BlackRock Inc., the world’s largest money manager, named the former top executive of Japan Post Holdings Co.’s banking unit as its representative chairman for Japan.
Yoshiyuki Izawa will start the job on May 18, New York-based BlackRock said in a faxed statement Tuesday. The U.S. company’s Japan President Masato Degawa will resign on April 30, it said.
Investors at the firm have been seeking more Japanese assets as Prime Minister Shinzo Abe’s economic stimulus policies drive equity and property prices higher. Dan Chamby, who helps oversee $100 billion for BlackRock, said this month he’s looking to add Japanese stocks because the country has the best earnings prospects among major markets.
“I am delighted to welcome someone of the vast experience and achievements as Mr. Izawa to BlackRock Japan,” Chairman Laurence D. Fink said in the statement. “The asset-management industry is taking on increasing importance as government reforms revive the Japanese economy.”
Izawa was president of Japan Post Bank Co. for more than five years until Taizo Nishimuro took the position this month. Nishimuro is also chief executive officer of the state-owned bank’s holding company, which is planning an initial public offering this year.
BlackRock reported last week that first-quarter profit rose 8.7 percent after investors added new money to its funds. The company attracted more than $70 billion in long-term new money, more than half of which went into index-tracking products that generally charge lower fees.