After making a significant move to recruit female executives from banks, what does BlackRock want to do?

The top figures in public funds, especially those who have reached the top positions in their companies, often experience unexpected ups and downs in their careers.

In July last year, when Yu Peihua announced her departure from her position as general manager of the previous public fund institution, the industry was filled with confusion, regret, and even concern.

At that time, various versions of the "story" between her, the company, and the major shareholders emerged, but the conclusions at least included two points:

The process of Yu Peihua, who is over 50 years old, leaving her old employer for "personal reasons" would not be a mutually agreed-upon process;

This female executive, who has always been low-key in her work, rarely showed a side of "strength" and "passion" in public.

However, opportunities often lie just around the corner of fate. In March 2025, BlackRock announced that Yu Peihua would serve as the company's general manager.

From being the head of a domestic bank-affiliated fund to becoming the "top leader" of an overseas asset management fund, Yu Peihua's career space has opened up once again. Moreover, in a purely foreign-funded institution where there is no strict retirement age, it seems that Yu Peihua has a longer career path ahead of her.

This can certainly be considered a "ray of hope" in her career.

Yu Peihua Announces Joining BlackRock

On March 15, BlackRock announced that Yu Peihua would serve as the company's general manager. Chen Jian left for personal reasons, and the announcement also noted that Chen Jian would take on other roles within the company, expressing gratitude for his previous contributions.

Yu Peihua's appointment is another important personnel arrangement following Fan Hua's assumption of the chairmanship of BlackRock China last year.

Previously, Fan Hua had boldly introduced a group of localized management and investment talents to BlackRock. With Yu Peihua's rich experience in domestic fund management and strong banking background, it is expected that she will further enhance BlackRock's execution capabilities in the market and channels.

She Was Once the "Firefighter"

Currently, the outside world cannot know what advantages and specialties BlackRock "saw" in Yu Peihua to entrust such an important position to her.

However, looking at Yu Peihua's experience, she indeed possesses several "specialties" that are very suitable for the current BlackRock.

For example, she has a long period of work experience at China Merchants Bank, which is the strongest retail bank in the country and an indispensable sales channel for all top public fund institutions.

Her resume shows that Yu Peihua has been working at the Shanghai branch of China Merchants Bank since July 1994, holding positions such as bank clerk, deputy branch manager of the Baoshan branch, general manager of the accounting department, general manager of the finance department, assistant branch manager, and deputy branch manager of the Shanghai branch, as well as deputy general manager of the credit card center.

She started from the front line and worked at China Merchants Bank for eighteen years until she was promoted to the management level of the Shanghai branch; banking business is the genetic makeup of her professional characteristics Secondly, she was once a "firefighter."

Yu Peihua's previous tenure as general manager lasted for a full 12 years at the bank-affiliated public fund institution, Puyin Ansheng Fund.

Before she took office, this public fund institution had been unable to escape the shadow of the first public fund "deep loss" during the 2008 bear market. This situation is very similar to what the first executive team of BlackRock Fund encountered.

Prior to Yu Peihua, the company had appointed two senior general managers in succession to "rescue" the situation, but neither succeeded.

Ultimately, this "crisis" was resolved after Yu Peihua took office and implemented a series of decisive "shock therapy" measures, followed by a long period of recuperation (see the chart below).

BlackRock's "Localization" Path

Yu Peihua's joining also signifies that the "localization" strategy led by Fan Hua at BlackRock Fund continues to advance steadily.

In the past two years, BlackRock Fund has experienced the departure of Chairman Tang Xiaodong, General Manager Zhang Chi, Deputy General Manager and Chief Investment Officer Lu Wenjie, and Deputy General Manager Hong Xia (formerly Sales Director).

Additionally, the joining of Chairman Fan Hua, General Manager Yu Peihua, Chief Equity Investment Officer Shen Yufei, and Inspector General Xie Chao has transformed the entire team from the original "foreign affairs faction" to a foundation primarily composed of "localized" elites.

In terms of the company's investment performance and product line, BlackRock Fund has clearly achieved a "stop the bleeding" in performance in recent years. Especially after more executives familiar with the local market and investors adopted a more pragmatic product strategy, the company's business has entered a positive growth trajectory.

Challenges Remain

However, in the extreme future, the "challenges" faced by Yu Peihua and BlackRock Fund are still very evident.

First, as a wholly-owned subsidiary of the world's largest asset management institution, when BlackRock Fund can demonstrate an operational status and scale growth curve that matches its global position remains to be seen.

As a foreign shareholder, BlackRock's continuous investment in BlackRock Fund has reached 1.25 billion RMB, and there are clearly many expectations behind this investment.

Secondly, as a thoroughly "localized" financial elite, Yu Peihua's previous 30-plus years of career have been spent in domestic banks and domestic holding financial institutions.

Whether she can adapt to the corporate culture of the BlackRock Fund team and how to unite the entire team to achieve the company's business development goals is undoubtedly an important challenge.

The answers to all of this may require a lot of effort, wisdom, and the necessary luck to overcome.

Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at one's own risk