2026.2.20
Diversity Driving Japan’s Vision as an Asset Management Nation — Cadira’s Role in Partnership with IMC
The Independent Managers Club (IMC) is a research and advocacy organization launched in October 2023 as an R&D project of Nomura Research Institute (NRI), aimed at supporting and nurturing independent and emerging asset management firms in Japan. Before introducing IMC’s activities, we provide context on the Japanese government’s “Asset Management Nation” policy and the current landscape and challenges facing emerging managers.
Japan’s “Asset Management Nation” Policy and the Role of Independent Managers
The “Asset Management Nation” policy, launched by the government in 2023, aims not merely to shift household assets from savings to investment, but to pursue structural reform of Japan’s asset management industry itself. Historically, the industry has been dominated by financial conglomerate-affiliated firms, and homogeneous investment decision-making and a rigid competitive landscape have been cited as limiting diversification and alpha-generation opportunities for asset owners.
Against this backdrop, expectations are rising for independent and emerging asset managers (Emerging Managers / EM) as catalysts for healthy competition and diversity. The government’s “Asset Owner Principles” (Principle 3) explicitly states that manager selection should not exclude firms solely on the basis of track record length or asset size but should instead evaluate the manager’s capabilities and investment philosophy. In addition, the promotion of the “Emerging Manager Program (EMP)” has broadened recognition that discovering new talent is essential to revitalizing the market.
Overview of IMC Activities
IMC operates in alignment with the Japanese government’s “Asset Management Nation” policy and the “Asset Owner Principles,” which guide asset owners in selecting optimal managers. IMC’s role is to research the types of support needed for newly independent or start-up asset management firms, and to communicate their significance and strengths to domestic and international asset owners.
Key activities include regular workshops and dialogue sessions bringing together independent and emerging managers, asset owners, and domestic and international experts. These sessions feature specialists from Europe, the U.S., and Australia sharing insights on marketing and business operations, as well as opportunities for Japanese managers to present their investment philosophies and strategies directly to overseas public pension funds and receive feedback.
Activities are organized into half-yearly “series.” Series 1 through 3 focused on overseas case studies, marketing, and mutual understanding among participants. From Series 4 onward, discussions evolved to include domestic asset owners and pension consultants, addressing practical challenges in the Japanese market. IMC has also actively engaged in policy advocacy, including submitting public comments on the Asset Owner Principles and promoting awareness of the Emerging Manager Program (EMP).
Series 5, planned for 2026, is themed “Challenges for Competitiveness and Growth in the Japanese Market and the Future of Emerging Managers.” Activities will include workshops discussing the expected roles of asset owners and emerging managers, as well as panel discussions and networking events for listed companies at the Tokyo Stock Exchange.
Our Involvement
Cadira has been an active member since IMC’s inception, serving as a central participant through speaking engagements and active contributions to discussions. IMC provides a valuable opportunity not only to connect directly with domestic and international asset owners, but also to network with fellow emerging managers, facilitating the exchange of knowledge and mutual development. Cadira continues to participate with the aim of increasing the number of sustainability- and impact-oriented investors, serving as a model for aspiring asset managers, and contributing to the revitalization of the industry.
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