The chance to create a legacy seemed irresistible, says Leo Puri

The AMC clocked a net profit of Rs3.7 billion for 2017-18 compared with Rs1.7 billion for 2013-14

The appointment of Leo Puri as the head of UTI Mutual Fund five years ago had surprised many. Puri, a McKinsey veteran and former managing director of Warburg Pincus, was taking over a private institution steeped in ‘sarkari’ culture and majority-owned by the government. What’s more, the institution had been headless for over two years and discontent was brewing among shareholders, pitting four government sponsors — State Bank of India (SBI), Life Insurance Corporation of India (LIC), Bank of Baroda and Punjab National Bank with a collective stake of 74 per cent - against T Rowe Price, a $6-trillion global