HONG KONG šC Global asset managers such as State Street and Legal & General face a potential hit of tens of millions of dollars in money management fees after Japan signaled a goal to channel more state retirement funds into domestic assets.
Investors bet that billions of dollars could be shifted into Japanese markets after Finance Minister Satsuki Katayama said Friday the ?government aims to steer the country¡¯s vast state pension funds to ¡°substantially¡± increase domestic asset investments.
Foreign fund managers currently oversee nearly all ?of the $930 ?billion offshore exposure of the Government Pension Investment Fund (GPIF), the world¡¯s largest pension fund with $1.8 trillion ?in assets.
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