Teneo Partners has become the first foreign registered alternative investment specialist to be granted a securities sales agency licence by Japan's FSA.
Speaking about the award of the license, only the second to be granted to a foreign company, partner Richard Okuno said: "We are grateful to the Japanese authorities for granting us this license."
Teneo Partners was established in 2003 by a team of independent marketers to provide various services to participants in the fast growing Japanese alternative investment industry. The firm is a leading specialist in the field of alternatives, active in introducing products as hedge funds, private equity, global real estate and fund of hedge funds to Japanese institutional investors.
"We will use the license to market alternative investment products to a wide range of local investors," said another partner at Teneo Partners, Thomas Carrick.
The Securities Sales Agency system allows agents who are sponsored by a registered securities company, broad marketing access to Japanese investors. It came into effect on 1 April 2004 as part of an amendment to Japan's Securities and Exchange Laws.
The nation's largest business newspaper, the Nihon Keizai Shimbun, reports there were 105 licensed sales agents as of the end of September 2004. All of them bar one were Japanese corporations or individuals. The government wants to increase the number of intermediaries in the nation's financial markets as it re-emerges from a contraction lasting over a decade.