Rick Rieder Overhauls BlackRock Bond Team as HPS Clout Grows (1)

BlackRock Inc. is revamping its massive fixed-income division around new investment strategies and artificial intelligence, as the unit’s leveraged finance business moves under an executive team from the firm’s newly acquired HPS Investment Partners.

The changes mark a new vision for the group and reflect the credit market’s “dramatic and transformative” evolution, Rick Rieder, BlackRock’s chief investment officer of global fixed income, said in an internal memo seen by Bloomberg.

The move also underscores the growing clout of the private financing solutions group led by HPS’s top executives — a key business for the firm as it expands ...