Core Viewpoint - BlackRock Fund, as the first wholly foreign-owned public fund management company in China, has faced significant challenges in its four years of operation, including underperformance in product returns, management scale issues, and frequent personnel changes, leading to a perception of being out of sync with the Chinese public fund market [2][3]. Performance Issues - Since its establishment in June 2021, BlackRock Fund's initial fundraising reached 6.681 billion yuan, but the scale has since declined, with a significant drop to 4.321 billion yuan by the end of 2023. Although the scale briefly exceeded 10.785 billion yuan by the end of 2024, it again halved to 5.601 billion yuan in the first quarter of 2025. As of June 30, 2025, the management scale was 6.86 billion yuan, and by September 30, 2025, it had risen to 13.502 billion yuan, largely due to the issuance of a new bond fund [3][4][5]. - The performance of BlackRock's equity funds has been disappointing, with the BlackRock China New Horizons fund showing a return of -32.45% since inception, consistently underperforming its peers and the CSI 300 index [6][7][11]. Personnel Changes - BlackRock Fund has experienced unprecedented personnel turnover, particularly within its active equity team. The Chief Equity Investment Officer, Shen Yufei, resigned in September 2023 after only 2.5 years, during which the funds he managed performed poorly [10][11]. - Frequent changes in the executive team have also been noted, with key positions such as Chairman, General Manager, and Vice Presidents undergoing multiple changes since the company's inception in 2021. This instability has raised questions about the effectiveness of BlackRock's management in the Chinese market [10][15]. Strategic Shift - The appointment of new executives, such as Yu Peihua as the third General Manager in March 2025, indicates a strategic shift towards fixed-income markets, reflecting BlackRock's response to the challenges faced in the equity space [15][16]. - The launch of several bond funds, including the BlackRock China Bond Investment Preferred Green Bond Index, which raised 6 billion yuan, suggests a pivot in focus to stabilize the company's management scale and performance [16].

5年前，贝莱德基金作为中国首家外资独资的公募基金管理公司正式成立，并于2021年6月正式展业。作为全球最大的资产管理巨头贝莱德集团旗下的基金公 司，一度被市场和基民寄予厚望。然而四年过去，从近年的成绩单来看，贝莱德的表现并未达到预期。产品业绩跑输基准，管理规模不尽如人意，尤其今年 来频繁的人事动荡，更让这家资管巨头在中国公募市场显得水土不服。 业绩表现欠佳，靠新发债基拯救规模？ 贝莱德基金自2021年6月展业后首次募集规模为66.81亿元，此后便一路下滑，直至2023年底规模突破80亿元，但接下来的季度末规模却接近腰斩，仅为43.21 亿元。受2024年四季度行情推动，贝莱德基金在2024年底管理规模一度升至107.85亿元，也是首次突破百亿。不过，规模腰斩的情形又在2025年一季度重 现，一季度末规模大幅缩水至56.01亿元。截止6月30日，公司管理规模为68.6亿元。 截止2025年9月30日，贝莱德基金管理规模升至135.02亿元，凤凰网财经《投资观察》梳理iFinD数据发现，三季度规模翻倍增长主要源于9月贝莱德基金发 行的一只债基产品----贝莱德中债投资优选绿色债券指数，该产品最新规模为60亿元，抛 ...