Japan's GPIF appoints new head of investment strategy

According to Pensions & Investments, Shimizu - who had acted as the director general of GPIF's research department for seven years - announced the move via email last week. Shimizu's unit was the forerunner to the investment strategy department, which was established last month.

Shimizu will now return to the Ministry of Health, Labor & Welfare as director and head of research. Ikari, meanwhile, is understood to have transferred from the ministry.

This latest move is part of a massive reorganization taking place at the JPY129 trillion ($1.1 trillion) fund as it looks to diversify away from domestic bonds towards riskier assets such as domestic and foreign equities as well as alternative assets. The target allocation for equities is now 50% - up from 24% - while alternatives are expected to account for up to 5%.

In order to meet the changing demands of this investment strategy, the fund has been trying to attract more talent. Last month, GPIF brought in Hiromichi Mizuno - formerly a partner at Coller Capital - as its first chief investment officer. The fund is expected to hold a private seminar this month to inform potential applicants of its plans to hire more professional money managers.

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