UTI Mutual Fund to appoint Leo Puri as CMD: Reports

UTI Mutual Fund has been hunting for the CMD for more than year

August 24, 2012 10:52 IST | India Infoline News Service
Leo Puri, senior advisor at McKinsey & Co in India, is ready to head UTI Mutual Fund, India’s oldest fund house, according to media reports.

UTI Trustee Company had earlier shortlisted three names which included Mr Puri, Punita Kumar Sinha (founder & managing partner of Pacific Paradigm Advisors) and Sunil Mehta (chief executive and country head of AIG India). The members of UTI Trustee met on 16th August to approve Mr Puri's appointment. They have forwarded Mr Puri’s name to UTI AMC for final approval.

Before joining McKinsey & Co again, Mr Puri was managing director at Warburg Pincus LLC. Mr. Puri joined the firm on April 10, 2007 and was based in Mumbai. He was involved in the firm's investment activities in India and financial services investments in select global markets. He rejoined the firm in December 20111.

Previously, at McKinsey, he advised leading banks, insurance, asset management companies and financial regulators, working on a variety of business issues. Mr. Puri is a director of Max India, Max Healthcare and Laqshya Media. He holds an M.A. in Politics, Philosophy and Economics from Oxford University and an M.A. in Law, with first class honors, from Cambridge University.

UTI Mutual Fund has been hunting for the chairman and managing director (CMD) for more than year. The company was also unable to appoint a full-time CMD in the last 18 months. In February 2011, UK Sinha, who was the CMD of UTI Mutual Fund, moved to become chairman of the Securities and Exchange Board of India.

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