The Pension Fund of JTB Corp., a Y150 billion $1.25 billion fund for the Japan Travel Bureau, the nations gigantic travel agency, has just switched some of its bond fund managers benchmark from the Salomon Smith Barney World Government Bond Index to Lehman Brothers Global Aggregate Index. In addition, JTB, which has recently restructured its entire investment strategy, plans to replace several of its managers, says Noboru Yamaguchi, managing director and CIO.
It is no small thing when a prominent Japanese pension fund publicizes its move down the credit curve it means others in Japan will follow, now that a precedent has been established.
The Solly index is...
