AIJ Investment Advisors Co. President Kazuhiko Asakawa on Wednesday pleaded guilty to charges of defrauding pension fund clients out of ¥24.8 billion while concealing trading losses, but denied intending to line his own pockets.

"I apologize from the bottom of my heart to the pension funds and market players for causing serious trouble," Asakawa, 60, said during the opening session of his Tokyo District Court trial.

"But I never intended to gain profit for myself or for my company," the disgraced fund manager said.