Japan’s Pension Fund Association for Local Government Officials has hired local investment firms Tokio Marine Asset Management Co and Mitsubishi UFJ Trust and Banking Corporation for an active global equity mandate, and two US firms as sub-managers.
The Tokyo-based pension fund, known locally as Chikyoren, announced the appointments on its website on October 23.
The value of the mandate was not disclosed.
The investment is benchmarked against the MSCI Kokusai Index.
Epoch Investment Partners was appointed as sub-manager for the Tokio Marine account, and J.P. Morgan Asset Management for the Mitsubishi UFJ account.
Tokio Marine also won a foreign real estate mandate from Chikyoren in April, along with Bermuda-based Fidelity Investments, a month after the fund picked Japan’s Resona Bank Co and MFS Investment Management from the US for a foreign equity mandate.
The value of those mandates were also not disclosed.
Chikyoren has 37.58 trillion yen (US$249.9 billion) of assets under management.