UTI board meeting today, may discuss appointment of chief

The board of UTI Asset Management is said to be holding a meeting on Thursday to discuss issues, including the appointment of a new chairman.

The chairman and managing director post had been vacant since February 2011. Leo Puri was appointed managing director earlier this month. The chairman’s role — said to be a non-executive one — is likely to be filled by a public sector veteran, according to sources.

“The decision on the same may be debated by the board of the asset management company during the board meeting,” said one of the people in the know.

“Audit and sub-committee issues are likely to be discussed,” said another source.

An email sent to a spokesperson did not receive a reply. Meanwhile, Puri is set to join in August.

UTI has stakeholders are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India. Each of the public sector shareholders hold 18.5 per cent stake in the company. Global investment management firm T Rowe Price is the largest shareholder and has 26 per cent stake in the mutual fund.

The mutual fund has nearly 10 million investors and assets under management of Rs. 74,706 crores at the end of June.

The top post at the fund has been vacant since previous CMD UK Sinha, moved on to become the head of the Securities and Exchange Board of India. The government is said to have sought to replace him with bureaucrat Jitesh Khosla. This was allegedly opposed by T Rowe Price, leading to the stand-off which lasted over two years.