SINGAPORE, Sept 12 (Reuters) - Gold equities have underperformed gold prices so far this year, providing an opportunity for investors hoping to ride the metal's bull run, a senior executive at BlackRock , the world's largest money manager, said on Monday.

Gold equities underperformed bullion prices by 25 percent to 30 percent this year, as gold prices rallied nearly 30 percent and equities market took a hit from mounting worries about the euro zone's debt crisis and slower global growth.

"That may well be the opportunity," said Malcolm Smith, Director and product specialist for BlackRock's Natural Resources Team.

"If investors believe gold prices will remain at these levels or perhaps even go higher, there is an opportunity that gap may well narrow."

Smith told reporters that historically gold equities have significantly outperformed gold prices, and the window of underperforming equities have tended to be short lived.

"In the past they lasted nine months to a year. I will be hopeful that in the next nine months to a year these gaps may be closed," Smith told reporters at a press conference.

BlackRock's World Gold Fund holds shares of companies including Newcrest Mining , the world's No.3 gold miner, and Kinross Gold , one of the fastest growing gold miners in the world. The fund had $8.34 billion of assets under management by July 31.