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25 years, 25 CEOs: Toshihiro Iwasaki, CEO, Nomura Asset Management
31 January 2012
To celebrate its 25th anniversary, Global Investor/ISF interviewed 25 CEOs. The growth of defined contribution plans in Japan creates opportunities for asset managers in the country, according to the Nomura Asset Management head
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Toshihiro Iwasaki
Nomura Asset Management
Any regulatory measures that ultimately inhibit market liquidity are negative news. For instance, the Volcker Rule in the US, along with other regulations to oversee capital flows and trading activity of OTC derivatives, are causes for concern.
Lower market liquidity implies that the price adjustment mechanism will be disrupted, which obviously is not favourable for managers like us who make investment decisions based on fundamental research.
Regulation of the ‘shadow banking system’ is another issue that concerns us. Money market fund (MMF) products are undergoing heavy scrutiny and may be subject to further regulation after they were deemed to be one of the factors that contributed to the systemic risks that arose during the financial crisis.
However, we need to keep in mind that MMFs play an integral role in the short-term money markets and any regulations that...
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