Malaysia’s $35-billion civil service pension fund Kumpulan Wang Persaraan (Diperbadankan) (KWAP) announced that it has appointed Syed Hamadah Othman as its new CEO, effective November 1.
According to a KWAP statement, Syed Hamadah is one of the leading practitioners in pension and social security space in Malaysia.
He was previously a director at Actuarial Partners Consulting, where he led the pension business and specialised in pension funding and accounting, mergers and acquisitions, pension scheme design, pension reform and training.
He was also part of the consulting team on the review of pension, social security, and healthcare system in Malaysia. Syed Hamadah holds a Bachelor degree in actuarial mathematics and statistics from Herio Watt University, Edinburg.
“KWAP wishes to record its thanks and appreciation to the former CEO, Wan Kamaruzaman Wan Ahmad for this service and contribution to KWAP, its beneficiaries, and the nation at large throughout his tenure since he joined the organisation on May 2, 2013. Wan Kamaruzaman is departing the organisation having made a significant contribution to the transformation and growth of the company where he has led momentous changes to drive future growth of KWAP,” said the fund.
Recently, Wan Kamaruzaman has been rumoured to step down as CEO – an early termination of this contract, which is supposed to end in April 2019. Former KWAP chief investment officer Nik Amlizan Mohamed was supposed to take over as CEO but she has been appointed to head the Armed Forces Fund Board (LTAT) in September.
Wan Kamaruzaman’s departure marks the latest casualty among Malaysian government-linked investment corporations (GLICs) where their heads have been replaced swiftly since the country’s general election on May 9, 2018.
Established in 1991, KWAP is Malaysia’s second largest retirement fund and has total assets under management of RM140.8 billion ($34.8 billion).
Strategic investment fund Permodalan Nasional Bhd’s former chairman Abdul Wahid Omar and sovereign wealth fund Khazanah Nasional Bhd managing director Azman Mokhtar have resigned from their respective positions to ensure an orderly and smooth transition under the new federal government.