When the pie stops growing

The head of a global asset-management business with a significant presence in Japan was asked what competitors he's looking out for. He didn't take long to think about it: "Sumitomo Trust & Banking is going to be a major player in the Asian market." STB is already a market leader in Japan. Its trust division is the biggest manager of Japanese pension money, with ¥35 trillion ($398 billion) of assets under management. Of this, ¥14.8 trillion ($164 billion) consists of segregated …