DENMARK - Japanese pension fund manager DLIBJ Asset Management, which claims to be the largest Japanese asset manager, has raised its European profile with a sub-advisory brief from SEB Asset Management.
DLIBJ Asset Management International Ltd, whose trading name is DIAM, is owned by DLIBJ Asset Management Co. Ltd. in Tokyo, which is in turn co-owned by Mizuho Financial Group and Dai–Ichi Mutual Life.
DIAM is to be sub-advisor to SEB’s 10 million-euro Japanese equity sub-fund.
Carsten Dehn, head of institutional sales at SEB, said: “We already see very positive feedback from clients on this new fund and our estimate is that the fund will have size of 150 million euros within the next 12 months.”
“We expect Danish institutional clients to welcome our new fund as they have already done on our other outsourced asset classes including high-yield and emerging market debt,” he said.
The outsourcing process included the evaluation of 47 fund managers, with the main criteria for screening being the ‘consistency of performance and investment process.’ said DIAM.
Dehn said: “The selection of DIAM is in line with our strategy to outsource management of asset classes outside Europe and our goal is always to select the best in class.”
Hideto Yamamoto, head of business development, said: “SEB’s decision to appoint DIAM as its sub-advisor is great recognition of our strong track record in the management of Japanese equities.”
DIAM has also appointed Laura Palomino de Forbes to its business development team in London. Palomino de Forbes is a former institutional marketing manager for Nomura Asset Management. A spokesman for Nomura said Palomino de Forbes would not be replaced.
“I am confident that Laura will make the DIAM brand as well known in Europe as it is in Japan,” Yamamoto said.