Life cos’ foreign assets up 12%, long-awaited exodus begins

The foreign securities holdings of Japan’s 43 life insurance companies were up 12.35% year-on-year at 30 June when they reached 63,822 billion yen while total invested assets rose 2.40% to 345,751bn yen, according to figures just published by the Life Insurance Association of Japan.

Overseas stocks and bonds made up 18.5% of all portfolios, the highest since 2007 when Japan Post Insurance joined the industry group and pushed the proportion down to 13.5% of total invested assets of 320,404bn yen.  Story continues below table.

Life cos assets 30 June 2014At the close of the prior quarter on 31 March 2014, Japan Post Insurance had foreign securities holdings of 1,519bn yen (see story immediately below) or 2.5% of the all-firms’ total.

If JP Insurance bought during the quarter ending 30 June all of the 300bn yen in foreign bonds it indicated it may acquire in the current financial year, that would mean other life cos’ overseas holdings have risen by 2,071bn yen — or an amount similar to that of the postal giant at each of the large players.

While all the LIAJ’s 43 members submit numbers to it the market is dominated by half a dozen firms. With the start of the financial year on 1 April these giants and their smaller brethren will have begun implementing asset allocation decisions made in the New Year.

In its most recent semi-annual poll of those intentions, Reuters found (see archive 29 April 2014 Life cos tend to caution not big shifts in asset allocation) increased overseas investment to be the only discernible trend. But much depended on the track taken by the Japanese currency.

On 1 April 2014 the yen was at US$1=103.54 (yen 1 = US$0.0096581). By 30 June it had risen by 2.2% to US$1=101.29 (0.0098726) resulting in a comparable impact on foreign holdings at the valuation date. Today the yen was back at US$1=103.74.

It looks as though the long-awaited investment exodus by the life cos may have begun but another couple of quarters will be needed before it can be said to be firmly in place.

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

 

 

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Japan Post Insurance adds 279.5bn yen in foreign securities

Japan Post Insurance closed its financial year on 31 March with foreign securities holdings up 22.55%, or 279.5 billion yen, on 12 months earlier to total 1,519 billion yen.

Commenting to the Nikkei a Japan Post official said that the country’s, and the world’s, biggest life insurer by assets may invest an additional 300bn yen in foreign bonds by the end of this fiscal year.

Japan Post Insurance assets 2013-3-31  2014 3-31When expressed as a percentage of the giant’s overall portfolio the changes look miniscule.

Foreign securities are up from 0.75% to 0.92% while government bonds are down from 31.36% to 30.86%. When municipal bonds are included the numbers budge be even less — falling from 36.84% to 36.53%.

Small wonder that the Abe government has wanted the focus to stay so intently (see posting below) on asset allocation at the Government Pension Investment Fund and the three Mutual Aid Associations which will eventually adopt its allocation strategy .

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

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Nikkei continues relentless flogging of GPIF+Mutual Aids horse

The Nikkei reported yesterday that combined demand for stocks from the Government Pension Investment Fund, the Federation of National Public Service Personnel Mutual Aid Associations, the Pension Fund Association for Local Government Officials and the Promotion & Mutual Aid Corporation for the Private Schools is likely to hit 6.6 trillion yen.

As regular ijapicap readers will know the three MAAs are thought likely to buy 2.2tr yen of stock (see posting immediately below) and GPIF about 4.4tr yen. The Fund may have already bought half of that and the other 50% could be fulfilled through mopping up sales by corporate pension funds (see archive 28 July).

‘The question is’, says the Nikkei, ‘by how much demand for Japanese stocks will arise once the funds pour money into the market?’

Since none of the four investment vehicles wants to buy at the top of the market and then watch the value of their holdings dwindle, the more relevant question is: how will the funds be flowed into the market and what impact that will have on prices?

Masahiro Nishikawa, vice president of the securities division at Goldman Sachs Japan, makes sensibly modest claims telling the Nikkei that ‘the funds are likely to underpin Japanese stocks’ but then adding ‘the pace of buying will slow when the overall market gains momentum’.

And that is really the question: the buying by all four vehicles is a series of on-offs. Where does momentum come from next? The fact that the Nikkei is flogging the GPIF+MAAs  horse so relentlessly suggests that there is not much else coming over the horizon.

Even more interesting: who is feeding the newspaper this diet of constantly upbeat stuff? When does it stop?

