Malaysia’s state-owned fund management company Permodalan Nasional (PNB) has revamped its leadership team, including splitting the chief investment officer role into two, in the first significant move under new President and Group Chief Executive Jalil Rasheed, the former Southeast Asia CEO of US asset manager Invesco.
Hanizan Hood, who was CIO before the position was split, is now CIO for public markets in the 16-member leadership team. Rick Ramli, previously deputy vice president for real estate, is the CIO for real estate.
Fadzihan Abbas Mohamed Ramlee, who was formerly vice president of strategy, has been appointed as chief strategy officer.
According to PNB, the restructuring is part of its efforts to "ensure greater operational efficiency across the board and further enhance performance level".
"PNB has streamlined its organisation structure to better reflect the respective core functions and scope of its business units to emulate best practices of leading global asset managers," the company says in a statement on January 16.
Others in the leadership team include Mohamad Idros Mosin, previously senior vice president of strategy investments, who is now group head of strategic investments, and Mohd Irwan Ahmad Mustafa, formerly senior vice president of private markets and now group head of private markets.
PNB says its deputy president for strategic investments Kartini Abdul Manaf, who oversaw these two divisions, has retired, and they will now report directly to Mr. Jalil, who has headed PNB since October.
There were no changes to the roles of several others in the leadership team, including Deputy President and Group Chief Financial Officer Mohd Nizam Zainordin, Suzana Ahmad, the chief risk officer, and Muzzaffar Othman, the chief technology officer.
PNB had over 300 billion ringgit (US$73.83 billion) of assets under management as of end-September 2019.