Malaysian asset manager PNB head Jalil Rasheed steps down

Malaysia’s largest asset manager Permodalan Nasional Bhd (PNB) has accepted the resignation of its president and group chief executive, effective immediately, it said in a statement on Monday.

The announcement came after several local media outlets reported at the weekend that Jalil Rasheed was leaving the government-linked firm, which has over 300 billion ringgit ($70.15 billion) of funds under management, after just nine months.

“The Board has also approved the appointment of a successor and an announcement will be made upon receipt of the requisite regulatory approvals,” the statement said.

In a good-bye letter sent to the staff via email and seen by Reuters, Jalil said he had been harassed, receiving what he described as hate calls from unknown numbers while his corporate email account and LinkedIn profile had been hacked.

“This made me increasingly worry for the wellbeing of my family. In the end, I decided that it would be unfair to my family should matters escalate,” he said in the note, without giving further details.

Jalil returned from Singapore to head PNB in October last year after a change in the country’s government led to a series of corporate leadership changes at state-linked firms.

Further changes have followed Muhyiddin Yassin’s appointment as Prime Minister in February, including at national oil company Petronas.

Jalil said that he never wavered in his principles in performing his duties at PNB and told staff to “always stay the course, never waver in integrity and always be guided by principles”.

PNB did not immediately respond to a request for comment on the contents of Jalil’s letter outside of regular office hours.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.