3 min readMumbaiJun 3, 2013 12:50 AM IST
First published on: Jun 3, 2013 at 12:50 AM IST
Domestic financial institutions,shareholders of UTI Asset Management Company AMC who earlier opposed the candidature of McKinsey veteran Leo Puri as the new chief of the AMC have agreed to his selection after the revised advertisement for the position dropped the requirement of MBA degree or chartered accountant as a qualification.
After the requirement of professional qualification was changed in the revised advertisement,we have agreed to the selection of Puri, said the chairman of a leading financial institution which holds 18.5 per cent stake in the AMC.
The first advertisement issued by executive search firm Egon Zehnder had stipulated that the candidate should be an MBA or a chartered accountant. However,Leo Puri who was shortlisted earlier did not have these qualifications.
Institutional shareholders then refused to approve Puris appointment as he has Masters degrees in Philosophy,Economics and Law.
The revised advertisement dropped these conditions thereby allowing Puri to be considered again for the post. We wanted to strictly go by the criteria listed in the advertisement, he said.
State Bank of India,LIC,Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC. The remaining 26 per cent is held by US investment management firm T-Rowe Price.
However,the change in the advertisement and new selection process delayed the appointment by nearly 10 months. The board of UTI AMC and the trustees will have to formally propose Puris candidature.
AIG Country head Sunil Mehta and UTI AMC acting CEO Imtaiyazur Rahman were also considered for the top UTI post.
UTI AMC has been without a chairman since UK Sinha quit in February 2011 to assume charge as chairman of the market regulator Securities and Exchange Board of India.
Puri is coming to UTI Asset Management Company at a time when UTI Mutual Fund,which was once the largest mutual fund in the country has been relegated to the fifth position behind HDFC Mutual Fund,Reliance Mutual Fund,and insurance companies ICICI Prudential and Birla Sun Life in terms of assets under management.
Puri,former managing director at private equity firm Warburg Pincus India,joined McKinsey India as a senior advisor in mid-December 2011.
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UTI Asset Management Company has been without a chairman since February 2011 after UK Sinha quit to assume charge as Sebi chairman
Change in qualifications for the chairmans position has delayed the appointment process by nearly 10 months
The first advertisement issued by executive search firm Egon Zehnder had stipulated that the candidate should hold an MBA degree or be a chartered accountant
Puri who was shortlisted earlier holds Masters degrees in Philosophy,Economics and Law
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