A significant leadership change is brewing at Retirement Fund Inc (KWAP), Malaysia's largest pension fund for civil servants, as CEO Datuk Nik Amlizan Mohamed is reportedly stepping down after a five-year tenure. This news, first reported in The Edge Malaysia Weekly between November 10-16, 2025, marks the end of an era and raises questions about the future direction of the fund.
Nik Amlizan, 57, was appointed CEO on November 2, 2020, and her contract is expected to expire at the end of the month. The search for her successor is underway, but no official announcement has been made yet.
Rumors suggest that Hazman Hilmi Sallahuddin, the fund’s Chief Investment Officer (CIO), is a potential internal candidate. There is also a possibility of an external candidate being considered.
When contacted by The Edge, KWAP stated that Nik Amlizan is still leading the organization and focused on 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 said in an email response.
A source close to the matter confirmed the news, adding that Nik Amlizan, with her strong track record, should have no trouble finding another prominent role. The source also indicated that the decision on her successor is still fluid, with both internal and external candidates in the running.
Before becoming CEO, Nik Amlizan held various positions at KWAP for 11 years, steadily climbing the ranks. In October 2018, she was offered the CEO role at Lembaga Tabung Angkatan Tentera (LTAT). Armed with a background in economics and finance, she joined KWAP in 2007 as part of the initial team establishing the fund’s equity department. She last served as CIO before leaving in 2018.
In a 2021 interview, Nik Amlizan emphasized that her role as KWAP CEO involved not only generating investment returns and sustainable revenue but also establishing robust governance structures and checks and balances for 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 state fund 1Malaysia Development Bhd. This happened even though SRC reportedly didn't meet KWAP’s investment policy requirements. The federal government, acting as a guarantor, ultimately assumed the debt. In 2022, a KWAP spokesperson confirmed that the government had fully repaid the loan.
And this is the part most people miss... Despite the past controversy, KWAP's financial performance has been strong. According to its most recent annual report (2023), the fund size grew to RM169.82 billion in 2023 from RM147.48 billion in 2019.
As of December 31, 2023, KWAP's asset allocation included 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, totaling RM81.38 billion, was primarily in domestic stocks (70%), 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 annualised 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%.
What do you think about the leadership change at KWAP? Do you believe the fund is on the right track? Share your thoughts in the comments below!
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