TOKYO -- Nomura Asset Management has decided to pull the plug on what was once its flagship Japanese-equities fund and disband the fund's management team as part of a slimming down of its lineup of investment trusts.
Big Project-N was launched in February 2000, and soon after that its assets surpassed 1 trillion yen ($9 billion at the time) for the first time for a domestic investment trust. But the information technology bubble collapsed after that, and the fund's price remained below the initial price of 10,000 yen for more than a decade and a half. The fund has underperformed the Topix index by a significant margin, and its assets have been at only around 56 billion yen.
