The distinction between asset managers and asset owners appears in the preamble of Japan's Stewardship Code, published by the Financial Services Agency1. The FSA's list of institutional investors that have signed up to the code uses the categories of trust banks, investment trust and investment advisory companies, life and non-life insurers, pension funds, and others2.

Notes

  1. Financial Services Agency, "「責任ある機関投資家」の諸原則 ≪日本版スチュワードシップ・コード≫" (Principles for Responsible Institutional Investors, Japan's Stewardship Code) (in Japanese), June 26, 2025, preamble item 4, page 2 (page 3 of the PDF). English version: "Principles for Responsible Institutional Investors ≪Japan's Stewardship Code≫". ↩

  2. Financial Services Agency, "スチュワードシップ・コードの受入れを表明した機関投資家のリストの公表について" (Publication of the list of institutional investors that have signed up to the Stewardship Code) (in Japanese), categories of the list as of June 30, 2026. ↩