US fund takes $2.3bn in a month in record fundraising

A US equity fund targeting the Japanese retail market has seen one of the largest subscriptions ever as domestic investors pile into overseas stocks on fears over the yen.

The Nikko Gravity Americas fund has attracted $2.3bn of assets since it launched at the end of December, making it the third largest sum of assets in a retail fund launch ever and the largest single asset raising in Japan since 2006. The fund is co-managed by Nikko AM, a Japanese fund provider, and US mutual fund firm Rockefeller AM.  In the first three weeks of the year, the fund took $500m as Japanese investors looked to protect themselves from potential falls in the yen. The yen recently dropped to a 33-month low against the dollar as Japan prepares to install a new central bank...