Rel Cap eyes Malaysian govt fund biz

NEW DELHI: Reliance Capital Asset Management Company is negotiating with Malaysia to manage up to $5 billion (Rs 23,000 crore) of public and government funds, including money that is part of the national pension fund, persons aware of the development said.

Malaysia is also in talks with other global fund managers for the deal and the Anil Ambanirun company expects to win a mandate to manage around half the $5 billion that the Southeast Asian nation’s government wants private asset managers to handle.

Investment arms called government-linked investment companies (GLICs) manage the funds now and also own stakes in a number of top Malaysian firms. Such companies, called government-linked companies (GLCs), include Telekom Malaysia, automaker Proton and Malaysia Airlines. Surplus cash with some of the GLCs will also be managed by private fund managers.

“He (Mr Ambani) is looking to manage some of Malaysia’s portfolio assets. Also, some of our GLCs,” Malaysian Prime Minister Najib Razak told ET after a meeting with Mr Ambani.