Monthly Archives: September 2016

Fiduciary duty: asset managers cannot do it for entire industry

As the Financial Services Agency moves towards imposing fiduciary duty of some kind on Japan’s investment sector, the route through which its writ will run seems alarmingly narrow. Just as the ‘stimulus’ predicted from Abenomics now appears to be limited … Continue reading

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Number of pension funds shrinks but assets relatively stable

Japan ended 2015 with 15,656 fund- and covenant-type defined-benefit (DB) pension schemes and 339 Employee Pension Funds (EPFs), a total 301 fewer than 12 months earlier. This marks the first time in 40 years that the aggregate number of job-based … Continue reading

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Report of big shifts in pensions asset allocations poorly based

 “Japan’s corporate pension funds shifting from stocks to bonds” proclaimed the headline on a story in Saturday’s Nikkei. If true this would be very interesting but the report was poorly sourced and even more weakly substantiated. The newspaper attributed the … Continue reading

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Mr Mizuno’s amour propre miffed again

Speaking this week at the tenth PRI [Principles for Responsible Investment] event organised by UNPRI, Government Pension Investment Fund CIO Hiromichi Mizuno remarked, as reported by Asia Investor, that his institution : ‘… suffered a [US]$50 billion investment loss in … Continue reading

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GPIF’s annual investment review could log progress far better

GPIF’s newly published English-language version of its investment review for the 2015/16 financial year is here.  The translation is later than usual and the numbers have not been converted from hundreds of millions to billions of yen as has been … Continue reading

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Japan’s pension funds take usual places in world’s top 300

The UK arm of actuarial consultants Willis Towers Watson and US periodical Pensions & Investments have just published their annual ranking by assets of the world’s top 300 pension funds along with some analysis of the trends underlying the compilation.There … Continue reading

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Q1 investment results from life cos put GPIF in the shade

The value of Japanese life insurance companies’ investment assets fell in the first quarter of the 2016/7 year by just 0.8%, new numbers from their trade body reveal. This contrasts sharply with that from the Government Pension Investment Fund the … Continue reading

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