Foreign fund manager to oversee EPF investments

  • Nation
  • Friday, 01 Jul 2005

The Employees Provident Fund (EPF) has appointed a foreign fund manager to manage its investments overseas, said Prime Minister Datuk Seri Abdullah Ahmad Badawi. 

He said the EPF had checked the background, capabilities and credibility of Aberdeen Asset Management and found it to be highly capable and credible. 

The firm currently manages funds close to US$29.2bil (RM111bil) for its clients, including pension and insurance institutions, he told Datuk Abdul Rahim Bakri (BN-Kudat). 

Abdul Rahim wanted to know the level of control and supervision set out by the Government to ensure that EPF’s investments overseas were safe and not exposed to cheating and manipulation by the appointed fund managers. 

Abdullah, who is also Finance Minister, said Aberdeen is also among the five foreign fund managers licensed by the Securities Commission to operate in Malaysia. 

In another written reply, Abdullah, who is Internal Security Minister, said that 2,323 foreign national women were arrested in connection with prostitution between January and May. 

Abdullah told Chong Eng (DAP - Bukit Mertajam) that the women were prosecuted.  

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