Employees join race for UTI top post

UTI asset management company's search for a new chairman and managing director, at least the third such exercise for the company in nearly two years, now has even its employees trying their luck.

The mutual fund has been headless for nearly two years now since its last chairman and managing director, UK Sinha left to become chairman of the Securities and Exchange Board of India in February 2011.

Not just current employees, even those who had taken voluntary retirement have responded to an advertisement inviting applications in the last week of November, said two people in the know.

There were 20-30 applications in all, they said, on the condition of anonymity. Friday was the last date for receiving applications.

The ex-employees who have applied include people who were at senior management levels before their retirement. Many had moved on to other industries or taken sabbaticals, said a source.

Many of these applicants, however, would have had the requisite 20 years of experience required in the advertisement, said this person.

Another source suggested that many of these employees may not even be eligible to apply, under the terms of the voluntary retirement scheme mooted in 2003 which they had availed. But this could not be independently confirmed.

The asset management company had previously advertised for the post in June but it did not result in an appointment, following objections from from the public sector stakeholders, according to reports. T Rowe Price, which holds 26% in the company, objected the first time, as the government sought to replace Sinha with a civil servant.

An email sent to a UTI spokesperson had not received a reply at the time of writing.