Subject:  What is institutional investors' responsibility after financial crisis?

Date:   March 10th (Wed) 2010 from 18:45-20:45 

Venue:  9F Tokyo Shoken Kaikan (1-5-8 Kayaba-cho, Nihonbashi, Chuo-ku)

Language:   Japanese

Specialty Focus Areas: Equity Investments

Speaker:  Mr. Sadayuki Horie, Senior Researcher, Department of Financial Markets and Technology Studies, Nomura Research Institute

               Mr. Yasunori Nakagami, Asuka Corporate Advisory CO., Ltd.

               Mr. Yasuhiro Oshima, CFA, Committee Member, Capital Market Policy Council, CFA Institute Centre for Capital Market Integrity

Outline 

In Europe, there is a strong opinion that the outbreak of the financial crisis was not only caused by financial institutions but also by institutional investors who overlooked the failure of corporate governance of their portfolio companies as a listed company. Based on this opinion, Mr. Horie will explain about the enactment of Stewardship Code and revision of corporate governance at OECD, which are being discussed in the UK. Also, he will make suggestions to how the Japanese institutional investors should fulfill their investment responsibilities.

From the standpoint of managing engagement funds, which take active part in the management of portfolio companies, Mr. Nakagami will present the possible compatibility between alpha generation and investors’ responsibilities in investment approach. In addition, he will raise the issue concerning the limitations of corporate governance, which is likely to be a contentious issue.

As a one of ten members of the Market Policy Council and Corporate Governance Task Force in charge of updating and revising the new Corporate Governance Manual 2009, Mr. Oshima will explore the recent issues and views concerning the corporate governance at the CFA institute.

Speaker

Mr. Sadayuki Horie

Sadayuki Horie is a senior researcher at the Nomura Research Institute (NRI) in Tokyo, the largest think tank in Japan. Mr. Horie has over 28 years of experience in the financial services industry. Mr. Horie started his career as a quantitative analyst in fixed income analytics in 1981. In 1986, he developed the NRI-Bond Performance Index (later renamed as the Nomura BPI), which is now the industry standard. During 1986-88, he worked with Professor John Cox of MIT and Professor Robert Litzenberger of Wharton for the developments of exotic option models and the term structure model of US fixed income markets in the New York office. From 1996 to 2001, he was the head of the quantitative group of Nomura Asset Management, managing over $1bn through global tactical asset allocation and currency overlay funds. Mr. Horie wrote many articles in the Security Analysts Journal, Corporate Pension, Pension & Economics, Fund Management and other journals for last 28 years. During 2001, he returned to NRI to work on pension fund consulting and advanced asset management research. Mr. Horie is a graduate of the Kobe University of Commerce and is a visiting professor of the graduate school of Osaka University of Economics and the chair

Mr. Yasunori Nakagami

Yasunori Nakagami is the president of Asuka Corporate Advisory, and the director of Asuka Asset Management. He brings nearly 20 years of management consultancy experience to the firm. He co-founded Asuka Corporate Advisory with Asuka Asset Management in April 2005. Prior to this, he worked at Andersen Consulting (now Accenture) and Corporate Directions, Inc. where he rose to the level of partner. During his time as a management consultant, he developed, implemented and managed strategy planning for clients from a wide range of industries, including telecommunications, broadcasting, life insurance, apparel and real estate. Current independent directorships include Golf Digest Online. Nakagami received his B.A. in Economics from Keio University, and he has an MBA from University of California, Berkeley.

Mr. Yasuhiro Oshima CFA

Yasuhiro Oshima is Council, Capital Market Policy Committee, CFA Institute Centre for Capital Market Integrity, and a member of  Corporate Governance Task Force responsible for Corporate Governance Manual published by CFA Institute Centre.

Mr. Oshima has over 25 years of experience in financial services industry. Mr. Oshima started his career as foreign exchange trader at Bank of Tokyo (now MUFG). After serving for public sector (METI, Japanese Government, in formulating national energy policy, and Asian Development Bank, in charge of funding and investment of ADB`s US$7bn liquidity portfolio), Mr. Oshima has been leading efforts of providing integrated financial solutions for major Japanese and multinational corporations and financial institution clients as a senior investment banker with capital markets & derivatives structuring background, at the firms including J.P.Morgan, Bank of America Merrill Lynch and Societe Generale Corporate & Investment Banking.

Mr. Oshima received B.A. International Relations from University of Tokyo and he has an MBA from the Wharton Graduate School, University of Pennsylvania.