Reuters was first to report that Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation; adding to the list of top financial executives caught up in a widening corruption crackdown this year.
Star Chinese fund manager Wang detained and under investigation
At AMC, Wang was known for generating huge returns on stock picks and garnering a large following among retail investors. The mutual funds he ran were perennially among the best-performing funds in the country. Under his watch the China AMC Large-Cap Select Fund posted a 1,195% return from December 2005 to May 2012, topping all Chinese stock funds during the period, according to data provider Eastmoney and media reports.