Published Mon, Sep 1, 2025 \u00b7 05:21 PM<\/p>\n
[TOKYO] Nikko Asset Management is changing its name to Amova Asset Management, removing \u201cNikko\u201d for the first time since it was founded in 1959 in a sign the company is willing to leave familiar ground to expand globally. \u00a0<\/p>\n
The new name of the Sumitomo Mitsui Trust Group unit mashes together the words \u201casset management,\u201d \u201cmove\u201d and \u201cnova,\u201d Latin for \u201cnew\u201d. The company oversees US$260.3 billion in assets.<\/p>\n
The Tokyo-based company wanted the market to see that \u201cwe are not the firm from 65 years ago,\u201d said Stefanie Drews, Amova\u2019s chief executive officer, at an event. She said the asset manager\u2019s global growth plan seeks to \u201cexpand our business both organically \u2013 that means using our existing resources \u2013 and inorganically, creating further strategic partnerships.\u201d<\/p>\n
Japan\u2019s financial sector went through periods of major consolidation in about a decade and a half after the nation\u2019s asset-market bubble collapsed in the early 1990\u2019s. That prompted the biggest lenders to combine to survive in a tough market and get rid of their mountains of bad debt.<\/p>\n
The high-pressure mergers and acquisitions often led banks to keep the relations between the consolidating firms vague, prompting some of the companies to come up with names that didn\u2019t reflect their pre-M&A identities. Mizuho Financial Group, for example, united three firms including Industrial Bank of Japan, none of whose names contained \u201cMizuho,\u201d a word for rice plants. \u00a0 \u00a0 \u00a0\u00a0<\/p>\n
Sumitomo Mitsui Trust Group\u2019s name, meantime, starts with \u201cMitsui Sumitomo\u201d when written in Japanese, the same reversal that\u2019s seen in the name of the financial group. BLOOMBERG\u00a0<\/p>\n
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