The former executive chairman of an Asian asset management heavyweight has a new role.

The former chairman of Nikko Asset Management, Japan’s largest investments firm, now holds a similar role at the asset management arm of Sumitomo Mitsui Trust Holdings.

The firm has named David Semaya as co-chairman, alongside current president Hideki Hiraki, who was also named to the same role, Reuters reported.

The move comes a few days after Daiwa Securities Group and Sumitomo Mitsui Financial Group agreed to merge their asset management entities in an investments powerhouse, in a deal that will conclude next April subject to various approvals. (Under that agreement, Sumitomo Mitsui will take a 50.1 per cent stake in the combined company, and Daiwa will own 23.5 per cent, while Mitsui Sumitomo Insurance Company will take 15 per cent, Sumitomo Life Insurance Co take 10.4 per cent and Sumitomo Mitsui Trust Bank, 1.0 per cent.)

Semaya joined Nikko AM in early April, 2014. Prior to this, Semaya worked at Barclays Plc, where he served in various executive leadership positions since joining the bank in 2004. He was head of the wealth management business in the UK and Ireland, Chairman of Barclays Asset Management Ltd., and CEO of Europe and Asia for Barclays Global Investors (BGI). From 2004 to 2007, Semaya was President of BGI Japan Trust & Banking Co., Ltd. Prior to that, he was with Merrill Lynch for 12 years in a variety of roles in asset management and capital markets in both New York and Tokyo. 

His experience in Japan goes back over a decade: He served as president of Merrill Lynch Investment Managers Japan from 2002 to 2004.