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Alternative Market Briefing

65.5% of Japanese pension funds invest in alternatives, particularly hedge funds

Thursday, November 28, 2013

Beverly Chandler, Opalesque London:

Delegates at the Pensions & Investments-Nomura Securities global pension symposium heard from Japanese pension fund executives who came together in Tokyo with money managers and others to hear conceptual and practical ideas about different asset classes and techniques available for managing their funds in a very low-interest-rate environment, where rates are expected to rise and where the rules of modern portfolio theory might no longer apply.

Tomoyuki Teraguchi, senior managing director, head of the global research division and fiduciary service research center at Nomura Securities, Tokyo, set the scene for the Japanese pension fund universe, noting the funds are moving into a drawdown stage, where they will have less tolerance for asset volatility.

"The Japanese pension scheme is going through a transformation ... and being in a post-MPT world really does represent a regime change in pension investment going forward," Mr. Teraguchi said.

Throughout the conference, speakers presented examples of pension funds using alternative and illiquid investments, smart beta and other strategies to manage assets in light of the potential for rising interest rates and the risks from the future tapering of the quantitative easing programs from the U.S. Federal Reserve an......................

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