Sumitomo Mitsui Asset Management (SMAM), a Tokyo-based fund manager, has hired Kunio Yokoyama as new CEO and president, replacing Ryoji Maeda, according to Asia Asset Management.

Meantime, Maeda has been named as chairman of the fund on 1 April 2014.

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Yokoyama has joined Sumitomo Mitsui Banking Corporation in 1981 and he led the group’s merger with Sakura Bank in 2001. He also played a major role in the company’s privatization.

Yokoyama has temporarily left Sumitomo in 2007, when he was named as executive director at state-owned Japan Post.

SMAM, with US$100 billion AUM, has offices in Hong Kong, Shanghai, Singapore, London and New York.

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