Japan’s Nikko Asset Management has named Takumi Shibata, former COO of Nomura Holdings, as its new chairman, effective 1 July 2013.
Shibata, who orchestrated Nomura’s global strategy through the Lehman acquisition, stood down from the company last July after pressure from regulators in the wake of an insider-trading scandal.
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Charles Beazley, who had held the roles of chairman, chief executive and president at Nikko since the end of last year, will continue as chief executive and president. As chairman, Shibata will be in charge of governance.
"I have three roles now and it’s not good for corporate governance and I always thought it’s just temporary," Beazley said, adding he thinks Shibata’s knowledge and global experience will also benefit the Tokyo asset manager.
"Mr. Shibata is one of a handful of Japanese executives with a deep understanding of the Japanese market with a vision at the global level," he said.
Nikko, with $162 billion in assets under management, is 78% owned by Sumitomo Trust Bank, 7% by the Singaporean bank DBS, and 15% by employees.
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