Japan Fund of Funds Allocations
Japanese Pensions Reduce Fund of Hedge Funds Allocations
Japanese pensions are increasing allocations to individual investment managers at the expense of funds of funds for the first time in five years after Japan’s hedge funds posted the world’s worst returns in 2009.
Meiji Dairies Corp.’s pension, manager of 41 billion yen ($440 million) of retirement savings for more than 3,000 workers, said it handed 1 billion yen since December to the Wisdom of Japan fund run by Tadashi Mukai. GCI Japan Hybrids, run by a former Merrill Lynch & Co. proprietary trader, increased assets more than 10-fold from a year ago, winning mandates from seven pension managers.
“People who got stung by investing in funds of hedge funds are starting to do their due diligence on single managers,” said Takafumi Sahoda, founder of DarWin Capital Partners Ltd. in Tokyo. “The key is to show you can win, and keep doing it.” DarWin Capital Premier LS1 Fund’s assets have jumped fourfold since July, boosted by pension money. Source
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