Malaysia’s largest asset manager Permodalan Nasional Bhd (PNB) on Monday announced the appointment of Ahmad Zulqarnain Onn as its president and group chief executive, effective July 1.
Zulqarnain was until recently a deputy managing director at Malaysia’s sovereign wealth fund Khazanah Nasional Bhd. He was appointed as one of the fund’s two deputy managing directors in 2018 and was in charge of managing Khazanah’s strategic holdings in government-linked companies.
Zulqarnain has more than 23 years of experience in the financial services and corporate sector.
PNB said it has received all the relevant regulatory approvals for the appointment of the new president and group chief executive, including from Yayasan Pelaburan Bumiputra, the PNB Board and the regulatory authorities.
The announcement of a new president and group CEO comes after PNB said it had accepted the resignation of former president and group CEO Jalil Rasheed earlier in June. His resignation came after just nine months in the role.
In a letter sent to the PNB staff seen by Reuters, Jalil said he had received hate calls from unknown numbers and his corporate email account and LinkedIn profile had been hacked.
PNB is one of the largest fund management companies in Malaysia with assets under management exceeding 300 billion ringgit ($70.09 billion). Its portfolio includes strategic investments in Malaysia’s leading corporates, global equities, private investments and real estate.