Henry Zhao Xuejun, long-time chairman of Harvest Fund Management, one of China’s largest mutual fund firms, has resigned amid a personal investigation by Chinese authorities. Co-Chairman An Guoyong has taken over Zhao’s duties, with the company stating that operations remain normal. Harvest, backed by Deutsche Bank, is China’s fourth-largest mutual fund firm, managing CNY636bn (USD89bn) in assets. Zhao’s resignation follows extensive audits of major mutual funds and regulatory efforts to cap pay and reduce management fees as part of President Xi Jinping’s “common prosperity” initiative. Zhao, who joined Harvest in 2000, was the longest-serving CEO in China’s asset management industry.