Two Japanese funds have announced a change of manager this week. The Close Finsbury Japanese fund is to be managed by veteran Japan manager Michael Lindsell following the departure of Scott McGlashan to JO Hambro. Lindsell works for Lindsell Train, which will become adviser to the fund. Lindsell also manages the £13m Lindsell Train Japan fund. Lindsell’s investment style is to invest in durable businesses that are significantly underpriced or valued at a significant discount to their net assets by the market. Close Finsbury has an existing relationship with Lindsell Train through its Finsbury Growth trust, which is advised by Nick Train. Lindsell believes that investment opportunities in Japan are “more alluring” than they have been for many years, and he says this comes from a combination of a stockmarket peak in 1989 and a GDP peak in 1997, both of which are yet to recover. The JP Morgan Fleming Japanese Smaller Companies trust is also seeing a change of investment adviser. David Scott has resigned and is to be replaced by Tadashi Ohta. Ohta has been a specialist with JP Morgan’s Japan portfolio group in Tokyo since 2003, having joined the group in 1997 as a senior small-cap analyst.