Malaysia’s PNB names Zulqarnain Onn as new president and group CEO

The Petronas Towers peek through palm trees. Kuala Lumpur, Malaysia.

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.

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.