(Bloomberg) -- Rick Rieder had a clear mission when he was named chief investment officer for BlackRock Inc.’s actively managed bond funds in 2010: fix one of Laurence D. Fink’s biggest regrets.

Fink, chief executive officer of New York-based BlackRock, had built the firm from a bond shop into the world’s largest asset manager through acquisitions. In the process, the fixed- income unit had lost its course, with 59 percent of funds trailing peers in the 2008 financial crisis. As investors poured $1 trillion into bond mutual funds in the U.S. in the next four years, Fink watched Bill Gross’s Pacific Investment Management Co. more than double in size while his active fixed-income unit languished.

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