In late 2023, the Independent Managers Club (IMC) was launched by Nomura Research Institute (NRI) with the goal of enhancing the competitiveness of independent asset management firms in Japan. This initiative serves as a platform for these firms to exchange information, address key challenges hindering their growth, and propose solutions. The term "independent" in this context refers to firms not affiliated with major corporate groups, and we target independent asset managers seeking to increase corporate value through equity investments. Independent asset managers are expected to leverage their autonomy to provide strong stewardship to domestic and global asset owners, exhibit creativity in investment policy and strategy, and ultimately enhance their competitiveness..

The IMC primarily focuses on three key activities: (1) hosting workshops to gain insight into the expectations of asset owners regarding Japanese independent asset management firms, (2) engaging in discussions to address challenges encountered by these firms, and (3) sharing opinions to boost the competitiveness of the Japanese asset management sector and support its rejuvenation.

During the initial phase of IMC from October 2023 to March 2024, the activities comprised: i) conducting a questionnaire survey to gauge global asset owners' inclinations toward independent asset management companies, and ii) organizing six workshops focused on investment frameworks led by global investment groups, asset owners, and Japanese independent asset management firms.

During these workshops, global experts from investor groups with extensive networks among global asset owners were invited to lecture, providing Japanese asset managers with opportunities to learn and exchange views on investment frameworks such as ESG, SDGs, sustainability, engagement, and impact investment. The workshops also highlighted challenges faced by independent asset management companies, including constraints in management resources such as human resources and IT infrastructure, as well as the profitability burden resulting from smaller asset sizes. IMC members engaged in discussions on these issues and challenges, considering measures to address them. 

This report contains valuable insights gathered from the questionnaire survey and workshop discussions, which we hope you will find beneficial.

Moving forward, IMC aims to articulate its views to both national and international experts as a culmination of our discussions. Independent asset managers keen on this initiative, as well as asset owners looking to engage, are encouraged to reach out to us.

Independent Managers Club The 1st series activity report(1.0MB)

Independent Managers’ Club (IMC)
Chie Mitsui
Senior Researcher, NRI
imc@nri.co.jp