Nikko Asset Management has appointed Aoifinn Devitt as head of the World Series Fund platform to expand the manager selection business beyond Japan to Europe and other parts of Asia.
The platform channels funds packaged under the Nikko AM brand, currently managing over US$29 billion of third party manager products distributed across Japan, Australia and Singapore.
Nikko AM plans to expand the scope of providers covered by the program and expand distribution to new markets focusing on Asia ex-Japan.
Formerly of Cambridge Associates and Goldman Sachs, Devitt will manage the global third-party manager research and selection functions, while further developing Nikko AM's 'manager of manager' product line, unifying Nikko's existing network of teams and building out additional capabilities in Europe and other parts of Asia.
"We can tap in to the outstanding growth opportunities in Asia, where Nikko AM has established a clear presence and reputation as the world's leading Asian asset management company," Devitt said.
The appointment will harness a new relationship between Nikko AM and the City Financial Asian Absolute Growth Fund where Devitt is the appointed investment sub-adviser.
An Asian focused multi-manager fund with approximately US$60 million in assets under management, City Financial intend on appointing Nikko AM as sub-advisor commensurate with regulatory approvals and Devitt's start.
"Nikko AM's World Series Fund Platform has established itself as a unique channel for many of the world's leading asset managers to tap into our extensive distribution network in Asia.
"Growing investor demand, coupled with Nikko AM's distribution arrangements and the barriers to entry for non-Asian managers, means that the World Series Fund Platform has huge scope to develop further," President of Nikko AM Europe, Charlie Metcalfe said.
Metcalfe said Devitt would bring immediate Asian hedge fund of fund benefits as well as experience, energy, intelligence and entrepreneurial skills.
