How Japan’s fiduciary code could open its fund industry

A Japanese government-backed regulatory initiative aimed at forcing fund managers to embrace more “customer-oriented” attitudes is driving a big shake-up in the country’s domestic fund management industry. Experts said the move could lead to a potentially big shift by private investor wealth into mutual funds, lead to lower fees for investors and trigger some merger and acquisition activity in Japan’s asset management industry. The Financial Services Agency (FSA), Japan’s securi…