McCarthy steps aside at Nikko AM

Nikko Asset Management (Nikko AM) chairman and chief executive Timothy McCarthy will retire at the end of the current financial year, to be replaced in both positions by Charles Beazley.

The leadership is part of a long agreed succession plan, and will be effective 1 April 2012.

McCarthy has held the role at Nikko AM for eight years, and during his tenure the company grew its assets under management from $50 billion to $150 billion - becoming the largest regional asset manager in the Asian region.

"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," said McCarthy.

Beazley joined Nikko AM in London in 2006 as president of the company's international offices. He moved to Tokyo in 2010 to manage the domestic Japanese institutional business, as well as the firm's growing Asian operations.

"[Nikko AM] is a unique company and has accomplished a very great deal in the past. Ahead of us lies an exceptional opportunity to execute our multi-local strategy in a region of unrivalled opportunity and scope," said Beazley.

The company aims to meet the saving and investment needs of people in the Asian region, and to connect Western financial service companies to Nikko AM's network in the region, Beazley said.

Nikko AM oversaw a number of acquisitions in the Asia region under McCarthy's leadership, including Tyndall Asset Management in Australia.