Core Insights - The recent appointment of Liu Yingzhou as the new Deputy General Manager of BlackRock Fund highlights ongoing leadership changes within the company, following the departures of several key executives earlier this year [1][4][5] - The fund's assets under management (AUM) have significantly declined, with a reported AUM of 5.601 billion yuan as of Q1 2025, nearly halving from 10.785 billion yuan at the end of Q4 2024 [1][7][8] - The company has faced challenges in maintaining its product scale and performance, with many funds experiencing substantial reductions in size since their inception [8][10][11] Leadership Changes - Liu Yingzhou joined BlackRock Fund in March 2023 and has held various roles, including Chief Information Officer [4] - The previous Deputy General Manager, Hong Xia, and former General Manager, Chen Jian, left the company for personal reasons earlier this year [4][5] - The new leadership team appears to favor executives with extensive backgrounds in domestic and international asset management [6] Asset Management Performance - As of Q1 2025, BlackRock Fund's AUM has fluctuated significantly, remaining below 10 billion yuan since its establishment [8] - The fund's performance has been mixed, with some products achieving positive returns year-to-date, while others have underperformed compared to their peers [10][11] - The flagship product, BlackRock China New Vision Mixed Fund, has seen a decline of over 30% in the past three years, underperforming its category average [11] Market Position and Strategy - BlackRock Fund's AUM is currently lower than many of its foreign peers, with only a few funds exceeding its AUM [7] - The company is focusing on enhancing its product offerings and adapting its risk management strategies to better align with the Chinese market [12] - Future strategies include integrating local insights with international perspectives to meet diverse investment needs and enhance brand value [12]