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Datuk Wira Ismitz Matthew De Alwis is the CEO and Executive Director of Kenanga Investors Berhad (KIB)1, a prominent force in Malaysia’s asset management industry. With over 30 years of expertise in financial and investment management across Asia, he has played a pivotal role in transforming KIB into a market leader, overseeing more than RM23 billion in assets across 80+ investment funds2. Under his exceptional leadership, KIB has consistently earned top industry accolades, including five awards at the LSEG Lipper Fund Awards Malaysia 20253. At the 2025 Best of the Best Awards by Hong Kong-based Asia Asset Management, KIB was recognised in nine categories: Best Impact Investing Manager in ASEAN, Malaysia Best Impact Investing Manager, Malaysia Best Retail Asset Management Company, Malaysia Best Equity Manager, Malaysia Best ESG Engagement Initiative, Malaysia Best Alternatives Manager, Malaysia Fund Launch of the Year, Malaysia CEO of the Year, and Malaysia CIO of the Year, further reinforcing its reputation for excellence and innovation in fund management.
Beyond corporate success, Datuk Wira Matthew is a leading figure in Malaysia’s financial sector, spearheading policy engagement, regulatory initiatives, and fintech innovation. A strong advocate for talent development, he forges strategic partnerships with leading universities, integrating innovative research into KIB’s investment strategies. As a Certified Financial Planner and Islamic Financial Planner, his leadership continues to set new benchmarks, positioning KIB as a catalyst for growth, innovation, and leadership in ASEAN’s rapidly evolving financial landscape.
In September 2024, Kenanga Investors reinforced its commitment to financial innovation by leading Helicap’s Series B funding round and acquiring a 10% stake. This strategic investment strengthens KIB’s position at the forefront of alternative investments, bridging capital gaps and unlocking new opportunities across Asia’s private credit space. Read more here: Kenanga Group Invests in Helicap to Accelerate Digital Transformation
In this edition of the Beyond the Balance Sheet series, we take a closer look under the lens to explore the remarkable journey of Datuk Wira Ismitz Matthew De Alwis, a visionary leader in Malaysia’s financial industry.
My journey with Kenanga Investors started in 2013 upon its acquisition of the ING investment management business in Malaysia, where I was the Executive Director and Country Head. What initially drew me to the company was the potential I saw and the possibility of reshaping its future. I knew that with the right strategy, we could grow the business. I was excited by the opportunity to be part of the transformation Kenanga Group, as a whole, was embarking and to lead the asset & wealth management arm in building its presence in Malaysia.
As a CEO, there are several common challenges that many leaders face. One of them is navigating change. Rapidly evolving market conditions, technological advancements, and shifts in consumer behavior can create uncertainty. As leaders we need to foster a culture of agility and adaptability within the organisation and to have the staff engaged during transitions. This was evidently so during the tumultuous Covid period. Balancing the needs and expectations of various stakeholders, including employees, customers, investors, and the board—can be complex. So as the CEO, by proactively addressing issues, ensuring clear communication with both employees and clients, we strengthen the organisation’s ability to navigate the evolving landscape.
Staying ahead of competitors and fostering innovation can be a constant pressure. We started as a traditional fund manager but over years we have expanded our market segments, products, distributions and recent years we have up the ante by working with “specialist “asset managers beyond our shore. Alternatives assets classes were introduced. This has propelled us further and our strategic stake in Helicap is a case in point.
Whilst we continue to build a sustainable business and drive growth, over the years we have gone through a few structural changes and are continuing to fine tune it as we move along. We continue to optimise several operational facets; fine tuning our investment engine to foster a performance driven culture, strengthening risk management processes, establishing a strong sales force to grow our retail presence and placed a strong emphasis on brand positioning to ensure Kenanga Investors was clearly recognised in the market. We streamlined our product suite to better align with our vision and evolving client needs. It wasn’t easy, but by 2019, our AUM had surpassed MYR10 billion, more than doubling in just four years. It was a collective effort, and the results speak to the resilience of our team.
As of July 2024, the firm manages 40 unit trust funds, 2 private retirement schemes, 2 exchange-traded funds, 34 wholesale funds and other funds from government agencies, pension funds, insurance, corporate and individual clients with total assets under administration amounting to RM24 billion.
Well for starters, this involves starting out with a clear long-term direction and recognising that flexibility is key. Markets fluctuate, client needs evolve and what has worked previously may not perform the same the next time. The ability to adapt is what helps to keep us focused on the end goal. I do think it is also important to foster a culture where the team is always informed of the big picture, this is so it is easier to keep everyone moving in the same direction, even if goal posts shift.
Kenanga Group (“Kenanga”) digital journey began in earnest in 2016 with the formation of a partnership with Japanese internet giant Rakuten Group that eventually led to the launch of Rakuten Trade in 2017. This was then followed by a series of initiatives to shore up the group internal digital capabilities which includes the digitalisation of their back office.
2020 was the year where it became clear that Kenanga is intensifying its digital efforts, from securing an approval in principle to operate a robo-advisory platform from the Securities Commission Malaysia to launching a Visa card enabled e-wallet with Merchantrade. The investment bank also entered a partnership during the same year with P2P supply chain financing platform CapBay to set up an Islamic supply chain financing joint venture. In 2021, Kenanga acquired a 19% stake in Tokenize Xchange, one of the three crypto exchange platforms approved to operate in Malaysia. In September 2024, Kenanga took a stake in Helicap. The investment into Helicap is a natural progression in our digitalisation journey, as Helicap's proprietary technology can potentially be embedded into Kenanga's own lending and investment banking business seamlessly to provide greater loan book transparency and analysis, portfolio and credit risk monitoring and granular-level data to identify nascent opportunities and obtain microeconomic insights.
