(Yicai) July 2 -- AXA SPDB Investment Managers has appointed Zhang Chi, a former executive at BlackRock Fund Management, as the general manager of the Chinese-French joint venture with over CNY500 billion (USD68.8 billion) in assets.

On July 1, Zhang replaced Yu Beihua who stepped down as GM for personal reasons on July 1, the Shanghai-based mutual fund company announced the same day. Zhang resigned as GM at BlackRock Fund Management in February.

Founded in 2020, BlackRock Fund Management is the first mutual fund company wholly owned by a foreign investor in China's mainland. Zhang was the company’s first GM. Moreover, Zhang was also the acting chairman when Tang Xiaodong, the former chairman, left the company and joined Citadel Securities last June. After Zhang's departure, the American asset manager's mutual fund business in China appointed Fan Hua as chairman and Chen Jian as GM.

Before joining BlackRock, Zhang served as deputy GM at Taikang Asset Management and Everbright PGIM Fund Management. Before that, he worked for China Construction Bank and Hua An Fund Management.

Established in 2007, AXA SPDB is mainly owned by Shanghai Pudong Development Bank with its 51 percent stake in the asset manager, followed by French insurance giant AXA with its 39 percent stake, and lastly, state-owned investment company Guosheng Group owns 10 percent.

AXA SPDB’s assets under management amounted to CNY508.9 billion as of Dec. 31, last year, per the firm's annual report. It achieved a net profit of CNY295 million (USD40.6 million) on revenue of CNY1.3 billion (USD178.8 million) last year.

Editor: Emmi Laine