BNY Mellon AM reshuffles Japan management
BNY Mellon has announced the promotion of Shizu Kishimoto to representative director and president of its Japanese investment management subsidiary from head of retail sales and marketing.
Effective from April 1, she will replace Shogo Yamaguchi, who is named representative director and chairman of BNY Mellon Asset Management Japan. Both report to Alan Harden, CEO of the Asia-Pacific IM business.
BNY Mellon does not disclose AUM on a country-by-country basis, but a spokeswoman says Japan is the largest revenue generator in the IM division. It employs over 200 people in Tokyo, including 70 in IM and most of the rest in investment services.
Kishimoto was unavailable for interview at press time.
She joined BNY Mellon in 2003, having previously worked at UBS Trust and Banking and Credit Suisse Asset Management.
As president, Kishimoto will join BNY Mellon’s Asia-Pacific IM committee, operating committee and Japan executive committee.
Yamaguchi joined BNY Mellon in 2007, having worked previously at Credit Suisse Asset Management and PCA Asset Management.
He is a member of BNY Mellon’s Asia-Pacific investment management executive committee, Asia-Pacific operating committee and Japan executive committee.
BNY Mellon has $1.4 trillion in assets under management, of which $49.4 billion is sourced from Asia Pacific, by AsianInvestor numbers.
KKR Japan adds Goldman and McKinsey veterans
Private equity firm Kohlberg Kravis Roberts has hired two new directors in Tokyo after having raised a $6 billion Asian PE fund – the industry’s biggest – last year.
Hiro Shimizu started in January and is director of KKR’s capital markets subsidiary in Japan, with responsibility for its local clients.
Shimizu joins from Goldman Sachs Japan, where he was most recently head of the financial institutions group, but he left late last year. A spokeswoman from the bank declined to comment on whether a replacement has been found.
Sakae Suzuki began his new role as director this month for KKR subsidiary Capstone’s Japan team, which works exclusively on KKR’s portfolio companies. Suzuki joins from consultancy McKinsey & Co, where he was a principal with expertise in telecoms, media, technology and operations.
While KKR is expected to close its $6 billion Asian private equity fund soon, PE managers globally are set to face keen competition this year. As of January there were 1,940 PE funds targeting a total of $795 billion, compared with 1,814 seeking money in early 2012, according to data provider Preqin.
CIC non-committal over rumours about new chief
China Investment Corporation may soon be appointing current China Securities Regulatory Commission head Guo Shuqing to lead the $410 billion sovereign wealth fund, says Reuters.
This comes as China seeks to acquire $560 billion in overseas assets by 2015. The need for a recognised figure with strong commercial awareness and English skills will be key to making this happen, the news agency said.
However, current executive vice president Liang Xiang told Chinese media she has not heard such news. However, rumours suggesting that current CIC chief executive Lou Jiwei will become head of China’s Ministry of Finance are likely to be true, she said.
CIC could not be reached for comment by press time.
The sovereign wealth fund made a positive return of 10.65% in its overseas investments last year, after having made a loss of 4.3% in 2011.
Telstra Super CEO to step down
Australian superannuation fund Telstra Super’s chief executive, Martin Crowe, will step down on August 30.
“After 41 years in the workforce I am looking forward to winding down and spending more time with my wife and our extended families in Australia and Ireland,” he was quoted as saying in the media.
Having joined the retirement fund as chief financial officer and company secretary in 2000, Crowe took up the CEO role in 2008.
Media report that a replacement for the A$13 billion ($13 billion) fund has yet to be found.
Telstra saw positive returns across all its asset class over a 12-month period as of February 28, most noticeably yielding 25.03% in its Australian shares option. However, it lagged the ASX 300, which increased by nearly 40% in the same period.
Deutsche Asset Management sees Korea co-CEO depart
The co-chief executive of Deutsche Asset Management (DeAM) in Korea, Yong Shin, has stepped down, leaving Terry Hwang with sole leadership of the business.
Hwang was previously co-CEO with Yong and before that Korea head of DeAM property arm RREEF in 2010.
Media speculation suggests Yong’s resignation was due to the poor performance of the business. According to the Korea Times, DWS Investments Korea, the retail arm of DeAM, lost W3.8 billion in the first half of 2012.
However, an insider suggests Yong's departure is more to do with the group’s cost-cutting process, with its asset and wealth management arms being merged late last year, as reported by AsianInvestor.
DeAM confirmed Yong’s departure but declined to comment on the reasons behind it.
Other foreign firms have also suffered in Korea of late. Last year, Goldman Sachs Asset Management closed its onshore Korean business after five years of consecutive losses.
DeAM Korea is a subsidiary of the newly merged Deutsche Asset & Wealth Management business and has AUM of W3 trillion ($2.85 billion).
Eastspring adds in Greater China institutional sales
Prudential’s Asia funds arm, Eastspring Investments, has appointed Jayne Chu in a newly created role to broaden its institutional business.
Effective February 1, Chu has been named assistant director in the Greater China institutional business. She reports to Jeremy Hall, sales director for North Asia.
Chu joins from Deutsche Asset Management in Hong Kong, where she was Greater China sales manager for institutional mandates.
She joins other recent institutional sales hires, including Mark Yuen and Piers Wheeler, as reported in September.
Neuberger Berman appoints East Asia adviser
New York-based asset manager Neuberger Berman has appointed Hirofumi Gomi as executive adviser of its East Asian operations, effective 1 March.
Gomi will continue in his current role as chairman to PwC Research Institute, but will provide Neuberger with consultancy on the regulatory environment, financial administration, capital markets and corporate governance in East Asia.
Before his role at PwC, Gomi was at Japan’s Financial Supervisory Agency – which is now the Financial Services Agency – and was most recently a commissioner between 2004 and 2007.
Wood moves to Serica Partners from Matchpoint
Bobby Wood earlier this year joined Hong Kong-based Serica Partners, which runs the Serica Credit Balanced Fund, as head of business development.
This follows a one-year stint at Hong Kong hedge fund Matchpoint Investment Management, where he was head of marketing and investor relations. Matchpoint runs an event-driven strategy.
Prior to that, Wood spent six years at UBP Asset Management in New York and Hong Kong in the product distribution unit.
Other people moves reported by AsianInvestor in the past week: