One of Japan's biggest money-managment firms, Diam, has turned to an executive with international experience as its new president and CEO.

Norio Nakajima has joined the firm from Mizuho Corporate Bank. He succeeds Rikio Nagahama, who held the post at Diam for five years. Nagahama has now retired.

Diam is a joint venture between Mizuho Financial Group and Dai-ichi Mutual Life Insurance, and manages $76 billion.

Nakajima has spent seven years overseas, working in London and New York on behalf of Mizuho or at Industrial Bank of Japan (which later merged into the new Mizuho Financial Group). His background is in sales trading and in capital markets.

This choice reflects Diam's conviction that most of its growth must come from overseas, notably from Asia.

"It has become clear that Japanese companies now have even stronger commitment to Asia Pacific markets than ever, and the trend will continue as Japan is more closely integrated with other countries in the region," says Nakajima.