The CEO Search is Over for BNY Mellon Asset Management
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Tuesday, August 03, 2010

The CEO Search is Over for BNY Mellon Asset Management

After a three-month search, BNY Mellon has found a replacement for Ron O'Hanley. BNY Mellon tapped BlackRock executive Curtis Arledge as CEO of BNY Mellon Asset Management. Arledge, who will join the firm in the fourth quarter, will also serve as vice chairman of the corporation.

Most recently, Arledge was chief investment officer for BlackRock's fundamental fixed income portfolios. Rick Rieder will succeed him in that role.

In his new job, Arledge will report to BNY Mellon chairman and CEO Robert Kelly. Arledge's predecessor, O'Hanley, resigned from the firm in May to join Fidelity this summer as head of asset management.

When O'Hanley left, BNY Mellon named Mitchell Harris and Jon Little as interim co-heads of the asset management business while the firm embarked on a search for a permanent replacement.

Last week, Little left BNY Mellon to become CEO of London-based Kedge Capital, triggering speculation that BNY Mellon was leaning towards a company outsider to fill the post.

Harris will continue in his role as chairman of BNY Mellon Asset Management's fixed income, cash and currency group after Arledge joins the firm and will report to Arledge.

Executive recruiting firm Korn/Ferry International assisted BNY Mellon with its search.

Before rejoining BlackRock in 2008, Arledge spent 12 years at Wachovia Corp., where his roles included serving as global head of the fixed income division. From 1993 to 1996, he was a founding member of Mariner Investment Group specializing in fixed income arbitrage trading. From 1988 to 1993, he worked as a fixed income portfolio manager at BlackRock. He began his career as an analyst with Salomon Brothers in 1987.
Press Release from BNY Mellon

NEW YORK, Aug. 3 -- BNY Mellon today announced that Curtis Arledge will be joining BNY Mellon as vice chairman of the corporation and chief executive officer of BNY Mellon Asset Management.

Arledge was the chief investment officer for BlackRock's fundamental fixed income portfolios. He has also served as co-head of U.S. Fixed Income at the firm and brings more than two decades of asset management and investment banking experience and leadership to BNY Mellon.

Mitchell Harris, who is serving as interim head of the asset management business, will continue in his role as chairman of BNY Mellon Asset Management's Fixed Income, Cash and Currency Group after Arledge joins the firm and will report to him.

Arledge will report to Robert P. Kelly, BNY Mellon's chairman and chief executive officer. It is expected that Arledge will join BNY Mellon in the fourth quarter of 2010. He will also have executive leadership responsibility for the company's wealth management business. Lawrence (Larry) Hughes, chief executive of BNY Mellon Wealth Management, will report to him. BNY Mellon ranks among the top 10 asset and wealth management firms in the U.S. and globally with $1 trillion in assets under management.

"We are delighted that Curtis is joining us at a time when our asset and wealth management franchise is growing, fueled by an unrelenting focus on investment performance and superb client service by our team worldwide," said Kelly. "Mitchell has played and continues to play a critical role in creating the momentum we enjoy today."

Prior to joining BlackRock in 2008, Arledge held several leadership roles at Wachovia Corporation from 1996-2008. He was the global head of the Fixed Income Division and a member of the Corporate and Investment Bank's Executive and Risk/Return Committees. He had oversight for various business lines in the United States, Europe and Asia, including Leveraged Finance, Investment Grade, Global Rates, Structured Products, Corporate Loan and Commercial Real Estate Portfolios and Financial Institutions Investment Banking.

From 1993 to 1996, Arledge was a founding member of Mariner Investment Group, specializing in fixed income arbitrage trading. From 1988 to 1993, he was a fixed income portfolio manager at BlackRock. A graduate of Princeton University, Arledge began his career as an analyst with Salomon Brothers in 1987. He currently serves on the board of directors of Autism Speaks, the largest autism science and advocacy organization in the U.S.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at

Press Release from BlackRock

NEW YORK, Aug 03, 2010 -- BlackRock, Inc. (NYSE: BLK) today announced the appointment of Rick Rieder as Chief Investment Officer of Fixed Income, Fundamental Portfolios. He reports to Peter Fisher who continues to serve as 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, Mr. Rieder 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.

"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," commented Mr. Fisher. "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. As today's announcement indicates, this bench strength allows for a seamless transition and advancement for investment professionals within our platform. We are delighted to have Rick assuming this new role in our fixed income business."

As CIO, Mr. Rieder will continue to serve 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, as well as the 14 person Fixed Income Executive Committee.

"I am very excited about the opportunity to take increased leadership of the fundamental investment process as CIO. I'm continually impressed by the depth of resources and commitment to the fixed income business at the firm and look forward to continuing to work with Scott Thiel and the rest of my colleagues in my new role," said Mr. Rieder.

Mr. Fisher added, "We have a lot of great investment professionals at BlackRock and understand that from time to time they will be presented with other opportunities. We appreciate Curtis' desire to pursue this new CEO position and we wish him the best of luck in his new role."

About Mr. Rieder

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Fixed Income, Fundamental Portfolios, and head of its Corporate Credit and Multi Sector and Mortgage Groups. He is a member of the Fixed Income Executive Committee, and a member of BlackRock's firm wide Leadership and Capital Commitments Committees.

Prior to joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He also served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury. From 1987 to 2008, he was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He also was a member of the Lehman Brothers Management Committee and the Board of Trustees for the corporate pension fund. He was global head of the firm's Credit Businesses, including Investment Grade Corporate Debt, Emerging Market Debt, Credit Hybrids, Money Markets and Structured Products. He served as chairman of Lehman Brothers' Investment Grade Capital Commitment Committee, co-chairman of the Board of Lehman Brothers' commercial bank, and a member of the Fixed Income Division Operation Committee. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

Mr. Rieder is a member of the board of Emory University, Emory's Business School, as well as the University's Investment (endowment) and Finance Committees. He also serves as Chairman of the Board of the North Star Academy Charter Public School System in Newark, New Jersey, the National Leadership Council for the Communities in Schools Educational Foundation, the Newark Youth Foundation, and the Committee for the Center for Celiac Research at the University of Maryland. Mr. Rieder earned a BBA degree in business from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2010, BlackRock's AUM was $3.151 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares(R) (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions(R). Headquartered in New York City, as of June 30, 2010, the firm has approximately 8,500 employees in 24 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at

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