Nikko Asset Management president and CEO Takumi Shibata has decided to step down on 1 April 2019.

Shibata first started working at the firm in July 2013 as executive chairman before he was handed the reins of the firm in January 2014.

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According to the firm, it grew its assets to $202bn from $163bn with Shibata at the helm.

The firm’s net income is also said to have soared to $77m from $49m under Shibata’s supervision.

Nikko will now have a dual leadership structure, with Hideo Abe and Junichi Sayato as representative directors and co-CEOs.

Additionally, Abe and Sayato will serve as president and chairman, respectively.

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Commenting on the appointments, Shibata stated: “Under Hideo Abe’s leadership, sales, product & marketing have grown into highly effective efforts, while Junichi Sayato has strengthened internal controls under his operational leadership.

“With this in mind, I feel this is the right time to transition the company to those who have helped me shape it.”

Besides, the firm announced that its non-executive chairman Yoichiro Iwama will remain.

Iwama was appointed in this position a year ago.

Nikko managed $202bn in assets at the end of December 2018. The business oversees equity, fixed income, as well as alternative portfolios.