CIMB Group, the Malaysian financial services group, has strengthened its asset management arm with the appointment of two senior executives.

Effective 21 August 2013, CIMB-Principal Asset Management Malaysia will have Munirah Khairuddin as its new chief executive, while Pedro Esteban Borda becomes CEO for the ASEAN region. Both have been approved by the Securities Commission Malaysia.

Khairuddin joined the company in November 2006 and most recently served as deputy CEO. Prior to that, she was acting CEO of CIMB Wealth Advisors Berhad, director of CIMB-Principal and commissioner of PT CIMB-Principal Asset Management in Indonesia. She was also a G7 economist and strategist for a Fortune 500 oil and gas firm and fixed income portfolio manager for emerging markets at Rothschild Asset Management in London.

Borda was previously the country head of Principal Financial Group Mexico. He joined Principal Financial in 1996 and in 1999 was relocated to Mexico to become managing director of Principal Afore (pension business). 

In a statement, Raja Noorma Othman, head of group asset management for CIMB Group, said that the appointments complement efforts to grow the firm's business by focusing on core strategies in asset management and pensions, especially in Malaysia.

CIMB-Principal is one of the largest asset management firms in Malaysia, with regional offices in Singapore, Indonesia and Thailand. Aside from traditional asset management products, it also offers Shariah-compliant fund management services.