Timothy McCarthy, the chairman and chief executive of Nikko Asset Management is retiring at the end of this fiscal year, and will be replaced by Charles Beazley.

Beazley will take over the role on 1 April as part of the Japanese firm’s long-agreed succession plan. Beazley joined the firm in London in 2006 as president of its international offices before moving to Tokyo full time in 2010 to manage the firm’s Asian operations and the domestic Japanese institutional business.

“I now feel it is the right time for the team, with Charles at the helm, to take over the management and to continue to build on our dream of providing investment solutions to millions of Asian consumers and our regional expertise to many international institutions,” said McCarthy.

During McCarthy's tenure, Nikko AM became the largest regional asset management company based in Asia, with assets under management growing from $50 billion to over $150 billion.

The firm was transformed from a local Japanese captive asset management company to become independent and operating locally in seven Asian countries and regions as well as London and New York.

Nikko AM has expanded through several acquisitions, in various regions including China  -(40 per cent of Rongtong Fund Management), Australia (Tyndall Investments), New Zealand (Tyndall Investments), Singapore (DBS Asset Management) and Hong Kong (DBS Asset Management).

As part of the DBSAM acquisition, Nikko AM acquired stakes in Hwang Investment Management and Asian Islamic Investment Management, both in Malaysia.

Most recently, Nikko AM announced plans to launch a joint venture business with Ambit Holdings Private in India.

Bill Wilder remains the firm’s president and CIO and the rest of the existing management team will continue to run the firm.

Nikko AM remains committed to its intention for listing as the largest independent asset management company in Asia in the future, with the full endorsement of its majority share holder Sumitomo Mitsui Trust Holdings.