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.
that Nomura spokesperson said the asset manager has plans to add several additional funds focused on Asian countries, including China and India.
Sean Hanna, Editor in Chief
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