EPF to send $3.2 billion offshore by 2007

It also seeds a new Southeast Asia resources fund with partners CIMB and Standard Bank.
Malaysia's mammoth M$260 billion $70.4 billion Employees Provident Fund has obtained the Finance Ministry's approval to allocate another M$925 million $250 million of funds to external fund managers for overseas investment û in just the first stage of a planned M$12 billion $3.2 billion offshoring by 2007.

The latest allocation, benchmarked against the recently launched FTSEAsean 40 Index, is the first chunk of the M$2 billion $541 million pot the EPF plans to outsource this year. When allocated, it will take the EPF's offshore investments to more than $350 million. The EPF has just received permission to allocate this money abroad and has yet to choose an external fund manager or managers.

Separately,...
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