Nikko AM names a replacement to outgoing chairman Charles Beazley.

Nikko Asset Management, the Tokyo-headquartered asset manager, has appointed a new chairman to replace its incumbent head who is stepping down in April 2014 for family-related reasons.

Effective 1 April 2014, David Semaya assumes the role of non-executive chaiman and in 1 September will become executive chairman. Semaya, who replaces Charles Beazley, joins from Barclays, where he served in various executive leadership positions since 2004. He was head of the wealth management business in the UK and Ireland, and chairman of Barclays Asset Management and chief executive of Europe and Asia for Barclays Global Investors. Before that, he was president of BGI Japan Trust & Banking and worked for Merrill Lynch.

Also newly-appointed is Takumi Shibata, who becomes president and CEO of Nikko AM effective 10 January 2014. In addition to his new roles, he will continue as executive chairman until Semaya joins the firm. Shibata joined Nikko as executive chairman in July 2013 after serving as group chief operating officer at Nomura Holdings.

Nikko Asset Management has around $160 billion in assets under management as at 30 September 2013. It has 22 offices in 10 countries.