日本の金融市場におけるファンドの活用について ~世界に大きく遅れた日本の運用業界の現状と今後の展望を考える~

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4 Barclay Global State Street Global Fidelity Investments Vanguard Group Legg Mason Capital Research JPMorgan Asset Mellon Financial Deutsche Asset Mgmt Northen Trust Global Morgan Stanley PIMCO UBS Global Asset Alliance Bernstein AIG Global Investment Merrill Ly nch Prudential Financial ING Wellington Mgmt Goldman Sachs Asset () 7, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

5 5

6 GDP

7 0.4 Lipper TASS Database Lipper TASS Database 7

8 US$ bn Other Singapore HK/ China Japan 80 Australia USA 20 UK adj 2006 adj 2007* Source: AsiaHedge; * Data As of June

9 US$ bn Long/Short 2006 Others* Indian Equity Asian FI/Distressed** Macro Chinese Equity Australian Equity Multistrategy Global Equity Asia Inc Japan And Market Neutral Asia Ex Japan And Market Neutral 20 Japan Long Short And Market Neutral 0 Jun04 Dec04 Jun05 Dec05 adj Jun06 adj Dec06 adj Jun07 Source: AsiaHedge; Others include Arbitrage, Vietnamese equity, specialist, global fixed income, managed futures, Taiwanese equity, Thai equity, Indonesian equity, emerging market, commodities, FX, Korean equity and event driven strategies; ** Distressed funds were added since December

10 2007 New Asset Raised ($ mm) 1,800 1,600 1,524 1,400 1,200 1,219 1,137 1,041 1, Singapore UK HK & China USA Others Japan Australia Source: AsiaHedge Note: $1bn of assets raised in Singapore is from Broad Peak 10

11 New Asset Raised ($ mm) 5,500 4,400 Singapore 3,300 Others Australia Hong Kong & China 2,200 Japan UK 1, H H H H 2006 (adj) 2H H 2007 USA Source: AsiaHedge 11

12 20063 ~ BIS 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12

13 100 :Capegeminil Merrill Lynch "world wealth report" March 2003,April 2005,March (%) E 13

14 Master/Feeder Umbrella Hedge Fund Structure Outline For simplicity we are not illustrating each UMJ fund on this graph NonUS and US tax exempt Investors Seeking Exposure to: UMJ No.1, UMJ Neutro Fund or UMJ Mercatus AsiaPacific Fund UMJ International Feeder Fund (Cayman Umbrella Unit Trust comprising multiple SubFunds) US Taxable Investors Seeking Exposure to : UMJ No.1, UMJ Neutro Fund or UMJ Mercatus Asia Pacific Fund UMJ US Feeder Fund (Delaware Umbrella LLC comprising multiple classes) UMJ No.1 International Feeder Fund UMJ Neutro International Fund UMJ Mercatus AsiaPac Intl Fund UMJ No.1 US Feeder Fund UMJ Neutro US Fund UMJ Mercatus AsiaPacific US Fund RBC Cayman Trustee GS Ireland /HK Administrator UMJ Singapore Investment Manager GS Princeton Administrator UMJ Singapore Investment Manager/Managing Member GS HK Prime Broker RBC Cayman Trustee GS Ireland Administrator UMJ MASTER FUND (Cayman Umbrella Unit Trust comprising Multiple SubFunds) UMJ No.1 Fund UMJ Neutro Fund UMJ Mercatus AsiaPacific Fund Each Feeder Sub Fund/Class invests only in its related Master Sub Fund UMJ Singapore Invest'mt Mgr UMJ Japan Investment Advisor Investments Investments Investments Japan Alternative, Investment Advisor 14

15 Family Office, FoF BIS 15

16 16

17 17 %

18 18

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