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Alternative Market Briefing

Heavier regulations and 'gatekeeper solution’ may stem from AIJ scandal

Thursday, June 21, 2012

Akihito Miyake
From Komfie Manalo, Opalesque Asia:

The AIJ scandal that allegedly defrauded small- and mid-cap Japanese pensions of close to $2bn in a Ponzi scheme structure, is a good reason to justify the imposition of heavier regulations on the alternative investment managers or the industry as a whole, declared Akihito Miyake, from the law firm of Bingham McCutchen, Sakai Mimura Aizawa, one of the sponsors of the latest Opalesque Japan Roundtable with Eurex that took place in May at Bingham's Tokyo office.

Miyake commented, "In my personal opinion, I regard the AIJ scandal just as a fraud to the mid- to small-sized pension funds, which did not have deep experience, particularly in alternative investments. The issue here is that it was just a fraud that happened by accident, it wasn't due to a lack of regulation or supervision by the government authorities."

He also suggested requiring pension funds to appoint any person who can undertake due diligence on the fund managers in which the pension fund would be investing. "In that context, I think it is important to educate the pension fund managers as well," he said.

The issue of the AIJ scandal was first brought up by Takashi Imai from the Asahi Life Asset Mana......................

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