Former Barclays UK private banking head David Semaya is to join Nikko Asset Management, as CEO Charles Beazley steps down for family reasons.
Semaya, who was head of Barclays' UK private bank operations from 2009 to 2012, joins Nikko AM as non-executive chairman on 1 April.
The asset manager then intends to make Semaya as executive chairman on 1 September.
Meanwhile CEO Beazley, who is also the Japanese group’s president, will be replaced by former Nomura boss Takumi Shibata.
Shibata will also retain the executive chairman role until Semaya takes over.
Beazley said: “The decision to leave Nikko Asset Management was not an easy one for me, but I naturally chose to return to the UK in the face of family health issues that require my undivided attention.
“I am proud of the progress Nikko AM has made during my tenure as CEO, and have no doubt that the company will continue to prosper under the new management.”
The change of management comes at a time of speculation into whether Nikko AM will make an initial public offering this year, according to the Wall Street Journal.
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