Sumitomo Mitsui Trust’s Hishida to Lead New Asset Manager Lobby

The former president of Sumitomo Mitsui Trust Asset Management Co., Yoshio Hishida, will be appointed the first chairman of a new asset management industry group formed after a merger of two existing bodies.

The move comes as the government encourages households to invest in assets like stocks and investment trusts rather than keep their funds in low-returning bank deposits.