Kenanga distinguishes itself from its peers by leveraging digital technology to elevate its service and solution offerings. By focusing on digital innovation, we have provided multiple touch points to enable our clients to engage with our services more efficiently and effectively.
These partnerships reflect the Group's commitment to collaborating with best-of-breed fintech companies that are pioneers in their fields. By deploying first-in-class digital technologies, it aims to continue to enhance its business activities, access new markets, and explore new segments.
While the core of how I manage my team hasn’t changed much, I have definitely evolved how I delegate and trust my team. Early on, I was extremely hands-on, especially when we were going through some challenging times. Now that we have worked together for a while, I have found that I can give them the space to come up with ideas and solutions on their own while empowering them to take the lead. They know they can always come to me for feedback or guidance, but it is a more collaborative process.
What’s really rewarding is seeing the team grow into their roles and take ownership. It is no longer about just executing the strategy— I now have people around me who contribute to shaping it. That sense of trust and partnership is something I’ve developed over time, and I am glad to have arrived at this point with such a capable team.
What drives me is the vision of positioning Kenanga Investors as the preferred asset and wealth manager in the minds of investors. This isn't just about growing AUM or increasing market share, it's about building a reputation that stands the test of time. I would like Kenanga Investors to be the first name that comes to mind when clients think of trust, expertise, and innovation in the industry.
Amidst challenges — the increasing influence of fintech, or an evolving regulatory environment, I stay driven because I thrive on problem-solving. I actually enjoyed the challenge of adapting to these shifts. They force us to rethink how we deliver value and keep us ahead of the curve. I also draw energy from the people around me. Our team, our clients, they expect me to push boundaries and find creative solutions. It is that accountability and the need to deliver that keeps me going, even when the path ahead isn't always clear.
I would tell my younger self to never underestimate the value of learning from everyone around you—whether it’s a peer, a mentor, or even someone junior to you. Every person brings a unique skill set or perspective, and being open to those insights is crucial.
One of the most important things I have realised is that leadership isn’t about having all the answers; it is about being adaptable, and that means constantly learning. Wearing many hats is essential in this industry, and your ability to be versatile will define how well you navigate challenges. Don’t be afraid to ask questions, seek advice, and broaden your understanding beyond your immediate role. Those experiences will shape you into a leader who’s both capable and resilient.
We saw in Helicap a strong player in the private credit space, who had made significant inroads into the non-bank financial institution space in the region. Helicap’s overarching mission of unlocking private investment opportunities in South-East Asia resonated with our own aim to provide best-in-class financial solutions to meet our clients’ various investment needs, objectives and goals. We also saw in Helicap robust expertise in private credit as well as a wide regional network with deep relationships, which aligns with our own growth story. Their dedication and commitment to nurturing strong business and personal relationships make them the sort of partners we would like to have and to be, and it didn’t take long for us to uncover just how much we have in common, and to unearth the potential of what we can do together.
Spending time with the co-founders made it very clear that they are thorough, diligent, driven to succeed and keen to make a difference, with a clear sense of purpose. Such personalities and shared values form the backbone of every success story, and it became clear that not only did we have a lot of common ground, but there was also a lot that we could do together. From both a business and personal aspect, it quickly became clear that this formula had all the ingredients of a winning collaboration, which became the thesis that drove this investment.
If I were to embody a personal persona beyond a professional context, I might be someone who values curiosity and creativity. I’d enjoy spontaneous adventures, like exploring local art galleries or exploring new places and I might keep a journal filled with thoughts, reflections, and little snippets of inspiration. In social settings, I enjoy deep conversations about dreams and aspirations while also laughing at silly jokes and enjoying light-hearted banter.
This persona would reflect a love for connections, creativity, and the little joys in life, showcasing that beyond the structured world of work, there’s a vibrant tapestry of interests and relationships.
Disclaimer: Investors are advised to read and understand the Master Prospectuses (“MPs”), the Supplemental Master Prospectus (”SMP”) (if any), Information Memorandums (“IM”) (if any), Schemes’ Disclosure Documents (“DD”), Supplemental Disclosure Documents (“SDD”) (if any), Product Highlights Sheets (”PHS”) as well as consider the fees, charges and risk factors involved before investing. The MP, SMP (if any), IM (if any), DD, SDD (if any) and PHS have been registered and/or lodged with the Securities Commission Malaysia (“SC”), who takes no responsibility for its contents and related advertisement or marketing materials, does not indicate that the SC has recommended or endorsed the product/service. The advertisement has not been reviewed by the SC. Investors have the right to request for a copy of PHS and other relevant product disclosure documents which are available at our office, at any authorised distributors and our corporate website before making investment decisions. If you are in doubt when considering the investment or any of the information provided, you are advised to consult a professional adviser. A Fund’s track record does not guarantee its future performance. Kenanga Investors Berhad is committed to prevent conflict of interest between its various businesses and activities and between its clients/director/shareholders and employees by having in place procedures and measures for identifying and properly managing any apparent, potential and perceived conflict of interest by making disclosures to Clients, where appropriate. Kenanga Investors Berhad 199501024358 (353563-P)
1. https://www.kenangainvestors.com.my/ismitz-matthew-de-alwis
2. https://www.kenangainvestors.com.my/who-we-are
3. https://www.kenangainvestors.com.my/pressrelease_03032025
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