Bank of New York Mellon plans to name Curtis Arledge, BlackRock’s fixed-income chief investment officer, to head its asset management unit, filling a role left vacant by the departure of Ronald O’Hanley, said three people briefed on the plan.
BNY Mellon may announce the appointment as early as Tuesday, said the people, who asked not to be named because the plan has not been made public.
BlackRock plans to name Rick Rieder to replace Mr. Arledge as CIO of the fixed-income unit, overseeing fundamental portfolios, corporate credit, multisector bonds and mortgages.
BNY Mellon began the search for a leader of its $1 trillion investment unit after Mr. O’Hanley was picked as the president of asset management at Fidelity Investments two months ago. Jonathan Little, a BNY Mellon vice chairman who was named as one of the two interim co-heads of the unit, left last week to join another investment firm.
BlackRock spokesman Brian Beades and BNY Mellon spokesman Jeep Bryant declined to comment.
Mr. Arledge worked as a portfolio manager at BlackRock from 1988 to 1993, when he moved to Wachovia Corp., where he eventually became global head of fixed income. His tenure there coincided with that of Robert P. Kelly, who became CEO of BNY Mellon in 2007.
Mr. Rieder joined BlackRock last year after the firm took over the management of R3 Capital Management, a hedge fund specializing in fixed-income. He will report to Peter Fisher, the head of the fixed-income unit and previously the U.S. Treasury’s undersecretary of domestic finance.