Fund house has not had a Chairman/CEO for 16 months; wants a seasoned financial services professional with two decades of experience.
UTI Mutual Fund has once again begun its hunt for a Chairman and Managing Director. The fund house has released advertisements in newspapers seeking applications for the top post.
The fund house had appointed Imtaiyazur Rahman as the acting CEO in January 2012. The regulator reportedly did not allow UTI to launch new schemes without a CEO at the helm. UTI MF slipped to fifth position in March 2012 with AUM of Rs 58,922 crore from Rs 67,189 crore in March 2010.
“The candidate should either be an MBA from any of the top ranking institutes from India/abroad, or be qualified in a professional examination of ICA/ICWA,” says the advertisement released in newspapers yesterday.
Interestingly, the ad says that “exposure to mutual fund industry would be an advantage but not essential”. The fund house is seeking a seasoned financial services professional with a minimum of 20 years of experience.
According to media reports, the delay in the appointment for the top post was due to the differences between the four sponsors of UTI AMC and the US-based partner, T Rowe Price.
T Rowe Price holds 26% stake in UTI MF. It had bought 6.5% stake from each of the four shareholders— State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation in January 2010. All the four domestic shareholders run their own mutual fund business.
