(Adds BlackRock naming replacement.)
DOW JONES NEWSWIRES
The Bank of New York Mellon Corp. (BK) said it hired Curtis
Arledge as vice chairman of the corporation and chief executive of
the bank's asset management business.
He is expected to start work there in the fourth quarter.
Arledge has been BlackRock Inc.'s (BLK) chief investment officer
of fixed income, fundamental portfolios. He also had served as
co-head of U.S. fixed income at the money manager.
Mitchell Harris, who has been interim head of BNY Mellon Asset
Management, will continue as chairman of BNY Mellon Asset
Management's Fixed Income, Cash and Currency Group after Arledge
takes over and will report to him.
Arledge, who will report to the bank's Chairman and Chief
Executive Robert Kelly, also will be responsible for the wealth
management business, and Lawrence Hughes, chief executive of BNY
Mellon Wealth Management, will report to him.
Separately, BlackRock named Rick Rieder to succeed Arledge.
Rieder, who joined the firm early last year when BlackRock acquired
hedge-fund manager R3 Capital Management LLC, has been head of
corporate credit and deputy CIO of fixed income, fundamental
portfolios. He previously was president and chief executive of R3
Capital and had worked 20 years at Lehman Brothers.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
kathy.shwiff@dowjones.com