Curtis Arledge, BlackRock's fixed-income chief investment officer, was named head of BNY Mellon's asset management unit, filling a role left vacant by the departure of Ronald O'Hanley.
Mr. Arledge is scheduled to join BNY Mellon in the fourth quarter and will report to CEO Robert P. Kelly, the bank said Wednesday in a statement. Rick Rieder will replace Mr. Arledge as chief investment officer of BlackRock's fixed-income unit, according to a separate statement from BlackRock.
Mitchell Harris, interim head of BNY Mellon's asset management unit, will stay on and report to Mr. Arledge, according to the statement.
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 with Mr. Harris, left last week to join another investment firm.
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 Mr. 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.