World's biggest pension fund plans to reduce managers

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JAPAN - Japan's public pension fund, the world's largest, plans to cut the number of money-management firms it uses to simplify operations and adopt new benchmark indexes to reduce market impact and lower trading costs.

The Government Pension Investment Fund, which oversees JPY122trn (US$1.3trn) and counts BlackRock Inc., Morgan Stanley and State Street Corp. among its fund managers, plans to switch from the Topix...

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