Chikyoren in manager review

The ¥15 billion ($129 billion) Pension Fund Association for Local Government Officials (PAL), known by they Japanese as Chikyoren, is embarking on its first significant asset rebalancing in 10 years, says Kimio Kiuchi, secretary-general. This month the organization will dramatically increase its exposure to international fixed income and plans to hire three global bond specialists early this year. Chikyoren, which was established in 1984, is the largest of Japan's mutual aid pen…