Mutual Fund Industry Hails Sen'S Appointment

Says A K Basu, chief executive, IDBI Mutual Fund: I welcome the appointment. As chairman of the Nicco-Uco group, Sen has been conversant of the ways of the financial services industry.

Sen's credentials are impeccable and his experience of working in the private sector would stand him in good stead, he said, adding, He should be able to adjust to the mutual fund industry faster.

Welcoming Sen's appointment, R G Sharma, chief executive of LIC Mutual Fund said: Sen would bring in fresh blood in the mutual fund industry. His considerable experience in the private sector will be a great asset. UTI, as the biggest player, could bring in a greater co-operation among the other players in the industry, specifically among those from the private sector.

M K Khanna, chief of UTI Securities, one of the largest institutional brokerages as well as an associate company of UTI said, Irrespective of the fact whether Sen is from the private or public sector, from what one has heard of him, he is a dynamic personality and certainly capable to be chairman of the country's largest mutual fund

UTI insiders said Sen's appointment was a welcome change for the country's largest mutual fund. His brilliant academic career and enormous experience was also being viewed within UTI as beneficial attributes.

Ashok Pradhan, head of GIC Asset Management also welcomed the appointment of Abhijit Sen. There should ultimately be a permanent chairman for the largest mutual fund. Sen is certainly a good choice,'' he said.