For third time within two years, UTI MF begins search for chief executive
The AMC has released an advertisement inviting applications for the position of CMD, after its board agreed to initiate a fresh process to fill the position. UTI MF, which was the largest fund house till 2006, has been struggling to appoint a chief executive ever since its chairman UK Sinha quit in February 2011 to take charge as the chief of the Securities and Exchange Board of India (Sebi). Currently, it is functioning with an acting CEO, Imtaiyazur Rahman, a UTI insider since 1998.
The selection process first ran into a roadblock in April 2011 when investment management firm T Rowe Price, its largest shareholder, protested against alleged attempts to influence the selection process to favour bureaucrat Jitesh Khosla, the brother of the then advisor to former finance minister Pranab Mukherjee. Interestingly, Khosla, who had stints in the ministry of finance and corporate affairs, emerged a front-runner for the post despite the fact that his name did not figure in the list of probable candidates drawn up by executive search firm Egon Zehnder.
The process also saw two of UTI’s independent directors — Prithvi Haldea and Anita Ramchandran — quitting, citing personal reasons. As the selection process was going nowhere, it was even proposed that the job be split in two, with
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