Bank of New York Mellon (BNY Mellon) continues to demonstrate its dedication to the Japanese market with the promotion of Shogo Yamaguchi to president and representative director of the bank's asset management business.
Yamaguchi is charged with continuing BNY Mellon Asset Management's growth in Japan.
"Shogo has made a tremendous contribution to transforming BNY Mellon Asset Management into one of the major money managers in Japan," says Jon Little, vice-chairman of BNY Mellon Asset Management. "His experience will be invaluable as we seek to accelerate the growth of our business."
Previously Yamaguchi was executive vice-president of asset management in Japan. He reported to David Jiang, Asia-Pacific CEO of BNY Mellon Asset Management and chairman and representative director of BNY Mellon Asset Management Japan.
Yamaguchi's promotion does not effect Jiang's position. While remaining chairman and representative director for the bank in Japan, Jiang will focus on the development of long-term strategy for the region as Asia-Pacific CEO.
"While David will still play a role in Japan, we look forward to his leadership and focus in other parts of Asia," says Little.
BNY Mellon has had a busy few months in Japan. In March, the bank completed its three-year acquisition of JP Morgan Chase's trust business in Japan. The acquisition allows the bank to significantly expand its trust services in the country and leverage them on its existing asset management and securities servicing product lines.
Last year, the bank generated $2.5 billion or 19% of its total revenue from its asset management business, up 59% from 2007. Within asset management, 41% of revenue, or $1.03 billion, came from international operations.
The bank currently has $928 billion in global assets under management.