PETALING JAYA (March 30): Retirement Fund Incorporated (KWAP) is expected to decide on the appointment of a new chief executive today (March 31) to replace Datuk Nik Amlizan Mohamed.

According to sources, the public sector pension fund is scheduled to hold a board meeting today on the matter. Nik Amlizan’s five-year contract reportedly concluded in November last year. It is believed that the incoming CEO will succeed him from April 1, 2026.

One source indicated that economist Nurhisham Hussein, currently the senior director of Economy and Finance at the Prime Minister’s Office (PMO), is a leading candidate for the post. Prior to his role at the PMO, Nurhisham served as the chief strategy officer of the Employees Provident Fund (EPF).

Another source named a different contender: Datuk Jay Khairil Jeremy Abdullah, the current CEO of Bank Simpanan Nasional (BSN).

There has also been speculation that the fund’s chief investment officer, Hazman Hilmi Sallahuddin, was also a potential candidate, but a Ministry of Finance (MOF) source dismissed the claim, saying Hazman Hilmi will remain in his current position.

When contacted, Nurhisham denied any knowledge of being named as a successor, stating that “nobody had asked” him about the role. At press time, KWAP’s communication representative did not respond to queries from The Edge. It was also unable to reach Jay Khairil or BSN for comment.

Another source noted that the KWAP board might appoint an interim or acting CEO should it require more time for deliberation.

In November last year, The Edge reported, citing sources familiar with the matter, that Nik Amlizan would be departing the fund in April this year.

Nik Amlizan, 58, was appointed CEO on Nov 2, 2020. She originally joined KWAP in 2007 as part of the pioneer team established to set up the fund’s equity department. She rose through the ranks over 11 years before serving as the CEO of Lembaga Tabung Angkatan Tentera (LTAT) in October 2018. Her next move remains unclear.

Under Nik Amlizan’s stewardship, KWAP’s fund size grew significantly, reaching RM185.6 billion in 2024 from RM147.48 billion in 2019.

In 2024, KWAP recorded its highest-ever investment income of RM18 billion, delivering a total return of 12%. As of Dec 31, 2024, public equity accounted for 51.7% of total investment assets, followed by fixed income (32.4%), private equity (5.4%), real estate (5.2%), and infrastructure (2.2%). The remaining 3.3% was allocated to cash management for liquidity purposes.