UTI MF wants to sack CMO to revive dipping fortunes

The UTI Mutual Fund board, which could not select a full-time chairman and managing director in the last 15 months, is now forcing upon itself another top-level vacancy. The board has now sought the resignation of the fund's chief marketing officer (CMO), Jaideep Bhattacharya. It feels that Bhattacharya should resign to enable the fund house revive its dipping fortunes. The assets under management (AUM) of the country's oldest mutual fund have shrunk as much as 10% between January 2011 and March 2012 during when the combined mutual fund industry lost just 1.6% assets. UTI MF's assets under management stood at Rs 58,922 crore as on March 31, 2012.