Stocks

UTI AMC to scout for new CEO soon

Suresh P. Iyengar |K Ram Kumar | | Updated on: Dec 08, 2021
image caption

UTI Asset Management Company will soon start search for new CEO as the two-year term of incumbent Imtaiyazur Rahman comes to an end next June.

Rahman, who was an acting CEO for almost two years, was confirmed as Chief Executive Officer of UTI Asset Management Company by the Board in June 2020.

Rahman was then an internal candidate for the position which fell vacant after Leo Puri completed his five-year term in August, 2018. He joined the UTI Group in 1998 and has been with the AMC since 2003.

Rahman, who worked with earlier SEBI chairmen M Damodaran and UK Sinha, was involved in the transformation of the organisation after restructuring of the erstwhile Unit Trust of India.On an earlier occasion too, when UK Sinha retired, Rehman was appointed as interim CEO in 2012-13. Rehman was CFO of the company and has headed diverse functions, including international business.

Probable candidates

While Rahman may offer himself for reappointment, UTI AMC Group Presidents – Amandeep Chopra and Vetri Subramaniam – may also be in the race for the top position, said sources in the know.

An email sent to UTI Mutual Fund remained unanswered.

Rahman has seen successful listing of the asset management company on stock exchange. The initial public offering, which helped the promoters to divest their stake, raised ₹2,160 crore. T Rowe Price International, a global investment management firm, is the largest shareholder while Punjab National Bank holds 15 per cent stake in UTI AMC.

UTI Mutual Fund provides Portfolio Management Services to institutional clients and high net worth individuals and manages retirement funds such as National Pension Scheme. The AMC also manages offshore funds and alternative investment funds.

The fund house has asset under management of ₹12.62 lakh crore while the asset of mutual fund was at ₹2.08 lakh crore as of September-end. It registered 67 per cent increase in net profit at ₹199 crore in September quarter.

Published on December 08, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you