Jalil Rasheed, investment director at Invesco Asset Management Singapore Ltd, is poised to become Permodalan Nasional Bhd chief executive to replace Datuk Abdul Rahman Ahmad. NST picture by AMIRUDIN SAHIB.

KUALA LUMPUR: Jalil Rasheed, investment director at Invesco Asset Management Singapore Ltd, is poised to become Permodalan Nasional Bhd chief executive to replace Datuk Abdul Rahman Ahmad. 

Sources told the New Straits Times that Jalil was expected to start his new job on October 1.

The decision to hire Jalil to lead Malaysia’s largest fund manager had been approved by PNB group chairman Tan Sri Zeti Akhtar Aziz and the board.

Jalil was expected to put pen to paper today (August 28), one of the sources said.

Announcement of his appointment can be expected as early as this afternoon, the source added.

Prior to joining Invesco in April 2013, Jalil reportedly was with Aberdeen for about a decade.

He was based in London between 2003 and 2005 as part of its emerging markets team, before spending two years up to 2007 in Singapore with its Asean equities team.

He left Aberdeen in 2013 after nearly three years as CEO of Aberdeen Islamic Asset Management, based in Kuala Lumpur.

Meanwhile, reports said that Abdul Rahman, PNB’s president cum group chief executive, will leave upon the expiry of his three-year contract by the end of next month. 

He assumed the post on October 1, 2016.

Quoting sources, theedgemarkets.com said Abdul Rahman might take the chairmanship of Sime Darby Bhd where PNB has a majority stake of 51.1 per cent.

It  remained unclear whether the chairman would be an executive role, the report added.

Abdul Rahman, together with former chairman Tan Sri Abdul Wahid Omar, had drawn up PNB's six-year transformation plan called STRIVE-15, which began in 2017.

The plan aims to uplift PNB into becoming a world-class investment house by whipping investee companies into better shape and boosting returns for its 14.1 million unitholders nationwide.

Abdul Rahman’s potential departure may precede more changes at the top of PNB, the report said.

Chief financial officer Datuk Mohd Nizam Zainordin is said to consider retirement, while chief strategy officer Datin Paduka Kartini Abdul Manaf's contract is currently on a six-month extension up to the end of this year following its expiry in June this year.

PNB’s asset under management (AUM) had surged past the RM300 billion mark for the first time earlier this year.

As at May, its AUM stood at RM301.4 billion.

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