Amid declining market share and uncertainty over appointment of a full-time Chairman, UTI Mutual Fund's Chief Marketing Officer Jaideep Bhattacharya has quit the fund house.
According to sources, Bhattacharya has quit to explore other carrier opportunities and a formal announcement could be made soon.
There have been reports of the board not being happy about the performance of the fund, which was once the country's largest fund house but has currently slipped to fifth position.
Since U K Sinha left UTI to become SEBI Chairman in February 2011, there has been no full time chief of the country's oldest fund house.
UTI Mutual Fund is promoted by sponsors including State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation and T Rowe Price.
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