Asset servicing

MUFG Investor Services picks 2 as co-CEOs

John Sergides and Hideto Shimada were named co-CEOs at asset servicing firm MUFG Investor Services, effective Jan. 1, the company announced Wednesday.

Mr. Shimada will also be chief risk officer, MUFG said in a news release.

The two will replace Eiji Ihori, who served as interim CEO since May when Mark Porter stepped down to serve as an adviser to the firm. Mr. Ihori will return to his previous role as senior managing executive officer of Mitsubishi UFJ Trust and Banking.

Mitsubishi UFJ Trust and MUFG Investor Services are wholly owned subsidiaries of Mitsubishi UFJ Financial Group.

Messrs. Sergides and Shimada were deputy CEOs while Mr. Ihori was interim CEO. The deputy CEO posts will not be filled, a MUFG spokesman said.

Prior to serving as deputy CEOs, Mr. Sergides was managing director and global head of sales and marketing at MUFG Investor Services and Mr. Shimada was head of risk. Michael McCabe, managing director and head of business development for North America at MUFG, will replace Mr. Sergides; Mr. Shimada will retain his previous duties under his new title.

MUFG Investor Services had $540 billion in assets under administration as of Dec. 31.