Retirement Plans

Malaysia’s second biggest pension fund appoints new CEO

Syed Hamadah Othman was appointed CEO of Kumpulan Wang Persaraan, the 140.8 billion ringgit ($33.9 billion), Kuala Lumpur-based pension fund for public sector employees in Malaysia.

Mr. Syed Hamadah replaces Wan Kamaruzaman Wan Ahmad in that role, according to an announcement by the fund, which is known as KWAP.

Mr. Wan Kamaruzaman leaves KWAP after more than five years at the helm of Malaysia's second biggest pension fund. Details regarding his plans couldn't immediately be learned.

Mr. Syed Hamadah is joining from Actuarial Partners Consulting, where he served as a director and leader of the firm's retirement business. A spokesman for Actuarial Partners couldn't immediately be reached.

The appointment of a new CEO at KWAP, effective Nov. 1 is the latest high-level institutional investor leadership change since Malaysia's general election on May 9, which saw the first change of government since the country's independence from Great Britain in 1957.

In August, Shahril Ridza Ridzuan, the CEO of Malaysia's 813.18 billion ringgit Employees Provident Fund, replaced Azman Mokhtar as head of Khazanah Nasional Berhad, the country's strategic investment arm with a portfolio valued at 157.2 billion ringgit at the end of 2017 on a mark-to-market basis.

Alizakri Alias, the EPF's deputy CEO-strategy, took on Mr. Shahril's responsibilities as CEO.