This article first appeared in The Edge Financial Daily on August 29, 2019

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) confirmed that 38-year-old Jalil Rasheed, who is currently heading the South Asian operations of UK-based fund manager Invesco, will be appointed as its president and group chief executive officer (CEO) effective Oct 1.

This confirms a report by theedgemarkets.com on Tuesday that Jalil is set to helm PNB, Malaysia’s largest fund manager, replacing Datuk Abdul Rahman Ahmad, who is leaving for Sime Darby Bhd once his contract expires at the end of next month. Abdul Rahman has been with PNB for three years. Prior to that, he was the CEO of Ekuiti Nasional Bhd.

Invesco, according to PNB in a statement yesterday, is a leading global investment firm that is managing over US$1.2 trillion across a multiple range of asset classes in over 25 countries.

“Previously based overseas, his appointment is in line with the government’s wish to make optimal use of Malaysian global talents and consistent with PNB’s strategic initiative to diversify its assets globally,” said PNB.

Jalil holds a degree in accounting and finance from the London School of Economics, and began his career as a graduate trainee at Aberdeen Standard Investments, eventually becoming the CEO of Aberdeen Islamic Asset Management, before joining Invesco in 2013 as its CEO (South Asia).

PNB further said it adopts the highest standards of governance in its operations, including relating to the appointments of key leadership positions.

“PNB has completed all the necessary requirements for these announced appointments at the levels of the Yayasan Pelaburan Bumiputera chaired by the Yang Amat Berhormat Prime Minister, at the PNB board, and the regulatory authorities.

“Following this, the PNB board of directors welcomes Jalil, who brings with him vast experience in managing global investments and is confident that he will capably lead PNB on its journey towards becoming a distinctive, world-class investment institution,” it added.

Abdul Rahman, meanwhile, would be leaving to join Sime Darby as its non-independent and non-executive chairman once current Sime Darby chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah retires on Oct 31, 2019, PNB said. PNB said Sime Darby is one of the fund’s “key strategic companies”, in which it holds a 51.1% stake.

PNB chairman Tan Sri Dr Zeti Akhtar Aziz expressed her gratitude to Abdul Rahman for his service.

“On behalf of the directors on the board of PNB, as well as the management and staff, I would like to thank Datuk Abdul Rahman for his invaluable contributions to PNB and its group of companies during his three-year tenure here. We look forward to continue working together with him in his new role at Sime Darby Bhd,” said Zeti.