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"Assessing Market Opportunities Under the New D.B. and D.C. Pension Laws"
October 25, 2001:  Keidanren International Hall, Tokyo
 08:30-09:00
REGISTRATION
 09:00-09:20

  Chairman's Address: Status & Challenges in the Japanese Fund Markets
Christopher P. Wells, Partner, White & Case LLP
Chairman, ACCJ Financial Services Committee

 09:20-10:00

 KEYNOTE ADDRESS :
The Impact on Corporate Pension Funds from the New DB and DC Laws
Shiro Yamasaki, Director, Corporate Pension and National Pension Fund Dept., Ministry of Health, Labor and Welfare

  • What has Changed for Defined Benefit Plans?
  • The Features of Japan's version of 401K(Defined Contribution Plans) and its Impact on Corporate Pensions and the Pension Fund Management Industry
  • The Hybrid Type Pension System and Its Future Central
Focus:
As the main government authority involved in setting up the New DB and DC Laws, this session will help clarify the features of corporate pension reform, and the probable impact to corporate pension and fund management industry.

 10:00-10:40


 Business Opportunities Deriving from the New DB and DC Laws
Hideki Kuroda, F.I.A.J., Certified Pension Actuary, Investment Management, Morgan Stanley Asset & Investment Trust Management
  • Changing the Risk-Return Profile
  • How do We Comply with the Cash Balance Plan?
Focus:
How do the leading investment managers see the environmental change relating to New DB Laws and what sort of business will come out of this change? What will be the appropriate product lines and how will these profiles change.
 10:40-11:00
Morning Coffee/Tea Break
 11:00-11:40

 Recent Developments in Hedge Funds
 Donald S. Johnston, Vice President, Alternative Investment Dept. Goldman Sachs Asset Management

  • The Hedge Fund Universe: Relative Value, Event Driven, Equity Long/Shortand Tactical Trading
  • Equity Long/Short is not Market Neutral
  • Portfolio Diversification
  • Benefit of Strategy with Low or Negative Correlation to Traditional Asset Classes such as Equities
  • Long Term Investment
Focus:
The Hedge Fund Universe can be broadly categorized into four "buckets": Relative Value, Event Driven, Equity Long/Short and Tactical Trading. It is interesting to note that Equity Long/Short is not the same as Market Neutral, which typically falls into the Relative Value bucket. One of the most important goals in Hedge Fund investing is diversification of one's existing portfolio. For example, historically there have been benefits to strategies with low or negative correlations to traditional asset classes such as equities. Finally, investors should view Hedge Funds as long term investments.
 11:40-12:50

 PANEL DISCUSSION:
How Labor Sees the Recent Corporate Pension Law Reform  

Shozo Takanashi Director, Environment & Social Security Division, Japan Federation of Employers' Association (NIKKEIREN)
Noboru Yamaguchi

Managing Director & CIO, The Pension Fund of Japan Travel Bureau (JTB)

Masao TamuraCertified Pension Actuary, Nomura Fund Research and Technology
Jun MasumotoVice Chairman, Japan Trade Union Confederation (RENGO)
MODERATOR:
Aki Kinjo
Senior Manager, Financial Services, PricewaterhouseCoopers Consultants
  • Issues of Protecting Employee's Right to Receive Full Pension (Payment Guarantees System, Disclosure, Fiduciary Responsibility etc.)
  • Issues Relating to Social Systems (Retirement Allowance, Extension of the Age Limit, Reemployment etc.)
  • What Type of Changes will be Expected in the Investment Policy?
  • How Labor Evaluates the Recovery of daiko - Rules of Transition Finality
Focus:
How do the three major parties involved (corporations, pension funds, and labor unions) view the current corporate pension law reforms? How will employees adapt to this new environment? Will there be any changes in the investment policy under the corporate pension reform? What is the best practice to maximize the benefits of an employee's life-cycle plan? How will investment managers incorporate the new system? And how will corporations best incorporate this new pension system into their organizations?
 12:50-13:50
LUNCHEON
 13:50-14:50

 PANEL DISCUSSION:
The Role of Employee Education in the Introduction of DC Plans  

Shoji Yamada Chairman, Mizuho Pension Research Institute
Mark Nasirabadi

CEO, NIIT Corporation

Joji Hata

General Manager, Personnel Division, Sanden Corporation

MODERATOR:
Aki Kinjo
Senior Manager, Financial Services, PricewaterhouseCoopers Consultants
  • Need for Individual Effort and Nurturing Employee Investors
  • Utilizing Outsourcing Arrangements for Employee Education
  • Pending Issues in DC Regulations Concerning Employee Education Requirements
Focus:
How do we evaluate Japanese 401K? We will look into an actual case study of a corporation that will shortly introduce the DC plan and change their pension system. How can employees adapt to the drastic change? How can small to mid-size corporations incorporate the Japanese DC Plan? What type of market will be needed for Japanese welfare?
 14:50-15:30

 New Business Opportunities in Variable Annuities
Gordon Watson, Regional Vice President, Financial & Retirement Services, AIG Companies, Japan & Korea

  • Growth of the US Variable Annuity Market
  • The Need to Supplement Qualified Retirement Plans
  • Current Variable Annuity Trends
Focus:
The need for each individual to also plan for their own retirement over and above social security and even corporate sponsored plans is becoming even greater. Each person is gradually becoming the own architect of their financial well being in retirement. Variable annuities have been one solution to this in the US and they are increasing in popularity in Japan.
 15:30-15:50
Afternoon Coffee/Tea Break
 15:50-16:30

 Coping with a Global Fiduciary Standard
 Virginia Gibson, Partner, White & Case LLP (San Francisco)
J. Michael Golding, Senior Attorney, White & Case LLP (San Francisco)

  • What should be the scope of the fiduciary's obligation
  • Fiduciary duties in connection with mutual fund opeartions
  • Fiduciary duties in connection with employee stock option plans Trading
Focus:
What lessons have we learned in 25+years of ERISA fiduciary experience in the U.S? What are the increased fiduciary standards under the new DB and DC Laws?
 16:30-17:30

  PANEL DISCUSSION:
US/European Experiences and Realistic Projections for the Japanese DC Pension Market
 
Brian Murdock Chairman, Pacific Region, Merrill Lynch Investment Managers
John Alkire

Managing Director, Morgan Stanley Asset Management

Hirokazu Minamida Deputy General Manager, Nomura Holdings Business Preparation Department, Nomura Securities
Agustin SevillaCEO, AXA Rosenberg Investment Managers
MODERATOR:
Christopher P. Wells
Partner, White & Case LLP

  • How to Learn from US and European Successes and Failures in the Introduction of DC Plans
  • Handling the Disclosure Burden for Japanese Mutual Funds Sold in DC Plans
  • Product Risk and Return Profiles for the Japanese DC Plan Product-Meaningful Alternatives
Focus:
We have already studied various aspects from past US/Europe experiences in pension reform, with the Unisys and First Union cases being just one of them. So what should the practical advice for Japanese investors be? What drivers will keep the transparency and disclosure of mutual funds? What are the key factors for selecting suitable products for the Japanese DC Plan? Hear the opinions of top management and business experts.
 17:30-17:45
Closing Comments
　　*Speakers are invited and subject to confirmation