Japan's Nikko Asset Management has appointed a new
head for its manager selection business across Asia and Europe.

Aoifinn Devitt, who previously worked at
Cambridge Associates and Goldman Sachs, will head the World Series Fund Platform and be an investment sub-advisor to the City
Financial Asian Absolute Growth Fund. Both are London-based roles.

The World Series Fund Platform, which is
sub-advised by more than 40 managers worldwide, has over $29 billion of third
party manager products distributed across Japan, Australia and Singapore. Nikko
AM’s aim is to expand the platform to increase the scope of providers, as well
as extend distribution across new markets.

In a statement released by the firm,
Charlie Metcalfe, Nikko AM’s president of Europe said: “As Asian specialists, when we don’t have the investment capability in-house, we may partner with external managers to provide solutions packaged under the Nikko AM brand and distributed to investors via our intermediaries."

"Growing investor demand, coupled
with Nikko AM’s distribution arrangements and the barriers to entry for
non-Asian managers, means that the World Series Fund Platform has huge scope to
develop further,” he added. The firm’s focus will be on Asia ex-Japan, where the group already has established business through its
headquarters.

In addition to leading the World Series
Fund Platform, Devitt will act as investment sub-adviser to City Financial
Asian Absolute Growth Fund, an Asian focused multi-manager fund with
approximately $60 million in assets under management. It is intended that
Nikko AM will be appointed as sub-advisor to the fund, which in turn will
benefit from the asset manager’s resources and distribution capabilities, which
includes a global network of over 300 intermediaries.