Malaysia’s Sarawak state sovereign wealth fund has hired Reza Baharin from Permodalan Nasional (PNB) as head of fixed income.
The appointment comes nine months after the Sarawak Sovereign Wealth Future Fund tapped Rahmat Yusuf from Hong Kong securities firm CLSA as its first chief executive officer.
Reza announced in a posting on LinkedIn on December 9 that he joined the fund after more than five years as head of fixed income at PNB, Malaysia’s largest fund management company.
He also had a 14-year stint at the Malaysian central bank in roles including portfolio manager for US fixed income and head of financial market development.
Sarawak, a resource-rich state in east Malaysia, set up the wealth fund with 8 billion ringgit (US$1.71 billion) of initial capital after legislation for its creation was passed in November 2022.
Last month, Amar Douglas Unggah Embas, the state’s deputy premier, said the fund will receive annual appropriation of up to 300 million ringgit from next year until 2028. The amount will be increased to as much as 550 million ringgit from 2029 to 2033, and up to 650 million ringgit from 2034 to 2043.
The wealth fund is overseen by a board of guardians chaired by Sulong Matjeraie, a former federal court judge.
