CPF funds allowed offshore access

Singapore's Central Provident Fund has decided to allow members to invest CPF money in foreign currency-denominated mutual funds. The move will reduce costs for consumers and provide a modest fillip to fund management companies already operating a retail business in the Lion City.Until now, CPF monies from CPF ordinary accounts and CPF special accounts have been allowed to invest only in Singapore dollar-denominated investment instruments. That meant global fund managers wishing to se…