Mike Pyle, who had served as an economic adviser to U.S. President Joe Biden, will return to BlackRock as deputy head of its Portfolio Management Group (PMG), according to an internal memo seen by Reuters Monday.

The unit, which has $3.2 trillion in assets under management, encompasses multiple asset classes, including fundamental and systematic fixed-income and equities.

Pyle served as envoy to the G7, G20, and APEC summits and was most recently U.S. Deputy National Security Advisor for International Economics, leading the Biden administration's international economic policy efforts for nearly two years. The role ended in February.

He left the world's largest asset manager in 2021 after serving in key roles in its investment institute and multi-asset strategies and solutions units.

Pyle's appointment is effective Wednesday, the memo said.

Assets managed by BlackRock hit a record $10.65 trillion in the second quarter due to stronger equity markets and higher inflows into the company's exchange-traded funds.