Nikko Asset Management, the Tokyo-headquartered global asset management group, is splitting the roles of chief executive and chairman to comply with common corporate governance practices.

Effective 1 July 2013, Takumi Shibata will assume the role of director and chairman, upon approval at the annual shareholders' meeting on 28 June. Shibata will take charge of governance related matters.

Charles Beazley remains as president and CEO and will be responsible for the day-to-day management of the business. Up until this move, Beazley was performing the combined roles of chairman, president and CEO.

Together, they form a new leadership team for Nikko AM. The separation of the chairman and CEO roles was a unanimous decision by the board, the firm said in a statement. Shibata's appointment effectively brings the board composition to 9 directors, with four executive directors, three non-executive independent directors and two from STB.

Nikko Asset Management has been actively expanding in Singapore, Hong Kong, China, Australia and New Zealand over the past years. It has also added stakes in a number of independent Malaysian firms. As at 31 March 2013, it records some $162 billion in assets under management.