Curtis Arledge's second career in fixed income at BlackRock has come to a premature end, following the decision of BNY Mellon Asset Management to appoint him as its chief executive instead of internal contender Mitchell Harris.

Arledge will fill the capacious shoes of Ron O'Hanley, who quit in May to run Fidelity under the watchful eye of its chairman Ned Johnson. Harris, will continue to run its fixed-income, cash and currency divisions, said a spokesman. Jon Little, previously interim co-head with Harris, quit this month to buy asset managers for Ernesto Bertarelli's Kedge Capital.