National Stock Exchange’s joint managing director, Chitra Ramakrishna, is tipped to become the next managing director of UTI Mutual Fund, according to an industry official. The appointment was likely later this month, the official added.
NSE officials and UTI Mutual Fund have refused to comment on the move. Another source confirmed there was top-level movement at NSE.
The MD’s post fell vacant after former managing director U K Sinha was appointed chairman of the Securities and Exchange Board of India in February.
UTI Mutual Fund is the fourth largest fund house in the industry. As of June 30, its average assets under management stood at Rs 69,100 crore. According to reports, Ramakrishna and ING Vysya Bank’s managing director and chief executive officer, Shailendra Bhandari, were shortlisted after being suggested by head hunting firm, Egon Zehnder. The firm is said to have interviewed 30 candidates.
While US fund major T Rowe Price holds a 26 per cent stake in UTI Mutual Fund, domestic majors State Bank of India, Life Insurance Corp of India, Punjab National Bank and Bank of Baroda hold 18.5 per cent each.
