UTI Mutual Fund starts search for chief
UTI Asset Management Company, which runs one of the leading mutual funds of the country, has begun a fresh search process to find a full-time chief – a position lying vacant for over 21 months now.
The fund house today released an advertisement inviting applications for the position of Chairman and Managing Director, after its board last month agreed to initiate a fresh process to fill the position.
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.
An advertisement was issued last time in June 2012, but no candidate could be finalised for the position.
In its new advertisement, UTI AMC has said that it is seeking further applications for the post of CMD to "realise the mission of becoming a world class asset manager".
A pioneer in Indian mutual fund industry and once the the country's top fund house, UTI MF has been relegated to fifth position for many months now below its newer rivals like HDFC MF, Reliance MF, ICICI Prudential MF 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
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