Cohen & Steers Taps Veteran Shirose for Major Japan Expansion

TOKYO, Japan – January 07, 2026 – Global investment manager Cohen & Steers has announced a significant strategic move in Asia, appointing industry veteran Kikuo Shirose as the new Representative Director of Cohen & Steers Japan Limited. The appointment is a clear signal of the firm's intent to deepen its footprint in Japan, leveraging Shirose's extensive experience to capitalize on the country's burgeoning appetite for real assets and alternative income investments.

Mr. Shirose, who will report to Matthew Pace, Executive Vice President and Head of Global Sub-Advisory, is tasked with leading all facets of the firm's Japanese operations. His mandate focuses on driving strategic growth and strengthening relationships with the institutional and wealth investors that Cohen & Steers has cultivated over its 22-year history in the country.

A Veteran Leader for a Strategic Market

Cohen & Steers' choice of Kikuo Shirose underscores a strategic emphasis on deep, local expertise. With over three decades in the investment management industry, Shirose brings a formidable track record and an intricate understanding of the Japanese financial landscape. His career is marked by senior leadership roles at several prominent global firms, where he was instrumental in building and expanding their Japanese presence.

Most recently, Mr. Shirose served as President & Chief Executive Officer of PineBridge Investments Japan, where he was responsible for all local operations and client relationships. Before that, as Deputy President, he was tasked with developing PineBridge’s institutional business. His career also includes pivotal roles as Managing Director and Head of Capital Formation and Investor Relations at Fortress Investment Group, where he built the Japan institutional sales team from 2010. Earlier, he held senior positions as Head of Institutional Business at Nikko Asset Management and Head of Institutions Marketing at UBS Global Asset Management. This extensive background provides him with a unique network and a proven ability to connect global investment strategies with the specific needs of Japanese investors.

Targeting Japan's Thriving Alternatives Market

The timing of Shirose's appointment is critical, as it coincides with a profound shift in Japan's investment environment. For years, a persistent low-interest-rate environment has pushed Japanese institutional investors to look beyond traditional stocks and bonds in search of higher yields and portfolio diversification. This trend has now firmly taken hold, with over 90% of the country's institutional investors incorporating alternative assets into their portfolios.

Furthermore, government initiatives are fanning the flames of this transition. The Japanese government and the Financial Services Agency (FSA) are actively promoting the country as a “Leading Asset Management Center,” implementing reforms to attract foreign asset managers and encourage investment. Programs like the expanded Nippon Individual Savings Account (NISA) are designed to mobilize a significant portion of Japan's vast household savings into the investment market. This creates a fertile ground for specialized managers like Cohen & Steers, whose expertise lies in the very asset classes that are now in high demand.

Real Assets in the Spotlight: Real Estate and Infrastructure

Cohen & Steers' specialization in real assets—including real estate and infrastructure—aligns perfectly with some of the most dynamic sectors of the Japanese economy. Japan's real estate market has emerged as one of the most attractive in Asia, with investment volumes projected to remain strong after a record-breaking 2025 that saw volumes exceed JPY 6 trillion. Foreign investors are drawn to the market's stability, affordability, and attractive rental yields of around 4% in the residential sector, all supported by relatively low financing costs even as the Bank of Japan begins to normalize monetary policy.

Simultaneously, Japan is undergoing a significant infrastructure build-out. Government spending on transportation networks and the promotion of Public-Private Partnerships (PPPs) are creating substantial opportunities. The data center market is a particularly bright spot, experiencing explosive growth fueled by digitalization. Hyperscale developments in Greater Tokyo and Osaka are attracting massive investment from both domestic and international players. Cohen & Steers, with its dedicated global strategies in both listed infrastructure and private real estate, is well-positioned to offer Japanese clients access to these long-term, secular growth themes.

Navigating a Competitive Landscape

While the opportunity in Japan is immense, so is the competition. Cohen & Steers enters a crowded field populated by global giants like BlackRock, Brookfield Asset Management, and Goldman Sachs, all of which are actively expanding their real asset and alternative offerings in Japan. The market also features powerful local players such as Nomura Asset Management, Daiwa Asset Management, and Mitsubishi UFJ Trust and Banking Corporation. In this environment, a deep understanding of the local culture and established relationships are invaluable assets. This is where the appointment of Mr. Shirose becomes a key strategic advantage, providing the firm with the leadership necessary to navigate the competitive landscape and differentiate its offerings.

This move is a direct reflection of Cohen & Steers' global strategy, which prioritizes deepening its international distribution channels while remaining focused on its core specialization. The firm has been expanding its product suite globally, launching new vehicles like actively managed ETFs and private real estate funds to broaden client access. The intensified focus on Japan represents a critical piece of this global puzzle, connecting the firm's specialized capabilities with one of the world's most important capital markets.

Joseph Harvey, Chief Executive Officer of Cohen & Steers, commented on the appointment in a statement, reinforcing the strategic importance of the hire. "We are excited to welcome Kikuo to lead Cohen & Steers in Japan and strengthen our ability to serve clients across our institutional advisory, sub-advisory and wealth businesses," Harvey said. "Kikuo's leadership and deep expertise in the Japanese market will be pivotal as we continue to expand our presence and help clients implement real asset investment strategies." Mr. Shirose's leadership is poised to be the critical link between the firm's global expertise and the nuanced demands of one of the world's most sophisticated investment markets.