Yusuke Karube has been named president and CEO of Sumitomo Mitsui Trust Asset Management Americas, the U.S. unit of Japanese asset manager Sumitomo Mitsui Trust Asset Management.
Karube succeeds Shigeki Katoh, who will return to Tokyo, said a news release Oct. 9.
A spokesperson for the firm said Katoh has joined the corporate planning department at Sumitomo Mitsui Trust Asset Management, where he is responsible for "developing a business plan."
Karube was part of the original team that established SMTAMA in 2020, where he worked alongside Katoh, the new release said.
As head of SMTAMA, Karube will continue to bring Japanese equity strategies to North American institutional investors, and he will also conduct engagement activities for the North American companies in which SMTAMA invests, as well as providing Japanese investors with information about U.S. asset managers’ investment strategies, the release added.
Karube’s most recent title was executive vice president at SMTAMA, according to his LinkedIn page.
A spokesperson for the firm said that there is no successor for Karube as he joined Mitsui Trust Asset Management to take over Katoh's position.
Karube’s appointment comes amid “high U.S. institutional investor interest in Japanese investment opportunities,” said Yoshio Hishida, CEO of Sumitomo Mitsui Trust Asset Management, in the release.
“Despite a period of volatility, Japanese stocks recently touched record highs for the first time in 34 years,” Hishida added. “This is providing significant opportunities for SuMi TRUST as global investors seek out investments set to benefit from an uptick in growth and corporate governance reforms for listed companies.”
“U.S. investors are increasingly looking to diversify their portfolios and remain exceptionally positive about the prospects for Japanese equities,” Karube said in the release.
Sumitomo Mitsui Trust Asset Management had $623 billion in assets under management as of March 31, according to the firm’s website.