A pension shift in Japan may hurt some foreign money managers

HONG KONG, July 13 : Global asset managers such as State Street and Legal & General face a potential hit of tens of millions of dollars in money management fees after Japan signaled a goal to channel more state retirement funds into domestic assets.Investors bet that billions of dollars could be shifted into Japanese markets after Finance Minister Satsuki Katayama said on Friday the government aims to steer the country's vast state pension funds to "substantially" increase domestic asset investments.Foreign fund managers currently oversee nearly all of the $930 billion offshore exposure of the Government Pension Investment Fund (GPIF), the world's largest pension fund with $1.8 trillion in assets. GPIF relied almost entirely on 35 external managers to invest internationally, who collective