Japan's ¥150.7 trillion ($1.35 trillion) Government Pension Investment Fund said it has hired Legal & General Investment Management Japan as a passive manager of foreign equities.
The announcement, posted Friday on the Tokyo-based fund's website, didn't disclose the scale of the assets Legal & General will oversee or the benchmark the new manager will be tasked with matching.
A GPIF spokeswoman declined to say whether Legal & General is replacing another manager in GPIF's lineup or whether the fund is increasing its allocations to passively managed foreign equities.
At the March 31, 2018 close of GPIF's latest fiscal year, the fund reported ¥33.37 trillion in passively managed foreign equities divided among six external managers — four of which are domestic: Asset Management One Co., Sumitomo Mitsui Trust Bank, Mitsubishi UFJ Trust and Banking Corp. and Resona Bank, as well as the local arms of two global managers: State Street Global Advisors (Japan) Co. and BlackRock Japan Co.