Rick Rieder, who has been head of corporate credit at BlackRock, has taken on responsibility for the multi-sector and mortgage group at the company in his promotion to chief investment officer.

He replaces Curtis Arledge, CIO since the first quarter of 2010 and a former Wachovia fixed income executive. Arledge has accepted a position as CEO of BNY Mellon Asset Management.

Rieder will report to BlackRock's head of fixed income Peter Fisher, a former Treasury under secretary who joined the firm in 2004.

Rieder joined BlackRock in early 2009 and in addition to head of credit he has served as deputy CIO of fixed income, fundamental portfolios. Previous to BlackRock he spent over 20 years at Lehman Brothers where he led a variety of fixed income businesses.

Meanwhile, Investment Management Weekly's Michael Giardina reported that BNY Mellon Asset Management tapped Arledge to take the helm and lead its business on a permanent basis.

In an announcement late yesterday, BNY Mellon’s money management division said that Arledge will join as vice chairman and head executive in the fourth quarter of 2010. Mitchell Harris, the current interim CEO, will be relieved of the management role and assume his previous post as vice chairman of the fixed-income, cash and currency group, the Aug. 3 press release said.

Back in May, the asset management business named Harris and Jon Little as co-interim heads when its former President and CEO Ronald O’Hanley announced that he would be leaving the firm. And just last week, news outlets reported that Little would resign from his role to head a new global asset management initiative at Kedge Capital, a family office of Swiss-entrepreneur Ernesto Bertarelli. A spokesperson from Kedge Capital confirmed this measure to IMW.

In addition to his asset management position, Arledge will also have executive leadership over financial service’s juggernaut’s wealth management arm as well, the statement explained.
“We are delighted that Curtis is joining us at a time when our asset and wealth management franchise is growing, fueled by an unrelenting focus on investment performance and superb client service by our team worldwide," BNY Mellon Chairman and CEO Robert Kelly said in his comments.

Currently, BNY Mellon has $21.8 trillion in assets under custody and administration and nearly $1 trillion in assets under management, the firm said.

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