Japan's Government Pension Investment Fund Friday hired State Street Trust and Banking Co., as custodian for the ¥139.8 trillion ($1.28 trillion) pension giant's planned investments in alternatives.
The hire was announced in a statement posted on the Tokyo-based fund's website. No further details were provided, and a spokesman couldn't immediately be reached for comment.
According to the fund's latest results for the quarter ended Dec. 31, GPIF's alternative investments amounted to a scant 0.04% of the overall investment portfolio.
The fund's strategic asset allocation sets an upper target of 5% for alternative investments, to be counted toward its targets of 35% for domestic bonds, 25% apiece for domestic and overseas stocks, and 15% for overseas bonds, depending on the underlying exposures of the specific alternative investment.