Malaysian state fund PNB chief executive to leave next month: Report

Kuala Lumpur, Malaysia. Photo: Alex Block/Unsplash

Malaysia’s $71-billion state-linked investment fund Permodalan Nasional Bhd (PNB) may see a change in its leadership, according to a report by thedgemarkets.com.

The fund’s current president and group chief executive Abdul Rahman Ahmad will leave PNB upon the expiry of his three-year contract by the end of September.

He will be succeeded by Jalil Rasheed, who is currently an investment director at Invesco Asset Management Singapore Ltd. Prior to Invesco, Jalil was the CEO of Aberdeen Islamic Asset Management, based in Kuala Lumpur.

It will be the second departure in PNB in 12 months’ time, after former chairman Abdul Wahid Omar left the fund in June 2018, almost two years after he was appointed to chair the fund, following a change in government after Malaysia’s 14th general elections last May.

Abdul Wahid is succeeded by former Malaysian Central Bank (BNM) governor Zeti Akhtar Aziz in July.

The report went on to quote sources saying that Abdul Rahman may take up the chairman role at Malaysian trading and logistics conglomerate Sime Darby Bhd, in which PNB has a majority stake of 51.1 per cent. Other major shareholders at Sime Darby include local pension funds Employee Provident Fund and Kumpulan Wang Persaraan (Diperbadankan) (KWAP).

DealStreetAsia has reached out to PNB for comment.

As of end of May 2019, PNB boasts 301.4 billion ringgit ($71.6 billion) assets under management. Abdul Rahman assumed the post of president and group chief executive on October 1, 2016, succeeding Hamad Kama Piah Che Othman, who helmed PNB for 37 years.

Prior to PNB, Abdul Rahman was the president and group CEO of Malaysian state-linked private equity fund Ekuiti Nasional Bhd (Ekuinas). He also had stints at Malaysia’s largest media group Media Prima Bhd as the group managing director and CEO, as well as Malaysian Resources Corporation Bhd (MRCB) as its group managing director and CEO.

Incorporated by the Malaysian government in 1978, PNB is one of the largest fund managers in Malaysia. Its portfolio covers strategic investments in local corporates, global equities, private investments, and real estate.