Nikko Asset Management Chairman and CEO Timothy F. McCarthy will retire at the end of the fiscal year, to be replaced, as of April 1, by Charles Beazley, who currently oversees the firm’s Asian operations.
The move is in line with the firm’s succession plan.
"It has been eight exciting and fruitful years since I took over Nikko AM," McCarthy said in a statement. "I am so proud of what the company has accomplished. I now feel it is the right time for the team, with Charles at the helm, to take over the management and to continue to build on our dream of providing investment solutions to millions of Asian consumers and our regional expertise to many international institutions."
On McCarthy’s watch, Nikko AM saw its assets under management grow from US$50 billion to over US$150 billion, transforming itself from a local Japanese captive asset management company to an independent asset manager with operations throughout Asia as well as in London and New York.
CEO-in-waiting Beazley joined the firm in London in 2006 as president of its international offices before moving to Tokyo full time in 2010 to manage the firm’s Asian operations and its domestic Japanese institutional business.
Bill Wilder remains the firm’s president and CIO and the rest of the existing management team will remain in place.