DIAM, a Japan-based asset manager, has named Mizuho Corporate Bank's Norio Nakajima as its new president and chief executive officer.

Mr Nakajima has extensive international experience in sales trading and capital markets, having worked in New York and London for both Mizuho and the now-defunct Industrial Bank of Japan. He replaces Rikio Nagahama, who has recently retired.

DIAM, jointly owned by Dai-ichi Mutual Insurance and Mizuho Financial Group, is one of the largest asset management firms in Japan and has about 5 trillion yen ($52.3 million) in assets under management. Mr Nakajima's appointment underscores the company's drive to obtain investment from abroad, particularly from neighboring Asian countries.

“In this era of globalization, we remain committed to expanding our relationships, offices, and investment capabilities worldwide," Mr Nakajima said in a statement.