Uti Insiders Feel Vassal Right Man For Top Slot

Employees of Unit Trust of India (UTI) are making a strong pitch for K G Vassal, its senior most executive director, for the chairman's post even as the search for the candidate is on.

Senior UTI executives argue that most of the financial institutions including Industrial Development Bank of India, ICICI and State Bank of India have normally got the man for the top post from within the organisation. So, the government should promote Vassal as the next chairman of the mutual fund.

The general feeling among UTI employees is that outsiders who have donned the chairman's mantle have done more harm to the trust than good.

 

The tenure of S A Dave became controversial because of the private placement deal with a mega corporate and the subsequent share switching deal.

G P Gupta was seen not to be active and when he left UTI to takeover IDBI as its chief, the flagship US-64 had a negative reserve of around Rs 1,098 crore. Last chairman P S Subramanyam had to quit the trust for his failure in fund management.

Vassal, who has been groomed in UTI since the beginning, is seen a more balanced person as he would be able to understand UTI better than the outsiders. Vassal, however, lacks experience in the area of investment decision as he is primarily an expert in human resource development and law.

UTI employees want either Vassal at the helm or somebody like Basudeb Sen or PJ Nayak who had been with UTI in the past.