Najib: Bridge Partners hired to manage 1MDB’s funds based on its track record

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KUALA LUMPUR (Nov 3): Prime Minister Datuk Seri Najib Razak said Bridge Partners, a little-known Hong-Kong based fund management firm, was hired to manage 1Malaysia Development Bhd’s (1MDB) offshore funds totalling some US$2.3 billion (RM7.6 billion) based on its track record.

In a written parliamentary reply to Pandan Member of Parliament Rafizi Ramli today, Najib said "the selection of the fund manager for 1MDB was based on criteria, for instance, stability of the firm, its reputation, its track record in investments, its incorporated jurisdiction, its accompanying jurisdiction, that it complies with IFRS (International Financial Reporting Standards) and that its fees were comparable with the market".

Rafizi had asked Najib, who is also finance minister and chairman of 1MDB, to state the criteria for appointing Bridge Partners to manage some US$2.3 billion in funds for the sovereign wealth fund and the fees that were annually paid to the Hong Kong-based firm.