(Source: The Investment Trusts Association, Japan (JITA)） (Source: The Investment Trusts Association, Japan (JITA)） Who manages “Toshin” fund assets？ The retail assets under management of the top 5 domestic managers accounted for about 70% of total retail assets. The strong market position stems from the fact that they have large distribution networks through affiliated securities companies or banks, however, this includes cases where substantive asset management is outsourced to foreign asset managers through fund-of-funds or sub-advisory. In addition, there are more foreign asset managers when the scope is expanded to the top 20. Retail investors continues to seek unique and innovative products, which leads to demand beyond that provided by domestic players. Looking at private “Toshin” funds, more foreign asset managers can be observed in the Top 10. It is presumed that asset managers with strong investment management capabilities around the world are selected for asset diversification regardless of the affiliated relationships. 5
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