KUALA LUMPUR (Aug 28): Permodalan Nasional Bhd (PNB) has confirmed today 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, effective Oct 1.
This confirms a report by theedgemarkets.com yesterday that Jalil is set to helm PNB, Malaysia's largest fund manager, replacing Datuk Abdul Rahman Ahmad, who is set to leave for Sime Darby Bhd once his contract expires on Sept 30. He has been with PNB for three years.
Invesco, according to PNB in a statement today, 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.
"This afternoon, 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 in 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.
Sime Darby also confirmed the appointment earlier today via a stock exchange filing.
PNB chairman Tan Sri Dr Zeti 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 contribution 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.