Malaysian SWF poaches CIMB banker

Khazanah Nasional has hired the deputy chief executive of CIMB Group, Charon Wardini Mokhzani, to be an executive director.

Khazanah Nasional, the $38 billion Malaysian sovereign wealth fund, has hired Charon Wardini Mokhzani from Malaysian investment bank CIMB Group, according to separate statements from the firms. 

Mokhzani will be executive director at Khazanah, having served as deputy chief executive of CIMB Group and chief executive of CIMB Investment Bank Berhad. He joined CIMB in 2004 from Malaysian law firm Zaid Ibrahim and Co. 

State-owned management company Khazanah is the largest shareholder in CIMB and has previously invested in its subsidiaries. In January, the firm with Sun Life Financial together acquired a 98 percent stake in Malaysian life insurance company CIMB Aviva Assurance Berhad and CIMB Aviva Takaful Berhad, an Islamic insurance operator, according to an earlier statement.  

Malaysia building its PE exposure

The pair each paid MYR 900 million (€224 million; $299 million) for respective 49 percent stakes in the CIMB Bank subsidiaries, equaling a total deal value of MYR 1.8 billion, the statement said.  

Malaysian investors have been bolstering their capabilities in private equity recently.

Khazanah hired Kenneth Shen from Qatar Investment Authority in 2011, bringing the number of executive directors of investments in the organisation to eight at the time, Private Equity International reported earlier. 

More recently, the $170 billion Employees’ Provident Fund of Malaysia in March said it would increase its allocation to private equity to possibly 5 percent over the next five years from 2 percent, PEI reported earlier. 

Moreover, shortly after the former Malaysian prime minister Tun Abdullah Badawi said he would be raising a $500 million private equity fund for the halal industry, CIMB in May revealed it would be raising a $200 million private equity fund to invest in Southeast Asia. In November 2012, CIMB had hired The Carlyle Group’s ex-head of Southeast Asia Anand Balasubrahmanyan to lead its private equity products.