GPIF: Withdraw 81 trillion yen from Japan Custody Bank!
-Most of the assets transferred to the Japan Master Trust-
We will deliver a summary from the article described in Bloomberg (July 7, 2023).
Government Pension Investment Fund (GPIF):
Previously, GPIF entrusted asset management to three custody banks.
It was revealed on July 7 that GPIF withdrew
81 trillion yen from the Custody Bank of Japan (CBJ).
This was revealed in the business overview for fiscal 2022 announced on the same day.
CBJ’s total contract amount:
In FY2020,
CBJ will be entrusted with asset management of 81.1 trillion yen by GPIF.
However, at the end of 2022,CBJ’s entrusted balance will be zero.
Strict evaluation by GPIF:
Regularly evaluate custody fees and system support for asset management institutions.
The fact that GPIF transferred a huge amount of assets of 80 trillion yen.
This confirms GPIF’s strict evaluation system.
According to the GPIF Business Brief:
Most of the assets entrusted to CBJ have been transferred
to the Master Trust Bank of Japan.
This will reduce the GPIF’s asset management agency by one line
.
The Master Trust Bank of Japan (MTBJ),
State Street Trust and Banking of the United States,
It became a custody operation system with two banks.
Photographer: Akio Kon/Bloomberg
GPIF:
Masataka Miyazono, Chairman of the Board announced.
This time,
it was revealed that ”a fraudulent act by a former director of CBJ” was discovered.
However, the chairman said,
“It has nothing to do with last month’s announcement by CBJ.”
A CBJ spokesman was not immediately available for comment.
What is CBJ:
In 2020,
“Sumitomo Mitsui TH and Mizuho FG’s two asset management trust banks”
were merged and born.
Mitsui Sumitomo TH invested 33.3%, Mizuho FG 27%, and Resona Bank 16.7%.
Other investors include Dai-ichi Life Insurance and Asahi Life Insurance.
https://www.bloomberg.co.jp/news/articles/2023-07-07/RWJFX0T0AFB401
Japan Custody Silver:
Former President Tanaka was found guilty of fraud.
What is the largest asset management bank in Japan?
Custody Bank of Japan:
On the 9th, the bank announced,
“An internal investigation of the bank revealed that a former director had committed fraud.”
Former President Yoshikazu Tanaka:
Former director from Sumitomo Mitsui Trust Bank.
At an asset management trust bank, the top management himself was involved in dishonesty.
In 2018, he became president of Japan Trustee Services Bank, the predecessor of Japan Custody Bank.
In 2021, he became president of Japan Custody Bank.
He retired at the end of December last year at the end of his term.
Misconduct, including conflicts of interest and misconduct:
In connection with outsourced operations,
we have confirmed misconduct by former directors,
such as conflicts of interest and breach of duty.
We are also consulting with investigative agencies
regarding criminal treatment.
https://shikiho.toyokeizai.net/news/0/678517