Barclays' former UK private banking head David Semaya is to join Nikko Asset Management as chairman.
The move follows Semaya's decision to leave Barclays ahead of its strategic review under new wealth head Peter Horrell. He will join Nikko as a non-executive chairman effective from April and is expected to become executive chairman in September.
Semaya stepped back as head of Barclays' private banking for the UK and Ireland in October 2012 to establish a centre of excellence for asset management at the private bank and was formerly chief executive for EMEA and Asia ex-Japan at Barclays Global Investors.
Nikko has also appointed Takumi Shibata president and chief executive, effective from January. In addition to his new roles, he will continue as executive chairman until Semaya joins the company. Charles Beazley is stepping down as president and chief executive for family reasons, and will be returning to the UK.
Semaya, also a director of the Investment Management Association, said in a statement: 'Joining Nikko AM at this pivotal time in its evolution is an exciting opportunity for me, and I look forward to participating in the Japanese market again. I have known Nikko AM as a competitor, and have developed respect for the firm over many years.'