suggest that the impact of the case is significant, given its first-instance status at a major court.
Cai Songsong’s sudden resignation from Noah Fund in 2023, after achieving success in managing semiconductor funds, has raised eyebrows in the industry. His representative product, Nuoan Growth Mix, suffered significant losses in 2022, leading to his departure from the company.
Qu Quanru, another key figure in the case, also has a background in fund management at Nuoan Fund. His resignation in 2022, and the recent conviction of Zou Xiang for trading misconduct, highlight the challenges facing the fund management industry.
As the case unfolds, industry experts and investors are closely watching for further developments. The impact of such high-profile cases on the financial markets and investor confidence remains to be seen. Stay tuned for more updates as this story develops.
Author: Yan Jun Li Di
Source: Financial Associated Press