Japan's Government Pension Investment Fund, Tokyo, hired six managers to run an undisclosed amount of assets in emerging markets equity, the fund announced Monday.
The ¥108 trillion ($1.3 trillion) pension fund selected Invesco, Nomura Asset Management, Nomura Funds Research and Technologies, Mizuho Investment Management, Sumitomo Mitsui Asset Management and Lazard Asset Management.
This is the pension fund's first emerging markets equity investment. As of Dec. 31, its asset allocation was: 67.4% domestic bonds; 11.1% domestic stocks; 10.1% international stocks; 8.4% international bonds and 3% cash.
Takahiro Mitani, president of GPIF, could not be reached for further information.