Shibata and former Nomura chief executive Kenichi Watanabe resigned from the Japanese brokerage in July last year under pressure from regulators to step down following an insider trading scandal.
Shibata led the brokerage’s acquisition of Lehman Brothers in 2008 as part of Nomura’s global expansion plan which was subsequently scaled back.
Following the expected approval of his appointment at Nikko Asset Management’s annual shareholders meeting on June 28, his role will take effect on July 1.
Charles Beazley will remain president and chief executive with continued day-to-day responsibility for the management of the business. With the recent retirement of two senior executives, Beazley was performing the combined roles of chairman, president and chief executive.
A spokesperson said Shibata has worked in the US, London and Hong Kong and that” he is one of only a handful of Japanese financial service executives who combines a deep understanding of the Japanese market with a track record of success at the international level”.
Shibata began his career at Nomura in 1976, and he became a director in 1998, managing director in 2000, and chief executive officer in 2008.
During his time at Nomura, his roles included president and chief executive officer of Nomura Asset Management as well as head of a variety of businesses at Nomura, including the global support functions, global wholesale business, global investment banking operations and the European business.
Nikko Asset Management has expanded outside Japan through acquisitions in Singapore, Hong Kong, China, Australia and New Zealand. It has also added stakes in a number of independent Malaysian firms and, most recently, launched a joint venture in India.
