Monthly Archives: April 2012

Japanese join Canadian plan in huge new infrastructure fund

OMERS calls it “ground-breaking”, Mitsubishi Corp “epoch-making” and the large language looks suited to the size of the opportunity opened up by the Global Strategic Investment Alliance which announced it first close on 26 April with initial commitments of US$7.5 … Continue reading

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JP Morgan polls pension funds’ investment intentions

Correction: the proportion of their assets which polled pension funds’ propose to keep in the general accounts of life insurers and trust banks is 9.3% not 1.1% as previously reported. The mistake arose from a mis-reading of graph 2 in the source. Japanese pension funds are … Continue reading

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REIT IPOs back after 4-year absence, unlisted trusts get index

With REITs of substantial size now lining up to list, a duel of sorts is developing between them and the unlisted trusts which fear losing their dominant position. One weapon of choice is an index.   The first publicly quoted REIT joined the Tokyo Stock … Continue reading

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Japanese politicians preparing to plunder the post office?

Further privatisation of Japan Post Bank and Japan Post Insurance will be delayed until an unknown date under a measure set pass the Diet’s upper house in June after it cleared the lower chamber last week.  With the nation deeper … Continue reading

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Pear shaped to ship shape: Japan’s insurers set sail

Within days of completing a 12-year-long, barrier-busting consolidation at home, Japan’s insurance industry made acquisitions in Poland, India and Malaysia. It won’t stop there.   Indeed, it did not quite start there. As long ago as 2007 Dai-ichi Life established a … Continue reading

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GPIF to move into emerging markets this quarter … or next

The Government Pension Investment Fund will make its oft-spoken-of move into emerging market stocks this quarter, or next, its president Takahiro Mitani told Bloomberg in an interview. The Fund will not, however, invest in alternatives such as hedge funds or … Continue reading

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Doing due diligence with what data?

Today’s English-language Nikkei reports that two European hedge fund firms are seeking to attract more Japanese institutional customers. Such stories are common. Neither of the entities named appears on the membership lists of the Japan Securities Investment Advisors Association or … Continue reading

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Pension funds said to ponder more property at home & abroad

Media reports of Japanese pension funds’ investment intentions frequently translate poll results that predict a shift to ‘alternatives’ as portending a move into ‘hedge funds’. They are pointing the wrong way. Alternatives include property which is where the funds are heading. Mitsui Fudosan, … Continue reading

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Nikkei: Kyle Bass betting against JGBs and the currency

The founder of Texas-based Hayman Capital, Kyle Bass, who foresaw the US sub-prime market going pear-shaped and made millions from the view, is betting against Japan Government Bonds and the yen, according to a story in the [subscription only] Nikkei. The … Continue reading

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