Breaking News-RTRS-Malaysia relaxes foreign ownership of investment funds

KUALA LUMPUR, June 30 (Reuters) - Malaysian Prime Minister Najib Razak said on Tuesday that some foreign shareholding rules for investment funds will be relaxed as this Southeast Asian country battles a growing outflow of foreign portfolio money.
Foreign owership limit of stock brokerages is to be increased to 70 percent from 49 percent while there can be 100 percent foreign control in wholesale fund management firms and a new 70 percent limit for unit trust companies, Najib said.