Rick Rieder has been named chief investment officer of fixed income, fundamental portfolios at BlackRock, reporting to Peter Fisher, who continues as head of fixed income.

Rieder succeeds Curtis Arledge, CIO since the first quarter of 2010, who, as reported by Family Wealth Report today, has been appointed chief executive at BNY Mellon Asset Management.

Rieder joined BlackRock and the fundamental fixed income team in early 2009 when the investment giant acquired hedge fund R3 Capital Partners, where he was president and CEO. Prior to that, he was with Lehman Brothers for over 20 years.

As CIO, Rieder will continue as head of corporate credit and will also assume responsibility for the multi-sector and mortgage group. He will be supported by Scott Thiel, who continues in his role as deputy CIO of fixed income, fundamental portfolios, and head of European and non-US fixed income.