Business

GPIF to add second executive managing director

Kyodo

A law was enacted Friday to increase the number of executive managing directors at Japan’s Government Pension Investment Fund from one to two, to strengthen the organization of the giant public pension fund.

One of the two will be current GPIF executive managing director and chief investment officer Hiromichi Mizuno, who will take charge of investment. The other, to take charge of general affairs, is likely to be appointed from the Health, Labor and Welfare Ministry.

The legislation passed the House of Councilors after having already cleared the House of Representatives.

The change is designed to provide stronger support for GPIF President Takahiro Mitani.

The GPIF, supervised by the labor ministry, manages huge employee and national pension reserves, with ¥137 trillion in assets under management at the end of December.

The fund changed its policy last fall to place more emphasis on stock and foreign bond investment, apparently aiming at boosting financial markets, with the government of Prime Minister Shinzo Abe having set higher share prices as one of its goals.