(Yicai) Nov. 14 -- The founder of Origin Asset Management, a Chinese mutual fund company, has reportedly gone missing. An industry insider told Yicai that her sudden disappearance may be linked with an investigation into a former vice president of a well-known Chinese bank.

Though the person did not specify the bank, a media report said Ren Li’s disappearance may be connected to an anti-graft probe of Ding Wei, former VP of China Merchants Bank. Several banking VPs are also under investigation, including Zhang Gengsheng of China Construction Bank and Zhang Changgong of China Zheshang Bank.

Origin announced yesterday that General Manager Wang Guobin will serve as acting chairperson, as Ren is currently unable to fulfill her duties for personal reasons. Origin is running smoothly, as she was not involved in day-to-day management, which is mainly overseen by Wang, it told Yicai.

In its statement, the Shanghai-based company also affirmed its commitment to compliant operations, adherence to the law, regulations, and industry standards.

Rumors of Ren’s disappearance began circulating online earlier this month.

Set up in February 2022, Origin is an emerging mutual fund manager focused on equity investments for both retail and institutional clients. As of Sept. 30, it managed six funds worth a total of CNY17.5 billion (USD2.4 billion).

Origin’s first product was a three-year mutual fund, with China Merchants Bank acting as the trustee. The fund became a hit in 2022, raising over CNY10 billion (USD1.4 billion) in just two days, and ultimately, subscriptions reached 41 percent of the targeted amount.

Editor: Emmi Laine