业绩泥潭、团队换血，贝莱德新帅郁蓓华压力之下能否破局？

Core Viewpoint - BlackRock Fund, as the first wholly foreign-owned public fund management company in China, has not met market expectations after four years of operation, with underperformance in product returns and management scale, compounded by frequent personnel changes in 2023 [1][2]. Performance Summary - Initial fundraising in June 2021 reached 6.681 billion yuan, but the scale declined significantly, dropping to 4.321 billion yuan by the end of 2023. By the end of 2024, the scale briefly exceeded 10 billion yuan, only to fall again to 5.601 billion yuan in Q1 2025. As of June 30, 2025, the management scale was 6.86 billion yuan, and by September 30, 2025, it rose to 13.502 billion yuan, largely due to the issuance of a new bond fund [2][3]. - The performance of BlackRock's equity funds has been poor, with a three-year return of -13.59%, significantly lagging behind peers and the CSI 300 index, which has a return of +16.29% during the same period [4][7]. Product Performance - The flagship equity product, BlackRock China New Vision, has a return of -32.45% since inception, consistently underperforming against industry benchmarks and the CSI 300 index [8][9]. - Recent performance metrics show that year-to-date returns for BlackRock China New Vision are 13.09%, while the CSI 300 index has a return of 17.37% [11]. Personnel Changes - BlackRock Fund has experienced significant turnover in its equity team, with three changes in the general manager position within four years. The recent departure of Chief Equity Investment Officer Shen Yufei raised concerns about the effectiveness of the management team [10][12]. - The frequent changes in leadership, including the resignation of the chairman and other key executives, have led to questions about the company's adaptability in the Chinese market [12][13]. Strategic Shift - The appointment of new executives with strong backgrounds in fixed income suggests a strategic pivot towards the fixed income market, as evidenced by the launch of multiple bond funds in 2025 [13][14]. - The recent issuance of the BlackRock China Bond Investment Preferred Green Bond Index Fund, which raised 6 billion yuan, indicates a focus on expanding the fixed income product line to stabilize management scale [2][13].