Citigroup Pulls Plug on Japan DC Group

Delays in the passing of Japan''s defined contribution law (DC) have claimed a new victim.

Citigroup Asset Management's Gary Jackson, senior vice president and director of DC plans for Japan, is leaving Tokyo at the end of the month and returning to the United States. The other four members of his team, assembled in preparation for Japan's leap into the DC world, have been reassigned to other units of Citigroup.

The move is symptomatic of problems common to many foreign fund managers in Japan. Firms have, to date, spent up to $100 million in preparation for the DC law, which has been postponed several times since last year, a hostage to the gridlock politics of the Mori administration.

Jackson, who served in Tokyo for about two years, is...

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