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Hiro Mizuno

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59
first
2020-07-09
most recent
2020-07-09
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1
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podcast

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  1. “Usually, no investment professional receiving advice from the investment consulting or something. But what the real investment team is doing by tilting the asset allocation or by deciding passive, active mix, also selecting managers, and some of those like the big pension funds, which has sort of a better resources, they take some investment in-house, but those actions or like those decisions made by investment professionals, including a CIO, is actually make much less difference to the fund's performance for the long term. So you are right in a way, how hard the CIO investment team works managing the portfolio, trying to adjust to the market conditions. Well, it makes difference, but compared to the”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “I ended up being much easier than you described. Well, the point is, most of the big asset owners, let's take public pension fund as an example, GPF, Culpris, coasters, and all the big public pension fund. They are most critical decision in terms of the financial performance of their portfolio performance is not actually decided by executive team or investment team. And most of the organization that's decided at the more high-level governing body like a trustee board or the investment board or whatsoever or like in some cases like a GPIF is actually decided by the ministerial level. So that's what I found out is I call this sort of an inconvenient truce of the structure. But what's most mission critical decision is made by you.”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “To change that or make a contribution to change the global capital market more sustainable rather than trying to make our portfolio more sustainable and sustainable capital market, which doesn't appear to be realistic. So that's the first thing I have done. And the more and more I studied how the other big asset owners managing their portfolio and compare their different approaches, whether they're active or fancy or private or public. More and more I was convinced that our portfolio performance, particularly long term, is actually the product of what happened to the global economy. So we just need to make sure that the global economy and the global capital market remain sustainable. So that's why I started.”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So, in a way, I try to analyze the business model of the GPIF as given the other my carrier in a private equity, analyzing the business model is actually one of my expertise. So I try to analyze the business model of the big asset owners, ranging from the Canadian to Norway and some of those small state pension fund in the US. And I concluded we just need to change our approach. All of the advices I was receiving and my team was receiving from the investment consulting is basically just how to slightly better off than the market. But my conclusion was if I look at the long-term performance of the older big asset owners, I mean, bingo is small, their performance pretty much dictated by what happened to the global economy or the global stock market. I concluded that we probably think the way”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Think the government is actually looking for somebody who can really bring change. And I don't think they are expecting that change. Actually, I brought in is the change they were expecting. But I think there is some consensus in the government that the recruiting from the traditional Japanese financial community probably not going to bring the change to such a bureaucratic organization like the GPIF.”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I decided to do something different, so I received the offer from the private equity firm called Capital based in London. So I decided to move to London and work as a partner for that fund more than a decade. And then six years ago, the Prime Minister Abe came back into his office for the second time, and he wanted to totally refurbish the pension management scheme of Japanese public pension funds. So I was invited and asked to come back home to run the GPI, a government pension investment fund. After serving in that position for five years, I just left. Of retire last March. So that's how I'm here.”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Studied my career right after my college degree with the Japanese Trust Bank. So I started with sort of the retail banking service. And then I was sent to London as a young trainee during Japanese bubble economy. And it's a crazy time. And then I came back to Tokyo and I did some cross-border aircraft lease financing. And then I went to Kellogg for MBA. And then after that, the Trust Bank that gave me a mission to study what they can do and what kind of investment or finance they can do in a Silicon Valley. So I went to Silicon Valley and again during the Tech Babel or Dokkan Babel time. And then I moved to their New York office to do some of the securitization investment and loan trading and a lot of those things because the Japanese bank rotate people inside of organization. And then after actually 9-11,”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “My guest on the 10th and final episode of Sustainable Investing The Next Frontier is Hero Mizuno, the recently departed executive managing director and chief investment officer of GPIF, Japan's one point five trillion dollar government pension investment fund, which is the largest pool of institutional capital in the world. In taking the seat five years ago, Hiros sought to change how large asset owners go about investing capital. Our conversation covers his differentiated thought process across drivers of return, the home country bias, implementation of investing, and structural alignment with active managers. We then talk about the universal ownership concept, stewardship of passively managed assets, evaluation of manager effectiveness, ESG integration and fixed income, and the current”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Ever since I've grown increasingly curious about the megatrend of sustainable investing. Climate change dominated the discussion at Davos a few weeks after, and social issues about the treatment of workers are front and center since the onset of COVID-19. This miniseries, Sustainable Investing, The Next Frontier, is my effort to learn alongside you through conversations with serious, passionate practitioners in the field. For the next month, you'll hear conversations twice a week in a familiar style and format, all focused on this important investment area.”

    2020-07-09 · Capital Allocators · Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148) · IDENTIFIED FROM THE TRANSCRIPT · source