Come Friday, the top position at UTI Mutual Fund (UTIMF) and the Association of Mutual Funds of India (Amfi) will fall vacant, with UK Sinha leaving to take over as chairman of the Securities and Exchange Board of India (SEBI).
Sinha replaces CB Bhave, whose tenure ends on Thursday.
UTI MF is keeping its options open to find a replacement from within the organisation or outside, and has appointed a four-member committee to manage the fund house till a new chairman is found."The UTI board will take a decision on the new chairman, and the options are open as the person can be either an internal candidate or may come from outside," said a source close to developments.
UTI Mutual Fund has, for the time-being, set up a committee of four individuals who will collectively manage the affairs at the fund house.
“The four members are Jaideep Bhattacharya (chief marketing officer), Imtaiyazur Rahman (CFO), Anup Bhaskar (head of equities) and Amandeep Singh Chopra (head of fixed income),” the source told Hindustan Times.
UTI is India’s fourth-largest mutual fund in terms of assets under management. The fund house had R65,387 crore as average assets under management for the quarter ended December 2010.
UK Sinha has headed the fund house since 2005.
The situation is less fluid in AMFI. Milind Barve of HDFC AMC is most likely to take up the role of chairman of the mutual fund industry body.
“It should be a natural choice as he is the vice-chairman.
The issue will come up at the next Amfi board meeting when a final decision will be taken,” an Amfi board member, who did not wish to be named, told HT.
Sinha was appointed the chairman of AMFI in September last year.