贝莱德基金本土化战略再落子：刘映洲升任副总经理

Core Viewpoint - BlackRock Fund is undergoing significant management changes and facing challenges in the Chinese market, with a notable decline in asset size and trust issues [5][9]. Group 1: Management Changes - Liu Yingzhou has been appointed as the new Deputy General Manager, effective July 4, 2025 [1][3]. - Liu Yingzhou joined BlackRock Fund in March 2023 and became the Chief Information Officer in May 2023, previously holding positions at Morgan Stanley Huaxin Fund Management and Microsoft China [1][3]. - The company has experienced a wave of executive departures since early 2024, including the resignation of core founding member and General Manager Zhang Chi, and other key executives [5][6]. Group 2: Asset Size and Performance - As of the end of Q2 2025, BlackRock Fund's asset size is 7.71 billion, a decrease of 3.07 billion compared to 2024 [5]. - The fund, once seen as a promising foreign player in the market, is now facing a crisis of scale and trust [5]. Group 3: Market Challenges - The company is perceived to be struggling with localization strategies, as its global investment models face challenges in the volatile and policy-driven A-share market [5][9]. - The recent management changes are seen as a response to the difficulties in adapting to the local market dynamics [7][9]. Group 4: Future Outlook - Despite current challenges, BlackRock's global leadership remains optimistic about investment opportunities in China, particularly in technology and global supply chain restructuring [9]. - The success of BlackRock's strategies in China will be closely monitored as it seeks to establish a viable localized approach under new management [9].