Searches and Hires

Japan’s GPIF taps Fidelity for passive domestic equities

Government Pension Investment Fund, Tokyo, awarded passive domestic equity mandates to FIL Investments (Japan) and Resona Bank, according to an announcement posted on the 165.6 trillion ($1.5 trillion) pension fund's website.

The announcement offered no details regarding the size of the mandates, and a GPIF spokesman couldn't immediately be reached for comment. However, as of the March 31, the end of GPIF's latest fiscal year, other passive domestic equity mandates with the same TOPIX benchmark ranged in size between 3.9 trillion and 9.6 trillion yen.

FIL Investments (Japan) is the Tokyo arm of Fidelity International. The mandate would be Fidelity's first passive allocation with the GPIF but its third overall.