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

 

 

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Big three mutual aid associations ready to line up with GPIF

Whatever the Government Pension Investment Fund’s new asset allocation turns out to be, two of Japan’s three giant Mutual Aid Associations have lined up the external management needed to emulate it — fuelling a fresh round of optimism on demand for shares just when it was needed

The story began in the Autumn last year when government appointed a panel of experts to look at the asset mix of the Pension Fund Association for Local Government Officials (Chikyoren), the Federation of National Public Service Personnel Mutual Aid Association (KKR) and the Promotion and Mutual Aid Corporation for the Private Schools of Japan, as well as that of GPIF.

MAAs plus 20 pc stocksThe panel recommended, broadly, that all four funds cut back their holdings of Japanese government debt, buy equities in the hope of getting better returns, and follow the same asset allocation guidelines as each other from October 2015.

The received wisdom is that this will see GPIF, the behemoth among the behemoths, and the other funds moving 20% of their portfolios in domestic shares. That would mean the three MAAs putting a combined 2.2tr yen of fresh money into the equities.

KKR proved the first to move. By January last year it was seeking active managers for foreign stocks after its investment committee recommended that the overseas portion of its 7.76tr yen portfolio be increased from 5% to 8%. A year later it awarded 13 such mandates.

At the same time it announced a search for active managers KKR new active equities mandatesof its domestic stocks (see archive 7 February 2014 Civil Servants seek active domestic equities managers) and on 25 July announced the appointment of 14 (see table) but gave no amounts or benchmarks.

Nissay Asset Management Corporation and Nomura Funds Research are both new to the KKR roster as is Capital International which has not previously held an MAA mandate. FIL Investments, as Fidelity is known in Japan, has not had an MAA mandate for two years but now returns with KKR.          Story continues below table

Chikyoren's new equities manatesChikyoren following suit announcing a new line-up of 18 active equities managers in early August. Its roster also includes Capital International along with additional newcomers Wellington International Management, Daiwa SB Investments, and Allianz Global Investors which now has it first MAA mandate.

A Bloomberg story of 5 August quoted various market participants and commentators, including the tirelessly talkative Takatoshi Ito, as noting that moves by the three big MAAs would be good for the stock market.

Kenji Shiomura, a strategist at Daiwa, saw even greater potential in the development than has previously come to light because ‘Many people don’t fully understand how the system works for local civil servants’. This is a reference to the number of smaller funds that could implement the same guidelines.

ijapicap readers will understand it if they read the profile on Chikyoren which appeared on 8 November 2011 (see archive) and How Abe’s arrow falls short of supposed target on 6 June 2013.

It is not as juicy as it first sounds and smacks of the themes machine which will probably look for its next one-off boost to the 4tr yen portfolio of Serama, the Small Enterprise Retirement Allowance, a profile of which is coming soon to this blog.

A table showing which fund managers held mandates from the whole range of MAAs, including those at local level, at 31 March 2013 appears under the Chikyoren section of the ‘Giants’ tab above

Please note that the numbers in the first table above are also at 31 March 2013, not 2014, as full figures for the year ending at that date are not yet available.

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

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Markets move on GPIF reports nobody bothers to check

This week said a lot about the priorities of Japan’s stock and bond markets — and the role of its media. Monday saw the FT’s Ben McLannahan exposing the return of ‘Nikkei previews’, through which the Japanese daily, in effect, unveils companies’ results days before they are officially announced.

Then came three important publications from the IMF. Unstash the Cash! Corporate Governance Reform in Japan, Is Japan’s Population Aging deflationary? and Japan’s Corporate Income Tax: Facts, issues and Reform Options.

They caused a ripple but it could not stand up to Thursday’s tide after Reuters’ Takaya Yamaguchi reported, in an ‘exclusive’, that the Government Pension Investment Fund ‘plans to boost the weighting of domestic stocks to more than 20 percent from the current 12 percent target, two people with knowledge of the allocation review said…

‘The GPIF will likely lower its weighting for Japanese Government Bonds to around 40 percent from the current 60 percent target, said the people who have been consulted on the fund’s plans.’

There so much wrong with this it is hard to know where to start.

Yet, according to the Nikkei, the stock market ‘Snapped 5-day losing streak on report on gov’t pension‘, with the eponymous 225 index rising by 75.58-points, or 0.48%. At the same time JGB prices fell on ‘Report on Japan pension fund portfolio change‘ allowing the yield on 10-year paper jump one basis point to 0.525%.

Reuters also noted that its coverage caused share prices to reverse earlier falls and that ‘some overseas investors [too] bought back in the light of the news’.

What news?

