Barclays Global Investors, the funds arm of the UK bank, has emerged as the leading asset manager in Japan’s $3 trillion (€1.9 trillion) pension fund market, managing more money on behalf of these clients than its three nearest competitors combined, according to new research.

According to the Japan Pension Industry Database, which analyses the annual returns filed by the members of the Japan Securities Investment Advisers Association, BGI ran ¥15.6 trillion (€932m) in Japanese defined benefit pension assets as at March 31, up 238% on the previous year.