TOKYO, July 8 Japan's Financial Services Agency
will beef up its supervision of asset management companies,
three people involved in the matter said on Tuesday, in the wake
of a scandal in which a fund manager lost more than $1 billion
in pension money.
The FSA will set up a dedicated team to supervise the
industry, the sources said, adding that an announcement was
expected on Wednesday.
Fund managers have come under scrutiny after AIJ Investment
Advisors in 2012 lost more than 100 billion yen in pension money
and falsified reports to investors to cover up its losses.
The new team represents an attempt to more directly
scrutinise asset managers.
In the AIJ case, the FSA was criticised for responding
slowly, only after an investigation by the Securities and
Exchange Surveillance Commission.
(Reporting by Takahiko Wada; Writing by Taiga Uranaka; Editing
by William Mallard and Clarence Fernandez)