August 2020
AAM Magazine
August 2020
Back to news

Malaysia’s PNB taps Khazanah Nasional executive as new CEO

Kuala Lumpur cityscape at night
By Asia Asset Management  
July 2, 2020

Malaysia's largest fund management company Permodalan Nasional has hired Ahmad Zulqarnain Onn, a senior executive from the country’s sovereign wealth fund, to be its new chief executive officer to replace Jalil Rasheed who resigned suddenly two weeks ago.

Mr. Ahmad Zulqarnain's appointment as PNB’s president and CEO has been cleared by regulators and is effective July 1, the state-owned fund management company says in a statement on June 29.

He moves to PNB from Malaysian sovereign wealth fund Khazanah Nasional, where he was the deputy managing director and also headed the corporate strategy team.

Mr. Jalil congratulated his successor.

"Congratulations Zul. A great team awaits you at PNB. All the best," he wrote on Twitter.

Mr. Jalil resigned on June 15 claiming he was the target of harassment that made him worry for his family’s safety, and said on Twitter that he received abusive calls from private numbers, and that his LinkedIn profile and non-PNB corporate email were hacked.

PNB has not addressed the allegations.

The Kuala Lumpur-based company had 312 billion ringgit (US$73.33 billion) of assets under management as of end-2019.