Lalit Nambiar, Executive Vice President, and Fund Manager of UTI Mutual Fund, has resigned from the fund house and is serving his notice period, sources told Moneycontrol.
"Nambiar has quit UTI Mutual Fund and this is the last month of the notice period," an industry source said.
Moneycontrol reached out to the fund house to confirm Nambiar's exit but UTI Mutual Fund refrained from confirming the news officially.
If the market grapevine is to be believed Nambiar may join HDFC Mutual Fund to fill in for Srinivas Rao Ravuri.
Ravuri quit HDFC Mutual Fund to join PGIM India Mutual Fund (erstwhile DHFL Pramerica Mutual Fund) as Chief Investment Officer.
At UTI Mutual Fund, Nambiar managed, UTI Long Term Equity Fund, UTI Midcap Fund, UTI India Consumer Fund, UTI Long Term Advantage Fund, and UTI Focussed Equity Fund.
A CFA charter by qualification, Nambiar had joined UTI Mutual Fund in Dec 2006 as a vice president in securities research. He took up portfolio responsibilities in July 2007.
In September 2008, he took up the role of Head of Research, in addition to his portfolio responsibilities.
He led UTI Mutual Fund's equity research team for nearly a decade, before moving in to the role of a dedicated portfolio manager in April 2017.
Lalit began his career in June 1994, with IIT InvesTrust Ltd, where, after a brief stint in investment banking, he joined their equity research team and eventually covered banks and consumer staples.
He later joined UTI Securities Limited in 1999; where he added the healthcare sector to his research repertoire. In Jan'04, he joined SBI Capital Markets Limited in the role of a senior analyst, covering multiple sectors while also helping mentor a team of analysts.