UTI MF to search for full-time chief
The board of UTI AMC has agreed to initiate a fresh process to fill the position and an advertisement inviting applications would be released soon, a senior official said.
The decision has been taken after a previous search process failed to fill the post, as two of the short-listed candidates for the position of Chairman and Managing Director (CMD) could not muster the required support of either the board members or the shareholders.
A pioneer in the Indian mutual fund industry and once the the country's largest fund house, UTI Mutual Fund has been relegated to fifth position for many months now below its newer rivals like HDFC, Reliance, ICICI Prudential and Birla Sun Life.
However, it recorded the largest increase in the assets under management for any fund house during the last quarter, ended September 30, when its average AUM rose by Rs 9,860 crore to grow beyond Rs 70,700 crore.
The surge of over 16 per cent in UTI MF's asset size was double the entire industry's growth of about eight per cent.
Still, UTI AMC has lost considerable ground to its rivals, for which one of the often-cited reasons has been absence of a full-time chief to head the company.
The fund house became headless in February 2011, when its then chief U K Sinha left to
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