Investment management firm BlackRock has appointed Rick Rieder as new chief investment officer (CIO) of fixed income, fundamental portfolios. He will report to Peter Fisher, head of fixed income at BlackRock.

Mr Rieder joined BlackRock and the fundamental fixed income leadership team in early-2009 in a transaction that brought the investment leadership of R3 Capital Partners to BlackRock.

In addition to serving as head of corporate credit at BlackRock, he has served as deputy CIO of fixed income, fundamental portfolios, with shared responsibility for leading the overall fundamental fixed income investment process.

At R3, Mr Rieder served as president and CEO. Prior to that, he was with Lehman Brothers for over 20 years, where he led a variety of fixed income businesses, including corporate and emerging-market bond-trading, corporate bond trading, global credit and global principal strategies.

Mr Rieder succeeds Curtis Arledge, CIO since first quarter 2010, who has accepted a position as CEO of BNY Mellon Asset Management.

Mr Fisher said: “Rick is a widely respected and seasoned fixed income professional who brings exceptional market insight and a strong track record of leadership in the credit markets. Our top priority has been to continually enhance our over 400-person strong global fixed income team, and our sophisticated proprietary risk management systems and tools, to ensure the consistency of our investment approach and continuity of our focus on investment performance.”