Jalil Rasheed will be appointed as Permodalan Nasional Berhad’s (PNB) new President & Group Chief Executive with effect from 1 October 2019.
Jalil is currently the CEO of the South Asian operations for Invesco, a leading global investment firm managing more than US$1.2 trillion across a multiple range of asset classes in over 25 countries.
Previously based in Singapore, his appointment seems to fall within the Malaysian government’s initative of bringing back local talents currently earning their keep overseas.
Jalil holds a Bachelor of Science in Accounting and Finance (Hons.) from The London School of Economics & Political Science (LSE), United Kingdom
He began his career in 2003 as a graduate trainee at Aberdeen Standard Investments and rose through the ranks to become an Investment Manager and later, Head of Equities before assuming the role of CEO at Aberdeen Islamic Asset Management in 2010.
Jalil left Aberdeen to join Invesco in 2013 and has been the CEO (South Asia) at Invesco since then.
PNB Group Chairman, Dr Zeti Aziz expressed her gratitude to outgoing President & Group Chief Executive, Abdul Rahman Ahmad.
“On behalf of the Directors on the Board of PNB, as well as the Management and Staff, I would like to thank 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 Berhad,” says Zeti.
This afternoon, PNB has completed all the necessary requirements for these announced appointments at the levels of the Yayasan Pelaburan Bumiputra chaired by Malaysia’s Prime Minister, Dr. Mahathir Mohamed.
How big of a deal is PNB in Malaysia?
PNB is normally seen as one of two powerhouses in the Malaysian investment scene. The other, being the Employee’s Provident Fund (EPF).
And while there are plenty of other investment houses in the country, PNB is one that is kept close to the Malays of Malaysia, through their ASB unit trust product, which consistently gives high returns. The ten year average of this unit trust is around seven to eight percent, well above industry standards of two to three percent.
The government of Malaysia normally relies on PNB to continue to serve as the investment body that serves the interests of the Malays. And although PNB does have unit trusts that non-Malays can subscribe to, it is often that not referred to only as the ‘Bumiputra Fund’ house of the country.