Japan's GPIF names Hiro Mizuno CIO

Earlier this year, Mizuno - who is GPIF's first ever CIO - was appointed to the fund's investment committee. He will step down from his seat on the committee and from his position at Coller, according to a statement.

Mizuno has spent more than a decade with Coller, having joined the firm in 2003. Prior to that, he held senior roles at Sumitomo Trust & Banking in New York, leading the private equity investment and Japanese corporate finance divisions.

Last month, GPIF - which has JPY129 trillion (about $1.2 trillion) in assets - announced it would overhaul its asset mix. The target allocation for domestic and international stocks is now 50% of its portfolio - up from just 24% - as the government's quantitative easing program continues to erode the value of the fund's bond-focused portfolio. Alternatives are expected to account for up to 5% of the portfolio.

The shift into public equities and alternatives follows recommendations made by a government-appointed panel earlier this year. The panel said the country's pension funds - which collectively hold JPY200 trillion in assets - should review their domestic bond holdings and consider investing more in overseas assets.

GPIF posted an 8.64% return for 2013, compared to 10.23% in 2012 and 2.32% in 2011. As of the end of March, 53.43% of its assets were held in domestic bonds, 15.88% in domestic equities, 10.66% in foreign bonds, 15.03% in foreign equities and 5% in short-term assets.

GPIF wants to boost its returns as part of government efforts to support an ageing population. The fund has been paying out more in benefits than it has received in contributions since 2009.

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