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, not developed markets.
President and group chief executive Jalil Rasheed said in a virtual media briefing today that PNB was benefiting from investment in real estate segments like logistics and warehouse assets, which are seeing a boom from e-commerce, given new Covid-19 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 added.
The company said a main target was to increase its global exposure to 30 percent by 2022 from 8.5 percent 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 percent in 2019 from a year ago, to RM312 billion (US$72.31 billion).
- Reuters
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