Why PNB’s offshore diversification drive has fallen behind

In a media briefing announcing its 2020 annual report on April 8, Permodalan Nasional Berhad (PNB) was eager to highlight its growth in assets under management, increase in unit holders and continued strides towards diversification. However, the state-affiliated asset manager made no mention of the target it had set itself last year: to increase global assets to 30% of its investment portfolio by 2022. Observers believe the omission was down to a mixture of conflicting internal …