UTI Asset Management Co. may split its top post to resolve differences among its shareholders, Economic Times reports. It may involve the appointment of Indian Administrative Service officer Jitesh Khosla as chairman, to be confirmed before a CEO is appointed.
U.S. fund manager T. Rowe Price, 26 percent owner of UTI AMC, is said to favor an industry specialist as CEO. Ashu Suyash, managing director of Fidelity India, is tipped as CEO but has not received a formal offer. Indian shareholders Life Insurance Corp. of India, State Bank of India, Punjab National Bank and Bank of Baroda are backing Khosla.
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Jitesh Khosla T. Rowe Price Ashu Suyash UTI Asset Management Co. Punjab National Bank