Malaysia’s Khazanah appoints EPF chief as head

The chief executive of Malaysia’s $200 billion Employees Provident Fund has been appointed managing director of Khazanah Nasional, following the resignation of the entire board of directors of the sovereign wealth fund.

Shahril Ridza Ridzuan will replace Azman Mokhtar, who resigned in late July along with rest of the board.

Ridzuan’s appointment will take effect on 20 August, according to a statement.

Ridzuan became chief executive of EPF in 2013 having joined in 2009. He has served at Malaysian Resources Corporation and at national asset management company Pengurusan Danaharta Nasional. He has been involved in corporate recovery and credit restructuring following the 1997 Asian financial crisis.

During his time at the pension fund Ridzuan has been vocal about EPF’s push for more overseas investments especially in China as its domestic spending continues to rise, Ridzuan told Private Equity International in April this year. EPF has a 5 percent exposure to private equity, which includes investments in funds of funds, direct primary funds and direct and co-investments.

Ridzuan will be replaced by EPF deputy chief executive of strategy Alizakri Alias, who is responsible for the fund’s national policies on social protection, developing EPF products and services, as well as corporate strategy.

Khazanah has about $39 billion in assets under management. It has a 6.4 percent allocation to alternatives.