Wang Dengfeng, Chief Investment Officer of BlackRock Fund, has left the company, according to industry sources. Wang confirmed the news personally and is reportedly preparing to join another public fund company, where he will continue to oversee fixed income operations.

According to the Asset Management Association of China's official website, Wang Dengfeng's information is no longer listed among BlackRock Fund's registered personnel. His tenure at China's first wholly foreign-owned public fund company lasted approximately 13 months, beginning August 1, 2025, when he transferred from BlackRock CCB Wealth Management.

Known as the "National Fund Manager" for helming Tianhong Yu'ebao Money Market Fund for a decade, with assets under management peaking at nearly 1.7 trillion yuan, Wang's latest career move has drawn significant industry attention.

Career Transitions of a Fixed Income Veteran

Public records show Wang holds a master's degree in economics and began his fixed income career on the sell side, serving as a senior manager in the fixed income department at China Securities Co., Ltd. In May 2012, he joined Tianhong Fund's fixed income department as a researcher and began managing money market funds in August of that year.

Wang became widely known through Tianhong Yu'ebao. In May 2013, Tianhong Zenglibao Money Market Fund (later renamed Tianhong Yu'ebao) was launched, with Wang as its first fund manager. According to Wind data, the fund's scale reached 1.69 trillion yuan in 2018. By the end of the second quarter of 2023, before Wang's departure, the scale stood at 674.673 billion yuan with over 700 million account holders.

In early September 2023, after managing Tianhong Yu'ebao for 10 years, Wang formally stepped down as the product's fund manager. In early 2024, he announced his appointment as Deputy General Manager and Chief Fixed Income Investment Officer at BlackRock CCB Wealth Management. At the time, he characterized this transition in a public interview as a triple shift—from public funds to a newly established joint venture wealth management, from a domestic institution to a foreign-controlled company, and a relocation from Beijing to Shanghai.

After approximately one and a half years at BlackRock CCB Wealth Management, Wang transferred to BlackRock Fund on August 1, 2025, serving as Chief Investment Officer. In a statement to reporters at the time, BlackRock Fund said: "Wang's deep experience in the local market, forward-looking strategic perspective, and extensive industry resources will play an important role in strengthening BlackRock Fund's fixed income platform and expanding its product range. His successful experience in investment strategy, product innovation, and liquidity management will help us provide clients with more differentiated solutions and continuously consolidate BlackRock Fund's market-leading position."

However, this tenure lasted only about 13 months. Regarding his next destination, Wang Dengfeng is reportedly preparing to join another public fund company, where he will continue to be responsible for fixed income business.

Team Turnover Amid BlackRock Fund's Localization Efforts

In August 2020, BlackRock Fund received approval from the China Securities Regulatory Commission to establish operations, and was founded in September of the same year. In June 2021, BlackRock obtained a public fund business license from the CSRC, becoming China's first wholly foreign-owned public fund management company.

However, in its first few years of operation, its growth in China was described by observers as "marking time." At the end of the third quarter of 2021, when it had just begun operations, BlackRock Fund's public fund management scale was 6.681 billion yuan. By early 2025, the company's management scale remained at around 6 billion yuan, even lower than at its inception.

Its first product, BlackRock China New Vision A shares, has returned approximately -34.35% since inception (as of September 28), with total scale continuously shrinking from its initial 6.68 billion yuan.

The turning point came in March 2025, when Yu Beihua, former General Manager of SPDB AXA Fund, became BlackRock Fund's third General Manager. During her 12 years leading SPDB AXA Fund, the company's management scale grew from 2.605 billion yuan to 357.956 billion yuan. Subsequently, BlackRock Fund expanded into bond funds, index enhancement, and quantitative strategies, launching multiple products in succession. Its management scale quickly surpassed the 10 billion yuan mark and has remained above that level.

Wind data shows that as of the end of June 2026, BlackRock Fund's assets under management stood at 11.97 billion yuan, ranking 124th among 163 licensed public fund institutions. The BlackRock Stable Income 63-Month Closed-End Bond Fund, established on September 23 using the amortized cost method, reached its fundraising cap of 8 billion yuan. This was one of the first 15 products approved for issuance after amortized cost bond funds were restarted following a five-year hiatus.

Additionally, CSRC website information dated September 18 shows that BlackRock Fund's Qualified Domestic Institutional Investor (QDII) license was approved, making it the first newly established foreign public fund company to obtain this qualification.

Notably, BlackRock Fund has experienced frequent executive changes since its establishment. Its first Chairman Tang Xiaodong, first General Manager Zhang Chi, and former Deputy General Manager and Chief Investment Officer Lu Wenjie all departed between 2023 and 2024. In 2025, second General Manager Chen Jian and former Deputy General Manager Hong Xia also left in succession. Wang Dengfeng's departure is the latest in a series of密集 personnel changes at the company.

In horizontal comparison, the wholly foreign-owned public fund sector also shows clear differentiation. As of the end of the second quarter this year, JPMorgan Asset Management's fund management scale reached 240.399 billion yuan, Manulife Fund stood at 136.266 billion yuan, Morgan Stanley Fund at 45.579 billion yuan, Neuberger Berman Fund at 27.143 billion yuan, BlackRock Fund at 11.97 billion yuan, and Fidelity Fund at 4.528 billion yuan. In terms of scale, wholly foreign-owned public funds have clearly divided into tiers.

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