Major leadership change on the horizon at Malaysia’s largest pension fund—KWAP’s CEO is reportedly stepping down after completing her five-year term. But here’s where it gets controversial: with her departure, many are questioning what the future holds for the fund’s strategic direction and leadership stability.
This information first surfaced in The Edge Malaysia Weekly, covering the period from November 10 to November 16, 2025.
Datuk Nik Amlizan Mohamed, who has served as the Chief Executive Officer of Retirement Fund Inc. (KWAP)—the country’s premier pension institution for civil servants—is expected to relinquish her role soon, following her contractual tenure’s completion. Sources with close knowledge of the situation reveal that Nik Amlizan, 57 years old, was appointed on November 2, 2020, and her contract is set to expire at the end of this month. While her next move remains a mystery and no official successor has been announced yet, industry insiders speculate that the fund’s Chief Investment Officer (CIO), Hazman Hilmi Sallahuddin, might be a top contender. There’s also talk of potential external candidates vying for the position, highlighting a possibly competitive and fluid leadership transition.
In response to inquiries, KWAP has reaffirmed that Nik Amlizan continues to steer the organization’s operations and remains dedicated to its core priorities. As of now, the fund states, “We have no updates to share on leadership matters at this time. Any official announcement, if necessary, will be made accordingly in due course,” reflecting typical corporate caution.
A reliable insider indicates, “It’s more or less confirmed… She should have no trouble securing another prominent role, given her stellar reputation and proven track record.” When asked about potential successors, the source adds, “Things are still quite fluid. Both internal and external candidates are competing for the position, and decisions are yet to be finalized.”
Nik Amlizan’s journey with KWAP spans over 11 years, during which she held multiple positions, gradually ascending the ranks before being appointed CEO of Lembaga Tabung Angkatan Tentera (LTAT) in October 2018. Her academic background in economics and finance played a vital role in her career. She joined KWAP in 2007 as part of a pioneering team responsible for establishing the fund’s equity department and served as the CIO until her departure in 2018.
In an interview with The Edge in 2021, Nik Amlizan highlighted that her role extended beyond mere investment returns. She emphasized the importance of establishing robust governance frameworks, with proper checks and balances, to ensure the fund’s sustainable growth over the long term—an approach that has been central to her leadership.
But here’s where controversy rears its head: KWAP’s past has not been without controversy. Notably, in 2011 and 2012, the fund approved its largest loan ever—RM4 billion—to SRC International Sdn Bhd, a former subsidiary of 1Malaysia Development Bhd (1MDB). The loan raised eyebrows because SRC reportedly failed to meet KWAP’s investment criteria, raising questions about due diligence. Ultimately, the federal government, handling as guarantor, absorbed the debt, and in 2022, official confirmation indicated that the RM4 billion loan had been fully repaid by the government—yet the episode remains a contentious chapter in KWAP’s history.
Despite these past challenges, KWAP has demonstrated resilience. Its latest annual report for 2023 shows significant growth, with total assets reaching RM169.82 billion, up from RM147.48 billion in 2019. The asset allocation remains diverse: approximately 48% in public equities, 36% in fixed income, 5% each in real estate and private equity, with smaller portions in infrastructure and money markets. The public equity investments, mostly in domestic stocks (which constitute about 70% of the equity portfolio), make up RM81.38 billion of the fund’s assets and are primarily managed internally, with the rest outsourced.
Financially, KWAP posted a net income of RM9.65 billion in 2023—an appreciable increase from RM6.67 billion in 2019. Its annualized return (TWRR) saw a dramatic jump to 8.2% in FY2023 from just 1.1% in 2022, following a turbulent prior year. Over the previous three years, the fund’s TWRR hovered between approximately 6% and 7%, indicating improving performance.
And here’s a question for all observers: with leadership transition rumors swirling and big questions about the future, should we expect continued stability or further upheaval at KWAP? Will new leadership maintain its previous momentum, or are we on the brink of a shift that could alter the fund’s trajectory? Share your thoughts in the comments—this debate is far from over.
