First State Investments opens Tokyo office

first_state_japanFirst State Investments has opened an office in Tokyo to target institutional and pension fund clients in the region.

Japan is the largest asset management market in Asia, with more than US$4trn (€3trn) assets under management, with the institutional segment representing about 75%.

As at 30 June 2010, First State had $3.8bn of funds under management in Japan through partnering with major local fund managers.

First State Investments’ regional managing director for Asia, Michael Stapleton, said the new representative office would undertake research on business opportunities in the institutional and pension fund segment of the market:

‘First State Investments will now have a permanent presence in Japan. We are committed to strengthening our existing institutional businesses alliances there and to further developing our relationships with local asset consultants. The group has built a sizeable investment trust business in Japan and First State is determined to broaden its institutional client base by demonstrating a long-term commitment and increasing our resources in the country.’

The firm has hired Hiroyuki Aikawa into the new office as director of institutional business.

©2010 funds europe