The first major feat of succeeding in Japan, certainly, is cracking a market that is largely investment-averse. But at Nikko Asset Management, where an American-led restructuring is taking place, the evolution extends internally, the Financial Times reports.
Over the past two years, Timothy McCarthy, Nikko's chairman and chief executive officer, has done away with a number of Japanese business practices to the firm--including lifetime employment, seniority-based salaries and committee-run portfolios.
"Nikko fund managers were held back by a culture of shame, where you want to win by not losing," McCarthy said. "The problem was that these fund managers didn't really think they were special, which was a reflection of this socialist culture."
To encourage portfolio managers to shine, Nikko is now offering them stock options and share savings.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.