GPIF’s current reference allocation ['target' in Reuterspeak] to domestic stocks is not 12% it is 16.47%  and the actual allocation at the close of the financial year on 31 March was 15.88%.

GPIF asset allocation 31 March 2014Similarly, the Fund’s reference allocation to domestic bonds is not 60% but 47.25%  and its year-end allocation was 49.01% (a further 6.42% is in FILP paper but that has long been set on course to self destruct).

Who are these anonymous sources and who has consulted them? What do they stand to gain or lose if GPIF increases its target allocation by more then the expected 20%?

Overall this story looks like simply like an attempt to pump steam steam to a tale that has been running out of it.

Regular readers may remember ijapicap‘s 3 June 2013 story entitled ‘GPIF generated bliss bound to turn to post-coital blues’ (see archive) after the market rose following reports in many respectable media of ‘changes’ to the Fund’s asset allocation which were not changes at all.

At that time, as now, reporters simply wrote what they were told without checking on its veracity even though that could have been done in Japanese or English with a couple of clicks.

When stories quote market participants who are allowed to remain anonymous the potential for abuse is enormous.

With its ‘previews’ the Nikkei seems to be pursuing a bad practice by intent. Other outlets are taking the wrong direction through a basic lack of professionalism.

Much has also been sacrificed to the media’s obsession with GPIF – for example the question of why Japan Post Bank has still not made any announcement about it future asset allocation when it said, after an ijapicap report on 16 June (see archive ‘Abe attacks GPIF’s 6.8% in JGBs, silent on Japan Post’s 61.2%’), that an announcement could be expected soon.

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

 

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Does government have any real plan for GPIF, or anything else?

The ruling Liberal Democratic Party’s attempts to reshape the Government Pension Investment Fund experienced yet another lurch on Monday when LDP deputy policy chief Yasuhisa Shiozaki said that GPIF’s governance should be remodelled before changes are made to its portfolio structure.

This makes it fair to ask whether there is any consistent philosophy behind the mooted changes and if there is a legislative schedule that can accommodate meaningful debate on them.

Over a year ago – as part of its fight against deflation led by the Bank of Japan – government began pressuring the Fund to cut back the 60% of its portfolio it has long held in Japan Government Bonds, and other official obligations, and put the proceeds into stocks.

takatoshi itoIn November 2013 a panel of experts was appointed to study the problem and to come up with foregone conclusions. The group was led by the talkative Prof Takatoshi Ito whose subsequent verbal briefings about its sensible core findings, including some on governance, strayed well beyond the written report.

As the Ministry of Health, Labour & Welfare’s Social Security Council was due to undertake its quinquennial actuarial review of GPIF soon afterwards, there was sense in delaying any portfolio reconfiguration until those findings were known too.

New portfolio structure on the way

Meanwhile three members of the expert panel were among the eight people appointed to the Fund’s investment committee which had previously had a membership of 10.

A little while later GPIF, the world’s largest institutional investor, let it be known that it would unveil its new portfolio structure in the Autumn.

In tandem with these developments the Japanese stock market experienced a generally positive year with talk of the Fund’s buying providing a reviving upward draught whenever prices sagged.

Even so, the path has not been smooth for either stocks or the Fund which has maintained a dignified quiet which has tempted some politicians to administer further bludgeoning.

GPIF ready for change, but government?

Yet it now looks as although GPIF will soon be ready for change to come quickly the government will not.

While Yasuhisa Shiozaki told a seminar on the Fund sponsored by Bloomberg that he now wants remodeling of the Fund’s governance to come first that will need legislation which, so far as anyone knows, has not yet been seriously discussed in detail.

Once drafted the new law will need to be debated and approved, or changed, by the Diet which does not start its annual sitting until January. An ‘emergency’ session is expected in the Autumn but there has been no announcement of its opening and closing dates.

At the same time Prime Minister Abe has said he will reshuffle his cabinet in the first week in September. So whoever takes on the role of Minister of Health, Labour & Welfare, thus becoming responsible for the pensions system, may have only hours to be briefed before speaking in parliament to the new measure.

MAAs the next stock market story

Having squeezed as much as it can from the GPIF story, the stock market is now looking to stock purchases by the three big employees’ mutual aid associations which manage their members’ pensions contributions.

They are the Pension Fund Association for Local Government Officials (know as Chikyoren), the Federation of National Public Service Personnel Mutual Aid Associations (nicknamed KKR) and the Promotion and Mutual Aid Corporation for the Private Schools of Japan.

