UTI Mutual Fund's Chief Marketing Officer Jaideep Bhattacharya stepped down from his post on 4 May 2012. Bhattacharya quit the position to explore other carrier opportunities.
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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