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BlackRock FundLu Wenjie, former deputy general manager and chief investment officer, left due to work adjustments, and two chief investment officers were appointed for fixed income and equity investment respectively. Prior to this, the chairman and general manager of BlackRock Fund were replaced successively.

Text｜Huang Huiling

Editor: Guo Nan

Following the changes in chairman and general manager, BlackRock Fund has once again experienced senior management changes.

On July 31, BlackRock Fund announced that Lu Wenjie resigned from his positions as deputy general manager, chief investment officer, and fund manager of related products due to work adjustments. BlackRock Fund said that Lu Wenjie will serve as investment strategist for Greater China. In addition, BlackRock Fund has appointed two chief investment officers in the fixed income and equity investment fields, Liu Xin and Shen Yufei.

With the halo of being the world's largest asset management company and as the first public fund in China wholly owned by foreign capital, BlackRock's every move has attracted much attention from the market.In September 2021, BlackRock’s first fundBlackRockChina New Horizons raised over 6.6 billion yuan in its offering, while the latest data shows that the total size of the company's eight funds is only 4 billion yuan.

From the table above, we can see that BlackRock China New Horizons has lost about 45% since its establishment in September 2021. Compared with the departure of Tang Xiaodong, the head of BlackRock China, in the middle of last year, the loss has further expanded. (For related reports, see "BlackRock China Head Tang Xiaodong Resigns, First Fund Still Losses 30%" and "After the Chairman, the General Manager of BlackRock Fund Also Left")

Chen Jian, current general manager of BlackRock Funds, said: "We are always committed to cultivating and developing internal talents. This personnel appointment not only reflects our commitment to talent cultivation, but will also significantly enhance the strength of our investment team. Lu Wenjie's deep experience and expertise will provide clients in Greater China with deeper industry insights. At the same time, this new personnel appointment demonstrates our emphasis on investment, which will help enhance our investment capabilities and bring better services and experience to our clients."

Former Chief Investment Officer Lu Wenjie resigns

BlackRock Fund said that the job adjustment was "the current chief investment officer expanding his responsibilities." But in fact, Lu Wenjie will no longer be responsible for domestic public fund investment.

Regarding the job adjustment, Lu Wenjie said: "I am deeply honored to take on this important position as Investment Strategist for Greater China. I will continue to be committed to optimizing our investment strategies and helping clients achieve their investment goals in an ever-changing market environment. BlackRock has always been committed to providing excellent investment solutions, and I look forward to creating more value for clients in this position."

From Deputy General Manager and Chief Investment Officer of BlackRock Fund Management to Strategic Analyst for Greater China, is Lu Wenjie's transfer a promotion or a demotion? Why does BlackRock Fund Management call it "expanding the scope of responsibilities"?

“It is difficult to say whether this adjustment is a promotion or a demotion, because the main body of work is different. Lu Wenjie left BlackRock Fund and took up research work at BlackRock Group."Someone close to BlackRock Fund said.

In addition to serving as the chief investment officer, Lu Wenjie was also a fund manager. Data shows that before leaving office, his management scale was 245 million yuan, and the returns of his two funds were negative. Among them, BlackRock Advanced Manufacturing was co-managed by Zou Jiangyu, and the return in the past two years was about -16%. BlackRock Hong Kong Stock Connect Vision was co-managed by Shan Xiuli and Yang Dong, and the return in the past two and a half years was about -31%.

Fixed income and equity each have their own chief investment officer

At the same time as Lu Wenjie left, BlackRock Fund appointed two chief investment officers in the fixed income and equity investment fields, namely Liu Xin and Shen Yufei.

Liu Xin is a Singaporean citizen. He was previously the fixed income investment director of BlackRock Fund. He co-managed public funds with several fund managers. The latest scale is 171 million yuan. He served as a domestic public fund manager for 1 year and 141 days.

Prior to this, he served as head and fund manager of BlackRock Singapore’s fixed income department, and was a fund manager at Aberdeen Asset Management.MUFGHe has held positions such as investment manager and fund manager at Singapore Technologies Asset Management. He holds a Master of Business Administration degree from INSEAD and a Bachelor of Electronic Engineering degree from Nanyang Technological University.

Shen Yufei has been a fund manager in domestic public offering for more than 10 years. He was previously the equity investment director of BlackRock Fund, with the latest management scale of 2.666 billion yuan. He has served as a fund manager and researcher at Galaxy Fund Management, mainly engaged in macro strategy industry research, stock investment strategy research, and management of Galaxy Fund Research Department. He obtained a doctoral degree from Fudan University.

Shen Yufei currently manages two funds, BlackRock China New Horizons and BlackRock Industry Preferred Mixed Fund. BlackRock China New Horizons is jointly managed by Shen Yufei and Shan Xiuli, and the return is 0.58% (A share) in more than half a year. BlackRock Industry Preferred Fund is issued and managed by Shen Yufei alone, and the current return is nearly -22%.

According to the second quarter report disclosed earlier, BlackRock Industry Selection has underperformed the performance benchmark by 5.2% since its establishment.The fund's performance benchmark is the Shanghai and Shenzhen 300 Index yield × 75% + the CSI Hong Kong Stock Connect Composite Index (RMB) yield × 15% + one-year time deposit rate (after tax) × 10%.

(Zhang Xinpei also contributed to this article)