Currently overseen by the Ministry of Internal Affairs and Communication they will by October 2015 move under the jurisdiction of the MoHLW and have to abide by whatever asset allocation rule are adopted for GPIF. This could see about 2.2 trillion yen flowing into equities.

And in the forefront of the talk of what this will bring is, quelle surprise, Prof Takatoshi Ito.

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

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Number of vacant homes hits record high at 8.2 million or 8.3%

Japan empty homesVacant homes reached 15.5% of the Japan’s total stock of residential flats and houses last year, according to he latest quinquennial survey by the Internal Affairs and Communications Ministry reported in the Yomiuri Shimbun.

The 8.2 million empty homes – a rise of 8.3% on 2008 — is a record and almost four times the level in the early 19970s.
prefectures map

Caused by a long-running shrinkage in the population, overall vacancies were little dented by the need in 2011 to relocate 330,000 households after the Great East Japan Earthquake.

However the disaster led to Miyagi Prefecture (numbered 4 in the map alongside) experiencing a 4.5% drop in vacancies to 9.1%, the lowest in the country.

The highest ratio was the 17.2% found in Yamanashi Prefecture (19) which borders Tokyo, followed by Ehine (38) at 16.9% and Kochi (39) at 16.8%.

As Yamanashi goes, so goes the nation

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

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GPIF stock buying may only mop up corporate pension selling

Amid the often overly optimistic chat about how equities buying by the Government Pension Investment Fund will boost the Japanese stock market, it can be hard to grasp that much of the purchasing may have already happened and the rest will run into long-scheduled selling of shares by corporate pension funds going out of business.

GPIF could easily tap into such sales to acquire the level of stocks it seeks while making very little impact on prices and saving itself brokerage fees.

Common sense on the proportion of the Fund’s portfolio to be held in equities has settled in at around 20%. This compares with 16.47% at the 31 March 2014 year-end when the total portfolio was valued at 126,577.1 trillion yen.

Had 20% been in domestic shares at that time this part of the portfolio would have been worth 25,315.42bn yen against the 20,846.6bn yen of 16.47%, a difference of 4,468.8bn yen.

Already half way there?

Assume, as parts of the market do, that half of this figure has by now already flowed into shares. That leaves 2.23tr yen still to buy — and it is nor far away.

A little over 2tr yen of stocks is likely to be disposed of by those Employee Pension Funds (EPFs) whose parlous financial state has meant they have been unable to follow their brethren and convert to Fund DBs — though such sales will happen only if the MoHLW decides to dissolve the funds rather than prolong their agony.

The difference between an EPF and a Fund DB is that a sponsor with the former invests its own and its workers’ contributions to the government’s Employee Pension Insurance scheme and so finances the benefit (known as the daiko) which it pays.

Over a decade ago, companies recognised that, with markets slumping, they could no longer afford to be responsible for achieving the 8% return required and those with fully-funded daiko components were allowed to realise the assets and hand over the proceeds for management by GPIF. About 1,300 have done so to date.

Those with underfunded daikos were told there would be no handover until the problem was fixed. Although they were given five years from November 2012 to comply,the predicament of many is so dire that the longer they continue to exist the deeper it becomes.

Super-slow going

At 31 March there were 531 remaining EPFs, down only 29 on the year before, with assets of 30.9tr yen. There is no publicly available and consistent estimate of how this breaks down but about 80% of it is thought to be backing for daiko components and about 20%, or 6.18tr yen, of the total to be held in domestic stocks.

At least a third of these plans is likely to opt for outright dissolution, if offered, as soon as possible – perhaps with some arrangement to make good on deficits at a future date. Any such arrangement would mean that the Ministry of Health, Labour & Welfare, the regulator, squeezing out everything it can, leaving nothing to put into a new pensions vehicle.

Most of today’s EPFs are multi-company arrangements set up to provide retirement schemes to small companies in the same industry within a defined geographical region. They are well known to the Ministry since its ‘guidance’ has ensured that each has a ministerial alumnus – typically a retiree – on the team which manages it. The MoHLW is also the home of GPIF.

The bulk of EPFs’ assets are kept in pooled accounts at trust banks or life insurance companies which act their sokanji. The institutions fulfilling this role for retirement schemes handle not just investment but also custody and all other administrative tasks such as valuations. There are 16 sokanji but the business is dominated by just half a dozen.

If GPIF is seeking to increase its equities holdings by 2tr yen it could help its Ministry colleagues to execute a quick and orderly wind-up of the EPFs likely to opt for dissolution by offering to buy the around 2.1tr yen they are thought to hold in domestic stocks.

