Former Economic Adviser Returns to BlackRock as Deputy Head of Portfolio Management

Mike Pyle, a former economic adviser to U.S. President Joe Biden, has rejoined BlackRock as the Deputy Head of its Portfolio Management Group (PMG). This information comes from an internal memo that was reviewed by Reuters on Monday.

The Portfolio Management Group, which Pyle will help to lead, manages $3.2 trillion in assets. It covers a wide range of asset classes, including both fundamental and systematic fixed-income investments, as well as equities.

Pyle’s experience includes serving as an envoy to international summits such as the G7, G20, and APEC. Most recently, he held the position of U.S. Deputy National Security Advisor for International Economics, where he directed international economic policy for the Biden administration. This role concluded in February.

In 2021, Pyle left BlackRock, the world’s largest asset manager, after holding significant roles within its investment institute and multi-asset strategies units. His return to the firm is scheduled to take effect on Wednesday, as stated in the memo.

BlackRock, noted for its substantial global influence, reported that its assets under management had risen to $10.65 trillion in the second quarter, primarily due to robust equity markets and increased capital flowing into the company’s exchange-traded funds.