Wed, Jul 29, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Japanese hedge fund group AIJ suspected of losing $2.3bn of client funds

Monday, February 27, 2012

From Precy Dumlao, Opalesque Asia – Sources from Japanese financial regulator Securities and Exchange Surveillance Commission on Monday said that the missing $2.3bn (183.2bn yen) of client pension funds, which had been managed by hedge and other asset managers, AIJ Investment Advisors Co, may have been transferred to overseas private investment trust funds and financial institutions, some of which were located in the Cayman Islands and Hong Kong, the Japanese newspaper Daily Yomiuri reported.

The revelation came as the Japanese regulator pledged to dig deeper into the disappearance of the funds of the Tokyo-based investment advisory firms and at the same time vowed to establish where the money went and how it disappeared.

Sources close to AIJ allege that the advisory firm used most of the assets to purchase an investment trust in the Cayman Islands, using another Tokyo-based company identified as ITM Securities Co.

AIJ caters to mostly small and mid-sized Japanese firms that entrust their money to the advisory firm.

Reports also showed that inspectors from the Japanese regulator were not able to locate several key accounting documents that provides detailed information of the trust’s investment performance in the Caymans.

According to the report, AIJ has provided fake business reports to the Japanese Finance Ministry's Kanto Local Finance Bureau. This was in violation of J......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Bridgewater turns bearish on China[more]

    Komfie Manalo, Opalesque Asia: The world’s biggest hedge fund Bridgewater Associates and one of the most vocal of China’s potential is now turning its back against the world’s second largest economy as it joins a growing list of high-profile investors who are challenging China’s potentials.

  2. Launches - Ex-Brevan Howard star Rokos builds team for new fund, Former Och-Ziff manager’s firm starts health care hedge fund, Industry veterans launch commodity investment firm Aron Capital Management, Nikko Asset Management launches two UCITS funds, Capital Group plans to debut Asian investor targeted fund[more]

    Ex-Brevan Howard star Rokos builds team for new fund From WSJ.com: Chris Rokos, a former star trader at Brevan Howard Asset Management LLP, has hired an economist from Nomura to join the team he’s assembling for his much anticipated hedge fund launch. Mr. Rokos, whose firm is due to b

  3. Institutions - Pension fund dismisses Texas consultant, Rhode Island pension fund gets 2.2% investment return, far below assumed rate of 7.5%, New Jersey pension investments see a drop-off in returns[more]

    Pension fund dismisses Texas consultant From Sandiegouniontribute.com: The county retirement board on Thursday terminated the Texas consultant who was given the reins of the $10 billion pension fund, and whose investment picks left many employees and retirees feeling taken for a ride.

  4. SWFs - Sovereign wealth funds paid around $14 billion in fees[more]

    From SWFinstitute.org: When it comes to the financial sector, asset management is one of the most profitable industries in the world. The Boston Consulting Group put out a 2014 figure saying there is US$ 74 trillion worth of professionally-managed assets. One of the fastest growing institutional inv

  5. Investing - Carlyle teams with TCW in push for ordinary investors[more]

    From Bloomberg.com: Carlyle Group LP isn’t backing down from its goal of offering alternative strategies to the masses, despite early setbacks. The Washington-based firm is teaming up with TCW Group, which is majority owned by Carlyle funds, to offer three vehicles that give ordinary investors acces

 

banner