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UTI Mutual Fund appoints Imtaiyazur Rahman as interim CEO

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UTI Mutual Fund appoints Imtaiyazur Rahman as interim CEO

Source: AP


Mumbai: 

Highlights

  1. The Securities and Exchange Board of India has asked UTI Trustees to take the decision as early as possible. The capital market watchdog refused to clear any new schemes since it did not have a chairman and MD. The company has been without a chairman and

UTI Asset Management Company, the manager for the UTI Mutual fund, has appointed Imtaiyazur Rahman as an interim chief executive officer. He is currently the Chief Financial Officer, the Company Secretary and Head-Department of Administration, IT and Fund Management.

 

The company has been without a chairman and MD since February 2010. It is learnt that an announcement would be made soon. The company's board is in Delhi for the purpose.

 

The Securities and Exchange Board of India has asked UTI Trustees to take the decision as early as possible. The capital market watchdog refused to clear any new schemes since it did not have a chairman and MD.

  

UTI AMC is majority owned by state-owned insurer LIC and banks like SBI, Bank of Baroda and Punjab National Bank.

 

Foreign partner, T Row Price, owns 26 per cent in the company and had differences with other shareholders over the appointment of the chairman and MD of the company. According to data from Amfi, the mutual fund association, the share of UTI Mutual fund in assets under management fell to 8.4 per cent from close to 10 per cent. Total assets under management were Rs 57,817 crore against Rs 65,387 crore.

 

While UTI Mutual fund witnessed a decline in assets under management, the industry witnessed a 10 per cent increase during the same period at Rs 6,81,707 crore.



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