Nikko AM picks Beazley as chairman and CEO

Nikko Asset Management, the largest independent asset manager in Asia, has picked Charles Beazley as its new CEO and chairman, as Tim McCarthy, who built the firm up over eight years, retires at the end of this fiscal year.

The handover, part of a long agreed succession plan, occurs on April 1st.Bill Wilder remains the firm’s President and CIO and the rest of the existing management team will continue to run the firm.

McCarthy, a highly regarded figure in the regional industry, grew assets under management at Nikko AM from $50bn to over $150bn against a difficult economic backdrop. The firm was transformed from a local Japanese captive asset management company to an independent, operating in seven Asian countries and regions as well as London and New York.

The expansion included notable acquisitions in China (40% of Rongtong Fund Management), Australia (Tyndall Investments), New Zealand (Tyndall Investments), Singapore (DBS Asset Management) and Hong Kong (DBS Asset Management).

As part of the DBSAM acquisition, Nikko AM acquired stakes in Hwang Investment Management and Asian Islamic Investment Management, both in Malaysia. Most recently, Nikko AM announced plans to launch a joint venture business with Ambit Holdings Private Ltd in India.

The firm has developed a retail client base with millions of customers throughout the Asia-Pacific region and a large institutional client base, both in Japan and internationally, which has been steadily growing.

Lim SimSeng, External Independent Director, commented on behalf of the Nikko AM Board: “We are extremely appreciative of Tim’s leadership over the years and have worked closely with him to ensure that the company has a smooth succession plan timed at the beginning of the fiscal year that will position Nikko AM well for the future.”

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