25-1-2024 (KUALA LUMPUR) Malaysia is expected to announce the appointment of Ahmad Zulqarnain Onn, the group CEO of Permodalan Nasional Berhad (PNB), the country’s largest asset manager, as the head of its largest state pension fund, according to sources familiar with the matter.
The position has been vacant since Prime Minister Anwar Ibrahim reshuffled his cabinet in December and named Amir Hamzah Azizan, the former CEO of the Employees Provident Fund (EPF), as the second finance minister.
According to two sources, the announcement of Ahmad Zulqarnain’s appointment is anticipated to be made by the end of January.
When asked for comment, a spokeswoman from EPF responded via email that the pension fund is currently “unable to offer any comments at this time on leadership changes.” Requests for comment from the prime minister’s office and PNB have not been immediately answered. The sources have requested anonymity as they are not authorized to speak to the media.
This appointment comes as EPF, the world’s 12th largest pension fund, aims to rebuild its reserves after facing substantial withdrawals of subscriber funds during the COVID-19 pandemic.
Market observers will closely monitor Ahmad Zulqarnain’s role in expanding domestic investments, following Prime Minister Anwar’s call for government-linked institutions to support the country’s economy.
Between 2020 and 2022, Malaysians withdrew approximately 145 billion ringgit from the EPF, raising concerns about the long-term strain on healthcare funding.
Ahmad Zulqarnain, a graduate of Harvard University, assumed the position of CEO at PNB in July 2020. PNB manages assets worth 343.1 billion ringgit ($72.55 billion) as of November 30, 2022, as stated on its website.
During his tenure, PNB played a pivotal role in establishing Malaysia’s largest automotive group to bolster the country’s electric vehicle initiatives. The organization also pursued diversification strategies by incorporating infrastructure assets into its portfolio.
Before joining PNB, Ahmad Zulqarnain served as the Deputy Managing Director at Khazanah Nasional, Malaysia’s sovereign wealth fund.
EPF, established in 1951, is the 12th largest pension fund globally, with 15.72 million members and total assets of approximately 1 trillion ringgit, according to its 2022 annual report.
EPF’s investments in the Malaysian public equities market include major entities such as Malayan Banking, the country’s largest bank, and Tenaga Nasional, the electricity utility provider, as per LSEG data.
Additionally, EPF engages in private market investments, including real estate and private equity.
