Japanese pension sponsors are bracing for the tumult and opportunity that will result from the return of daiko henjo – the practice by which Japanese pension funds are allowed to return public assets under their management to the government. According to Greenwich Associates, the recently revised daiko henjo procedures will make it easier for pensions to give back public assets and thereby open a window for sponsors to make some much-needed changes. Greenwich Associates consultant Dev Clifford commented: ‘Pension fund executives in Japan should strongly consider taking advantage of the opportunity presented by the return of daiko funds to reassess their fund’s overall investment objectives, restructure asset allocation policies, cull under-performing managers and enlist ‘best in class’ specialists that meet global standards.’
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