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The fund management subdivision of Tokio Marine Holdings, which claims to be the largest Japanese insurance company in terms of net premiums, opened offices in London in January.

The subdivision specialises in Japanese and Asian equities and runs more than $45bn (£30.4bn) for public and private pension funds. It is also one of the largest discretionary managers in Japan.

The asset manager recently won further business in Europe when Nordea Investment Funds appointed Tokio Marine Asset Management International as investment adviser to its Far Eastern Equity Sicav portfolio, which holds roughly $100m.

Tokio Marine said it could not release any more details about the offshore portfolio at present and would make further announcements in due course.

The news comes as the IMA reported Japan had suffered the worst net outflows of any onshore sector during February.

In performance terms, offshore Japanese funds failed to improve on their onshore equivalents over one and three years to March 23.

The Morningstar Equity Japan sector lost 12 per cent over one year and 38.3 per cent over 36 months. The IMA Japan sector declined by 9.1 per cent and 34.5 per cent during the same period.

In both sectors, quality trackers outperformed most actively managed portfolios. In the 141-strong Morningstar sector, a raft of tracker funds placed 22nd to 25th over three years. The BGI Japan Index fund came 19th, while the WinFund Equity-Index Japan portfolio ranked 15th.