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.

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