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Top China hedge fund High Flyer Quant suspends co-founder, cites reputational hit from family matter

  • High Flyer Quant has suspended its co-founder Xu Jin, citing reputation risk related to an unspecificied family matter, according to its WeChat account
  • Fund manages two investment vehicles with US$5.47 billion of combined assets, according to industry data

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People walk past the Shanghai Stock Exchange building in August 2023. Photo: EPA-EFE
High-Flyer Quant, a leading Chinese hedge fund manager, said it has suspended its co-founder and senior executive Xu Jin from work due to his “improper handling of a family matter”.

The Hangzhou-based quantitative fund his actions “caused negative public opinion and had a negative impact on company reputation,” according to a statement published on its official WeChat account on Thursday. The fund did not specify what Xu had done, his role in the company or the duration of his suspension.

High-Flyer Quant did not immediately reply to an email request for comment. Xu could not be immediately reached for comment and did not respond to a message sent on his LinkedIn account.

Hangzhou in eastern Zhejiang province is home to some of China’s biggest companies. Photo: Handout
Hangzhou in eastern Zhejiang province is home to some of China’s biggest companies. Photo: Handout

High-Flyer Quant owns two asset management units overseeing more than 40 billion yuan (US$5.47 billion) of assets, according to media reports. The fund manager said in the WeChat post the decision on Xu will not affect the operations of the underlying funds.

Xu has a doctorate in ‘signal and processing’ from Zhejiang University, according to his LinkedIn profile. He is listed as the legal representative of High-Flyer Asset Management (Zhejiang) and CEO of High-Flyer Quant Investment Management (Ningbo), according to the Asset Management Association of China.

High-Flyer, established in 2015, said on its website it relies on mathematics and artificial intelligence for quantitative investments.

A flagship multi-strategy quant fund managed by Xu has declined 0.46 per cent so far this year, according to data provider Shenzhen PaiPaiWang Investment & Management. Still, it has returned an annualised 20.4 per cent to investors since its launch in 2017.

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