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Rating:Once Again, Japan Fund Tries A New Advisor Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, June 02, 2008

Once Again, Japan Fund Tries A New Advisor

News summary by MFWire's editors

Trustees of the Japan Fund have again decided to swap advisors. This time the new advisor will be Nomura Holdings, a Tokyo-based asset manager. Nomura Asset Management will replace Fidelity Investments as the $300 million fund's stockpicker.

This is not the first time the fund has swapped advisors. In 2002, the board dropped Scudder Investments (now part of Deutsche Asset Management) as the fund's advisor in favor of Fidelity (see MFWire, 07/15/2002).

For Nomura, the move marks its entry into the U.S. fund business.

"This alliance provides Nomura Asset Management with an expedited entrance into the U.S. retail mutual fund market. It allows us to leap frog to a leadership position in the marketplace," stated Shigeru Shinohara, CEO of Nomura Asset Management U.S.A., in a press release.

Reuters reported that Nomura spokesperson said the asset manager has plans to add several additional funds focused on Asian countries, including China and India. 

Edited by: Sean Hanna, Editor in Chief

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