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Japan's FSA to stiffen supervision of asset management industry -sources
July 8, 2014 / 11:37 AM / in 3 years

Japan's FSA to stiffen supervision of asset management industry -sources

TOKYO, July 8 (Reuters) - 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 is 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. (Reporting by Takahiko Wada; Writing by Taiga Uranaka; Editing by William Mallard and Clarence Fernandez)

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