Daiwa pension client demands S&P benchmark

The S&P/Topix 150 equity index in Japan has notched its first pension fund to benchmark against it.Last year Standard & Poor's, the creator of the Topix 150, was approached by Daiwa Bank, which manages pension assets. Daiwa said it had a corporate pension client that had demanded Daiwa design a portfolio benchmarked against the new index. Daiwa has not revealed the name of its client, but according to David Collins, vice president of index services at S&P in Tokyo, "It is …