This article first appeared in The Edge Malaysia Weekly on November 10, 2025 – November 16, 2025

DATUK Nik Amlizan Mohamed, CEO of Retirement Fund Inc (KWAP), the country’s largest pension fund for civil servants, is stepping down from her role, following the completion of her five-year term, according to sources familiar with the matter.

Nik Amlizan, 57, was appointed CEO on Nov 2, 2020, and it is understood that her contract at KWAP will expire at the end of this month. Her next move remains unclear, and her successor has yet to be announced.

There is talk, however, that the fund’s chief investment officer (CIO) Hazman Hilmi Sallahuddin is a possible candidate and that an external candidate may also be in the running for the top role at KWAP.

In response to queries from The Edge, KWAP says Nik Amlizan continues to lead the organisation and remains focused on delivering its priorities.

“We have no updates to share on leadership matters at this time. Any official announcement, if necessary, will be made accordingly in due course,” KWAP says in an email response.

Says a source: “It’s more or less confirmed … She should have no difficulty securing something as prominent as KWAP, as she has a good name and a strong track record.”

As to who will take over from her, the source adds: “Things are still pretty fluid … There are both internal and external candidates vying for the position.”

Nik Amlizan served in various positions at KWAP for 11 years, gradually rising through the ranks before being offered the role of CEO at Lembaga Tabung Angkatan Tentera (LTAT) in October 2018.

Armed with a background in economics and finance, Nik Amlizan joined KWAP in 2007 as part of the pioneer team recruited to establish the fund’s equity department. She last served as CIO before leaving in 2018.

In a 2021 interview with The Edge, Nik Amlizan said her role as KWAP CEO involved not only generating investment returns and sustainable revenue but also establishing the right governance structures, along with the proper checks and balances, to ensure long-term sustainability.

The pension fund has faced controversy in the past. In 2011 and 2012, it issued its largest loan so far — RM4 billion in cash — to SRC International Sdn Bhd, a former subsidiary of state fund 1Malaysia Development Bhd, even though SRC had reportedly failed to meet KWAP’s investment policy requirements. The federal government, acting as guarantor, ultimately assumed the debt burden. In 2022, a KWAP spokesperson confirmed that the RM4 billion loan had been fully repaid by the government.

With the controversy behind it, KWAP’s most recently available annual report (2023) shows its fund size grew over five years, to RM169.82 billion in 2023 from RM147.48 billion in 2019.

As at Dec 31, 2023, KWAP’s asset allocation consisted of 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 48% allocation to public equity, totalling RM81.38 billion, is primarily in domestic stocks, which make up 70% of the allocation, with the remaining 30% invested in the international equity market. Eighty-five per cent 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, from RM6.67 billion in 2019. Its annualised time-weighted average return (TWRR) reached 8.2% in FY2023, up sharply from 1.1% in 2022. In the three years preceding 2022, TWRR ranged between 5.94% and 6.74%. 

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