When the Department of Public Trustee and Official Administrator was established in 1921, the concept of a public trustee was largely unknown to many Malaysians. This early government initiative demonstrated exceptional foresight in recognising the importance of such an institution over a century ago.
In 1995, the department was corporatised and became AmanahRaya, which has since become a key pillar of legacy management in Malaysia. Operating under the Public Trust Corporation Act 1995, AmanahRaya has continually fulfilled society’s needs with unwavering responsibility and commitment.
While AmanahRaya oversees trust administration, will writing and estate management for the public, its proficient subsidiary, AmanahRaya Trustees Berhad (ART), serves a specialised role. As a trustee authorised by the Securities Commission Malaysia (SC), ART is qualified to act as a corporate trustee for Collective Investment Schemes (CIS), Corporate Bonds/Sukuk (CB) and Private Retirement Schemes (PRS). This highlights ART’s expertise in navigating a diverse range of financial products within Malaysia’s complex financial ecosystem.
ART offers a holistic approach to trust and fund managements, leveraging its extensive network of government agencies, strategic partners, corporate client and financial institutions to deliver customised, dynamic solutions for CIS, PRS and CB/Sukuk. As one of the leading provider of corporate trustee services in Malaysia, ART excels in overseeing complex trust structures and providing a comprehensive range of trustee services through a diverse portfolio.
Leading With Vision
Driving ART’s success is its Chief Executive Officer (CEO) Zainudin Suhaimi whose vision and leadership have positioned the company as one of the leader in the industry. In an exclusive interview with BusinessToday, Zainudin shared valuable insights into ART’s strategic direction, key achievements and the challenges of navigating the complexities of Malaysia’s trust and financial planning sector.
ART, established under the Trust Companies Act 1949, is authorised by the SC to act as a trustee for a wide range of investment schemes and financial products. ART also goes beyond its fiduciary duties to serve as a steward of trust governance, an innovator in trustee services and a trusted partner in Malaysia’s evolving financial landscape. As a key player in the capital market, ART has firmly positioned itself as an essential pillar supporting corporations, institutions and CIS across the nation.
Zainudin highlighted that ART’s role as a trustee goes far beyond merely holding assets as it protects assets, ensure regulatory compliance and uphold the trust its clients place in them. ART has established industry benchmarks, commanding a dominant 70% market share in net asset value for unit trust funds, 44% of the PRS market and 5% of the REITs market.
Additionally, the company plays a significant role in the Sukuk market, overseeing 60 corporate bonds and Sukuk valued at over RM240 billion. This market leadership reflects ART’s steadfast commitment to governance, transparency and innovation.
“We’ve continuously evolved to meet market demands while cultivating strong relationships with our clients. This blend of innovation and trust is at the heart of our success,” says Zainudin.
Since its establishment in 2007, ART has reached key milestones that highlight its expertise and reliability. The company currently serves as the trustee for more than 250 CIS managed by the leading private and national fund management companies, reinforcing its prominent role in a competitive industry.
Among its most notable achievements is being the first trustee for Malaysia’s first-ever unit trust fund, a milestone that solidifies ART’s pioneering position in the financial sector. This landmark achievement not only demonstrates ART’s extensive experience and industry knowledge but also affirms its status as a trusted partner in Malaysia’s investment landscape.
Strengthening Governance And Asset Protection
ART’s services also extend beyond asset administration, offering corporate trustee services that ensure effective governance and safeguard assets, especially within the capital markets. Its trust structures offer businesses and organisations a reliable framework for secure asset management.
Zainudin highlights that succession planning for businesses is vital, not only for large corporations but also for ensuring smooth transitions and continuity within corporate structures. This process begins by identifying and mentoring the next generation of leaders within the company. The company also develops a formal succession plan that includes training programmes for potential leaders, setting clear expectations, and establishing a timeline for the leadership transition.
As a neutral third party, ART ensures the resolution of conflicts, fostering stability and trust for all stakeholders.
“Although we do not manage assets directly, our role as a trustee is to safeguard and administer assets according to the terms set by its stakeholders. By placing assets in a trust structure, we ensure the organisation’s assets are protected and handled in accordance with the trust agreement,” Zainudin explained.
