Japanese individual investors know few asset managers well

Japanese retail investors recalled 42 different asset managers related to mutual funds and investment trusts, research by Aureum Y shows 

Key points: 

• Only 21% of Japanese individual investors is very or quite familiar with the most well-known asset manager. 

• Japanese respondents recalled 42 different asset managers in association with mutual funds and investment trusts. 

• Among ETF providers, the two top managers were recalled by 21% of respondents, while 34% of investors was very or quite familiar with the most well-known ETF provider. 

Only 21% of Japanese individual investors is very or quite familiar with the most well-known asset manager, according to research by Aureum Y, the research division of Fundamental Group.  

This contrasts sharply with other markets: in the U.S., more than half of investors are very or quite familiar with the four best-known managers, while in the U.K. the same holds true for the six best-known managers. 

Familiarity is low despite mutual funds being popular among Japanese individual investors, with 66% owning them. Local asset managers play a major role, with only two out of ten most-familiar brands being non-Japanese. 

Japanese respondents recalled 42 different asset managers in association with mutual funds and investment trusts. The top manager was recalled by 17.6% of investors, while 17.1% mentioned the second manager. The third and fourth manager were recalled by 14.1% and 13.8%, respectively. All other managers were mentioned by less than 6% of respondents. The top five most-recalled managers are all local players. 

Overall, respondents showed a high propensity to buy across the board, but that didn’t strongly correlate with overall brand awareness, likely due to the high reliance on advisers and access through banks and intermediaries. 

The results come from the Japan End Investors Survey 2025, based on responses from 1,049 retail investors in Japan. To assess brand perceptions, Aureum Y created a Brand Equity Index combining recall, familiarity, propensity to buy and distinctiveness. 

The survey’s methodology was tailored for a retail audience, with several adjustments compared to Aureum Y’s Global Brand Survey of intermediaries and institutional investors. Adjustments included measuring propensity to buy only among those with stronger brand familiarity, focusing recall questions on mutual funds and ETFs, and assessing distinctiveness through guided attributes rather than open-ended responses.    

Among ETF providers, the two top managers were recalled by 21% of respondents, while 34% of investors was very or quite familiar with the most well-known ETF provider, and 83% is very or quite likely to invest in the ETF provider with the highest propensity to buy. Overall, ETFs are less popular in Japan than in the UK and US, with only 11% owning them. 

For more information and to request access to the full report, visit our dedicated individual investors reports page.