Written by: ENS Economic Bureau
2 min readMumbaiAug 18, 2012 01:43 AM IST
First published on: Aug 18, 2012 at 01:43 AM IST
After remaining headless for almost 18 months,UTI Asset Management Company AMC is finally getting a new chief. The companys board has cleared the appointment of McKinsey veteran Leo Puri as the new chairman and managing director.
UTI AMC has been without a chairman since U K Sinha quit in February 2011 to take over as chairman of the market regulator Securities and Exchange Board of India in February.
Puri is coming to UTI AMC at a time when UTI MF,which was once the largest mutual fund in the country has been relegated to the fifth position behind HDFC MF,Reliance MF,ICICI Prudential and Birla Sun Life in terms of assets under management. As of June 30,2012,figures,UTI AMC manages a corpus of Rs 67,205 crore.
Puri,former MD at private equity firm Warburg Pincus India,joined McKinsey India as a senior advisor in mid-December 2011.
The shareholders of UTI AMC were engaged in a tussle over the selection of the CMD,with LIC,State Bank of India,Bank of Baroda and Punjab National Bank on one side,and the US-based global investment management company T Rowe Price on the other.
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