JAPAN - Economics Nobel Prize winner Myron Scholes has revealed his investment firm is seeking a license to advise Japanese pension funds after opening an office in the country.
New York-based Platinum Grove Asset Management LP, run by Scholes, opened a Tokyo office in November and registered as a securities investment adviser in March.
Following the registration, Scholes said the asset manager had now applied to Japanese regulators for a discretionary fund management licence to allow it to allocate pension fund money to its fund or alternative assets.
In terms of assets, about 10% of Platinum's US$4.5bn managed funds is thought to come from Japanese investors.
Together with Robert Merton, Scholes gained fame after winning the Nobel Prize for economics in 1997 for work in valuing options.
Before setting up Platinum, Scholes was a partner at Long-Term Capital Management LP which collapsed in 1998 following shaky investments in world debt.
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