<!-- Swiftype Variables -->

Money Management

Nikko Asset Management CEO to step down March 31

Nikko Asset Management President and CEO Takumi Shibata

Takumi Shibata will step down as president and CEO of Nikko Asset Management at the March 31 close of the current fiscal year, the Tokyo-based money manager announced late Monday.

As of April 1, Hideo Abe, a director and executive vice chairman at Nikko, and Junichi Sayato, representative director and executive deputy president, will take on the roles of representative directors and co-CEOs, a Nikko spokesman confirmed.

Mr. Abe will take on the additional role of president while Mr. Sayato will become chairman. The spokesman didn't immediately say if Mr. Abe's executive vice chairman role and Mr. Sayato's executive deputy president role would be filled.

After six years at Nikko, Mr. Shibata said in a news release that it was "the right time to transition the company to those who have helped me shape it."

Under his leadership, Nikko's assets under management rose to $202 billion from $163 billion, the news release said.