The listing, which was due to take place this month, was expected to be the second-largest initial public offering in Tokyo this year, but the firm said today that it has suspended the process.
“The company remains committed to the belief that, as a publicly listed asset management company, it can contribute to the development of the Asian asset management industry and help millions of Asian investors grow their wealth,” it announced in a statement.
“However, as there is no need for the company to raise cash through an immediate listing, the company has decided that it is appropriate to suspend the listing during this time of market volatility. As such, the company will seek to resume its listing plans when market conditions are more stable.”
Nikko Asset Management is seeking to expand its footprint in southeast Asia, and acquired Singapore’s DBS Asset Management in September.
