A significant leadership change is brewing at Retirement Fund Inc (KWAP), Malaysia's largest pension fund for civil servants, as its CEO, Datuk Nik Amlizan Mohamed, is reportedly preparing to step down. This marks the end of her five-year tenure, according to sources familiar with the matter. This article, originally published in The Edge Malaysia Weekly between November 10th and 16th, 2025, delves into the details of this transition and its potential implications.
Nik Amlizan, 57 years old, was appointed CEO on November 2, 2020. Her contract is expected to conclude at the end of the month, and the identity of her successor remains undisclosed.
Speculation is already swirling about potential candidates. Hazman Hilmi Sallahuddin, the fund’s Chief Investment Officer (CIO), is rumored to be a strong contender, and the possibility of an external candidate is also being considered.
When contacted, KWAP stated that Nik Amlizan is still at the helm, focused on the fund's priorities. They indicated that any official announcements regarding leadership changes would be made in due course.
One source suggests that Nik Amlizan should have no trouble finding another prominent role, given her strong reputation and successful track record.
The source also noted that the selection process for her replacement is still in flux, with both internal and external candidates vying for the position.
Before becoming CEO, Nik Amlizan had an 11-year history with KWAP, progressing through various roles. Prior to her appointment as CEO, she was offered the CEO role at Lembaga Tabung Angkatan Tentera (LTAT) in October 2018.
With a background in economics and finance, Nik Amlizan joined KWAP in 2007 as part of the initial team that established the fund's equity department. She previously held the position of CIO before leaving in 2018.
In a 2021 interview with The Edge, Nik Amlizan highlighted that her role as KWAP CEO extended beyond investment returns and revenue generation. She also focused on establishing robust governance structures and checks and balances to ensure long-term sustainability.
But here's where it gets controversial... KWAP has faced scrutiny in the past. Between 2011 and 2012, it issued a RM4 billion loan to SRC International Sdn Bhd, a former subsidiary of 1Malaysia Development Bhd. This occurred despite SRC reportedly not meeting KWAP’s investment policy requirements. The federal government, acting as a guarantor, eventually assumed the debt. In 2022, a KWAP spokesperson confirmed that the government had fully repaid the loan.
Despite this past controversy, KWAP's financial performance has shown growth. The fund's size increased over five years, reaching RM169.82 billion in 2023 from RM147.48 billion in 2019.
As of December 31, 2023, KWAP's asset allocation comprised 48% in public equity, 36% in fixed income, 5% in real estate, 5% in private equity, 2% in infrastructure, and the remaining 4% in money markets.
The allocation to public equity, totaling RM81.38 billion, is primarily invested in domestic stocks, which constitute 70% of the allocation, with the remaining 30% invested in the international equity market. Eighty-five percent of the total equity exposure is managed internally, while the balance is outsourced to external fund managers.
KWAP's net income rose to RM9.65 billion in 2023, up from RM6.67 billion in 2019. Its annualized time-weighted average return (TWRR) reached 8.2% in FY2023, a significant increase from 1.1% in 2022. In the three years leading up to 2022, TWRR ranged between 5.94% and 6.74%.
And this is the part most people miss... The success of a pension fund is not just about the numbers; it's about the long-term vision and the ability to navigate both challenges and opportunities. What do you think about the future of KWAP? Do you believe the fund is on the right track? Share your thoughts in the comments below!
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