Leo Puri named MD of UTI MF

After a two-year search,UTI Asset Management Company has finally appointed McKinsey veteran Leo Puri as its managing director.

The appointment proposed earlier by the board of directors was approved by the shareholders in an extra-ordinary general meeting held in Mumbai on July 3, the fifth largest fund house said. The appointment of an MD for UTI MF,with assets under management of Rs 74,706 crore,was hanging fire for quite some time because of disagreement among its shareholders over the selection process.

UTI AMC has been without a chairman since UK Sinha quit in February 2011 to join as chairman of the Securities and Exchange Board of India.

The much-delayed selection process finally ended with domestic shareholders,who had earlier opposed Leos candidature,agreeing to his selection after the revised advertisement dropped the requirement of MBA or CA qualification for the post.