¥2tr trade only a couple of clicks away?

With the Bank of Japan a willing buyer of the EPFs’ JGB holdings and the sokanjis able to put a stock deal in place – if not at a couple of clicks then at not much more – the only barrier would be the MoHLW’s ability to fulfil its own processes for putting the funds out of existence.

At its present rate of progress – 29 a year and about 180 funds waiting to be dissolved – it will take another six years to get the job done, putting it well over the initial deadline of November 2017; taking a flamethrower to it would prevent the threat of overhanging stock sales putting a further dent in the market very time it wobbles.

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

 

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Mitsubishi Corp helps pensions move into global infrastructure

Mitsubishi Corp has pushed further into serving pension funds by establishing a ‘strategic partnership’ with New York-based I Squared Capital Advisors (US) LLC, an infrastructure investment manager. The alliance will see the two collaborating on sourcing projects as well as on creating and running the vehicles through which investors can take an interest in them.

Commenting on the deal the Nikkei noted: ‘While there is strong interest in infrastructure projects, which are seen as offering stable returns, until now investors have had to put up at least several billion yen. [The new alliance] will lower that threshold to around 500 million yen … making it easier for …smaller pension funds and regional banks to participate.’

This is the latest development in Mitsubishi Corp’s evolving network of tie-ups which began with its 2011 purchase of private equity consultants California-based TorreyCove (see archive 31 October 2011 Mitsubishi gears up pension product power). The next year it joined the Global Strategic Alliance (see 27 April 2012 Japanese join Canadian plan in huge new infrastructure fund) and in January 2014 launched with UBS a UK-focussed property-development debt fund to which it provided seed capital of GBP50 million.

The giant global trading house is also well-placed to provide its partners with intelligence on transport, warehousing and other infrastructure opportunities as they arise. In Tokyo it owns Mitsubishi Corporation Asset Management and has a 51% stake in Alternative Investment Capital Ltd which has its own tie-up with TorreyCove.  AIC has two people from the parent’s Logistics and Development Group on its board.

I Squared was founded by former Morgan Stanley staffers Sadek Wahba, Gautam Bhandari and Adil Rahmathulla.

Mitsubishi Corp’s press release is here

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

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Aging Chikyoren does well, already looks like GPIF clone

The 18.9 trillion yen Pension Fund for Local Government Officials, popularly known as Chikyoren, enjoyed an 8.44% return for the year ending 31 March 2014, according to the   annual results published on its web.

Chikyoren yield 2With asset allocation and yields very similar to those of the Government Pension Investment Fund (see archive 5 July) , Chikyoren is scheduled to move under GPIF’s umbrella by October next year — though the details of how this arrangement will work are not yet known.

Set up in 1983 as the long-term investment arm of a dozen civil service mutual aid associations which were running out of funds, Chikyoren subsequently took in the police pension scheme and that of public school teachers (a full profile is available in the November 2012 archive).

The fund’s allocation to foreign equities rose 26.7% during the term Chikyoren asset allocation 2013-14to reach 13.7% of the portfolio, compared with 11.7% in the prior term, while holdings of domestic stocks rose by 16.1% to reach 16. 1% of the total

Chikyoren’s holdings are dominated by domestic bonds which account for 57.2%, or 10.84tr yen. Just over 3tr yen of this is the fund’s officially imposed ‘duty investment’ in government securities which is down from 6tr yen a decade ago but the rule continues in force.

By 2010 the fund was passed its tipping point with 3,927,000 paying members and 3,973,000 pensioners. By 2020 those numbers are forecast to be 2,695,000 and 4,707,000.

Chikyoren assets by manager type 2013-14The current roster of fund managers is not yet available. Last year it comprised Amundi, Asahi Life Asset Management, BlackRock, DIAM, Goldman Sachs Asset Management, INVESCO Asset Management, Meiji Yasuda Asset Management, Mitsubishi UFJ Trust Bank, Mizuho Asset Management, Morgan Stanley Asset & Investment Trust Management, MU Investment, Nissay Asset Management, Nomura Asset Management, State Street Global Advisors, Sumitomo Mitsui Asset Management, Sumitomo Mitsui Trust Bank, Sompo Nipponkoa Asset Management, Tokio Marine Asset Management and UBS Global Asset Management.

More extensive data than that in the tables shown here has been posted in Microsoft Excel spreadsheets under ‘The Giants’ tab.

© 2014 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes commitment, money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

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