In an effort to improve its fixed income offerings, BlackRock Inc. announced Thursday it promoted Rick Rieder to chief investment officer of fixed income, fundamental portfolios.

He joined the New York-based company's fundamental fixed income leadership team last year 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 was deputy CIO of fixed income, fundamental portfolios. In that role, he shared responsibility for leading the overall fundamental fixed income investment process.

At R3, Rieder was president and chief executive officer. Before that, he worked for 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.

Rieder succeeds Curtis Arledge, who has been CIO since the first quarter. Arledge recently became CEO of BNY Mellon Asset Management.

Rieder reports to Peter Fisher, who continues to serve as head of fixed income at BlackRock.

"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," Fisher said. "This bench strength allows for a seamless transition and advancement for investment professionals within our platform."

Rieder will continue to be head of corporate credit, and will also assume responsibility for the multi-sector and mortgage group.