China's Qianhe Capital Management says star fund manager to step down

The post on Qianhe's official website comes after Reuters reported in October that Wang had been detained by authorities since August and was under investigation. The company said it had informed investors and was operating normally with sufficient liquidity.

China's Qianhe Capital Management said on Saturday its founder and star fund manager Wang Yawei will no longer participate in the company's operations and management for personal reasons. The post on Qianhe's official website comes after Reuters reported in October that Wang had been detained by authorities since August and was under investigation.

The company said it had informed investors and was operating normally with sufficient liquidity. Wang, the 52-year-old founder of Qianhe in Shenzhen and Top Ace Asset Management in Hong Kong, is the latest high-profile Chinese business executive to be investigated or detained.