(Yicai Global) July 25 -- Chairman of Tian Hong Asset Management, the manager of the famous Yu'e Bao money-market fund offered by Ant Group's Alipay, will take up the reins after the general manager quit for personal reasons.

Chairman Han Xinyi will run the asset management company, owned by the Hangzhou-based operator of mobile wallet Alipay, for no more than six months after GM Guo Shuqiang resigned after over 12 years of service, the Beijing-based mutual fund manager said in a statement yesterday. Han is also the chief financial officer of Ant Group.

Tian Hong is a pioneer as it established Yu'e Bao, China's first internet fund, with Alipay in June 2013. As of June 30, Tian Hong had CNY1.103 trillion (USD141.9 billion) of assets under management, ranking fifth among Chinese public fund companies. Tian Hong was founded in November 2004 with CNY514.3 million (USD72 million) of registered capital.

Several Chinese funds are attracting new executives this year. Almost 220 senior managers of 135 public funds have changed their jobs as of yesterday, according to Wind data. Nearly a quarter of the total are GMs and more than a fifth are chairpersons.

Guo used to work for another public fund called Huaxia Fund as an assistant to the GM and as a director.

Editor: Emmi Laine