Paul H. Aron, vice chairman of Daiwa...

Paul H. Aron, vice chairman of Daiwa Securities America Inc., will retire as of Dec. 31, in accordance with Daiwa Securities’ company policy.

Aron, who turned 66 this year, will retain a continuing senior advisory role with Daiwa, with the title of vice chairman emeritus.

“Last year, when Paul Aron reached the mandatory retirement age of 65, we requested that he remain at Daiwa as vice chairman and chief administrative officer for another year, as our rapid growth and our becoming a primary dealer of U.S. government securities accentuated our administrative needs,” said Takuro Isoda, chairman and chief executive of Daiwa Securities America. “Under these circumstances, he graciously consented to stay. Last year, at his suggestion, we announced that he would be serving only for another year.

Aron joined Daiwa in 1976. Since that time, the firm has grown tenfold in the United States, has established departments in institutional research, corporate bonds, mortgage-backed securities and money markets, and launched the first U.S. debt issue in the domestic capital market lead-managed by a Japanese firm.

Before joining Daiwa, Aron earned an international reputation for his pioneering efforts in the introduction of U.S. institutional investment in Japanese securities. Specifically, as vice president-research and portfolio manager with the Dreyfus Fund, he directed such investment activities starting in the late 1960s.

In 1973, as a member of a four-person investment committee, he introduced foreign securities to the College Retirement Equities Fund, the first major regulated pension fund to invest abroad.

Daiwa Securities America has been serving American clients since 1958. The firm has offices in New York, Chicago and Los Angeles.