The mutual fund house would now look forward to launching new funds.
UTI Mutual Fund has appointed Imtaiyazur Rahman as the acting CEO. This move has been taken by the fund house when independent directors had reportedly raised concerns on delay in appointment of CEO by the shareholders.
“Rahman is being appointed as the acting CEO and the decision was taken last evening. As far as the four member committee is concerned, it will be released from its responsibilities and all the section heads will report to the CEO,” said a top executive from UTI Mutual Fund.
Rahman is a part of the four member committee that has been looking after the day-to-day operations of the firm after Sinha stepped down as its CEO. The other members of the committee which worked under guidance of the committee of directors and the company’s board were Jaideep Bhattacharya (CMO), Anoop Bhaskar (Head – Equity) and Amandeep Chopra (Head - Fixed Income).
The Board has also appointed PN Venkatachalam, retired Managing Director of SBI, as an independent director on the Board of UTI AMC.
Rahman has been associated with UTI since 2003 as a company secretary and has 17 years of overall experience looking after a wide range of things – finance, account, taxation, administration, IT, operations, HR and secretarial functions.
As the fund house was headless for more than a year, it was not able to launch new funds. SEBI had barred it from launching new schemes. But early this year, its top executives had taken efforts to get clearance from SEBI and launch its earlier pending schemes.
Now the fund house has geared-up to launch new products. Cafemutual had earlier reported that the fund house is looking to launch international feeder fund.