He further noted that this approach provides trustee services with a transparent, reliable framework for long-term asset protection while ensuring full compliance with legal and regulatory requirements. ART helps clients mitigate risk by ensuring their assets are securely protected and managed in compliance with all relevant regulations.
“We act in a fiduciary capacity, ensuring that assets are held in trust for the benefit of the designated beneficiaries. This offers an extra layer of protection against mismanagement or disputes, while providing assurance that the business is fully compliant with legal and regulatory requirements,” the CEO further emphasised.
Navigating Challenges In A Complex Market
The capital market in Malaysia presents unique challenges, from navigating intricate regulatory landscapes to addressing potential conflicts of interest. ART addresses these hurdles through continuous training, ensuring its team is up to date with the latest regulatory developments. Transparency and independent oversight also safeguard decision making integrity, while robust cybersecurity measures protect client data from breaches.
“These challenges demand continuous vigilance and adaptability. By leveraging technology and upholding rigorous governance, not just overseeing assets — we’re upholding the trust placed in us,” says Zainudin.
Trustees must always act in the best interests of the beneficiaries, but external pressures or involvement in other roles could create conflicts. Zainudin believes transparency is key, requiring trustees to disclose potential conflicts upfront. Independent oversight, such as external audits or governance committees, ensures proper management of conflicts.
Future-Ready Strategies
ART’s growth strategy revolves around embracing digital transformation, expanding its market presence, and delivering personalised solutions. The company’s adoption of advanced technologies like “SWIFT” enhances transaction security and efficiency, setting new standards in trustee services.
“By integrating SWIFT into our services, ART seeks to enhance the speed, transparency and security of financial transactions, enabling clients to more efficiently manage their trust portfolios, execute cross-border payments, and handle complex financial transactions in real-time,” Zainudin shared.
While ART has established itself as one of the leader in the Malaysian market, Zainudin said the firm recognise the potential for growth in regional markets as well and is exploring opportunities to expand services to other ASEAN countries, where demand for professional trustee services is also on the rise.
Client-centricity remains a priority, with ART continuously adapting its services to meet the evolving needs of trust and asset management. Strategic partnerships with legal firms, financial advisors and regulators further ensure comprehensive and tailored solutions for its clients.
ESG At The Core
Environmental, social and governance (ESG) principles are integral to ART’s operations. The company supports conservation efforts like turtle releases and coral reef restoration to preserve biodiversity. Social initiatives include solar energy contributions to remote schools, enhancing education access while reducing carbon footprints.
“Embedding ESG principles is not just a regulatory requirement; it’s a responsibility. We’re proud to align with Malaysia’s sustainability goals and make meaningful contributions. One of our key initiatives is providing solar energy to SK Pulau Tuba in Langkawi, a remote area with limited access to reliable electricity. We donated solar-powered lights to local schools, which not only offer renewable energy but also enhance the learning environment for the children” notes Zainudin.
Additionally, ART is also focused on reducing waste within the company and part of that is encouraging staff to reduce single-use plastics, papers and bottles. The firm has even distributed reusable tumblers to all staff as part of its ongoing efforts to go green. Furthermore, Zainudin shared that ART is also implementing digitalisation to reduce the printing process as he envisions a transformative future for Malaysia’s trustee industry, driven by trends such as digitalisation, enhanced governance, and sustainability.
Shaping The Future Of Trustee Services
With the growing demand for Shariah-compliant services, ART is exploring the potential to expand into this area in the future. Technologies like blockchain and fintech are also expected to revolutionise trust management. Therefore, ART aims to explore digital asset custodian services to remain relevant in the evolving market. Increased public awareness of the value of professional trusteeship will further propel demand, solidifying ART’s position as a trusted partner in safeguarding and administering financial assets.
The role of a trustee goes beyond asset administration; it’s about ensuring governance and protecting the interests of stakeholders.
As Zainudin concludes, “We are not just custodians of assets — we are trusted partners in ensuring the integrity and security of financial assets. Our reputation for innovation, trust, and responsibility is central to our continued leadership in Malaysia’s financial ecosystem”.
As ART continues to evolve, it remains steadfast in its mission to safeguard assets, inspire confidence and drive positive change in the lives of Malaysians.
