There's a new leader for the asset management firm's Japan business, with the predecessor taking over the role of chairman of the firm's Japanese board of directors.

Principal Asset Management has appointed Koichiro Maeda (main picture) as its new head of Japan, effective yesterday.

Maeda brings more than 30 years of experience in real estate investment, alternative asset management, and investment banking. He has joined from DWS Group, where he most recently served as managing director and head of alternatives specialists (Asia-Pacific), and executive officer of DWS Japan. His career includes leadership roles at Mitsui Fudosan, Morgan Stanley, and PGIM. He holds advanced degrees from the University of Pennsylvania and Keio University.

Based in Tokyo, Maeda will oversee Principal’s strategic growth and client engagement in Japan, reporting to Thomas Cheong, president of Principal Asia-Pacific & Middle East.

Maeda is succeeding Hitoshi Itagaki, who will assume the role of chairman of Principal Japan’s board of directors. Itagaki has led Principal Asset Management Japan since 2007.

Principal Asset Management is the global investment solutions business for Nasdaq-listed Principal Financial Group®. It manages  $579.6 billion in assets, as of end-June this year.