Updated with correction
Japan’s ¥23.1 trillion ($211.1 billion) Pension Fund Association for Local Government Officials, known locally as Chikyoren, said it selected eight active international equities managers and two active managers of domestic government bonds.
An announcement posted Dec. 13 on the Tokyo-based pension fund's website said it hired:
- Amundi Japan for a strategy benchmarked to the MSCI Europe Value index.
- AllianceBernstein Holding for listing two benchmark indexes — one benchmarked to the Russell 1000 Growth index and the other benchmarked to the MSCI Europe index.
- Invesco Asset Management for a strategy benchmarked to the MSCI Europe index.
- Fisher Investments as subadviser to Nissay Asset Management, for a strategy benchmarked to the MSCI Kokusai Small Cap index.
- Sanders Capital LLC, as subadviser to Nissay Asset Management, for a strategy benchmarked to the MSCI ACWI ex-Japan index.
- Fidelity International Asset Management for a strategy benchmarked to the MSCI Kokusai index.
- Boston Partners Global Investors as subadviser to Robeco Japan, for a strategy benchmarked to the Russell 1000 Value index.
- Columbia Management Investment Advisors as subadviser to Tokio Marine Asset Management Co., for a strategy benchmarked to the S&P 500 Stock index.
A separate announcement posted Dec. 13 to the fund's website said it hired Tokyo-based Asset Management One Co. for two strategies — one as subadviser to Mizuho Trust & Banking Co., to manage an absolute return-focused domestic bond strategy, and for the other as manager of a domestic bond strategy, benchmarked to the Nomura-BPI Card index.
The announcements offered no details regarding the size of the mandates awarded, and no information on whether Chikyoren was adding exposure to international equities and domestic bonds or simply switching managers.
A Chikyoren spokeswoman confirmed the details.
As of Sept. 30, Chikyoren reported an allocation of 24.7% of its portfolio, or ¥5.7 trillion, to international equities and 35%, or ¥8.1 trillion, to domestic bonds.
