Leo Puri gets to steer UTI Asset - Daily News & Analysis

The game of suspense is finally over at UTI Mutual Fund, the fifth-largest fund house, which has got a formal full-time head after a long gap of over 28 months. The shareholders of UTI on Wednesday approved the board of director's proposal to appoint Leo Puri as the managing director of UTI Asset Management Company (AMC). Puri, who had been working as a senior advisor to McKinsey & Company since December 2011, had previously worked for four years as MD with Warburg Pincus and MD at McKinsey prior to that. Armed with a dual Masters degree from Oxford and Cambridge, Puri brings to the table a near three decades of experience in the financial services industry. He will take over charge from Imtaiyazur Rahman, who has been working as interim and acting CEO, since 2012. The fund house, however, has not made any mention of the chairman's post in the press release. The UTI official spokesperson did not comment on the same either.  The selection of Puri has not come without its share of controversy among the key stakeholders. The appointment that was approved by the AMC's board in August last year ran into trouble after some of the shareholders withdrew their support because Puri didn't reportedly meet the educational qualification criteria as laid out in the advertisement. However, the advertisement was later tweaked to consider his selection. The mutual fund has been operating without a chief since U K Sinha, its previous CMD, who quit in February 2011 to take up chairman's post at the Securities and Exchange Board of India. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEFRSVgjbZyKrj08k1Qcp57lcaBMg&url=http://www.dnaindia.com/money/1856867/report-leo-puri-gets-to-steer-uti-asset

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