KUALA LUMPUR: Malaysia’s largest fund manager, Permodalan Nasional Bhd (PNB), wants to diversify away from developed markets, and plans a big increase in its global exposure in the next three years but in other Asian countries.
President and group CEO Jalil Rasheed said in a virtual media briefing on Monday that PNB was benefitting from investment in real estate segments like logistics and warehouse assets, which are seeing a boom from e-commerce, given new coronavirus lockdowns in many countries.
“We started first in Europe and are now looking at similar opportunities like that in Asia as well,” he said.
PNB had the same plan for private equity deals, he said.
The company said a main target was to increase its global exposure to 30% by 2022 from 8.5% at the end of 2019.
PNB said it would continue accelerating its portfolio diversification via investments into new asset classes and geographies, including global real estate with attractive yields.
The firm’s assets under management grew 4.5% in 2019 from a year ago, to RM312 bil. – May 4, 2020, Reuters
