AMP launches Japan DC business

Fund managers are getting killed in JapanÆs retail market, but AMP thinks it can profit.

Australia's AMP Securities has just entered the Japanese defined contribution business, having launched a retail mutual funds effort in January, says Adam Hutchison, member of the board and project director in Tokyo.

The DC market as well as the retail segment has so far disappointed fund managers, who have been scaling back operations here for the past 12 months. But Hutchison believes a new entrant with realistic expectations and non-traditional distribution can learn from competitors' mistakes and make a tidy business.

AMP has been sniffing around Japan's investment community for an opportunity since 1997, when it investigated acquiring a distressed life insurer, but by 1999 it decided against this approach. But the size of Japan's...

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