Nomura Asset Management U.S.A. Inc. will take over management of The Japan Fund Inc., a $320 million independent mutual fund focused on Japan, pending shareholder approval. Fidelity Investments had been fund manager.
William Givens, Japan Fund chairman, and Shigeru Shinohara, Nomura U.S.A.s president and CEO, said in a joint interview that the appointment marks the start of a broader strategic alliance. Mr. Givens said Fidelity did a marvelous job, but with Fidelitys own Japan fund in the U.S. market, the board felt Nomura would be able to focus more on growing The Japan Fund. Both Mr. Givens and Fidelity spokesman Alexi Maravel called the decision amicable.
Mr. Shinohara said Nomura will use a multimanager approach for the fund, allocating the money among a growth equity team, a value equity team and a small-cap team, he said.