From Head of China to Leading the Wealth Management Subsidiary Again, Fan Hua Returns to BlackRock CCB Wealth Management

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On June 5, the Shanghai Bureau of the National Financial Regulatory Administration issued approval, authorizing Fan Hua to serve as General Manager of BlackRock CCB Wealth Management Limited.

This is not Fan Hua's first time leading BlackRock CCB Wealth Management:

Previously, Fan Hua was approved to serve as General Manager of BlackRock CCB Wealth Management at the end of 2022. At the beginning of 2024, after being promoted to Head of BlackRock China and concurrently serving as Chairman of BlackRock Fund Management, Zhang Pengjun took over as General Manager of BlackRock CCB Wealth Management;

In February this year, after Zhang Pengjun left for personal reasons, Fan Hua resumed charge of relevant company operations until he was formally approved by regulators to serve again as General Manager.

In terms of professional experience, Fan Hua has a diverse background in international asset management institutions, sovereign wealth funds, and bank-affiliated wealth management subsidiaries.

In his early years, Fan Hua worked at Goldman Sachs for more than ten years, serving as Head of Global Risk Modelling. He then joined China Investment Corporation, where he held leadership roles in Asset Allocation, Fixed Income and Absolute Return Investment departments;

In 2019, Fan Hua joined CMB Wealth Management as Chief Equity Investment Officer, and in 2022, joined the BlackRock system.

This appointment also signals Fan Hua’s further return to the forefront of BlackRock’s core business in China.

In the past two years, BlackRock China has undergone multiple rounds of organizational adjustments: at the beginning of 2024, BlackRock integrated its China business, with Fan Hua appointed as Head of China and concurrently serving as Chairman of BlackRock Fund Management, starting to oversee the group’s public mutual fund, wealth management, and institutional business segments in China.

With Fan Hua resuming his role as General Manager of BlackRock CCB Wealth Management, his responsibilities in China have further expanded, and the coordinated management of BlackRock’s public mutual fund and wealth management businesses in China has been further strengthened.

BlackRock CCB Wealth Management was established in 2021 by BlackRock, China Construction Bank, and Temasek. It is one of the first joint venture wealth management companies to be launched domestically.

As a major attempt by a foreign asset management firm to participate in China’s wealth management market, BlackRock CCB Wealth Management has drawn consistent market attention since its founding;

However, compared with state-owned big banks and joint-stock banks’ wealth management subsidiaries that quickly expanded by leveraging their parent banks’ channels, joint venture wealth management companies are still in the exploratory development stage overall, facing varying degrees of competitive pressure in channel building, client acquisition, and product differentiation.

At the same time, the domestic wealth management market has entered a stage of stock competition.

According to the banking industry wealth management registration and custody center, as of the end of 2025, the size of the existing bank wealth management market has reached 33.29 trillion yuan. As the low interest rate environment continues, industry competition has gradually shifted from scale expansion to a focus on investment management and asset allocation capabilities.

Against this backdrop, whether joint venture wealth management companies with global asset management experience can form differentiated advantages has always been a central market concern.

How Fan Hua, after returning to the general manager position, will further integrate BlackRock’s global investment capabilities with local wealth management market demands, will become a window for the outside world to observe the next stage of development for BlackRock CCB Wealth Management.

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