Scottish asset manager Aberdeen Standard Investments (ASI) has been licensed to offer private market funds in Japan, and directly sell foreign-domiciled funds to Japanese professional investors.
The company says it has secured the Type 1 and Type 2 financial instruments business licences from Japan’s Financial Services Agency that allow it to sell these types of funds.
"The move extends the delivery of ASI's global suite of investment products to meet the diverse needs of a wider range of Japanese investors and their long-term investment goals," the company says in a statement on August 8.
ASI also announced that it has hired Hidetoshi Ono to the newly-created position of head of direct real estate.
According to Neil Slater, chief executive officer and representative director of ASI Japan, the appointment will give "further momentum to our continuing investment and expansion in Japan".
"Obtaining new regulatory licences, together with the added ability of local direct real estate investment for both our global and local clients, reflects our intent to build a long-term, sustainable business in Japan," Mr. Slater says in the statement.
Mr. Ono was previously managing director for Japan real estate at Manulife. He has also worked in senior positions at AXA Real Estate Investment Managers, ING Real Estate Investment Management, and GE International Inc.
ASI had US$669.6 billion of assets under management as at June 30, 2019.