Japan retirement fund hires external managers

Tokyo

JAPAN'S public retirement fund hired four external managers of domestic and overseas stocks as it moves to boost equities to half its assets.

The US$1.1 trillion Government Pension Investment Fund (GPIF) picked Schroder Investment Management Ltd, Daiwa SB Investments Ltd and Nomura Asset Management Co to oversee Japanese traditional active investments, and UBS Global Asset Management for foreign active holdings, it said on Thursday. GPIF did not say how much money the funds would manage.