BlackRock (BLK) is overhauling its fixed-income division, as the unit's leveraged finance business moves under a new executive team coming from BlackRock's recently acquired HPS Investment Partners, Bloomberg said Wednesday, citing an internal memo.

The company's leveraged-finance business will remain under the command of David Delbos and Mitch Garfin, but will now come under the private financing solutions from global fixed income, with the PFS business being led by HPS executives, the report said.

This move underscores the growing importance of the private financing solutions group for BlackRock as it plans to further its reach into private and alternative credit and compete with firms like Blackstone (BX) and Apollo Global Management (APO).

BlackRock did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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