(Yicai Global) Dec. 26 -- China’s fund managers changed their senior managers more than 300 times this year for the fourth consecutive year as the country’s asset management sector continues to expand rapidly, fueling demand for top talent.

There were 308 changes in executives at 124 Chinese fund managers this year, according to Yicai Global research. Deputy general managers were replaced most frequently, with 121 moves at 79 fund firms. Some 40 fund managers changed their chairman and 31 replaced their general managers.

And the pace of change increased in December from the previous two months. In the two days from Dec. 23 to Dec. 24, Manulife Teda Fund Management, Golden Trust Sinopac Fund Management and three other fund companies made changes to senior management.

The Matthews effect, where well-known firms are more likely to be sought out than a comparatively unknown company, has gradually come to the fore in the last two years, an industry insider told Yicai Global. As a result, small and medium-sized fund firms are under greater pressure, which might be the main reason for such frequent changes in executives.

"The rapid development of the asset management sector and the increased demand for top talent could be behind the rapid turnover in senior management and this trend may continue," another analyst said.

As of the end of the third quarter, the size of China’s public funds had reached CNY26.7 trillion (USD 3,8 trillion), according to Wind data. The rapid growth of the sector is accompanied by profound changes in the industry landscape, including the high turnover of executives.

Editors: Shi Yi, Kim Taylor