January 26, 1996
TO: INTERNATIONAL COMMITTEE No. 4-96
RE: JAPAN TO CONSIDER AWARDING ADDITIONAL PENSION ASSETS TO
DISCRETIONARY ADVISERS
______________________________________________________________________________
Attached is a letter we received from counsel in Japan reporting further developments to open
Japans investment management industry under the US-Japan Agreement. The letter states that
Nempuku, the Japanese entity responsible for choosing investment managers for Japan s public pension
assets, is considering transferring approximately ¥200 to ¥300 billion ($2 to $3 billion) now managed by
life insurance companies to discretionary investment advisers to manage, and has begun consultations
with advisory firms.
We will keep you informed of further developments.
Mary S. Podesta
Associate Counsel - International
Attachment