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 succession plan.
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 Anantharaman)