Asia Risk 15: Noboru Terada, GPIF

Noboru Terada presided over Japan’s $1.35 trillion Government Pension Investment Fund in the mid-1990s, where he overhauled the fund’s governance structure and portfolio management approach. He speaks to Joti Mangat about Japan’s pension industry


After more than 20 years at the helm of Japan’s largest corporate and state pension funds, Noboru Terada has gained a reputation as a vocal advocate of alpha-centric investment approaches as well as being a vociferous critic of Japanese public pension fund policy. Although Terada took advantage of Japanese financial de-regulation during his time as executive investment officer at Japan’s Government Pension Investment Fund (GPIF) from 2001–2006 to modernise the institution that manages $1.35

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