UTI Asset Management Co. Ltd (UTI AMC), an offshoot of the now defunct Unit Trust of India, the country’s oldest fund house, has been beset by bad tidings since the departure in February of chairman and managing director U.K. Sinha to head the Securities and Exchange Board of India.
As a successor for Sinha proves elusive, UTI AMC has lost 7% of assets under management and dropped one notch to fifth in the pecking order of money managers. Its investor base has seen significant erosion and the fund house posted a drop in profit for the year ended 31 March.
File photo U.K. Sinha
The money manager hasn’t been able to launch any new fund since mid-February in the absence of a person in the top job. UTI AMC’s rivals have benefited by introducing fixed maturity products that have gained in popularity in a high interest rate scenario.
Mint reports on UTI AMC’s efforts to find a boss, the issues that have stalled a consensus so far and those still to be resolved.
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