SINGAPORE, March 7 Japan's Nikko Asset
Management said on Wednesday Timothy McCarthy is retiring as
chairman and CEO at the end of the month and will be replaced by
Charles Beazley, as part of the asset manager's long-term
The departure of McCarthy, who in the 1990s helped stock
broker Charles Schwab and Co implement its Internet
strategy as president, comes three months after Sumitomo Mitsui
Trust Holdings, which owns most of Nikko, shelved a
planned initial public offering for the asset manager due to
weak market conditions.
Under American-born McCarthy, who in 2004 became the first
foreign chief of a Japanese financial firm, Nikko tripled its
assets under management to over $150 billion from $50 billion
and acquired several regional players, including Singapore's DBS
Asset Management and Australia's Tyndall Investments.
Beazley, who was in charge of Nikko's Asian operations and
the domestic Japanese institutional business, will assume his
new role on April 1, Nikko said in a statement.
(Reporting by Charmian Kok; Editing by Muralikumar